As per the CBDT notification, the Form 16 is now two parts, One Part A and other is Part B. Form 16 Part A is mandatory to download from the TRACES Portal and the Form 16 Part B must be prepare by the Employer/Deductor. The Part A easy to download from the www.tdscpc.gov.in  in this Part A have the details of Tax Deduction and Deposited in to the Central Govt Quarterly or Annually. But the Form 16 Part B have the details of employees salary and deduction as per the Income Tax Rules.

      Now it is necessary to prepare the Form 16 Part B by the employer. As end of the  Financial Year 2014-15 is knocking the door  and it is mandatory to prepare and distribute to the employees within 31st March 2015. If your concerned have more than 40 employees, you may ready to prepare the Form 16 Part B for the Financial Year 2014-15. Various Concerned have different type of Allowances and Benefits, some benefits may effect & get the Tax Relief from the Income Tax. 

      Below given a Excel Based handy software which can prepare at a time 50 employees Form 16 Part B for the Financial Year 2014-15. In this Utility have all the Tax Deduction Section and the latest Income Tax Slab and New Section as per the Finance Budget 2014-15.

      This Excel Based Software can reduce your time for preparing the Form 16 Part B and this Form 16 is prepare as per the latest format of Form 16.

Click here to Download Master of Form 16 Part B ( This Utility can prepare at a time 50 employees Form 16 Part B for F.Y. 2014-15)

                                              Snapshot of Master Data Input Sheet 

Tax Deduction Sheet

Snapshot of Amended Form 16 Part B

Click here to download Master of Form 16 Part B ( This Excel Utility can prepare at a time 100 employees Form 16 Part B for FY 2014-15)

On July 02, 2015 by www.taxexcel.net

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The month of March 2015 have already gone  and and now it is time to prepare the Form 16  and given to the Employees, so they can fill the Tax Return for the Financial Year 2014-15. Now you can prepare the Salary Certificate Form 16 U/s 192(1) for the employee by the employer, and it is hazard to prepare the Form 16 manually.

Download Form 16 Part B for Financial Year 2014-15 and Assessment Year 2015-16. This Excel Utility Prepare with the all latest amended format of Form 16 which was published by the CBDT in the Financial Year 2013-14. You can easily prepare at a time 100 employees Form 16 Part B one by one, and you can prepare more than 1000 employees Form 16 Part B by this One Excel Utility. 

Download Master of Form 16 Part B [Prepare At a time 100 employees Form 16 Part B for FY 2014-15

Download Master of Form 16 Part B [This Utility can prepare at a time 50 employees Form 16 Part B for FY 2014-15]

Form 16 Part A&B Amended Format [ This Utility can prepare at a time 50 employees Form 16 Part A&B]

As per the Finance Budget 2014 the Tax Slab has already hike up to Rs. 2.5 Lakh and the Section 80C also raised 1.5 Lakh. In this Finance Budget Re-lunched the K.V.P in U/s 80C and the House Building Loan Interest U/s 24B also raised up to Rs. 2 Lakh.

The Most popular Section 87A ( Tax Rebate Rs.2,000/-) is also entitled in this Financial Year 2014-15 as per the Circular by the CBDT. The Section 80TTA ( Relief from Tax from the Savings Bank Interest ) also available in this Financial Year. This Master of Form 16 Part B have the all latest Tax Section and New Slab for the Salaried Person.

Feature of this Utility:-

1) This Utility easy to install and easy to generate, just like a Excel File.

2) All the Income Tax Section have in this Utility

3) Automatic Convert the Amount in to the In-Words without any Excel Formula

4) You can prepare more than 1000 employees Form 16 Part B by this One Utility

Download Automated Form 16 Part B for the Financial Year 2014-15[ Prepare One by One employees Form 16 Part B for FY 2014-15]

On April 28, 2015 by www.taxexcel.net

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Click to download All in One TDS on Salary for Private Employees for the Financial Year 2014-15 as per Finance Budget 2014.[ This Excel Utility can prepare at a time Tax Compute Sheet + Automated HRA Exemption Calculation + Automated Form 16 Part A&B and Part B ]

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

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

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?

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.

How about some reforms?

Now that the new government has presented the first budget of its term, it is probably time that the government turned its attention to simplifying the administration of tax on salary. The current procedures are needlessly complex and procedurally cumbersome for employers. Here are some suggestions:

a. Make TDS on salary similar to TDS on other payments. Employers could be asked to deduct a standard rate (say, 10%) and the primary responsibility of payment of tax on salary could be placed on employees.

b. Stop asking employers to verify the proof of investment while providing tax benefits to employees. Employers expend significant efforts each year in scrutinizing the documents submitted by employees. Surely, organizations are better off focussing on their business transactions rather than working as an extension of the Income Tax Department.

c. Do away with or simplify calculation of some of the tax exemptions. We have talked about the complexity related to calculation of exemptions such as those on Leave Travel Allowance in earlier posts.

d. Do away with quarterly return (Form 24Q) and instead ask employers to submit the break-up of TDS on salary along with the PAN of individual employees at the time of monthly TDS remittance (similar to providing employee-wise breakup of Provident Fund amounts in the PF challan).

On February 21, 2015 by www.taxexcel.net

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The Union budget 2014-15 has been approved in the Parliament recently and these changes are in effect. Soon your companies will start to adjust your tax computation to give effect to these changes. Please note these changes are effective 1st April 2014 – though the budget may have been announced or passed later. The good news is – most of you when your employer will take effect of the changes in the month of August (budget was passed in parliament in the last few days of July), can expect higher payout due to the change in the minimum taxable income which is exempt.

Download Income Tax Preparation Excel Based Software for only West Bengal Govt employees for the Financial Year 2014-15 [ This Excel Utility can prepare at a time Tax Compute sheet + Salary Sheet + Salary Structure as per W.B.Govt employees Salary Pattern + Form 16 Part A&B and Part B]

Today, let us look at Income Tax Slabs for the Financial Year 2014-15 and also of the last financial year.

Note that there is no change in the tax rates, the only change is the increase in the minimum income exemption, up from Rs 2,00,000 to Rs 2,50,000 for this year. No change in Education Cess or Surcharge.

Latest Enhance Section 80C up to Rs. 1.5 Lakh and the House Building Loan Interest U/s 24B has raised up to Rs.2 Lakh. The Most unique that the Tax Rebate Rs.2,000/- U/s 87A will be continue in this Financial Year.

On February 11, 2015 by www.taxexcel.net

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Download & Prepare at a time any State Employees Automatic Tax Compute Sheet + Salary Structure + House Rent Exemption Calculation + Arrears Relief + Form 10E + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2014-15

This Excel Utility can prepare your Income Tax for the Financial Year 2014-15 & Assessment Year 2015-16 . Just put the data in Salary Sheet and the data in Data Input Sheet and prepare the Tax Computed Sheet + Arrears Relief U/s 89(1) + House Rent Exemption U/s 10(13A) Automatically. 

In this Excel Based Tax Calculator you can find the All of Income Tax Section with the New Section which introduce in the Finance Budget 2014. 

This Excel Utility most useful to All Central Govt employees as well as the All State Govt employees of India. In this Calculator in build a Salary Structure of all State Govt employees.

      Snapshot of Salary Structure for any State employees           

Download All in One TDS on Salary for All State Employees for the FY 2014-15(Automatic Tax Compute Sheet + Salary Structure + House Rent Exemption Calculation + Arrears Relief + Form 10E + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2014-15

On February 06, 2015 by www.taxexcel.net

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Click here to Download All in One TDS on Salary for Non-Govt Employees for the Financial Year 2014-15 & Ass Year 2015-16[ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Automatic HRA Calculation+ Form 16 Part A&B and Part B]

As per the new Finance Budget the Tax Slab has already enhance and also Section 80C raised from 1,00,000/- to 1,50,000/-. Already the time of TDS deposit of  Quarter ended (1st Quarter) is running as the First Quarter Return have to submit by the July 14. So you should calculate your Income Tax for the Financial Year 2014-15 as per the New Tax Slab. 

INCOME TAX SLAB FOR FINANCIAL YEAR 2014-15 is given below:-

Income Age (< 60 Years)	Tax Rate	Impact
Up to Rs 2,50,000	NIL	Rs. 5,000 (Savings)
Rs 2,50,001 to Rs 5,00,000	10 per cent	Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000	20 per cent	Rs. 5,000 (Savings)
Above 10,00,000	30 per cent	Rs. 5,000 (Savings)

Here’s the tax slab for Senior Citizens:

Income (For Senior Citizens)(>60 & < 80 Years)	Tax Rate	Impact
Up to Rs 3,00,000	NIL	Rs. 5,000 (Savings)
Rs 3,00,001 to Rs 5,00,000	10 per cent	Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000	20 per cent	Rs. 5,000 (Savings)
Above 10,00,000	30 per cent	Rs. 5,000 (Savings)

Tax Slab for an Individual (resident & above 80 years)

Income Slabs (> 80 Years)	Tax Rates
Total income up to Rs. 5 Lac	0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac	20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac	30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac

1- Income tax section 87A provides the additional relief of 2000 to the income tax slabs 200000-5000000. This Section is continued also in this Financial Year 2014-15

2- Section 80TTA is already introduced in which interest on saving account is exempted up to Rs. 100000.

Various Web Site sponsor the Income Tax Calculator for the Financial Year 2014-15, but this Excel Utility can prepare at a time your Income Tax Calculation + House Rent Exemption Calculation + Form 16 Part B and Form 16 Part A&B. This Excel Utility made only for the Non-Govt Employees. The Salary Structure in this utility built on the basis of Non-Govt Salary pattern. It is most easy to calculate the Gross Salary Income and reduce the time for preparation of all of Calculation by this One All in One Excel Utility.

 Feature of this Utility:-

·         Automatic Calculate Income Tax with Tax Computed sheet individually

·         Individual Salary Structure for calculating the Gross Salary Income 

·         Salary Structure have prepare on the Basis of Non Govt Salary Pattern

·         Automatic Calculate the House Rent Exemption Calculation U/s 10(13A)

·         Automated Form 16 Part A&B

·         Automated Form 16 Part B

·         Automatic Convert the Amount in to In Words

Click here to Download All in One TDS on Salary for Non-Govt Employees for the Financial Year 2014-15 & Ass Year 2015-16

On January 14, 2015 by www.taxexcel.net

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To start with, let the explain what exactly has changed in terms of taxation from last year (i.e. 2014-15):

Click here to download All in One TDS on Salary for Govt & Non-Govt employees for the Financial Year 2014-15 [ This Excel Utility can prepare at a time Tax Compute Sheet + Arrears Relief Calculation + HRA Exemption Calculation + Form 16 Part A&B and Part B ]

1. Tax slabs have been changed
2. Deduction limit under sec. 80C increased to 1,50,000 from earlier 1,00,000. PPF investment limit under sec. 80C also increased to 1,50,000
3. Exemption for interest paid on your housing loan has been raised to 2,00,000 from 1,50,000 earlier

All changes this budget have been beneficial for the tax payer. If you are already aware of all the provision for saving income tax, you can skip the remaining part and go directly to the income taxcalculator for FY 2014-15 to compute your income tax liability (or TDS) basis your salary or business income. Others, do read on to know all the different tactics you can use to save on income tax.

Income Tax Slabs

Income tax slabs have been changed this year. Standard deduction limit has been raised to Rs. 2,50,000 for both Male and Female assesses.
1) In Case of General Assesses (Both Male & Female):

Income Bracket	Rate
0 to Rs. 2,50,000	0   %
Rs. 2,50,001 to Rs. 5,00,000	10 %
Rs. 5,00,001 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

2) In Case of Senior Citizens (Age above 60 years but below 80 years):

Income Bracket	Rate
0 to Rs. 3,00,000	0   %
Rs. 3,00,001 to Rs. 5,00,000	10 %
Rs. 5,00,001 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

3) In Case of Very Senior Citizens (Age 80 years and above):

Income Bracket	Rate
0 to Rs. 5,00,000	0   %
Rs. 5,00,001 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

* On final tax amount, a surcharge of 3 %
**No surcharge above 10 lacs.
***An additional surcharge of 10% will be applicable on persons whose annual income is above Rs. 1 crore. This surcharge will be applicable for only one year

Income Tax Exemptions: 

1) Section 80 C Limit  – Raised this year (to Rs. 1,50,000)

• Deduction on premium paid for a life insurance policy, taken after 1 April 2012, will be allowed only if yearly premium is less than 10% of sum assured.  If its more than 10% then it will be not eligible for deduction u/sec. 80C
• ELSS (Mutual Fund)
• PPF (upto Rs. 1,50,000)
• EPF
• FD for 5 years
• Pension Plans
• NSC
• Post Office SB
• Infrastructure Bonds
• Expenditure on Children Education (For upto 2 children only for full time education)
• Tuition fees (Only Tuition fees excluding Development Fees, Donations, etc.)
• Housing loan principal
• K.V.P ( Newly Added )

2) Section 80CCD - Unchanged this year

Deduction under this section can be claimed only if the contribution to your NPS account is made by your employer and the deduction is limited to a maximum of 10% of your basic salary. Returns on NPS are tax free, but withdrawal is still taxable. The deduction under sec 80CCD is over and above the deduction available under sec 80C.

3) Section 80 D – Unchanged this year

• Deduction of Rs. 15000/- is allowed if the same is paid as premium for Medical Insurance taken for self / dependents or towards preventive health check-up (max Rs. 5000). In case any of self / dependents is a senior citizen, the deduction allowed is Rs. 20000/-
• Additional Rs. 15000/- is allowed as deduction if the same is paid as premium for Medical Insurance taken for parents. In case the parent is a senior citizen, the deduction allowed is Rs. 20000/-

Age profiles	Premium paid for medical insurance		Total Deduction under Sec. 80D
	Yourself, your spouse and kids, if any	Parents
Every one is under 60 years	15,000	15,000	30,000
You and your family are less than 60 years & parents are above 60 years	15,000	20,000	35,000
You and your parents are of 60 years and above	20,000	20,000	40,000

4) Section 80DD – Unchanged this year

Deduction under section 80DD

• Exemption given for expenditure made for a disabled dependant towards Medical Treatment/Training/Rehabilitation. It also includes the LIC/Insurance premium paid towards maintenance of such dependant.
• Maximum deduction allowed is Rs. 50,000/- in case of normal disability and Rs. 1 Lakh in case of severe disability.

5) Section 80DDB - Unchanged this year

• Exemption given for expenditure incurred on specified disease or ailments such as cancer/aids.
• Maximum deduction allowed is Rs. 40,000/-. In case of Senior Citizens, maximum deduction allowed is Rs. 60,000/-

List of ailments covered:
(i) Neurological Diseases where the disability level has been certified to be of 40% and above,

1. Dementia ;
2. Dystonia Musculorum Deformans ;
3. Motor Neuron Disease ;
4. Ataxia ;
5. Chorea ;
6. Hemiballismus ;
7. Aphasia ;
8. Parkinsons Disease ;

(ii) Malignant Cancers ;

(iii) Full Blown Acquired Immuno-Deficiency Syndrome (AIDS) ;

(iv) Chronic Renal failure ;

(v) Hematological disorders :

1. Hemophilia ;
2. Thalassaemia.

6) Section 80E - Unchanged this year

Deduction is allowed for repayment of interest component of Higher Education loan. All education after Class 12 is allowed, either vocational or Fulltime. But should be from a school/institute/university recognized by the government.

7) Section 80G - Unchanged this year

• Contribution to exempt charities – 25/50/75/100% depending on the charity and as per approval
• 100% exemption on donation to political parties

8) Section 80U - Unchanged this year

• Deduction upto Rs. 50,000/- is allowed in case of Permanent Disability.
• In case of Permanent Disability exceeding 80%, maximum deduction allowed is Rs. 1,00,000/-.

9) Section 24(1)(vi) & Section 80EE - Raised this year

• Housing loan interest. Maximum allowed limit raised to – Rs. 2,00,000 (for loans taken after 1 April 1999. For loans before that Maximum Investment Limit was 30,000).
• 
  
• Additional deduction of Rs. 1 lac will be applicable to persons taking first home loan of up to Rs. 25 lacs for property worth upto Rs. 40 lac. For such persons, the total deduction will be Rs. 2.5 lacs (Rs. 1.5 lac available under section 24(1)(vi) and Rs. 1 lac available under this new section 80EE).

11) Conveyance/Transport Allowance - Unchanged this year

Any Conveyance / Transport Allowance given to an employee is tax free upto Rs. 9,600 /- (No Supporting Bills required).

12) Medical Allowance - Unchanged this year

Any Medical Allowance given to an employee is tax free upto Rs. 15,000 /- (Supporting Bills required).

13) HRA - Unchanged this year

Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions (subject to – when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest / principal repayment):

1. 50% of Annual Basic (40% of Annual Basic in case of non-metros)
2. Actual HRA received
3. Rent Paid – (10% of Annual Basic)
   Calculate HRA Exemption U/s 10(13A) with Excel utility

14) Professional Tax - Unchanged this year

Any Professional Tax deducted from an employee’s salary can be reduced from the annual salary income to arrive at taxable salary.

15) Provident Fund - Unchanged this year

Provident Fund contributions (under section 80 C and subject to an overall investment limit of Rs. 1,50,000 ) deducted from an employee’s salary are tax exempt.

16)80CCG – Direct Equity Investment - Unchanged this year

Under ‘Rajiv Gandhi Equity Savings Scheme‘ – a new equity investor will be able to claim 50% of his investment in direct equity as deduction subject to maximum investment of Rs. 50,000 and provided his taxable income is below Rs. 10 lacs. The investment will be subject to 3 years lock-in.  
Government has notified this scheme (RGESS). Mutual funds and ETFs that invest in BSE100 or CNX 100 stocks or PSUs which are Navratna, Maharatna and Miniratna will qualify under this scheme. These investments can be traded over stock exchange after 1 year of investment. New equity investor has been defined as someone who has opened a Demat account but has not bought any securities till date of notification of this scheme (22 Sep 2012).

17) Section 80TTA – Savings Bank Interest - Unchanged this year

No tax will be charged on interest earned on balance in savings bank account subject to a maximum of Rs. 10,000 per year.

18) Section 87 A [Tax Rebate Rs.2,000/-  - Unchanged this year

On December 13, 2014 by www.taxexcel.net

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