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Showing posts with label Form 16 Part B for Assessment Year 2015-16. Show all posts
Showing posts with label Form 16 Part B for Assessment Year 2015-16. Show all posts

Monday 10 November 2014



    
      The CBDT has already Circulate vide Circular No.4/2013 dated 17/4/2013 and  that the Part A  of Salary Certificate Form 16 is Mandatory to download from the Income Tax New Web Site TRACE and the Part B  must be prepare by the Employer/Deductor. As per the New Amended Salary Certificate Form 16 has already Changed the Format of Form 16 vide Notification No. 11/2013, where the Form 16 made in two parts. One Part -A and Part - B. The Part A (Details of Tax deducted and deposited in to the Central Govt) is now mandatory to download from the Web Site TRACES Portal. In the Part B where the details of employees Salary and benefits which is Mandatory to prepare by the Employer.

      It may also have in trouble who are not  known about this New Circular of the CBDT, and also facing the problem to download the Part A of Form 16 from the New TRACES Portal. 

      Most of small concerned where have no Internet Facility and they can not able to download the Part A from the TRACES Portal. The New Amended Form 16 Part B ,that there have no extra column for indicate the who's Salary Certificate Form 16 Part B is prepared. Below given the Format of New Amended Form 16 Part B 

      The below given Excel Based Utility can prepare at a time 100 employees  Salary Certificate Form 16 Part B with the Tax Compute of each employees for the FY 2014-15 and Assessment Year 2015-16.
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Friday 10 October 2014

Click here to Download Automated All in One TDS on Salary with Section 80GG for Private(Non-Govt) Employees Income Tax preparation Excel Based Software for Financial Year 2013-14

 
Under Section 80GG

Do you pay rent but don’t get a house rent allowance (HRA)? Don’t think you can not get any income tax benefit. You can qualify to save tax under section 80GG of the Income Tax (IT) Act if you satisfy certain conditions
But what if you are not salaried? What if you are a businessman paying rent? Or, what if you are salaried but do not get any HRA? Can you get any income tax benefit?
Yes, you can. You can claim deduction of the rent paid if you satisfy certain conditions.
Who can claim deduction?
Any individual can claim the deduction u/s 80GG. Irrespective of whether you are a salaried individual, or a business person, you can claim deduction under Sec 80GG.
Of course, you need to be paying rent, and for your own accommodation.
Thus, if you are paying rent for a house where your parents live, you can not claim deduction u/s 80GG. Similarly, if you are staying in a house but your spouse is paying the rent, you can not claim any deduction.
You can claim deduction for either furnished or unfurnished accommodation
Maximum Amount of deduction under section 80GG
So, how much can you claim as deductible u/s 80GG?
The amount allowed as deduction is the minimum of the following:
1.Rent / lease amount paid less 10% of your total income
2.Rs. 2,000 per month
3.25% of your total income

For Claim this Tax Exemption you must fill the Form No 10BA
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Saturday 20 September 2014

Click here to Download the All in One TDS on Salary for the Financial Year 2014-15 for only the Private Concerned Employees,[ This Excel Utility can prepare at a time Tax Compute Sheet + Automatic HRA Calculation + Automatic Form 16 Part B and Form 16 Part A&B + Individual Salary Sheet + Individual Salary Structure as per Private Concerned Salary Pattern]


Deduction u/s 80D is available to the following:
1.An Individual;
2.A hindu undivided family(HUF)
Deduction u/s 80D is available to an individual for his own health , spouse and dependent children. An individual can also claim deduction u/s 80D for his parents(whether dependent or not). deduction in respect of parents health of an individual is in addition to the above deduction.

PERMISSIBLE DEDUCTION U/S80D:
1. Amount paid for medical insurance or Rs. 15,000/- for his own health or his family(spouse & dependent children)
2.Amount paid for the health of his parents whether dependent or not OR Rs. 15,000(Maximum). but if the parents are senior citizens, the above amount of deduction increased to Rs. 20,000(maximum).
therefore , an individual can get maximum deduction u/s 80D either Rs. 30,000(Rs.15,000 for himself & family & Rs. 15,000 for parents) OR Rs. 35,000( if the parents are senior citizens)
Example:
An individual assessee pays (through any mode other than cash) for Medical insurance premium during the previous year out of his taxable income as under:
a) Rs. 12,000 on his own health & on the health of his wife & dependent children.
b) Rs. 17,000 on the health of his
parents.
total amount paid by the individual is Rs. 29,000. but he will get deduction only for Rs. 27,000 (Rs. 12,000 for himself & family & Rs. 15,000 for his parents).
But if the parents are senior citizens he will get benefit of Rs. 29,000 because in case of senior citizen deduction is allowed upto Rs. 20,000.
NOTE:
1.deduction in respect of dependent children in case of male is upto the age of 25 years is allowed & in case of female child upto her marriage.
2. dependent children includes legitimate of legally adopted childrens.


CONDITIONS TO AVAIL THE DEDUCTION U/S 80D:
1.Payment shall be made by any mode of payment other than cash. If the payment for the policy is made in cash than deduction under this section is not allowed.
2.Payment shall be made out of income chargeable to Tax.
3. payment shall be as per GIC scheme approved by the central government or any other insurer as approved by IRDA.
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