Showing posts with label Automatic Arrears Relief Calculator U/s 89(1) for F.Y.2016-17. Show all posts
Showing posts with label Automatic Arrears Relief Calculator U/s 89(1) for F.Y.2016-17. Show all posts
Monday, 10 July 2017
Wednesday, 22 February 2017
If Gratuity is received by any employee while in employment then it is fully taxable in the hands of an employee. While if gratuity is received in the case of death or retirement or resignation, then the exemption is available up to the following limits.
In the case of Government employee – Any gratuity received by an employee of Central Government, State Government or local authority is wholly exempt from tax. This exemption is not available to employees of Statutory Corporation.
In case of employees covered by Payment of Gratuity Act –
An amount equal to the least of the following will be exempt from tax
· 15/26 x Salary last drawn x No. Of completed years of service or part thereof in excess of 6 months.
· 10,00,000
· Gratuity actually received
Notes:
In the case of seasonal establishments, 15 days is substituted by 7 days.
Salary includes basic salary and dearness allowance but does not include bonus, commission, overtime wages or any other allowance.
Part of a year exceeding six months is taken as a complete year.
Download Automated Arrears Relief Calculator U/s 89(1) with Form 10E
In case of any other employee –
An amount equal to the least of the following will be exempt from tax
· ½ x Average salary of last 10 months preceding the month of retirement x Completed year of service (fraction of a year is ignored)
· 10,00,000
· Gratuity actually received
Notes:
Salary includes basic pay, dearness allowance to the extent it forms part of retirement benefits and percentage wise fixed commission on turnover.
If gratuity is received by an employee from more than one employer in the same previous year or in different previous years the aggregate maximum amount exempt from tax on account of gratuity cannot exceed Rs. 10,00,000.
If an employee had also rendered service to any other employer, then the period of service to such former employer is also included while calculating “completed the year of service” subject to the condition that any gratuity is not received from such former employer.
Sunday, 29 January 2017
Have you received any Salary Income as arrears this year? As per Income Tax Act, salary income pertaining previous years which is received as arrears this year has to be included in the total income. However, the taxpayer has an option to distribute these arrears to relevant years if such distribution is beneficial in the form of tax savings. Section 89 of Income Tax read with Rule 21 A of Income Tax Rules specifies the procedure for calculation of Income Tax Relief in this case.
Income Tax Relief so calculated has to be declared by the employee to Pay drawing authority (DDO) who is responsible for deducting income tax on salary, in the format described under Form 10E.
Download Automatic Excel Based Arrears Relief Calculator U/s 89(1) with Form 10E from the f.Y.2000-01 to F.Y.2016-17
Sunday, 22 January 2017
This time is preparing your Income Tax Papers and Income Tax statement as per the Finance Budget 2016-17. Your Employer asks to you submit the Income Tax Statement within March 2016. If you not prepared the Income Tax Statement with your all deposit and yet not submit the same to your Employer, then the Employer can deduct your Income Tax as per your Total Earn without any deduction U/s 80C or Under Chapter VIA.
Below given a Excel Based Income Tax preparation Software which can prepare at a time your Individual Salary Sheet + Individual Tax Compute sheet + Individual Salary Structure + Automatic House Rent Exemption Calculation U/s 10(13A) + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2016-17. Just put your salary details into the Salary Structure and all the Income Tax papers will be prepared automatically.
The feature of this Excel Utility:-
1) This Excel Utility can easy to generate just like as an Excel File
2) This Excel Utility can use both of Govt and Non-Govt Employees ( Private Employee)
3) Automatic H.R.A. Exemption Calculation can be done
4) Automatic Arrears Relief Calculation with Form 10E up to the F.Y.2016-17
5) Automatic Convert the Amount into the In-Words
6) All the Tax Section Amended version have in this utility.
Click here to Download the All in One TDS on Salary for Govt and Non-Govt Employees for F.Y.2016-17
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| Employee's & Employer Data Sheet |
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| Deduction Sheet Section wise |
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| Tax Compute Sheet |
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| Arrears Relief Main Data Input Sheet |
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| Arrears Relief Form 10E |
Thursday, 3 November 2016
Download the Automated Arrears Relief Calculator U/s 89(1) with Form 10E, From the Financial Year 2000-01 to Financial Year 2016-17 [Up Dated Version]
Section
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Details of deductions
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Quantum
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Remarks
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80C (Individual
& HUF)
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A. ULIP of Spouse and Children and any member in case of HUF
B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years PO Time deposit, Senior citizen Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office saving bank.
C. Bonds of NABARD, Deposit scheme of NHB, Notified deposit scheme,.
D. MF referred u/s 10(23D), Pension fund of MF[10(23D)], Eligible issue of securities.
E. Cost of purchase or construction of residential house including repayment of loan and expenses on transfer of property, tution fees to any educational institutions for full time eduction of 2 childrens.
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Maximum Rs 1 ,50,000 is allowed Investment
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No Dedcution Allowed:
Terminates the insurance policy within 2 years, Terminate ULIP within 5 years, transfer house within 5 years
Limit of eligible premium in case of insurance policy on life of disable person has been increased to 15 % instead of 10 % from FY 13-14.
Max. 10% of the minimum amt assured under Life policies
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80CCC
(Individual)
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Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.
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Maximum is Rs 1,50,000
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Aggregate of 80C 80CCC 80CCD is Rs 1,00,000
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80CCD
(individual)
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Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.
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Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.
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Aggregate of 80C 80CCC 80CCD is Rs 1,50,000
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80CCE
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It should be noted that employer contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE
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It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in aggregate of 80C ,80CCC 80CCD(1) is Rs 1,50,0000
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80CCG
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Individual having gross total income upto Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal fund units.
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50 % 0f the invested amount . Limit is Rs 25,000 max.
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The deduction is allowed for three years only.
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80D
(Individual &HUF)
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Medical insurance on self, spouse , children or parents. The deuction is also allowable for CGHS contribution to Cenral and State scheme. It is also for conducting health check up to Rs 6000.
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Age Below 60 years: Rs 25,000
Age above 60 years: Rs 30,000.
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Cash payment not allowed. But for Preventive Checkup it is allowed.
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80DD (Individual &HUF)
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For maintenance including treatment or insurancing the lives of physical disable dependent relatives
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Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
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dependent relatives includes spouse, child, parents, brother sister
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80DDB (Individual &HUF)
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For medical treatment of self or relatives suffering from specified disease
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Acutal amount paid to the extent of Rs 80,000.
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Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
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80E
(Individual)
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For interest payment on loan taken for higher studies(after 12) for self or education of spouse or children
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Actual amount paid as interest and start from the financial year in which he /she starts paying interest and upto maximum of 8 years.
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loan from any financial institution banking or approved charitable institution
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80EE
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interest on home loan sanctioned during Fy 2013-14. However, value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further assessee should not have any other residential house.
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RS 1 lakh
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80G
(All Assessee)
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Donations to charitable institution
(Max. 10,000 if paid in cash from A/Y 13-14)
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100% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. ). 50% (Gandhi/ Drouhgt/ charitable purpose/infrastructural development fund). For Asst Yr 2014-15, Natital Children Fund will also get 100% deduction.
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Where the aggregate
of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
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80GG
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For rent paid
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This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month. Rule 11B is method of computation.
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80U
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Deduction in respect of permanent physical disability including blindness to taxpayer
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RS 75,000 Up to 80% and Rs 1,25,000 in case taxpayer is suffering from severe disability more than 80%
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87A
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Rebate to individual having low taxable income
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Amount of tax or Rs 5,000 which ever is less
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Only resident individual gets this rebate.
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80 TTA
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Relief From Savings Bank Interest
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Amount Rs. 10,000/- Max Limit who’s Taxable Income less than 5 Lakh
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Only resident individual gets this rebate
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