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 Income Tax Calculator for F.Y.2015-16. Show all posts
Showing posts with label Income Tax Calculator for F.Y.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
Saturday 26 December 2015
The Financial Year 2014-15 have already gone and start the new Financial Year 2015-16 has start since 1st April 2015 and end will be March 2016. All the concerned have already calculate the Income Tax for their employees and also deducted Tax from their Salary and deposited the same to the Central Govt Account.
Now it is necessary to prepare and distribute the Form 16 to the concern employee so they can fill the Income Tax Return in due time. As per the Income Tax time schedule it is mandatory to prepare and supply the Form 16 to the employees with April 2016. So you should ready to prepare the Form 16 for the Financial Year 2015-16 and Assessment Year 2016-17.
As per the CBDT new Notification 11/2013 the format of Form 16 have already changed. In this New Format of Form 16 have two parts. One is Part A and another is Part B. In Form 16 Part A have the all details of Tax deducted and deposited to the Central Govt respective account, and Form 16 Part B have the all details of Salary of employee. It is also Notifies by the CBDT that the Form 16 Part A mandatory from the Income Tax New Web Site TRACES Portal (www.tdscpc.gov.in), and the Part B of Form 16 must be prepare by the Employer. If you have not known that how to Download the Form 16 Part A from the Tracess Portal, CLICK HERE to view "How to Download Form 16 Part A". But most of Concerned have not well known about this new Notification or they can not be able to download the Form 16 Part A from the Tracess Portal. In this regard they have need to prepare both of Form 16 Part A&B both.
Here is given below the Automated Form 16 Part B and Automated Form 16 Part A&B for the Financial Year 2015-16 which can prepare at a time 50 employees Form 16 and also can prepare one by one prepare Form 16.
Feature of this Excel Based Form 16 Preparation Software :-
- This Excel Based Software can prepare more than 1000 employees Form 16 Part B or Part A&B.
- All the New Income Tax Section have in this Excel Utility.
- The New Tax Rebate U/s 87A
- 80TTA for exemption of Savings Bank Interest up to Rs. 10,000/-.
- Automatic Calculate the Income Tax as per the Slab
- Automatic Prepare the Form 16
- Automatic convert the Amount in to the In Words ( No need to manually fill the in figure of Amount)
Download the Form 16 preparation Excel Based Software from the below given link :-
1) Click to Download Automatic Master of Form 16 part A&B for FY 2015-16[Prepare at a time 50 employees form 16 Part A&B]
2) Click to Download Automatic Master of Form 16 part B for FY 2015-16[Prepare at a time 50 employees form 16 Part B]
3) Click to Download Automatic Master of Form 16 part A&B and Part B for FY 2015-16[Prepare at a time 50 employees form 16 Part A&B and Part B One by One Preparation ]
4) Click to Download Automatic Master of Form 16 part B with 12 BA for FY 2015-16[Prepare at a time 50 employees form 16 Part B with 12 BA]
Tuesday 8 September 2015
For person earning income from Salary , documents Form 16, and Form 12BA provided by employer are needed. We looked into details of Form 16. Form 12BA give details of Perquisites given by the employer to employee in the financial year. Before we look at Form 12BA lets try to understand Perquisites, also known as perks.
Download All in One TDS on Salary for Govt & Non-Govt employees for F.Y.2015-16 and A.Y.2016-17 [ This Excel Utility can prepare at a time Tax Compute Sheet + Automatic Arrears Relief Calculation with Form 10E + Automatic HRA Exemption Calculation + Automatic Form 12 BA + Automatic Form 16 Part A&B and Form 16 Part B + Individual Salary Structure for Govt and Non-Govt employees]
What are Perquisites?
Perquisites are benefits provided by the employers in addition to the normal salary at a free of cost or concession rates. Income tax act defines Perquisite as any casual emolument or benefit attached to an office or position in addition to salary or wages. Value of these perquisites is added to the income of employees. Hence Perquisites are taxable. There are rules for valuation of perquisites. Some of the perquisites are given below:
A perquisite can be provided both by way as:-
· Monetary payment : Employer either reimburses the expenses incurred by the employee for such facilities or pays on behalf of the employee. Ex:personal gas bills of the employee are in the name of employee and the employer reimburses the amount of such gas bills to him or pays on his behalf to the gas agency, it is in monetary terms and taxable in case of all employees; on the other hand, if such bills are in the name of employer, it will be perquisite in case of specified employee only.
OR
· Non-monetary payment/benefit : Payments which can be called non-monetary payments are car facility, benefit on account of interest-free loans, rent-free accommodation, furniture provided to employees etc.
As defined earlier, Perquisite as any casual emolument or benefit attached to an office or position in addition to salary or wages, Mostly perquisites are associated with position or office. Often distinction is made between employees and specified employees. A Specified employee is the one who satisfies any of the following cases:
· He is a director of the company,
· He has a substantial interest in the company, ie he is the beneficial owner of equity shares carrying 20% of voting power in the employer company.
· His monetary income under the head “Salaries” for the year exceeds Rs.24,000. The amount considered here includes amounts due from, paid or allowed by one or more employers. It excludes all non-monetary benefits.
The perquisites and allowances, as aforesaid, shall include accommodation (furnished or otherwise) or house rent allowance in lieu thereof; house maintenance allowance together with reimbursement of expenses and / or allowances for utilisation of gas, electricity, water, furnishing and repairs; medical reimbursement; leave travel concession for self and family including dependents; medical insurance and such other perquisites and / or allowances.
Perquisites and Indian Income tax Act
Definition of Perquisites: Perquisites are defined in the section 17(2) of the Indian Income-tax Act of 1961.
Section 10(10CC) – Exemption on Non monetary perquisites: With effect from 01.06.2002, employer has given a option to deposit the tax on non monetary perquisites on behalf of employee without deducting the same from the employee {section 192(1A) &192(1b)} As per section 10(10CC), the amount of tax actually paid by an employer, at his option, on non-monetary perquisites on behalf of an employee, is not taxable in the hands of the employee. Such tax paid by the employer shall not be treated as an allowable expenditure in the hands of the employer under section 40. The tax so paid by the employer shall be deemed to be TDS made from the salary of the employee.
Statement of Perquisites: 192 (2C) lays down employer, shall furnish to employee a statement giving correct and complete particulars of perquisites or profits in lieu of salary provided to him and the value thereof in form no. 12BA. The form and manner of such particulars are prescribed in Rule 26A, Form 12BA and Form 16 of the Income-tax Rules . Information relating to the nature and value of perquisites is to be provided by the employer in Form no. 12BA in case of salary paid or payable is above Rs.1,80,000/-. In other cases, the information would have to be provided by the employer in Form 16 itself.
Type of perquisites, valuation of perquisites are defined in every Finance Act (popularly known as Budget presented by Finance Minister).
Valuation of Perquisites
Perquisites are taxable in the hands of employees. There are rules for valuation of perquisites. Let’s look at some of the rules. Please note that these rules keeps changing and are notified by Central Board of Direct Taxes (CBDT). For the financial year 2011-12 or Assessment Year 2012-13 Circular No.08/2010 dated 13.12.2010 . Valuation of some of the perquisites are discussed below:
Accommodation :- For purpose of valuation of the perquisite accomdation is divided into various categories like: Rent free Unfurnished Accommodation, Rent-Free Furnished Accommodation, Concession in Rent etc. is explained below:
Description
|
Perquisite Value
|
Where Government provides the accommodation to a person holding an office or post in connection with the affairs of the Union or State or serving with any body or undertaking under the control of such Government on deputation.
|
Licence fee determined by Union or State Government in respect of accommodation in accordance with the rules framed by that Government.
|
Where any other employer provides such accommodation.
|
Where accommodation is owned by employer. Perquisite Value is -
· 15% of the salary in cities having population more than 25 lakhs as per 2001 census.
· 10% of the salary in cities having population more than 10 lakhs but up to 25 lakhs as per 2001 census.
· 7.5% of salary in other cities.
Where accommodation is taken on lease or rent by the employer. Perquisite Value is least of the following -
· Actual amount of lease rental paid or payable by the employer
· 15% of the salary.
|
Interested readers can find about more about Taxable value of Rent-Free Furnished Accommodation, Taxable value of Concession in Rent
Gift or Voucher or Token: [Rule 3(7)(iv)]: The value of any gift or voucher or token in lieu of which such gift may be received by the employee or by member of his household on ceremonial occasions or otherwise shall determined as equal to the amount of such gift.
However, where the value of such gift, voucher or token, as the case may be, is below Rs.5,000 in the aggregate during the previous year, the value of perquisite shall be taken as Rs.Nil.
Medical Reimbursement by the employer exceeding Rs. 15,000/- p.a. u/s. 17(2)(v) is to be taken as perquisites.
· Links to details about other perquisites from website accounting-n-taxation are given
Exempted Perquisites:- Some of the perquisites are exempted from income tax (free) such as:
· Tea, coffee(non-alcoholic beverages), snacks provided during working hours.
· Free Meals provided at the office or business premises during office hours or through paid non-transferable vouchers usable only at eating joints. If the value is up to Rs.50 per meal, it is not taxable. Otherwise, taxable. Assuming 2 meals per day and 22 working days in a month, it works out to Rs. 2200/- p.m which at times is given in form food coupons or Sodexo coupons.
· Recreational facilities provided.
· Good manufactured by employer and sold by him to employees at the concessional (not free) rates. Ex: Motorola providing his employees Motorola mobiles at less than market value or Hindustan Lever giving its products(Surf, Knorr soup) at lesser than market value.
· Amount spent on training of employee including the boarding and lodging expenses of the employees on such a training.
· Telephone and mobile phone facility.
· Computer or laptop whether to use at home or office (ownership is not transferred to employee)
· Loan given at nil or concessional rate of interest by the employer provided the aggregate amount of loan does not exceed 20,000.
· Health club, sports facility.
Wednesday 15 July 2015
Substitution of new section for section 80E
Q. Who is eligible for deduction u/s 80E?
A. Loan should be taken by individual for pursuing higher education of self,
spouse or his /her Children’s. Hence parents are also eligible to claim deduction
of interest paid by them on loan taken for their children’s education. This
deduction is not available to HUF.
Click to download the Automatic All in One for Govt and Non-Govt employees for FY 2015-16 [This Excel Utility can prepare at a time Tax Computed Sheet+Individual Salary Structure+Automatic Arrears Relief Calculation+Automatic House Rent Exemption Calculation + Form 16 Part A&B and Part B with the all Income Tax Section including New Income Tax Section and Automatic Tax Rebate U/s 87A ]
Q. What is eligible amount?
A. Only interest paid on an educational loan is allowed as deduction u/s. 80E of
The Income Tax Act, 1961, out of his/her income chargeable to tax i.e.
Deduction will be allowed only when actual interest is paid.
Q. How much amount is deductible?
A. There is no limit for amount of repayment of interest. Unlimited amount of
interest can be deducted under this section. However there is no benefit
available on the repayment of principal amount of the loan. The assesse can
claim the amount of interest in the initial assessment year & carry forward up to
7 assessment years.
Deduction is allowed for a continuous period of eight years, starting with initial
assessment year in which the assessee starts paying the interest on the loan or
until the interest is paid in full whichever is earlier.
Q. Can loan be taken for any education?
A. The loan should be taken for the purpose of higher education.
Q. Can higher studies be pursued outside India?
A. There is no condition that the course should be in India.
Q. Can loan be taken from relatives?
A. The loan should be taken from any financial institution or any approved
charitable institution. Interest on Loan taken from relatives or friends will not be
eligible for deduction under section 80E.
Download All in One TDS on Salary for Only Non-Govt employees for F.Y.2015-16 [ This Excel Based Software can prepare your Tax Compute Sheet + Individual Salary Structure as per Non-Govt Concerned Salary pattern + Automatic HRA Calculator U/s 10(13A) + Form 16 Part A&B and Part B for A.Y.2016-17]
Below given the actually says by the Income Tax Department about the U/S 80E
25.
For section 80E of the Income-tax Act, the following section shall be
substituted with effect from the 1st day of April, 2006, namely:—
‘80E. Deduction in respect of interest on loan taken for higher education.— (1) In
computing the total income of an assessee, being an individual, there
shall be deducted, in accordance with and subject to the provisions of
this section, any amount paid by him in the previous year, out of his
income chargeable to tax, by way of interest on loan taken by him from
any financial institution or any approved charitable institution for the
purpose of pursuing his higher education.
(2)
The deduction specified in sub-section (1) shall be allowed in
computing the total income in respect of the initial assessment year and
seven assessment years immediately succeeding the initial assessment
year or until the interest referred to in sub-section (1) is paid by the
assessee in full, whichever is earlier.
(3) For the purposes of this section,—
(a)
“approved charitable institution” means an institution specified in,
or, as the case may be, an institution established for charitable
purposes and notified by the Central Government under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G;
(b) “financial
institution” means a banking company to which the Banking Regulation
Act, 1949 (10 of 1949) applies (including any bank or banking
institution referred to in section 51 of that Act); or any other
financial institution which the Central Government may, by notification
in the Official Gazette, specify in this behalf;
(c)
“higher education” means full-time studies for any graduate or
post-graduate course in engineering, medicine, management or for
post-graduate course in applied sciences or pure sciences including
mathe-matics and statistics;
(d)
“initial assessment year” means the assessment year relevant to the
previous year, in which the assessee starts paying the interest on the
loan.’.
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