The Salary Structure of all Central Govt employees is different from other State Govt employees.Recently the Central Govt has published the 7th Pay Commission and some of the State Govt also published the Pay Commission in the Year 2016 and implemented from the January 2016.

It appears that the Salary Structure and some benefits are different from the other State Govt employees. Some of the benefits can get the Central Govt employee which is not got by the State Govt employees.

In this regard, the below given Excel Based Income Tax Preparation Software can be used by the both of Central Govt employees and other State Govt employees also. The Salary Structure has made as per the Central & State Govt employees. Like as the Central Govt employees can avail the extra D.A. on the Travelling/Conveyance allowances, but the other State Govt employees could not get the same benefits.

Feature of this Excel Utility :-

• This Excel Utility can use for Central and State Govt Employees
• The Salary Structure has prepared as per the Central & State Employees Salary Pattern
• Automated Calculate your Income Tax with Individual Tax Compute sheet for both of Central and State Employee
• Inbuilt the Salary Individual Salary Structure for Central & State employees
• Automatic Calculate the House Rent Exemption Calculation U/s 10(13A)
• Automated Prepare the Form 16 Part A&B
• Automated Prepare the Form 16 Part B
• Automatic Convert the amount into the in Words without any excel formula.

Download the All in One Income Tax Preparation Software for Central & State Govt employees for the Financial Year 2016-17 & Assessment Year 2017-18. [Prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic H.R.A. Exemption Calculation + Automatic Form 16 Part A&B and Form 16 Part B ]

In this Excel, Utility has all the amended Income Tax Section as per the Finance Budget 2016.

On September 14, 2016 by www.taxexcel.net

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Download Automatic Master of Form 16 Part B and Part A&B which can prepare at a time 50 employees OR 100 employees for Financial Year 2015-16 from the below link :- 

Click here to Download Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for F.Y. 2015-16

Click here to Download Master of Form 16 Part A&B which can prepare at a time 100 employees Form 16 Part A&B for F.Y.2015-16

Click here to  Download Master of Form 16 Part B which can prepare at a time 100 employees Form 16 Part B for F.Y.2015-16

Click here to Download Master of Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16

We all share a love-hate relationship with taxes. We know it has to be paid, we know it is used for the benefit of society as a whole, we know its role in the economy, but we still are uncomfortable paying it. As our income increases, the discomfort with rising taxes also goes up. This is where tax saving investments come in. There are a plethora of schemes available, that help you save taxes. Traditionally, Insurance has been known as an important medium to save taxes. So, where does Health Insurance fit in? Let’s see.

Health Insurance and Taxes

The tax exemptions available to Medical Insurance schemes is summed up in Section 80D of the Income Tax Act. For any health insurance policy bought, a policyholder can claim deduction on premium paid for up to Rs. 25,000 (according to Budget 2015). The deduction for senior citizens is Rs. 30,000.

For those very senior citizens (80 years and above) to whom health insurance is not available, any payment made on the account of medical expenditure for such people shall be allowed as a deduction under Section 80D, subject to a maximum limit of Rs. 30,000. This deduction will be given subject to the fact that any premium towards any health insurance is not being paid for such person.

However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs 30,000.

Section 80D allows for tax deduction from the total taxable income for the payment of medical insurance premium paid by an individual or a Hindu undivided Family (HUF), in any mode other than cash. This deduction is over and above the normal deduction of Rs. 1,50,000 allowed under Section 80C.

The deduction under Sec 80D is allowed for making a payment towards maintaining an insurance policy which:-

In case of an Individual:- Is for the health of the self or the spouse, dependent parents or dependent children, or

In case of HUF:- Is for any Member of the Family.

Amount of Deduction Available

The deduction is to be claimed while filing income tax returns. The deduction is the sum of the following amounts –

In case the payment of medical insurance premium is for self, spouse, dependent children or parents (dependent or not) – Rs. 25000. In case the person insured is a Senior Citizen, the deduction allowed should be Rs. 30,000.

So, the total deduction that can potentially be claimed by a family under Section 80D is as below:

Criteria for claiming deductions

The criteria for claiming deductions under Section 80D by way of health insurance premiums is as outlined below:

* The said policyholder/ tax payer is an individual or HUF (Resident or NRI)

* The insurance premium paid is in accordance with the schemes framed by General Insurance Corporation of India & approved by Central Government.

* The premium has been paid by any mode other than cash.

* It is paid out of taxable income

Proof of payment

As proof of payment, mediclaim receipt has to be furnished while claiming the deduction.

On May 04, 2016 by www.taxexcel.net

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Download Automated All in One TDS on Salary for Non-Govt employees for FY 2015-16 & AY 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA]

Employee's Data Sheet

Non-Govt employees Salary Structure

Brief the tax section with deduction

Traveling Allowance/Conveyance Allowance:- 

Raised up to Rs. 1600/- P.M. and Phy. disable persons Rs. 3200/- P.M.

Entertainment  Allowance:  

The first deduction which you claim from salary is Entertainment Allowance. Entertainment allowance received is first included in the employee’s income and then a deduction is allowed in case of government employees, for a sum equal to 1/5th of salary (excluding all allowances, benefits and other perquisites) or Rs. 5,000, whichever is less.

Professional Tax:  

Tax on employment by whatever name called, levied by a State under Article 80C  276 of the Constitution shall be allowed as a deduction. [Sec. 16(iii)]

Payment of Medical Insurance Premiam (Mediclaim) or contribution to Central Government Health Scheme. [Sec. 80D]: 

 Deductible up to a maximum of Rs. 25,000 (Rs. 30,000 in case the person insured is a senior citizen). 

Expenditure on medical Treatment etc. and deposit for maintenance of handicapped dependents. [Sec. 80DD]:  

A deduction is allowed to compensate for any expenditure incurred by an assesses, during a year, for the medical treatment (including nursing), training and rehabilitation of one or more handicapped relatives wholly dependent on him, and for amount deposited in an approved scheme of LIC or UTI, for the benefit of a handicapped dependent. A fixed deduction of Rs. 50,000 is allowable, in aggregate for any or both the purpose specified above, irrespective of the actual amount of expenditure incurred.

Expenditure  or Medical Treatment of assess/dependant relative [Sec. 80DDB]:

 Deduction for the amount of expenditure incurred or Rs. 40,000, whichever is less, is allowable for any year during which expenditure is actually incurred for the medical treatment of specified diseases or ailments for the assesses himself or a dependent relative. If the patient is a senior citizen the deduction allowable shall be the expenditure incurred or Rs. 80,000 whichever is less. Besides, any amount received under a medical insurance policy shall be reduced from the amount of deduction allowable.

Interest on Loan taken for Higher Education. [Sec. 80E]: 

Any amount paid by way of interest on a loan taken from any financial institution or any approved charitable institution for the purpose of pursing his higher education, is deduction without any limit.

Interest on Loan taken for first residential house. [Sec. 80EE]:

 Deduction is allowable for interest on housing loan from a bank/housing finance company, for allowable is Rs. 1, 00,000, subject to specified conditions. The deduction is allowable for A.Y. 2014-15 and A.Y. 2015-16 only.]

Donation for Charitable Purposes [Sec. 80G]: 

There are a number of donations in respect of which deduction is permissible under Sec. 80G. Deduction @ 50% is available for donation to Jawaharlal Nehru Memorial Fund, Prime Minister Drought Relief Fund, [National Children’s Fund] Indira Gandhi Memorial Trust or Rajiv Gandhi Foundation etc. 100% deduction is allowed for donations to National Defense Fund, Prime Minister’s National Relief Fund, [National Children’s Fund,]National Foundation for Communal Harmony, Chief Minister’s/Lt. Governor’s Relief Fund etc. Deduction is granted subject to the prescribed maximum ceiling and on furnishing of appropriate certificate from the done organization.

Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Expenditure on Rent. [Sec. 80GG]: 

Rent paid by an assesses not owning a house and not in receipt of house rent allowance u/s 10(13A) for residential accommodation whether furnished or unfurnished, is deductible subject to the prescribed ceilings. [w.e.f 1-4-2014, for A.Y. 2014-15]

Donations to specified institutions/associations for Research or for Rural Development [Sec. 80GGA]:

 Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Physical Disability [Sec. 80U]:

 Rs. 75,000 for disability and Rs. 1, 25,000 for severe disability.  

Download Automated All in One TDS on Salary for Non-Govt employees for FY 2015-16 & AY 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA]

On February 05, 2016 by www.taxexcel.net

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Download Automated All in One TDS on Salary for Non-Govt employees for FY 2015-16 & AY 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA]

Brief the tax section with deduction

Traveling Allowance/Conveyance Allowance:- 

Raised up to Rs. 1600/- P.M. and Phy. disable persons Rs. 3200/- P.M.

Entertainment  Allowance:  

The first deduction which you claim from salary is Entertainment Allowance. Entertainment allowance received is first included in the employee’s income and then a deduction is allowed in case of government employees, for a sum equal to 1/5th of salary (excluding all allowances, benefits and other perquisites) or Rs. 5,000, whichever is less.

Professional Tax:  

Tax on employment by whatever name called, levied by a State under Article 80C  276 of the Constitution shall be allowed as a deduction. [Sec. 16(iii)]

Payment of Medical Insurance Premiam (Mediclaim) or contribution to Central Government Health Scheme. [Sec. 80D]: 

 Deductible upto a maximum of Rs. 25,000 (Rs. 30,000 in case the person insured is a senior citizen). 

Expenditure on medical Treatment etc. and deposit for maintenance of handicapped dependents. [Sec. 80DD]:  

A deduction is allowed to compensate for any expenditure incurred by an assesses, during a year, for the medical treatment (including nursing), training and rehabilitation of one or more handicapped relatives wholly dependent on him, and for amount deposited in an approved scheme of LIC or UTI, for the benefit of a handicapped dependent. A fixed deduction of Rs. 50,000 is allowable, in aggregate for any or both the purpose specified above, irrespective of the actual amount of expenditure incurred.

Expenditure  or Medical Treatment of assess/dependant relative [Sec. 80DDB]:

 Deduction for the amount of expenditure incurred or Rs. 40,000, whichever is less, is allowable for any year during which expenditure is actually incurred for the medical treatment of specified diseases or ailments for the assesses himself or a dependent relative. If the patient is a senior citizen the deduction allowable shall be the expenditure incurred or Rs. 80,000 whichever is less. Besides, any amount received under a medical insurance policy shall be reduced from the amount of deduction allowable.

Interest on Loan taken for Higher Education. [Sec. 80E]: 

Any amount paid by way of interest on a loan taken from any financial institution or any approved charitable institution for the purpose of pursing his higher education, is deduction without any limit.

Interest on Loan taken for first residential house. [Sec. 80EE]:

 Deduction is allowable for interest on housing loan from a bank/housing finance company, for allowable is Rs. 1, 00,000, subject to specified conditions. The deduction is allowable for A.Y. 2014-15 and A.Y. 2015-16 only.]

Donation for Charitable Purposes [Sec. 80G]: 

There are a number of donations in respect of which deduction is permissible under Sec. 80G. Deduction @ 50% is available for donation to Jawaharlal Nehru Memorial Fund, Prime Minister Drought Relief Fund, [National Children’s Fund] Indira Gandhi Memorial Trust or Rajiv Gandhi Foundation etc. 100% deduction is allowed for donations to National Defense Fund, Prime Minister’s National Relief Fund, [National Children’s Fund,]National Foundation for Communal Harmony, Chief Minister’s/Lt. Governor’s Relief Fund etc. Deduction is granted subject to the prescribed maximum ceiling and on furnishing of appropriate certificate from the done organization.

Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Expenditure on Rent. [Sec. 80GG]: 

Rent paid by an assesses not owning a house and not in receipt of house rent allowance u/s 10(13A) for residential accommodation whether furnished or unfurnished, is deductible subject to the prescribed ceilings. [w.e.f 1-4-2014, for A.Y. 2014-15]

Donations to specified institutions/associations for Research or for Rural Development [Sec. 80GGA]:

 Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Physical Disability [Sec. 80U]:

 Rs. 75,000 for disability and Rs. 1, 25,000 for severe disability.  

Download Automated All in One TDS on Salary for Non-Govt employees for FY 2015-16 & AY 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA]

On February 03, 2016 by www.taxexcel.net

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As per the new Finance Bill 2015 has no changes in the basic Tax Slab limit of Rs.2.50 lakhs and no rise in threshold/ceiling limit of section 80C, budget did not give many reasons to grin to the salaried class tax payers or common man for the Financial Year 2015-16.

Although there are couple of social scheme which includes low-cost pension scheme and low-premium insurance scheme such as PM Suraksha Bima Yojana, Atal Pension Yojana and PM Jeevan Jyothi Bima Yojana. All these schemes reflect that Government has tried to support the lower class by making easy access to insurance and pension plans. All are deduction other than U/s 80C.

Download 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 as per New Finance Budget 2015-16]

Let’s see What’s in Budget 2015 for Salaried Class

1. No Hike in basic exemption limit

The tax slab will remain same as the previous Financial Year 2014-15, for the financial year 2015-16 i.e. assessment year 2106-17 but the surcharge rate of 10% is increased to 12% for the tax payers having income above Rs.1 crore. This increment in the surcharge rate is made to compensate the income from the abolished wealth tax.

2. Section 80C ceiling limit remains Rs.1.50 lakhs per annum

With the inclusion of Sukanya Samriddhi Yojana, Section 80C ceiling limit remains Rs.1.50 lakhs per annum

With the inclusion of sukanya samriddhi yojana and equity oriented pension funds, there was an inevitable need of expanding the threshold limit of section 80C but that did not happen. Section 80C remains intact in budget 2015.

3. Rise in the Health Insurance Premium paid u/s 80D

To spread the health care awareness among individual tax payers, section 80D has been amended by increasing the deduction limit for the premium paid for health insurance to Rs.25,000 for non-senior individuals, and Rs.30,000 for senior citizens.

4. Additional Tax-Savings under Section Section 80U:-

In view of the steep rise in the cost of the medical care, Government has increased deduction limit under section 80U Max Rs. 75,000/- for general, and Rs. 1,25,000/- for Sr.Citizen.

Section 80DDB :-  Max Rs.80,000/- i.e. medical expense of disabled individual and dependent on Individual. for very senior citizens (aged 80 years or more) under section 80DDB.

5. Transport Allowance Doubled U/s 10

The transport allowance cost has witnessed some sharp increase and to cope up with that Government has doubled the transport allowance from existing Rs.800 per month to Rs.1,600 per month which totaled to Rs.19,200 per year for below 80% and Rs. 3200/- P.M. for above 80% Phy.disable persons.

7. National Pension Scheme u/s 80CCD increased by Rs.50,000

Investments towards National Pension Scheme has got some additional tax Deduction limit of investment towards pension plans, annuity plans and new pension scheme is hiked to Rs.1.50 lakhs

8. Section 80TTA :- Remain Un-changed Max Rs. 10,000/-, will be continue in this F.Y.2015-16.

9.Section 87A :- Tax Rebate Rs.2,000/- will be continue in this F.Y.2015-16

On February 02, 2016 by www.taxexcel.net

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