Showing posts with label Income Tax Calculator for Assessment Year 2016-17. Show all posts
Showing posts with label Income Tax Calculator for Assessment Year 2016-17. Show all posts
Friday, 19 February 2016
Tuesday, 18 August 2015
Download the All in One TDS on Salary for Central Govt Employees for F.Y.2015-16 [ This Excel Based Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Exemption Calculation + Form 16 Part A&B and Form 16 Part B ]
Income Tax Exemptions and deductions, give you plenty of opportunities to save tax. By using wisely these exemptions and deductions, you can reduce your tax out-go. In this post, I am listing the available exemptions, and deduction under income tax act.
Allowances Exempted Under Section 10 of Income Tax Act
1. House Rent Allowance (HRA)
You get a job and shift to another city. Because of your job, you live in a different place. You are forced to live in a rented accommodation. The rented flat is not by choice but because of the duty. Hence, the expense on rent is because of your job. You can’t avoid this, even if you wish. Therefore, government exempt the rent from income tax. However, your employer must pay the house rent allowance.
Click here to Download and Calculate your House Rent Exemption U/s 10(13A)
Leave Travel Allowance
LTC or LTA is exempted if the same is actually spent
Transport Allowance
You daily go to your office or workplace from you house. You also spend on the local transport. This expenditure is also forced upon you. Therefore, the government has exempted transport allowance from the income tax, provided your employer gives you the transport allowance. You don’t need to give any receipt of this local travel. However, the tax exemption is Rs 1600/month and for Phy. Disable Persons can get Rs.3200 Per Month.
Children Education Allowance
Children Education allowance in also exempted from income tax. Your employer must give this allowance for availing the tax exemptions. It is Rs. 100 per month per child up to a maximum of 2 children.
Hostel Subsidy
This is another tax exemption related to your child’s education. It is Rs. 300 per month per child up to a maximum of two children.
Other Allowance Eligible For Income Tax exemptions
Uniform Allowance, Special Compensatory Allowance, High Altitude Allowance, allowances applicable to North East, Compensatory Field Area Allowance, Counter Insurgency Allowance, High Active Field Area Allowance, island duty allowance, tribal allowance etc. These allowances are tax-free, but you need to produce the proof of the actual expense in some cases.
Income Tax Exemption on Interest Paid on Housing Loan U/s 24B
This Exemption is also related to your accommodation because of the job. After shifting to a different place, you may opt for your own house instead of rented accommodation. If you take home loan for the house, the interest payment is tax exempted. You can get maximum exemption of Rs 2 lakh on housing loan interest. There are some conditions for this exemption.
The house should be self-occupied. You may get this exemption if your home is under construction. however the construction should complete within 3 years.
Tax Deduction Under Section 80C, Max limit Rs.1.5 Lakh
The Government wants to encourage some certain types of investments and expenses. To achieve this goal it gives the benefit of tax deductions. There are many investments and expenses under section 80C, 80CCC and 80CCD. However, the total deductions under this section are limited to Rs 1.5 lakh.
· Employee Provident Fund
· Pension/ Annuity Schemes
· Life insurance premium
· Tax Saving mutual fund (ELSS)
· Home loan principal payment
· Sukanya Samriddhi Account
· Tuition fees of children
· PPF Account Contribution
· National Saving Certificate
· Tax-saving fixed Deposit
· Post office time deposits
Section 80CCC: Deduction For Annuity Plan
You can also get a deduction for the annuity plan of insurance companies. There are some limitations on this deduction.
· You can’t contribute more than 10% of your salary or gross income.
· You can’t enjoy the deduction of more than Rs 1.5 lakh in a year.
Section 80CCD(1) : Contribution For Pension Plan
Similar to annuities, contribution in pension plans is also eligible for tax deduction. For example contribution to National Pension Scheme (NPS) will get deduction benefit under this rule.
It is also limited to 10% of salary or 10% gross income (if not salaried).
Section 80CCD(2): Contribution To Pension Plan By employer
This section gives you extra tax saving opportunity. If your employer contributes into your pension plan, it would be also tax-free. This contribution does not come under the overall limit of 1.5 lakh.
You can ask your employer to contribute 10% of your salary into your pension plan. It will not affect your employer financially, but you would be able to save some more tax.
Deductions Under Chapter VIA of Income Tax Act
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)
This scheme also gives you the extra tax saving. To avail this benefit, you must be the first-time investor in the share market. Your annual income should not be more than Rs 10 lakh. You can invest up to Rs 50,000 under this scheme. However, the tax deduction would be available for the 50% of your investment. So, if you invest Rs 50,000, you will get the tax deduction of only Rs 25,000. There is some mutual fund scheme which is designed for RGESS. However, due to the complex rules, it could not become popular.
Section 80D: Medical Insurance Deduction
This scheme also gives you a chance to save tax over and above the 1.5 lakh. One must use this tax saving opportunity. In the budget 2015 the government does not change income tax slab, but it has increased the limit for section 80D. Section 80D can give you a tax deduction of up to Rs 65,000. Medical insurance of self, family and parents are eligible for tax deduction under section 80D.
Section 80D: Tax Deduction For Medical Insurance In FY 2015-16
Section 80DD: Deduction For Maintenance of Disable Dependent
Under this section, one can get extra tax deduction of Rs 50,000. To avail this deduction, you must fulfill some conditions.
1. A person with a disability must be dependent upon you. The disability may be physical or mental.
2. You must produce a certificate from the doctor.
3. You must incur the expense of treatment, rehabilitation, nursing and training.
If you deposit any amount in any scheme for the disabled, it would be also eligible for tax deduction.
If dependent person is with severe disability, you can claim deduction up to Rs 1,00,000.
Section 80DDB: Serious Illness Deduction
This deduction is for the treatment of serious illness. An assessee can get an income tax deduction of Rs 80,000 under this section. Amended by the Finance Budget 2015
1. The deduction is for the expense of illness of self or dependent.
2. The illness should be within the prescribed list.
3. There should be real expense. Any reimbursements of insurance claims should be subtracted.
4. You must give a certificate from the government doctor.
5. For senior citizens this deduction limit is Rs 80,000.
Section 80E: Deduction on Loan for Higher Studies
Like the home loan interest, one can also claim income tax deduction for education loan interest.
1. You must take education loan from a financial institution.
2. You can avail this tax deduction maximum of 7 years.
3. You can take the benefit of this deduction only for the higher education.
4. You can take this benefit only for the education of self, spouse or children. If you are the legal guardian of a student, you can also take this benefit.
Section 80G: Deduction for Donations
The donations specified in Section 80G are eligible for deduction. The deduction may of 100% of donation or 50%, It depends upon the type of receiver.
Section 80GG: Deduction on House Rent Paid
This deduction is for those, who don’t get the house rent allowance from their employer. Such person can avail this deduction according the specified rules.
Deduction is the least of
1. Rent paid less 10% of total income
2. Rs. 2000/ month, i.e. Maximum Deduction available is 24,000.
3. 25% of total income
There are some conditions for this benefit.
· Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
· He should not get a house rent allowance (HRA).
· He should not have self occupied residential premises in any other place.
Section 80TTA: Saving Account Interest Deduction
Interest earned on a saving account is not added in taxable income, if it is less than Rs 10,000 in a financial year.
Section 80U: Deduction For Disabled
Under section 80U a person with disability gets extra deduction from his/her taxable income. Such person can deduct Rs 75,000 from the taxable income. In case the disability is severe, the deduction is up to Rs 1,25,000. To avail this deduction one should obtain a certificate from the government doctor.
Tuesday, 14 July 2015
All
in One Income Tax Preparation Excel Based Software for only the Non
Govt employees for the Financial Year 2015-16 and Assessment Year
2016-17. This Excel Based Software can prepare at a time your Income Tax
Compute Sheet + Automatic House Rent Exemption Calculation + Automated
Form 16 Part B and Automated Form 16 Part A&B + Form 12 BA for the
Financial Year 2015-16.
This Excel Based Software can use only by the Non Govt employees. The Salary Structure has prepared as per the Salary Pattern of any Non Govt Concerned for the Financial Year 2015-16.
Feature of this Excel Based Software :-
- Salary Structure for Non Govt Concerned Salary Pattern for Calculating the Gross Salary Income
- Automatic Income Tax Compute for Male/Female/Sr.Ctzn/Most Sr.Ctzn
- All the Income Tax Section have in this Software which perfect calculate as per the Income Tax Rules
- Automatic House Rent Exemption Calculation U/s 10(13A)
- Automatic prepare the Form 16 Part B
- Automatic prepare the Form 16 Part A&B
- Automatic prepare the Form 12 BA ( Certificate for Value of Perquisite)
- Automatic Convert the Amount in to the In Words
Click to Download the All in OneTDS on Salary for Non-Govt employees for F.Y.2015-16 [ This Excel utility can prepare at a time your Tax Compute Sheet + Individual Salary Structure + Individual Salary Structure + Automatic HRA Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B + Form 12 BA for A.Y.2016-17]
Saturday, 4 July 2015
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]
Tuesday, 28 April 2015
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:-
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]
Friday, 24 April 2015
As per the New Finance Budget 2015 the Tax Slab have not change and the Tax Slab is the same as previous Financial Year 2014-15. Some Changes in this Budget and hike the limit of some Section which is given below :-
1) Travelling Allowances hike up to Rs. 19200/- P.A.
2) U/s 80CC hike the limit Rs. 1.5 Lakh
3) U/s 80U hike the Max Limit Rs. 75,000/- up to 80% and 1,25,000/- above 80% for Phy.disable person.
4) New insert a deduction U/s 80C " Sukanya Samriddhi Account" Max.Limit Rs. 1.5 Lakh. for minor Girl Child.
5) U/s 80D hike the limit up to Rs. 25,000/- for below 60 years age and Rs. 30,000/- for Sr.Citizen
Below given a Excel Based Automated Form 16 Part A&B and Part B with the all changes has incorporate in this Excel Utility as per the New Finance Budget as stated above.
Download the Automated Form 16 Part A&B and Part B for FY 2015-16 and Ass Yr 2016-17 [ This Excel Utility can prepare One by One Form 16 Part A&B and Part B for FY 2015-16]
Feature of this Excel Utility:-
- Automatic prepare the Form 16 Part A&B and Part B both in a single Excel Utility for FY 2015-16
- All the Changes of each Tax Section as per the Budget 2015 has incorporate in this Utility
- You can use this utility as Income Tax Calculator for Assessment Year 2016-17
- In this Excel Utility have this facility to change the Period of Financial Year. Automatic Convert the Amount in to the In Words
 |
Main Input Sheet
Form 16 Part A&B
Form 16 Part B
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Some of the Concerned have need to prepare the Form 16 in the middle of the Financial Year 2015-
16. If any employee change his present Concerned and join to another Concerned, the Form 16 must be given to the employee as he is entitled to get the Form 16 for his previous Concerned.So the Form 16 may prepare by the deductor of the previous Concerned. In this Excel Utility have this facility to change the Period of Financial Year.
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