Download Automated Form 16 Part A&B and Part B for the Financial Year 2014-15 [ This Excel Utility can prepare One by One Form 16 ]

Deduction under Section 80D is available as per the provisions of the Income tax Act, 1961.

Que 1 ) How is eligible for medical Insurance Premium?

Individuals and Hindu Un-divided Family (HUF) only

Que 2 What  is Mode of Payment allowed for Medical Insurance Premium?

Ans : The Medical Insurance premium can be paid by any mode of payment other than cash.

Que 3) What is maxmium  Deduction available under section 80D of Income tax Act? -

Ans: For individuals less than 60 years of age, amount of health insurance premium paid or Rs. 15,000, whichever is lesser.

For senior citizens above 60 years, amount of health insurance premium paid or Rs. 20,000, whichever is lesser.

Que 4) : Who can be covered under section 80D? 

Ans: For an individual: Premium paid for insuring the health of the individual, his or her spouse, parents and children.

For a HUF: Premium paid for insuring the health of any member of the family.

Que 5): Are parent and parent in law covered under section 80D?

Ans: No, parents and parents in Law are not covered under section 80D .

Que 6) : Is premium paid for dependent children allowed?

Ans: Children above 18 years, if employed, can not be covered.

Male children, if not employed, but a bonafide student can be covered upto age of 25 years.

Female children, if not employed, can be covered until the time she is married.

Que 7) :  I have already contributed under section 80C, Can i still claim 80D benefit?

Ans: Yes , you can claim full benefit of  section 80 C (Rs 100,000/- ) as well as of section 80D.

Que 8 ) :  We have one mediclaim policy and me and my father both are paying 50% payment. Can we both claim 80D benefit?

Ans: Part payment of premium is allowed. Both of , you can avail the deduction for the amount contributed by you and your parents too could avail deduction for their contribution.

Que 8 ) :  What is the limit for Preventive Health Check-up ?

Ans: Limit of  Preventive Health Check-up is Rs 5000/-. 

Payment  for Preventive Health Check-up can made by an assessee for self, spouse, dependent children or parents(s) during the year

Preventive Health Check-up payment can be made by any mode including cash.

Please note this limit of Preventive Health Check-up of Rs 5000 is within total limit of Rs 15000/- allowed under medical insurance under section 80D.

It means that if assessee pays medical insurance of Rs 11000 and Preventive Health Check-up of Rs 5000/- for self/ spouse/ or childre then he will be allowed Rs 15000/- only.

On April 18, 2015 by www.taxexcel.net

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Under Section 203 of Income tax Act, 1961, Every employer whether in Government sector or in private sector, is required to issue in form 16, a certificate for tax deducted at source  (TDS) from salary. This Excel based automatic form 16  can be used both by companies or non companies for issue of form 16 to their employees.

As per Rule 31(2) of Income Tax Rules, 1962 the following particulars are required in the  form16:

1. Permanent Account Number (PAN) of the employee

2. Tax Deduction Account Number of the employer

3. Basic Statistical Return (BSR) Number if the tax is deposited through a bank. This is also called as "Challan Indentification Number".

4.  Book Identification Number if tax deducted is deposited without a challan in case of Government employer.

5.  Receipt Numbers of all the quarterly statements/returns of tax deducted at source under the head salaries.

The form 16 is required to be furnished to employees annually latest by 31st May of the assessment year  for

the financial year for which tax has been deducted.

Automatic Form 16 Part A&B for FY 2014-15 [ This Excel Utility can Prepare at a time 100 Employees Form 16 Part A&B]  DOWNLOAD UTILITY

Issue of Form 16

As per CBDT Circular No. 04/2013 dated 17 ^th April, 2013, issue of form 16 for deduction of tax at source made on or after 31^st March of every Financial Year  shall be in two parts as under:

Part-A

All deductors (including Government deductors) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted under the provisions of section 192 of Chapter XVII-B.Part A of Form No 16 shall have a unique TDS certificate number. Part-A can not be issued manually by the Employer/Deductor.

Part-B

‘Part B (Annexure)’ of Form No. 16 shall be prepared by the deductor/Employer manually and issued to the deductee after due authentication and verification along with the Part A of the Form No. 16.

Below given Excel based auto fill Form 16 is very simple and user friendly. The user is required to fill the data in White Cell ( As Required) Excel Form 16 is updated automatically with ease. For comfort in filling, This Excel Utility Can prepare at a time 50 or 100 employees Form 16 Part B for FY 2014-15.

It automatically calculates the amount of allowable deductions under Chapter VIA and applicable income tax on the total income also gets auto calculated. Macro should be enabled to use this form. 

Download Master of Form 16 Part B for FY 2014-15 [ This Excel Utility can Prepare at a time 100 Employees Form 16 Part B ] DOWNLOAD UTILITY

On March 11, 2015 by www.taxexcel.net

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As per the Income Tax Circular No.17/2014, the Income Tax Section 80CCD(1) and 80CCD(2) definition :-

 Section 80CCD(1) allows an employee, being an individual employed by the Central Government or by any other employer on or after 01.01.2004, or any other assessee being an individual, a deduction of an amount paid or deposited out of his income chargeable to tax under a pension scheme as notified vide Notification F. N. 5/7/2003- ECB&PR dated 22.12.2003 (National Pension System –NPS) or as may be notifed by the Central Government. However, the deduction shall not exceed an amount equal to 10% of his salary (includes Dearness Allowance but excludes all other allowance and perquisites). The deduction under section 80CCD(1) shall not exceed Rs. 1,00,000/-.

Click here to download Automated Form 16 Part B for the Financial Year 2014-15 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part B with all amended tax section]

As per Section 80CCD(2), where any contribution in the said pension scheme is made by the Central Government or any other employer then the employee shall be allowed a deduction from

his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year.

If any amount is standing to the credit of the employee in the pension scheme referred above and deduction has been allowed as stated above, and the employee or his nominee receives this amount together with the amount accrued thereon, due to the reason of

(i) Closure or opting out of the pension scheme or

(ii) Pension received from the annuity plan purchased and taken on such closure or opting out

then the amount so received during the FYs shall be the income of the employee or his nominee for that Financial Year and accordingly will be charged to tax.

Click here to download Form 16 Part A&B and Part B for the Financial Year 2014-15 [This Excel utility can prepare one by one Form 16]

Where any amount paid or deposited by the employee has been taken into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C.

Further it has been specified that w.e.f 01.04.09 that any amount received by the employee from the new pension scheme shall be deemed not to have received in the previous year if such amount is used for purchasing an annuity plan in the same previous year.

It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs.1,50,000/-. However, the deduction under Section 80CCD(1)shall not exceed Rs.1,00000 but contribution made by the Central Government or any other employer to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,00,000/- provided under this Section.

On December 17, 2014 by www.taxexcel.net

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Click here to Download the Automated TDS on Salary For the Financial Year 2014-15 [All in One] ( This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure +Arrears Relief Calculation + Form 10E + Automated HRA Calculation + Form 16 Part A&B and part B, for the Govt and Non Govt Employees)

As per the Central Fincnace  Bill 2014 has has already increase Limit of Deduction under section 80C to Rs. 1,50,000/- from Financial Year 2014-15. Assessee will be eligible for deduction of Rs. 1,50,000/- Under section 80C of the Income Tax act from A.Y. 2015-16 or FY 2014-15.

Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act.  However, it is important to know the Section in toto so that one can make best use of the options available for exemption under income tax Act.   One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions.

Besides these investments, the payments towards the principal amount of your home loan are also eligible for an income deduction. Education expense of children is increasing by the day. Under this section, there is provision that makes payments towards the education fees for children eligible for an income deduction

Qualifying Investments

Provident Fund (PF) & Voluntary Provident Fund (VPF): PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of the best. Current rate of interest is 8.70% tax-free (Compounded Yearly) and the normal maturity period is 15 years. Minimum amount of contribution is Rs 500 and maximum is Rs 1,50,000. A point worth noting is that interest rate is assured but not fixed.

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.

Home Loan Principal Repayment: The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act. Please read “Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage”, which presents a full analysis of how you can save income tax through a home loan.

Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.

National Savings Certificate (NSC) (VIII Issue): National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section 80C tax benefit. Rate of interest is 8.50%t compounded half-yearly.  If you invest Rs 1,000, it becomes Rs 1516.20 after five years. The interest accrued every year is liable to tax (i.e., to be included in your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.

Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C deductions.

Pension Funds – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it maeans that the total deduction available for 80CCC and 80C is Rs. 1.5 Lakh.This also means that your investment in pension funds upto Rs. 1.5 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs. 1.5 Lakh.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction.

CLICK HERE TO DOWNLOAD AUTOMATED ALL IN ONE MASTER OF FORM 16 PART B for the FY 2014-15 ( This Utility can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure + Individual Salary Sheet for Print)

5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently offers 8.40 per cent rate of interest –qualifies for tax saving under section 80C. Interest is compounded quarterly but paid annually. The Interest is entirely taxable.

Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term.

K.V.P.(Kissan Vikas Patra ) New include in this Section from the FY 2014-15

Others: Apart form the major avenues listed above, there are some other things, like children’s education expense (for which you need receipts), that can be claimed as deductions under Sec 80C.

On September 24, 2014 by www.taxexcel.net

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