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Showing posts with label Form 16 Part B for F.Y.2015-16. Show all posts
Showing posts with label Form 16 Part B for F.Y.2015-16. Show all posts

Tuesday, 23 February 2016

1) Click  to Download the Automatic  Form 16 Part B for F.Y.2015-16[ One by One Preparation ] for the Assessment Year 2016-17 including the Chapter VI-A ,this can prepare One by One Form 16 Part B more than 500 Form 16 employees Form 16 Part B with all the Income Tax Section have in this Excel Utility


Deduction will be allowed under Chapter VI - A with Automatic Form 16 Part B for Assessment Year 2014-15

 Section 80GG: Deduction in respect of House Rent Paid Deduction available is the least of
  1. Rent paid minus 10% of total income
  2. Rs. 2000/- per month
  3. 25% of total income, provided
    • Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
    • He should not be in receipt of house rent allowance.
    • He should not have self occupied residential premises in any other place.
Section 80E: Deduction in respect of Interest on Loan for Higher Studies
Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09.

Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account
Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 1st April 2012 (Assessment Year 2013-14).

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)
The Rajiv Gandhi Equity Saving Scheme (RGESS) was launched after the 2012 Budget. Investors whose annual income is less than Rs. 10 lakhs can invest in this scheme (up to Rs. 50,000) and get a deduction of 50% of the investment.
So, if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000). 

Section 10: Deduction in respect of Traveling Allowances :- Max Rs.1600 P.M. and Rs. 3200 for Phy.disable person from the F.Y.2015-16

Section 80D: Deduction in respect of Medical Insurance
Deduction is available up to Rs. 30,000/- for senior citizens and upto Rs.25,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 30,000/- if parents are senior Citizen and Rs. 25,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. for the assessment year  2015-16, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative
Deduction of Rs. 50,000/- is available on:
  1. expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
  2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
Further, if the dependant is a person with severe disability, a deduction of Rs. 100,000/- is also available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.
Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative
A deduction to the extent of Rs. 80,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.

Section 80G: Deduction for donations towards Social Causes
The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.

Donations with 100% deduction without any qualifying limit:

  • Prime Minister’s National Relief Fund
  • National Defence Fund
  • Prime Minister’s Armenia Earthquake Relief Fund
  • The Africa (Public Contribution - India) Fund
  • The National Foundation for Communal Harmony
  • Approved university or educational institution of national eminence
  • The Chief Minister’s Earthquake Relief Fund, Maharashtra
  • Donations made to Zila Saksharta Samitis.
  • The National Blood Transfusion Council or a State Blood Transfusion Council.
  • The Army Central Welfare Fund or the Indian Naval Benevolent Fund or The Air Force Central Welfare Fund.

Donations with 50% deduction without any qualifying limit.

  • Jawaharlal Nehru Memorial Fund
  • Prime Minister’s Drought Relief Fund
  • National Children’s Fund
  • Indira Gandhi Memorial Trust
  • The Rajiv Gandhi Foundation

Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

1. Donations to the Government or a local authority for the purpose of promoting family planning.

2. Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

3. Donation to the Government or any local authority to be utilized by them for any charitable             purposes other than the purpose of promoting family planning.

Section 80U: Deduction in respect of Person suffering from Physical Disability
Deduction of Rs. 75,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 125,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Section 80 EE
This Section has newly introduce in the Central Finance Budget 2013, in this section can get relief more One Lakh for House Building Loan Interest which will effect from 1/4/2013. It have not effect the previous Section 24B where can also get the relief as House Building Loan Interest Max Rs. 1,50,000/-.

Download and Prepare at a time 100 employees Form 16 Part A&B for Financial Year 2015-16 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for Assessment Year 2016-17 and Financial Year 2015-16]

Saturday, 23 January 2016

As per the new Finance Budget 2015-16 the some Income Tax Section limit has raised.Given below the all of Income Tax Deduction Under Chapter VI A including the 80C as per the Finance Budget 2015-16.

Here is a unique Income Tax Preparation Excel Based Software which can prepare at a time Tax Compute sheet + Individual Salary Structure + Automatic House Rent Exemption Calculation + Automated Form 16 Part A&B and Form 16 Pat B for the all of State Govt Employees for Financial Year 2015-16.[Click here to Download the Excel Utility]



DEDUCTIONS UNDER CHAPTER VI A FOR F.Y.2015-16





No.
Section
Particulars
Deduction Limit
1
80C
Deduction in respect of Investment in specifies assets
150000/-




2
80CCC
Deduction in respect of contribution to certain pension funds
150000/-




3
80CCD
Deduction in respect of contribution to pension scheme of Central Govt.
150000/-




4
80CCE
Limit on deduction under sections 80C,80CCC,80CCD(1)
150000/-




5
80D
Deduction in respect of medical insurance premium
Individual:25000/-
Senior Citizen:30000/-




6
80DD
Deduction in respect of maintenance including medical treatment of a
disabled person
Severe Disability:100000/-
Others:60000/-




7
80DDB
Deduction in respect of medical treatment
Individual:60000/-
Senior Citizen:80000/-




8
80E
Deduction in respect of interest on loan taken for higher education 
Actual Interest




9
80EE
Additional deduction in respect of interest on loan taken for residential
house property
Rs. 100000/-




10
80G
Deduction in respect of Donations to Certain Funds, Charitable Institutions
50% or 100%




11
80GG
Deduction in  respect of Rent paid
Lower of the following:
i)Actual Rent paid-10%
 of the total income
ii)25% of total income
iii)2000 per month




12
80U
Deductions in the case of a person with disability
Severe Disability:125000/-
Others:75000/-




13
80TTA
Deduction in respect of interest on deposits in savings account
Rs.10000




14
87A
Tax Rebate Rs. 2000/- who's taxable income below Rs. 5 Lakh
Rs.2000/-

Wednesday, 16 December 2015

As per the new Finance Budget 2015-16 the some Income Tax Section limit has raised.Given below the all of Income Tax Deduction Under Chapter VI A including the 80C as per the Finance Budget 2015-16.

Here is a unique Income Tax Preparation Excel Based Software which can prepare at a time Tax Compute sheet + Individual Salary Structure + Automatic House Rent Exemption Calculation + Automated Form 16 Part A&B and Form 16 Pat B for the all of State Govt Employees for Financial Year 2015-16.[Click here to Download the Excel Utility]



DEDUCTIONS UNDER CHAPTER VI A FOR F.Y.2015-16





No.
Section
Particulars
Deduction Limit
1
80C
Deduction in respect of Investment in specifies assets
150000/-




2
80CCC
Deduction in respect of contribution to certain pension funds
150000/-




3
80CCD
Deduction in respect of contribution to pension scheme of Central Govt.
150000/-




4
80CCE
Limit on deduction under sections 80C,80CCC,80CCD(1)
150000/-




5
80D
Deduction in respect of medical insurance premium
Individual:25000/-
Senior Citizen:30000/-




6
80DD
Deduction in respect of maintenance including medical treatment of a
disabled person
Severe Disability:100000/-
Others:60000/-




7
80DDB
Deduction in respect of medical treatment
Individual:60000/-
Senior Citizen:80000/-




8
80E
Deduction in respect of interest on loan taken for higher education 
Actual Interest




9
80EE
Additional deduction in respect of interest on loan taken for residential
house property
Rs. 100000/-




10
80G
Deduction in respect of Donations to Certain Funds, Charitable Institutions
50% or 100%




11
80GG
Deduction in  respect of Rent paid
Lower of the following:
i)Actual Rent paid-10%
 of the total income
ii)25% of total income
iii)2000 per month




12
80U
Deductions in the case of a person with disability
Severe Disability:125000/-
Others:75000/-




13
80TTA
Deduction in respect of interest on deposits in savings account
Rs.10000




14
87A
Tax Rebate Rs. 2000/- who's taxable income below Rs. 5 Lakh
Rs.2000/-

Tuesday, 20 October 2015

There are many conflicting views and comments in various Web Site that on the budget 2015 A certain section – 80 CCD (1) – has been amended, clarifying that it is available to private & Govt. sector employees as well.
As per the Finance Bill for the Financial Year 2014-15 was fixed in the section 80CCD(1) Rs. 1 Lakh and the Total deduction U/s 80C was fixed Rs. 1.5 Lakh. But the deduction made in the section of 80CCD(1) was fixed Rs. 1 Lakh. Below given the Caption of Finance Bill 2014-15 about this 80CCD(1) Sub Section (1)

[ Prepare at a time Income Tax Compute Sheet + Individual Salary Structure +Individual Salary Sheet + Automatic Arrears Relief Calculation with Form 10E + Automatic HRA Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2015-16,] Click to Download theExcel Utility.

      THE FINANCE (No. 2) BILL, 2014
28. In section 80CCD of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,––

(i) for the words, figures and letters “Where an assessee, being an individual employed by the Central Government or any other employer on or after the 1st day of January, 2004”, the words, figures and letters “Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer” shall be substituted;

(ii) after sub-section (1), the following sub-section shall be inserted, namely:––
“(1A) The amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees.”. i.e. RS.1.5 LAKH.

29. In section 80CCE of the Income-tax Act, for the words “one lakh rupees”, the words “one hundred and fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2015.

[ Prepare at a time 50 employees Form 16 Part A&B for Financial Year 2015-16 as per Finance Budget 2015-16 [This Excel utility can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16] Click to Download the Excel Utility



80CCE The aggregate amount of deductions under section 80Csection 80CCC and  sub-section (1) of section 80CCD shall not, in any case, exceed 1.5 lakh rupees, But the Section 80CCD(1) WHICH IS FIXED Rs.1 Lakh.
As per the  finance bill 2014-15 changes the 80C, and 80CCE limit to Rs. 150,000. But it also changes the 80 CCD section like this:
28. In section 80CCD of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,––
(i) for the words, figures and letters “Where an assessee, being an individual employed by the Central Government or any other employer on or after the 1st day of January, 2004”, the words, figures and letters “Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer”
shall be substituted;
(ii) after sub-section (1), the following sub-section shall be inserted, namely:––
(1A) The amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees.”.
The first part basically clarifies that you can be employed anywhere. (In fact you can even be self employed, because the “or any other individual” continues to stay).
The second part is critical. It says that amount YOU contribute (which is what is subsection(1) is) is only deductible up to Rs. 1,00,000/-.
Clearly:
·                          There is no ADDITIONAL investment deduction under 80CCD for your own contribution.
·                          This deduction, remains locked for your own NPS contributions upto Rs. 100,000 only.
·                          If you invest that, then you get another 50,000 deduction for investing other 80C type assets
·                          If you don’t invest in NPS, you still get the 150,000 to invest in 80C type of assets

And NPS is Taxed on Exit

NPS contributions may be exempt, but they are one instrument where exits are taxed. Whatever money you received – whether as a lumpsum or a pension – is added to your income and taxed accordingly.
Now the Section 80CCD(1A) has omitted by the Finance Bill 2015-16 and amended this Sub Section substitute in 80CCD(1B) AND Raised the amount from Rs. 1 Lakh to 1.5 Lakh including the additional benefits Rs.50 thousand in this new section 80CCD(1B). Below given the what is said by the Finance Bill 2015-16 about this 80CCD and Additional Rs. 50 Thousand. Lets see.
               THE FINANCE BILL, 2015
16. In section 80CCC of the Income-tax Act, in sub-section (1), for the words “one lakh rupees”, the words “one hundred and fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2016.

17. In section 80CCD of the Income-tax Act, with effect from the 1st day of April, 2016,-—(a) sub-section (1A) shall be omitted; (b) after sub-section (1A), as so omitted the following sub-section shall be inserted, namely:—

“(1B) An assesse referred to in sub-section (1), shall be allowed a deduction in computation of his total income, [in addition to the deduction allowed under sub-section (1)], of the whole of the amount paid or deposited in the previous year in his account under a pension scheme notified or as may be notified by the Central Government, which shall not exceed fifty thousand rupees:

Provided that no deduction under this sub-section shall be allowed in respect of the amount on which a deduction has been claimed and allowed under sub-section
(1);(c) in sub-section (3),—(I) for the words, brackets and figure, “sub-section (1)”,wherever they occur, the words, brackets, figures and letter “sub-section (1) or sub-section (1B)” shall be substituted;(II) for the words “under that sub-section”, the words “under those sub-sections” shall be substituted;
(d) in sub-section (4), for the words, brackets and figure, “sub-section (1)”, the words, brackets, figures and letter “sub-section (1) or sub-section (1B)” shall be substituted.

However it is clear that no additional amount i.e. Rs. 50 thousand can be claimed as extra benefits in this section 80CCD(1B) OR (1A). The Conclusion is given below as per the new Finance Bill 2015.
As per the Financial Year 2014-15 the Section 80CCD(1) was fixed Rs. 1 Lakh under the section 80C where can get the total deduction Rs. 1.5 Lakh, BUT THE SECTION 80CCD(1) WAS FIXEX IN Rs.1 Lakh.
As per the Financial Year 2015-16 the section has made chances and rename the Section 80CCD(1A) Substituted by 80CCD(1B) & get additional benefits Rs. 50 thousand in the Section 80CCD(1B) including the previous year’s deduction Rs.1 Lakh. So the Total Deduction will be Rs. 1.5 Lakh not Rs. 2 Lakh, As the Section 80CCE restricted the total amount of U/s 80C,80CCC & 80CCD(1B) Rs. 1.5 Lakh.