As per the CBDT new Circular that the Form 16 is now two part, one is Part A and another is Part B. The Form 16 Part A is mandatory to download from the Income Tax TRACES Portal, and Form 16 Part B is mandatory to prepare by the employer.
Showing posts with label Form 16 Part B for Financial Year 2015-16. Show all posts
Showing posts with label Form 16 Part B for Financial Year 2015-16. Show all posts
Wednesday, 25 May 2016
Wednesday, 6 April 2016
1) Click here to Download the Master of Form 16 Part B for FY 2015-16 ( Prepare at a time 100 employees Form 16 Part B )
2) Click here to Download the Master of Form 16 Part A&B for FY 2015-16 ( Prepare at a time 100 employees form 16 Part A&B)
As per the CBDT has made the changed of Format of Form 16 vide notification No.11/2013 Dated 19/2/2013. In this Format have two parts one Part A( Annexure A and B) and another Part B where the details of employee's Salary Data. Previously the Format of Form 16 was in One page and One Part, but now this new amended Format of Form 16 have two parts ( Part A and B)
But Some of concerned have not yet well known about this New Notification and some of Concerned could not be able to download the Form 16 Part A from the TRACES Portal, they can use this Excel Based Automated Form 16 Part A&B. If the Concerned able to download the Form 16 Part A from the TRACES Portal, but the Form 16 Part B ( Salary Certificate) have not prepare till now, they can use the only Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B.
Below given Excel Based Software which can prepare at a time 50 employees Form 16 Part A&B for the Financial Year 2013-14.
Feature of this Excel Utility:-
- Automatic Calculate the Income Tax Liability of each employee
- Automatic Calculate and prepare the Form 16 Part A&B
- Automatic prepare at a time 50 employees Form 16 Part A&B
- Prevent the double entry of PAN NO and Name of Employee
- Easy to install and easy to generate
- You can prepare more than 200 employees Form 16 Part A&B by this One Software
- All the Income Tax Section have in this Excel Utility with the brief of each section
1) Click here to Download the Master of Form 16 Part B( Prepare at a time 50 employees Form 16 Part B ) for FY 2015-16
2) Click here to Download the Master of Form 16 Part A&B( Prepare at a time 50 employees form 16 Part A&B) For FY 2015-16
Thursday, 17 December 2015
Free Download Automated All in One TDS on Salary for Govt & Non-Govt. Employees for the Financial Year 2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Salary Sheet + Salary Structure + HRA Calculation + Arrears Relief Calculator + Form 10E +Form 16 Part A&B + 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
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.
Tuesday, 28 July 2015
Download All in One for Govt and Non Govt Employees for FY 2015-16 and Assess Yr 2016-17 [
This Excel Utility can prepare at a time Tax Compute sheet + Automatic
HRA Calculation+ Arrears Relief Calculation with Form10E + Automatic
Form 16 part A&B and Part B for FY 2015-16 as per Budget 2015-16]
Section 87A after Budget 2015
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 incomes 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 Non-Govt Employees for the Financial Year 2015-16 (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 )
Monday, 29 June 2015
Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel utility can prepare at a time your Tax Compute Sheet + Salary Structure for Govt and Non-Govt Employees Salary Pattern + Automatic HRA Calculation + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Part B ]
Tax planning has
always been the test of efficiency for people along with being a test of they can save their taxes in a lawful manner. Here are
some of the tips that can help you to plan your taxes for the F.Y. 2015-16
& A.Y. 2016-17. As per the New Finance Budget 2015-16, In this Budget the
Tax Slab is same as previous Financial Year 2014-15
1) Various Investment in :- U/s 80C
Policies are a prominent way to save a handful amount of tax. Up
to Rs. 1, 50, 000 (A.Y.2016-17) can be saved by way of investing PPF, EPF, Fixed Deposit
for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.
2) Contribute to NPS U/s 80CC :- Under Chapter VIA
NPS stands for New
Pension Scheme was has recently been initiated by the Government under which
investors can claim a deduction as a have a Tax free NPS return, however,
withdrawal under such system is till taxable. Max Rs. 1.5 Lakh
3) The aid of Medical Insurance:- U/s 80D
A deduction of Rs. 25,
000 is available for people who wish to invest in medical insurance for self.
This deduction increases to Rs. 30, 000 when it is done by senior citizens.
4) Expenditure towards disabled dependent :- U/s 80DDB
When certain amount is
spent in form medical insurance for a disabled dependent, deduction up to Rs.
80, 000 is available where the disablement is normal in nature.
5) Repayment of Higher Education Loan Interest :- U/s 80E
When repayment is
carried out for higher education loan, the same is also allowed as a deduction
and hence can reduce ample amount of tax liability. Max Rs.1 Lakh
6) Donate :- U/s 80G
Donation to charitable
trusts and organizations have always been regarded as an auspicious event,
therefore, 50% or 100% deduction is available in such context.
7) House
Building
People who are liable to
pay house loan interest can also claim deduction upto Rs. 2 Lakh U/s 24B and
Rs. 1.5 Lakh U/s 80C as HBL Principal amount and Rs. 1 Lakh more can be availed
U/s 80EE w.e.f. 01/04/2013
8) Transportation / Conveyance allowance :- U/s 10
A sum of Rs 19200/- P.A.
can be claimed as a deduction for transportation and conveyance, additionally, and
the Phy. Disable person can get the benefits up to Rs. 38,400/- P.A.
Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17
Thursday, 28 May 2015
Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel utility can prepare at a time your Tax Compute Sheet + Salary Structure for Govt and Non-Govt Employees Salary Pattern + Automatic HRA Calculation + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Part B ]
Tax planning has
always been the test of efficiency for people along with being a test of they can save their taxes in a lawful manner. Here are
some of the tips that can help you to plan your taxes for the F.Y. 2015-16
& A.Y. 2016-17. As per the New Finance Budget 2015-16, In this Budget the
Tax Slab is same as previous Financial Year 2014-15
1) Various Investment in :- U/s 80C
Policies are a prominent way to save a handful amount of tax. Up
to Rs. 1, 50, 000 (A.Y.2016-17) can be saved by way of investing PPF, EPF, Fixed Deposit
for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.
2) Contribute to NPS U/s 80CC :- Under Chapter VIA
NPS stands for New
Pension Scheme was has recently been initiated by the Government under which
investors can claim a deduction as a have a Tax free NPS return, however,
withdrawal under such system is till taxable. Max Rs. 1.5 Lakh
3) The aid of Medical Insurance:- U/s 80D
A deduction of Rs. 25,
000 is available for people who wish to invest in medical insurance for self.
This deduction increases to Rs. 30, 000 when it is done by senior citizens.
4) Expenditure towards disabled dependent :- U/s 80DDB
When certain amount is
spent in form medical insurance for a disabled dependent, deduction up to Rs.
80, 000 is available where the disablement is normal in nature.
5) Repayment of Higher Education Loan Interest :- U/s 80E
When repayment is
carried out for higher education loan, the same is also allowed as a deduction
and hence can reduce ample amount of tax liability. Max Rs.1 Lakh
6) Donate :- U/s 80G
Donation to charitable
trusts and organizations have always been regarded as an auspicious event,
therefore, 50% or 100% deduction is available in such context.
7) House
Building
People who are liable to
pay house loan interest can also claim deduction upto Rs. 2 Lakh U/s 24B and
Rs. 1.5 Lakh U/s 80C as HBL Principal amount and Rs. 1 Lakh more can be availed
U/s 80EE w.e.f. 01/04/2013
8) Transportation / Conveyance allowance :- U/s 10
A sum of Rs 19200/- P.A.
can be claimed as a deduction for transportation and conveyance, additionally, and
the Phy. Disable person can get the benefits up to Rs. 38,400/- P.A.
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