Taxexcel: Budget 2014-15

Friday 28 November 2014

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Click above link to Download Master of Form 16 Part B with 12 BA for the Financial Year 2014-15.[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]
Feature of this utility :-

Prepare at a time 50 employees Form 16 Part B with 12 BA for FY 2014-15

Automatic Calculate the Tax Liability as per new Tax Slab

Individual Salary Structure [ Yearly Basis]

This utility can use both of Govt and Non Govt Employee

Automatic Convert the Amount to the In Words

You can prepare more than 1000 employees Form 16 Part B + 12 BA

Basic exemption limits for Individuals [As per Budget 2014-15]

The basic exemption limit in case of individuals (other than senior citizens) has been increased from existing Rs. 200,000 to Rs. 250,000. The remaining income slabs and tax rates remain same.

In the case of senior citizens (above the age of 60 years but less than 80 years) the basic exemption limit has been increased from existing Rs. 250,000 to Rs. 300,000. And for persons above the age of 80 years, the basic exemption limit is Rs. 500,000.

Investment related deductions under section 80C

The investment related deduction under section 80C has been increased from existing Rs. 100,000 to Rs.150,000.

The New deduction have include as K.V.P.( Kissan Vikas Patra)

Home loan interest deduction limit

Under section 24 of the Act, the deduction on interest paid on home loans borrowed is up to Rs. 150,000 for the first residential property. This deduction limit of Rs.150,000 has been increased to Rs. 200,000.

However, a view could be taken that this current and proposed limit of Rs. 150,000 and Rs. 200,000 respectively is applicable only in case of the first house property loan. The interest paid for the second and subsequent home loans do not have any monetary limits to claim as deduction.

Tax Relief Rs. 2,000/- U/s 87A will be continue FY 2014-15

Relief from Savings Bank Interest up to Rs. ten thousand U/s 80TTA, will be continue FY 2014-15

Click below to Download Master of Form 16 Part B with 12 BA for the Financial Year 2014-15.[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]

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Thursday 20 November 2014

Download and Prepare at a time Tax Compute Sheet +Arrears Relief U/s 89(1) +Form 10E+HRA Calculation U/s 10(13A) +Form 16 Part A&B and Part B for the Financial Year 2014-15 & Assessment Year 2015-16

As you are aware, the Union Budget for FY 2014-15 was tabled in the Parliament by the Finance Minister of India on 10-Jul-2014. There are some changes to the computation of tax on salary which payroll managers need to consider for FY 2014-15.

1. Changes in tax rates

The revised tax rates for salaried employees (aged 60 years and below) for FY 2014-15 are as follows.

Total Income for the Year in Rs.	Tax Rate in %
Up to 2,50,000	Nil
2,50,001 to 5,00,000	10
5,00,001 to 10,00,000	20
Above 10,00,000	30

The revised tax rates for salaried employees (aged above 60 years but below 80 years) for FY 2014-15 are as follows.

Total Income for the Year in Rs.	Tax Rate in %
Up to 3,00,000	Nil
3,00,001 to 5,00,000	10
5,00,001 to 10,00,000	20
Above 10,00,000	30

2. Increase in deduction under Section 80C [Click to view total list of U/s 80C]

The deduction under 80C (Life insurance premium, PPF, investment in National Savings Certificate, interest from notified bank deposits, principal repayment on housing loan, etc.) was restricted to Rs.1 lakh in 2013-14. The same has been increased to Rs. 1.5 lakh for 2014-15.

Consequent to the change in section 80C, section 80CCE has been amended so as to raise the limit of aggregate deduction under sections 80C, 80CCC and 80CCD from Rs. 1 lakh to Rs.1.5 lakh.

3. Increase in deduction under Section 24 – Interest on housing loan[View Section 24B what says as tax Rules)

The tax deduction on housing loan interest payment (for a self occupied property) was restricted to Rs. 1.5 lakh per annum in FY 2013-14. For the year 2014-15, the limit has been increased to Rs. 2 lakh.

There is no reference to Section 80EE in the Finance Bill for FY 2014-15. Hence, the carry forward of unutilized tax deduction for first time owners of residential property, if applicable, is available for FY 2014-15.

Note:
1. The Education Cess stays at 3%.
2. In case the total taxable income goes beyond Rs. 1 crore in the year, a surcharge of 10% (subject to marginal relief) is to be deducted – as it was in FY 2013-14.

What about the tax credit of up to Rs. 2,000?[View Section 87A]

We have received queries from payroll managers regarding the availability of Rs. 2,000 tax credit in FY 2014-15. The Financial Bill tabled in the Parliament does not provide for the removal of tax credit under Section 87A. Hence, the tax credit of Rs. 2,000 is available for FY 2014-15 as long as the total income does not exceed Rs. 5 lakh for the year.