In this fast moving world, young individuals switch job more often with an aim to get better opportunity and better increment.

Form 16, is very vital for the salaried employee while filing tax returns.

However, a situation may arise when they have to file returns and are left with multiple Form 16. Here are 10 things you must know on Form 16.

Download the Automated Master of Form 16 Part B for FY 2014-15 [ This Excel Based Utility Can Prepare at a time 50 employees Form 16 Part B]

 

Download the Automated Master of Form 16 Part A&B for FY 2014-15 [ This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B]

 

1) Form 16 is issued by the employer to employee. This certificate provides all details of salary earned and tax deducted at source by the employer.

2) If a person has changed job, he needs to collect the Form 16 from both the employer at the year end, with the help of both forms only he would able to file his returns.

3) An individual can have multiple Form 16 in cases such as change in job or  working with multiple employers simultaneously.

4) If your salary drawn is below the basic exemption limit, you may not be issued with this certificate by your employer as no TDS is deducted.

5) If your employer has not provided with Form 16, you can check the salary slip as it will mention the same.

6) Form 16 includes key information required such as gross salary, perquisites, various allowances and deductibles.

7) If you have changed the job in the same financial year, authorities require you to sum up the total income from both the employers and file income tax return.

8) If the previous employer has not issued form 16 on account of some reason such as no tax deduction at its end, employee can file the return taking into consideration the pay-slips plus the form 16 issued by the new employer.

9) If you do not wish to furnish form 16 issued by your previous employer to the new employer, you can file tax return taking cues from the two form 16 issued by the previous and new employer.

10) Form 16 will must mention the PAN Number of the employer.

On July 30, 2015 by www.taxexcel.net

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In this fast moving world, young individuals switch job more often with an aim to get better opportunity and better increment.

Form 16, is very vital for the salaried employee while filing tax returns.

However, a situation may arise when they have to file returns and are left with multiple Form 16. Here are 10 things you must know on Form 16.

Download the Automated Master of Form 16 Part B for FY 2014-15 [ This Excel Based Utility Can Prepare at a time 50 employees Form 16 Part B]

 

Download the Automated Master of Form 16 Part A&B for FY 2014-15 [ This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B]

 

1) Form 16 is issued by the employer to employee. This certificate provides all details of salary earned and tax deducted at source by the employer.

2) If a person has changed job, he needs to collect the Form 16 from both the employer at the year end, with the help of both forms only he would able to file his returns.

3) An individual can have multiple Form 16 in cases such as change in job or  working with multiple employers simultaneously.

4) If your salary drawn is below the basic exemption limit, you may not be issued with this certificate by your employer as no TDS is deducted.

5) If your employer has not provided with Form 16, you can check the salary slip as it will mention the same.

6) Form 16 includes key information required such as gross salary, perquisites, various allowances and deductibles.

7) If you have changed the job in the same financial year, authorities require you to sum up the total income from both the employers and file income tax return.

8) If the previous employer has not issued form 16 on account of some reason such as no tax deduction at its end, employee can file the return taking into consideration the pay-slips plus the form 16 issued by the new employer.

9) If you do not wish to furnish form 16 issued by your previous employer to the new employer, you can file tax return taking cues from the two form 16 issued by the previous and new employer.

10) Form 16 will must mention the PAN Number of the employer.

On April 10, 2015 by www.taxexcel.net

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

Income tax department offers HRA tax exemption for those individual tax payer who stays in a rented house. Section 10(13A) of the income tax act allows the exemption of HRA. Employee can claim for HRA exemption if he or she lives in a rented house. To be eligible for claim of HRA deduction, an employee must be paying for the rent to his landlord and maintain the receipts which state that he has been paying for his rental expenditure. If an employee stays in his own house there is no tax deduction on HRA. Download HRA Calculator

Following points to be considered for Calculation of HRA exemption.

1. Amount equal to 50 percent of Salary where residential house is situated in Mumbai, Delhi, Kolkatta or Chennai or Amount equal to 40 percent of Salary for other places.

2. House Rent Allowance received by the Employee

3.  Excess of Rent paid over 10% of Salary.

Salary includes Basic Salary + Dearness Allowance + Commission on fixed percentage of turnover achieved by an Employee.

Minimum of point no. 1, 2 & 3  is exempted.

For Example,

Basic Salary (Rs 5000/- per month —— Rs. 60, 000/- yearly),
Dearness Allowance (Rs. 1000/- per month —- Rs. 12, 000/- yearly).
Actual Rent Paid (Rs 2000/- per month —— Rs 24000/- yearly),
HRA received by Employee (Rs. 2000/- per month —- Rs. 24, 000/- yearly)
City: Mumbai

1.  50% of  Salary (Basic + DA) = Rs. 36,000/-

2. Rent Received = Rs. 24,000/-

3. Rent paid in excess of 10% of Salary (Basic + DA) =  Rs. 16, 800/-,

Hence, Rs. 16800/- would be exempt and the rest Rs 7,200/- would be included in gross salary for tax calculation.

Documents needed to claim HRA includes rent receipts, rental agreement, PAN details of the landlord.

On February 07, 2015 by www.taxexcel.net

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Download Automatic Excel Based Bank Fixed Deposit Interest Calculator 

The government recently relaunched erstwhile popular small savings scheme Kisan Vikas Patra to provide more investment options with the aim to raise the savings rate in the country. But financial planners say the Kisan Vikas Patra can be a good investment option for people who don't have access to regular financial products and don't fall under the tax bracket. But KVP is not an attractive option for those who have access to financial products like bank fixed deposits and mutual funds, they say.

"For people in lower economic strata who don't have access to regular financial products and don't fall under tax bracket, Kisan Vikas Patra can be a good option. But for those come under tax bracket and have access to other financial products it offers no real benefits,"

Under the new KVP scheme, the money invested in in KVPs will double in 100 months, or eight years and four months. This means an annual return of 8.67 per cent. It is available in the denomination of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000.

Download Automatic Master of Form 16 Part B for Financial Year 2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B with all Update Tax Section ]

The bank fixed deposits can be a better bet than KVPs. Bank fixed deposits currently offer around 9 per cent on more than 1-year fixed deposits. And if an investor want invest for the long term, then some banks offer up to 10-year fixed deposits, he adds. These fixed deposits also offer rates around 9 per cent.

This has led to criticism about the attractiveness of KVP as an investment option. Expressing doubts over the success of the new Kisan Vikas Patra (KVP), former Finance Minister P Chidambaram said there are other investment schemes which offer better returns.

Mr Chambaram said though the ostensible purpose is to promote savings through KPV, "the argument is suspect because there are other fixed income instruments which offer better returns (than KVP)".

Apart from lower interest rates, another disadvantage is that KVPs offer no income tax benefits. Like bank fixed deposits, interest earned from KVPs is added to the investors' income and taxed at applicable rates. In other words, for investors in 10 per cent tax bracket, the effective interest from KVP will be around 7.8 per cent. For those in 20 per cent tax bracket, it is around 6.9 per cent while for 30 per cent slab it is 6 per cent.

The investors who are  in higher tax brackets can also look at fixed maturity plans (FMP) offered by mutual funds. Indexation benefits offered by debt mutual funds after three years help significantly reduce the tax outgo of investors. FMPs are close-ended funds that predominantly invest in debt markets.

Investors can expect around 8.5 per cent post-tax return in three-year FMPs,. Currently, fixed maturity plans are available of duration of up to five years.

On January 28, 2015 by www.taxexcel.net

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Download Automatic Excel Based Bank Fixed Deposit Interest Calculator 

The government recently relaunched erstwhile popular small savings scheme Kisan Vikas Patra to provide more investment options with the aim to raise the savings rate in the country. But financial planners say the Kisan Vikas Patra can be a good investment option for people who don't have access to regular financial products and don't fall under the tax bracket. But KVP is not an attractive option for those who have access to financial products like bank fixed deposits and mutual funds, they say.

"For people in lower economic strata who don't have access to regular financial products and don't fall under tax bracket, Kisan Vikas Patra can be a good option. But for those come under tax bracket and have access to other financial products it offers no real benefits,"

Under the new KVP scheme, the money invested in in KVPs will double in 100 months, or eight years and four months. This means an annual return of 8.67 per cent. It is available in the denomination of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000.

Download Automatic Master of Form 16 Part B for Financial Year 2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B with all Update Tax Section ]

The bank fixed deposits can be a better bet than KVPs. Bank fixed deposits currently offer around 9 per cent on more than 1-year fixed deposits. And if an investor want invest for the long term, then some banks offer up to 10-year fixed deposits, he adds. These fixed deposits also offer rates around 9 per cent.

This has led to criticism about the attractiveness of KVP as an investment option. Expressing doubts over the success of the new Kisan Vikas Patra (KVP), former Finance Minister P Chidambaram said there are other investment schemes which offer better returns.

Mr Chambaram said though the ostensible purpose is to promote savings through KPV, "the argument is suspect because there are other fixed income instruments which offer better returns (than KVP)".

Apart from lower interest rates, another disadvantage is that KVPs offer no income tax benefits. Like bank fixed deposits, interest earned from KVPs is added to the investors' income and taxed at applicable rates. In other words, for investors in 10 per cent tax bracket, the effective interest from KVP will be around 7.8 per cent. For those in 20 per cent tax bracket, it is around 6.9 per cent while for 30 per cent slab it is 6 per cent.

The investors who are  in higher tax brackets can also look at fixed maturity plans (FMP) offered by mutual funds. Indexation benefits offered by debt mutual funds after three years help significantly reduce the tax outgo of investors. FMPs are close-ended funds that predominantly invest in debt markets.

Investors can expect around 8.5 per cent post-tax return in three-year FMPs,. Currently, fixed maturity plans are available of duration of up to five years.

On January 26, 2015 by www.taxexcel.net

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As per the Income Tax Department's Notification No 11/2013, where clearly mentioned that the Income Tax Form 16 Part A must be Download from the New TRACES Portal by the all Govt and Non-Govt Concerned. But the reset of the Form 16 Part B where reflected the employees Salary Income and which can must be prepared by the Employer or Deductor of each Govt or Non Govt Concerned. Most of the Concerned have not intimated this New Income Tax Circular.

As per the previous Financial Year the Form 16 Part A and B both prepared by the employer and also they have get the Monthly TDS Challan No from the Bank or Treasury as they are fit.

Some of the Govt and Non Govt concerned have to need the Form 16 Part B in the middle in the financial year.As the some of employee may  Retired or leave the Job, in this connection they have Right to get the Form 16 Part B from their leaving employer.

As the Finance Budget 2014-15 has already Raised the Tax Slab from 2 Lakh to 2.5 Lakh and the most popular Section 80C also Raised from 1 Lakh to 1.5 Lakh from the Financial Year 2014-15. Tax Rebate U/s 87A Rs.2,000/- will be continue in this Financial Year 

Given below the unique Excel Based Software which can prepare at a time 100 employees Form 16 Part B for the Financial Year 2014-15.

Feature of this Excel Utility:-

• Prepare at a time 50 employees Form 16 Part B
• All the latest and amended Tax Section have in this utility
• Prevent the double entry of Pan No or Employees Name
• Easy to generate
• Easy to install in any computer

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 for FY 2014-15]

On December 12, 2014 by www.taxexcel.net

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Download Excel Utility

Click above link to download the All in One Income Tax Calculator for Financial Year 2014-15 ( This Excel Utility can prepare at a time Tax Compute Sheet + HRA Exemption+Form 16 Part A&B and Part B only for Private Employees)

Section 87A after Budget 2014

The existence of section 87A after budget 2014, since there were no words on the section 87A in the budget, many of our readers are eager to know whether the section 87A still exists or faded away like section 80EE.??

There is good news for all assessees who are getting benefited by section 87A because it will continue to give benefit this year also. Since section 87A is neither withdrawn nor was it for a particular year like section 80EE, so it still holds the ground. Even the Online Tax Calculator present on the Income Tax Site also calculates tax after taking tax rebate u/s 87A into account.

Thus assessee having gross total income between Rs.2.5 lakh to Rs.5 lakh are still able to reduce their tax liability by Rs 2,000. Essentially, there is NIL tax liability for annual income up to Rs.2.70 lakh. Calculate your Income tax by this Excel Based Income Tax Preparation Software for the Financial Year 2014-15

Click here to download the All in One Income Tax Calculator for the Financial Year 2014-15 (Prepare at a time Automated Tax Compute Sheet + HRA Calculation + Form 16 Part B and Part A&B for the Private employees for the Financial Year 2014-15 )

On December 11, 2014 by www.taxexcel.net

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Click here to Download the Modified All in One Master of Form 16 Part B for FY 2014-15( This Excel utility can prepare at a time 50 employees Form 16 Part B + Individual Salary Sheet for Print with Individual Salary Structure for Calculate the Gross Salary Income of each employees)

 

Below given Excel based Software which can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure and Individual Salary Sheet for Print for the both of Govt and Non Govt Concerned for the Financial Year 2014-15 and Assessment Year 2015-16. This Excel Utility is most simple to generate and easy to install in any computer and calculate the Tax and prepare the Form 16 Part B for the FY 2014-15.

Feature of this Excel 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 Govt and Non Govt Salary Pattern

·         Automated Form 16 Part B

·         Automatic Convert the Amount in to In Words

Click here to Download the Modified All in One Master of Form 16 Part B for FY 2014-15( This Excel utility can prepare at a time 50 employees Form 16 Part B + Individual Salary Sheet for Print with Individual Salary Structure for Calculate the Gross Salary Income of each employees)

On September 16, 2014 by www.taxexcel.net

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