Click to Download the Automated Master of Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16]

Click to Download the Automated Master of Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for F.Y.2015-16]

In a recent notification, income tax department has come up with a new form 12BB, which from now onwards has to be submitted if you want to claim your LTA, HRA and Interest on Home loan interest. It’s a single form, which you need to fill and attach all proofs and furnish all information related to these exemptions. This form will be applicable from June 1, 2016.

What all information is asked in Form 12BB?

Following is the list of various things you need to arrange before you fill up this form 12BB form

·             LTA (Leave Travel Allowance) – One has to provide all the proofs of travel like tickets, invoices, boarding pass (in case of flight) . More info here

·             HRA (House Rent Allowance) – For claiming HRA, If the rent paid is above Rs 1 lacs a year, one has to provide Name, Address and PAN of the landlord and Rent receipts.

·             Interest on Home Loan – To claim this, one has to furnish the name, address and the PAN of the lender organization

·             Deductions under 80C & Others – You will also have to furnish the details and proofs of the actual investments done under Sec 80C and others

You can download form 12BB here, It’s a PDF version & You can Download Form 12 BB here, it's a EXCEL FORMAT

Main reason to introduce this form 12BB?

The primary reason why this new form is being introduced is that till now there was no standard process to collect all the proofs and information regarding the various deductions. IT department thinks that with this new change, frauds will go down.  

You may no longer be able to provide fake bills to claim income tax deductions for leave travel allowance (LTA) and house rent allowance (HRA). Changes announced on Tuesday in reporting format for individuals claiming tax deduction on leave travel allowance (LTA), leave travel concessions (LTC), house rent allowance and interest paid on home loans is aimed at plugging leakages on account of fake bills, experts say.

So with this form, all the information will be captured at one place and even the employers will be made accountable for checking all documents and if the proofs are genuine or not.

On June 17, 2016 by www.taxexcel.net

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Download All in One Income Tax Preparation Excel Based Software for All STATE GOVT employees for the Financial Year 2015-16 and Assessment Year 2016-17. [ This Excel Based Software can prepare at a time Income Tax + Automatic House Rent Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2015-16]

Few might have already started their tax planning from the beginning of a year, i.e. from the April month itself. However, the majority of people will start to think only at the year-end. So let us discuss what are the tax saving options, one can utilize

1) Life Insurance-

1. a) Endowment or Money Back Plans-These are the one of the oldest ways of investments used by all Indians. But do remember that these products will neither give you full life risk coverage of actually in need nor they give a better return. But at the same time if you are very much happy with the kind of coverage like Sum Assured or Rs.1, 00,000 to Rs.10, 00,000 or returns of around 6% then definitely consider this.
2. b) ULIP Plans-These are again a combination of INSURANCE+INVESTMENT product. Currently insurance companies are offering these products at cheaper than what they used to be earlier. But still the drawback of such plans are-they will not fulfil your life insurance needful, tracking of fund performance is very inconvenient and if the fund is not performing then hard to come out of such plans.
3. c) Term Plans-These are the pure life insurance products. You can buy the actual need of insurance very cheaply. Therefore, instead of going for above two products this is necessary for all.

2) Public Provident Fund (PPF)–

This is one of the tax saving heaven for the few who want to get the tax deduction under Sec.80C while investing and after that exemption on interest earned as well as the maturity amount. From this financial year limit of yearly investment raised to Rs.1, 50,000. However, do remember that period of PPF is 15 years and liquidity is not so easy. Other than that if, your financial goal matches in this period, then it is best to consider the debt portion of your portfolio towards this investment.

3) ELSS Funds–

These are mutual funds specifically meant for tax saving purpose. Do remember that there is a lock-in period of 3 years attached with such funds. Also, never be in a wrong belief that if you invest in monthly SIP then you can exit after 3 years. However, each monthly SIP is considered as new investment. Therefore, each monthly SIP needs to be complete 3 years. You can avail tax benefit under Sec.80 C of Income Tax.

Considering the equity nature of this type of investment, it is wrong to think that after 3 years you can come out easily with positive returns. Consider your time horizon of staying with these funds as more than 7+ years and invest. Otherwise, you may end up in negative earnings.

4) Rajiv Gandhi Equity Saving Scheme (RGESS)–

This is one more type of equity investment where the only new entrant into equity will be benefited and whose income is less than Rs.10 lakh a year. You can claim deduction under Sec.80 CCG. The maximum investable amount is Rs.50,000. You can claim 50% of the invested amount. This scheme allows you to invest in particular stocks, ETFs or Mutual Funds.

5) Employee Provident Fund (EPF)–

This is one more type of indirect saving scheme. The employer usually deducts 12% of your salary towards this scheme. Your contribution is available for deduction under Sec.80 C. Max Rs.1.5 Lakh

Also, if you fail to contribute then you can contribute to this scheme more than 12%, which is called Voluntary Provident Fund (VPS), by doing so you can increase your tax deduction option also.

6)  Senior Citizen Savings Scheme (SCSS)–

This scheme does not apply to all as it is meant for senior citizens only. One can invest up to Rs.15 Lakh only. Detailed features of this scheme are available with India Post.  You can avail tax benefit under Sec.80 C.  However, interest earned from, this is considered as taxable income. In addition, you can read further information from below link.

7) National saving Certificate (NSC) or Bank FDs–

Again, these two forms of savings are very much popular in India. NSC is currently available with 5 years and 10-year tenure and Tax Saving FDs at a 5-year term. You can avail tax benefit under Sec.80 C. However, do remember that the returns on these two instruments are taxable. For further detailed information on the same, you can visit below links too.

8) Health Insurance–

This one is for of safety major yourself by having health insurance and along with that, you can avail tax benefit under Sec.80 D. If you buy for yourself, spouse or children, then up to Rs.25, 000 can be claimed under this rule. Also, if you buy health insurance for your parents (whether dependent or not) then additional Rs.25, 000 deduction is available. However, parents are senior citizens, and then the limit is up to Rs.30, 000. So overall, one can save a maximum of Rs.55, 000 under Sec.80 D. You can choose plans by reading a few of my earlier posts.

9) Home Loan–

Home loan is one more option for those who want to save tax. But what if your interest payout is more harming you than the available tax benefit? Hence, do take care of entering into this option. As this is a loan, but not an investment. There are two types of tax benefits if you opted for home loan and it is self-occupied.

• Under Sec. 80C whatever principal you pay towards loan is eligible for deduction.  (Do remember that this exemption is only for residential property, only for the purchase and construction of the house, but not for renovation or repair, also if you sell the property within 5 years of availing tax benefits then the benefits availed is reversed).
• Under Sec. 24 you can avail the interest amount whatever you pay towards this loan. The limit is Rs.2 lakh for one self-occupied property.  However, if it is not self-occupied property, then there is no such limit.

On August 27, 2015 by www.taxexcel.net

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Download the Automated Master of Form 16 Part A&B for FY 2015-16 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for Ass Year 2016-17]

The below given Excel Based Software which can prepare at a time 100 employees Form 16 Part A&B for the Financial Year 2015-16 and Assessment Year 2016-17. As per the Finance Budget 2015-16 have already hike the limit of some Tax Section, but no changes the Tax Slab which is same as per the Financial Year 2014-15 and Assessment Year 2015-16. 

By this unique Excel Software you can calculate your Tax Liability for the Financial Year 2015-16 and you can prepare at a time Form 16 Part A&B  which you can keep this in future and distribute in the end of the Financial Year 2015-16. It also you can change the period of financial year in this Excel Utility. So you can gain and reduce your time for prepare the Form 16 as this prepare Advance in this time.

Some of employees can goes to another Concerned and leave his present working concerned in the middle of the Financial Year, then you must to give the Form 16 to the leaving employees in the middle in the Financial Year. In this regard in this Excel Utility have the facility for changes the Period of Financial Year 2015-16.

For an example :- Mr. A working in the ABLtd. and Mr. A leave the ABLtd. in the month of June 2015 and joined the another Concerned BC Company. Hence the Deductor of AbLtd may give the Form 16 to Mr. A up to his working period in this Concerned. 

This Excel Utility Can prepare at a time 100 employees Form 16 Part A&B for the Financial Year 2015-16 and all the amended Tax Section as per the Finance Budget 2015.

Main feature of this Utility:-

• Auto Calculate the Income Tax for the Financial Year 2015-16 as per Finance Budget 2015-16
• Prepare at a time Form 16 Part A&B with all amend limit of Tax Section 
• You can change the Financial Year at any time if you have to need the changes
• Automatic Convert the Amount in to the In Word
• Prevent the Double entry of Pan Number and Name of Employee
• This Excel Utility can use both of Govt and Non Govt Concerned
• Easily Generate and Easy to install in any Computer 

Download the Automated Master of Form 16 Part A&B for FY 2015-16 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for Ass Year 2016-17]                 

On July 04, 2015 by www.taxexcel.net

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Download TDS on Salary for Non-Govt employees for the Financial Year 2015-16 and Assessment Year 2016-17.( This Excel Utility can prepare at a time Tax Compute Sheet +Individual Salary Structure + Individual Salary Sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA, including the all changes by the Finance Budget 2015-16]

Following changes have been effected with regard to deductions / exemption allowed from total income of Salaried Employees under various Sections Income Tax Act by which quantum of Income Tax payable this year may get reduced if an employee is eligible for such deduction / exemption.But the Tax Slab is same as the Previous Financial Year, there have no changes for the Financial Year 2015-16.

Sukanaya Samriddhi Scheme made eligible for deduction under Section 80C

Individuals who are subjected to Personal Income Tax Provisions can now save Sukanaya Samriddhi Scheme, a newly started savings scheme with a view to encourage savings in the name of girl child’s education and marriage, for the purpose of claiming deduction under Section 80C

Additional Income Tax Exemption in respect of Health Insurance Premium under Section 80 D:

Medical expenditure is getting increased day by day and however awareness towards Health Insurance is very minimal in India. In order to make Health Insurance Schemes more attractive and to cover entire health insurance premium paid by an employee for the purpose of deduction under Section 80 D, limits of Health Insurance Premium for covering individual and a senior citizen for the purpose of Income Tax Exemption have been increased to Rs. 25,000 and Rs. 30,000 respectively.

Moreover, as far as very senior citizens (aged 80 years or more) are concerned any payment made on account of medical expenditure up to Rs. 30,000 would be eligible for deduction under Section 80D.

More Deduction under Section 80DD for very senior citizens (increased from Rs. 50,000 to Rs. 80,000)

While an individual is eligible to deduct up Rs. 50,000 which was spent towards medical expenditure under Section 80DD, budget 2015 has brought out an additional provision under this section to allow deduction of Rs. 80,000 for very senior citizens.

The condition of producing certificate from a medical doctor under Section 80DDB has been relaxed and it is enough the tax payer produces a prescription from a specialist doctor.

Additional Income Tax Exemption for Persons with disability under Section 80U:

In view of the rising cost of medical care and special needs of a disabled person, it is proposed to amend section 80DD and section 80U so as to raise the limit of deduction in respect of a person with a disability from Rs. 50,000 to Rs. 75,000.

It is also proposed to raise the limit of deduction in respect of a person with severe disability from Rs. 1 lakh to Rs. 1.25 lakhs.

Limit under Section 80CCD and Section 80CCC for contribution in NPS and other pension funds raised

With an agenda to promote social security measures and to bring the existing provision in line with the recently increased overall limit of Rs. 150,000, the deduction for contribution to certain pension funds under section 80CCC has been increased to Rs. 150,000 from present Rs. 100,000.

Also, an additional deduction under section 80CCD to the extent of Rs. 50,000 has been introduced for contributions under the National Pension Scheme.

Deduction towards Transport Allowance increased from Rs. 800 to Rs. 1600 per month

The long due increment in the monthly travel allowance has now finally materialized. In order to commensurate with the increased costs of transportation, it is now proposed to be double the original transport allowance and it shall stand at Rs. 1,600 per month.

On May 08, 2015 by www.taxexcel.net

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