Taxexcel: Deduction U/s 10 of Income Tax

Saturday, 20 December 2014

As per the CBDT Notification that the Form 16 Part A is mandatory to download from the TRACES PORTAL ( www.tdscpc.gov.in) . Most of Deductor have not yet know know how to download the Form 16 Part A from the TRACES Portal. It is most easy to download the Part A of Form 16 and Form 16 A.

First Log In the TRACES Portal as a Deductor. If you yet not Register your TAN by this TRACE Portal then you first Register your TAN in this Portal and after Register Log in as a Deductor. After Log In you should download the Form 16 Part A. Below given the Picture of the TRACES Portal. But the Form 16 Part B is mandatory to prepare by the Deductor. Part A can you Download from the Portal but the Part B must be prepare by the deductor which Part B have in the all details of Salary of an employee.

If you have need Excel Based Income Tax preparation Software for the Financial Year 2014-15, which can prepare at a time Tax Computed Sheet + Individual Salary Sheet + Automatic Form 16 Part B + Automatic Form 16 Part A&B + Automatic Arrears Relief Calculator + Form 10E + Automatic HRA Exemption Calculation in a single File.

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Wednesday, 17 September 2014

Click here to Download All in One Master of Form 16 Part B for the Financial Year 2014-15
[This Excel Utility can prepare at a time 50 employees Individual Salary Structure of each employee+ Individual Salary Sheet for Print + Automatic Form 16 Part B for both Govt and Non Govt Employees]

Exemption available u/s 10 to salaried employee is summarised below for ready recokner. Section Income Maximum Exempt Amount Conditions

1) 10(10) Gratuity. Rs. 10,00,000 - Gratuity payable when employee has served minimum service of 4 years & 240 days. - Amt payable = No. of years completed X Last drawn Basics X 15 /26

2) 10(10AA) Leave encashment Rs. 3,00,000 - Any amount paid while continuation of the service with the said organisation is fully taxable. - Amt payable = Leave balance at the time of leaving organisation X avg. basic salary of last 10 months / 30 days - Maximum leave allowable per year to be considered as 30 days while calculating leave balance on leaving organisation

3) 10(10B) Retrenchment Compensation Rs. 3,00,000 - Subject to maximum : An amount calculated as per section 25F (b) of the Industrial Disputes Act, 1947; or actual amount. - NA when received in accordance of Govt Scheme

4) 10(10C) Compensation for voluntary retirement (V.R.S) Rs. 5,00,000 As per Rule 2BA of the Income Tax Rules.

5) 10(10CC) Tax on non-monetary perquisites paid by the employer Actual amount paid NA

6) 10(11) Payments received from a provident fund Actual amount paid See Section for more details

7) 10(12) Accumulated balance in a recognized provident fund Actual amount paid See Section for more details

8) 10(13A) House rent allowance Least of - 1. HRA actually paid 2. Rent paid Less 10% of Salary. 3. 50% of Salary if residing in Kolkata, Mumbai, Delhi or Chennai and 40% of Salary in other cases. NA