Taxexcel: Income Tax Circular No.17/2014

Wednesday 25 February 2015

Download the Automated Master of Form 16 Part A&B for FY 2014-15 [This Excel Based Software Can prepare at a time 100 employees Form 16 Part A&B]

Although the CBDT have notified that the Form 16 Part A is Mandatory to download from the TRACES Portal and the Form 16 Part B is mandatory to Prepare by the Employer/Deductor.

But some of the Concerned or Deductor have not known about this New Notification and most of the Concerned have not able to download the Form 16 Part A from the Traces Portal. In this Regard this This Excel Utility can help to serve the Form 16 with Part A& B to the employees.

Main Feature of this Excel Utility :-

This Excel Based Software most ease to Generate just like a Excel File.
This Utility can Prepare At a time 100 employees Form 16 Part A&B
Prevent the double entry of PAN Number and Name of Employee
All amended Tax Slab and Section have in this Excel Utility.
This Excel Utility can reduce your time to prepare Form 16

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Most of the Tax Payers have yet not known or confused about the Tax Rebate Rs. 2000/- U/s 87A which was started from the Financial Yar 2013-14, can continue in this Financial Year 2014-15 ? Yes This Tax Rebate can also avail in this financial year 2014-15 as per the Income Tax Circular Bearing No. 17-2014 dated 10/12/2014.

So, have no tension to get the tax rebate Rs. 2000/- from this Financial Year. Also it is noted that the As per the Finance Budget the Tax Slab Raised up to Rs. 23.5 Lakh and the Most Popular Section 80C Raised up to Rs. 1.5 Lakh. The House Building Loan Interest U/s24B also Raised up to Rs. 2 Lakh.

In this Finance Budget most of tax payers are get more tax benefits and save the money from their tax for the Financial Year 2014-15.

The Section 87A Tax Rebate Rs. 2000/- is continue in this financial Year also. The Income Tax Circular's some caption is given below about this Tax Rebate:-

CIRCULAR NO : 17/2014

F.No. 275/192/2014-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

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North Block, New Delhi

Dated 10th December, 2014

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

6. REBATE OF RS 2000 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO RS 5 LAKH [SECTION 87A]

Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. This rebate is available for A.Y. 2014-15 and subsequent assessment years.

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Download the Automated Master of Form 16 Part-B for FY 2014-15 [This Excel Based Software Can prepare at a time 100 employees Form 16 Part-B]

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Saturday 13 December 2014

As per the Income Tax Circular No 17/2014, the Tax Rebate Rs.2,000/- U/s 87A and the Tax Relief from Savings Bank Interest Rs.10,000/- U/s 80TTA will be continue the Financial Year 2014-15. The Tax Circular is given below :-

CIRCULAR NO : 17/2014

F.No. 275/192/2014-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North Block, New Delhi

Dated 10th December, 2014

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

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Reference is invited to Circular No.08/2013 dated 25.10.2013 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter "the Act"), during the financial year 2013-14, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2014-15 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

Click to Download Automatic Form 16 Part B for FY 2014-15 [ This Excel Utility can prepare at a time 100 employees Form 16 Part B Amended Format of Form 16]

Deduction in respect of interest on deposits in savings account (Section 80TTA):

Section 80TTA has been introduced from the Financial Year 2012-13 and it allows to an employee from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to:

(i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and

(ii) in any other case, ten thousand rupees.The deduction is available if such savings account is maintained in a

(a) banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act);

(b) co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or

For this section, "time deposits" means the deposits repayable on expiry of fixed periods.

6. REBATE OF RS 2000 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO RS 5 LAKH [SECTION 87A]

Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. This rebate is available for A.Y. 2014-15 and subsequent assessment years.