Download and prepare at a time your Income Tax Compute Sheet + Automatic H.R.A. Calculation + Individual Salary Structure + Individual Salary Sheet + Automatic Form 16 Part B and Part A&B for Central Govt employees for theFinancial Year 2015-16 &Assessment Year 2016-17 [This Excel Based Software Only For  Central Govt employees for F.Y.2015-16 ]

 Income Tax Deduction under Section 80D in respect of health insurance premium for covering the health of self, spouse, dependent children and parents

Deduction eligibility in respect of Health Insurance Premium and health checkup charges paid from the income of the tax payer under Section 80D has been increased to Rs. 25,000 from the last year eligibility of Rs. 15,000. This deduction cap or Rs. 25,000 will be applicable for Medical Insurance premium paid for the health of self, spouse and dependent children.

As far as Health Insurance Premium paid by the tax payer to cover the medical expenses of his/her parents, yearly premium and health check-up cost paid up to Rs. 25,000 can be deducted from the income. Also in the case of senior parents health insurance premium up to Rs. 30,000 can be deducted.

In the case of sharing of premium payment for covering the health of Parents, the actual premium paid by each person can be deducted from his/her income.

Further, medical expenditure incurred for very Senior Citizen up to Rs. 30,000 can be deducted from the income of the person who has spent the same, provided the said very senior citizen has no insurance coverage.

Deduction in respect of health insurance premia.

80D. (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax.

(2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely:—

(a)  the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family or any contribution made to the Central Government Health Scheme [or such other scheme as may be notified by the Central Government in this behalf] or any payment made on account of preventive health check-up of the assessee or his family as does not exceed in the aggregate [Twenty Five] thousand rupees; and

(b)  the whole of the amount paid to effect or to keep in force an insurance on the health of the parent or parents of the assessee or any payment made on account of preventive health check-up of the parent or parents of the assessee as does not exceed in the aggregate [Twenty five] thousand rupees.

Following clauses (c) and (d) shall be inserted after clause (b) of sub-section (2) of section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :

(c)  the whole of the amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family as does not exceed in the aggregate thirty thousand rupees; and

(d)  the whole of the amount paid on account of medical expenditure incurred on the health of any parent of the assessee, as does not exceed in the aggregate thirty thousand rupees:

Provided that the amount referred to in clause (c) or clause (d) is paid in respect of a very senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person:

Provided further that the aggregate of the sum specified under clause (a) and clause (c) or the aggregate of the sum specified under clause (b) and clause (d) shall not exceed thirty thousand rupees.

Explanation.—For the purposes of clause (a), “family” means the spouse and dependant children of the assessee.

(2A) Where the amounts referred to in clauses (a) and (b) of sub-section (2) are paid on account of preventive health check-up, the deduction for such amounts shall be allowed to the extent it does not exceed in the aggregate five thousand rupees.

(2B) For the purposes of deduction under sub-section (1), the payment shall be made by—

(i)  any mode, including cash, in respect of any sum paid on account of preventive health check-up;

(ii)  any mode other than cash in all other cases not falling under clause (i).

Following sub-section (3) shall be substituted for the existing sub-section (3) of section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :

(3) Where the assessee is a Hindu undivided family, the sum referred to in sub-section (1), shall be the aggregate of the following, namely:—

(a)  whole of the amount paid to effect or to keep in force an insurance on the health of any member of that Hindu undivided family as does not exceed in the aggregate twenty-five thousand rupees; and

(b)  the whole of the amount paid on account of medical expenditure incurred on the health of any member of the Hindu undivided family as does not exceed in the aggregate thirty thousand rupees:

Provided that the amount referred to in clause (b) is paid in respect of a very senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person:

Provided further that the aggregate of the sum specified under clause (a) and clause (b) shall not exceed thirty thousand rupees.

(4) Where the sum specified in clause (a) or clause (b) of sub-section (2) [or in sub-section (3)] is paid to effect or keep in force an insurance on the health of any person specified therein, and who is a senior citizen, [or a very senior citizen], the provisions of this section shall have effect as if for the words” [Twenty Five] thousand rupees”, the words ” [Thirty] thousand rupees” had been substituted.

[Explanation.—For the purposes of this sub-section, “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.]

(5) The insurance referred to in this section shall be in accordance with a scheme made in this behalf by—

(a)  the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or

(b)  any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).

Following Explanation shall be inserted to section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :

Explanation.—For the purposes of this section,—

(i)  “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year;

(ii)  “very senior citizen” means an individual resident in India who is of the age of eighty years or more at any time during the relevant previous year. 

On January 12, 2016 by www.taxexcel.net

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Download andprepare at a time 100 employees Form 16 Part B for Financial Year 2015-16 &Assessment Year 2016-17 [This Excel Based Software can prepare at a time 100 employees Form 16 Part B for F.Y.2015-16 ]

Income Tax Deduction under Section 80D in respect of health insurance premium for covering the health of self, spouse, dependent children and parents

Deduction eligibility in respect of Health Insurance Premium and health checkup charges paid from the income of the tax payer under Section 80D has been increased to Rs. 25,000 from the last year eligibility of Rs. 15,000. This deduction cap or Rs. 25,000 will be applicable for Medical Insurance premium paid for the health of self, spouse and dependent children.

As far as Health Insurance Premium paid by the tax payer to cover the medical expenses of his/her parents, yearly premium and health check-up cost paid up to Rs. 25,000 can be deducted from the income. Also in the case of senior parents health insurance premium up to Rs. 30,000 can be deducted.

In the case of sharing of premium payment for covering the health of Parents, the actual premium paid by each person can be deducted from his/her income.

Further, medical expenditure incurred for very Senior Citizen up to Rs. 30,000 can be deducted from the income of the person who has spent the same, provided the said very senior citizen has no insurance coverage.

Deduction in respect of health insurance premia.

80D. (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax.

(2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely:—

(a)  the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family or any contribution made to the Central Government Health Scheme [or such other scheme as may be notified by the Central Government in this behalf] or any payment made on account of preventive health check-up of the assessee or his family as does not exceed in the aggregate [Twenty Five] thousand rupees; and

(b)  the whole of the amount paid to effect or to keep in force an insurance on the health of the parent or parents of the assessee or any payment made on account of preventive health check-up of the parent or parents of the assessee as does not exceed in the aggregate [Twenty five] thousand rupees.

Following clauses (c) and (d) shall be inserted after clause (b) of sub-section (2) of section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :

(c)  the whole of the amount paid on account of medical expenditure incurred on the health of the assessee or any member of his family as does not exceed in the aggregate thirty thousand rupees; and

(d)  the whole of the amount paid on account of medical expenditure incurred on the health of any parent of the assessee, as does not exceed in the aggregate thirty thousand rupees:

Provided that the amount referred to in clause (c) or clause (d) is paid in respect of a very senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person:

Provided further that the aggregate of the sum specified under clause (a) and clause (c) or the aggregate of the sum specified under clause (b) and clause (d) shall not exceed thirty thousand rupees.

Explanation.—For the purposes of clause (a), “family” means the spouse and dependant children of the assessee.

(2A) Where the amounts referred to in clauses (a) and (b) of sub-section (2) are paid on account of preventive health check-up, the deduction for such amounts shall be allowed to the extent it does not exceed in the aggregate five thousand rupees.

(2B) For the purposes of deduction under sub-section (1), the payment shall be made by—

(i)  any mode, including cash, in respect of any sum paid on account of preventive health check-up;

(ii)  any mode other than cash in all other cases not falling under clause (i).

Following sub-section (3) shall be substituted for the existing sub-section (3) of section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :

(3) Where the assessee is a Hindu undivided family, the sum referred to in sub-section (1), shall be the aggregate of the following, namely:—

(a)  whole of the amount paid to effect or to keep in force an insurance on the health of any member of that Hindu undivided family as does not exceed in the aggregate twenty-five thousand rupees; and

(b)  the whole of the amount paid on account of medical expenditure incurred on the health of any member of the Hindu undivided family as does not exceed in the aggregate thirty thousand rupees:

Provided that the amount referred to in clause (b) is paid in respect of a very senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person:

Provided further that the aggregate of the sum specified under clause (a) and clause (b) shall not exceed thirty thousand rupees.

(4) Where the sum specified in clause (a) or clause (b) of sub-section (2) [or in sub-section (3)] is paid to effect or keep in force an insurance on the health of any person specified therein, and who is a senior citizen, [or a very senior citizen], the provisions of this section shall have effect as if for the words” [Twenty Five] thousand rupees”, the words ” [Thirty] thousand rupees” had been substituted.

[Explanation.—For the purposes of this sub-section, “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.]

(5) The insurance referred to in this section shall be in accordance with a scheme made in this behalf by—

(a)  the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or

(b)  any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).

Following Explanation shall be inserted to section 80D by the Finance Act, 2015, w.e.f. 1-4-2016 :

Explanation.—For the purposes of this section,—

(i)  “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year;

(ii)  “very senior citizen” means an individual resident in India who is of the age of eighty years or more at any time during the relevant previous year.

On January 09, 2016 by www.taxexcel.net

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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]

On December 26, 2015 by www.taxexcel.net

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Specialists in private hospitals can now give certificate for deduction under Section 80DDB of the Income Tax Act.

Download All in One TDS on Salary for Non-Govt Employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet+ Individual Salary Structure + Automatic HRA Calculation +Automatic 12 BA + Automated Form 16 Part A&B and Part B for Assessment Year 2016-17]

 

When you have spent money for treatment of a dependant, suffering from a listed disease, you can claim deduction under section 80DDB. This deduction can be claimed by an individual or HUF. Only residents in India can claim this deduction. It can be claimed for your spouse, children, parents and siblings. (The diseases for which this deduction is allowed are listed at the end of this article). 

How to get a certificate

 A certificate of the disease is mandatory to claim deduction in your income tax return. The process of getting this certificate has now been simplified by the income tax department.

For patients who are receiving treatment in a private hospital, the certificate can be taken from the private hospital itself. They don’t have to take certificate from a government hospital. Certificate must be taken from a specialist with a degree in the specialised field. This degree must be recognised by the Medical Council of India. 

For patients getting treated in a government hospital, certificate must be taken from any specialist working full-time in that hospital. Such specialist must have a post-graduate degree in general or internal medicine or any equivalent degree, which is recognised by the Medical Council of India.

Certificate in Form 10I is no longer required. The tax department has specified some details that the certificate must include. The certificate must have name and age of the patient, name of the disease or ailment, name, address, registration number and the qualification of the specialist issuing the prescription. If the patient is receiving the treatment in a government hospital, it should also have name and address of the government hospital. 

How much deduction is allowed? 

For financial year 2015-16 (assessment year 2016-17) 40,000/- or the amount actually paid, whichever is less. In case of senior citizen Rs 60,000 or amount actually paid, whichever is less. For very senior citizens Rs 80,000 is the maximum deduction that can be claimed. 

Specified diseases

• Neurological diseases where the disability level has been certified to be of 40% and above –

(a) Dementia

(b) Dystonia Musculorum Deformans

(c) Motor Neuron Disease

(d) Ataxia

(e) Chorea

(f) Hemiballismus

(g) Aphasia

(h)Parkinson’s Disease.

• Malignant Cancers

• Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)

• Chronic Renal failure

• Haematological disorders

(i) Haemophilia

(ii) Thalassaemia

On December 11, 2015 by www.taxexcel.net

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At the present, most of the employee suffering from the various  disease and they can expenses huge of money for their Medical Treatment. Most of the Employee have not know about the Income Tax Section 80 DDB where they can relief Maximum Rs. 80,000/- as per the Finance Budget 2015. But the Income Tax Department have specify the Disease and the way how to get the benefits of tax relief in section as given below:-

Scope of Deduction - Deduction is applicable for treatment of self, spouse, children, siblings, and parents, wholly dependent on you. Diseases covered

a) Neurological Diseases (where the disability level has been certified as 40% or more).

b) Parkinson’s Disease

c) Malignant Cancers

d) Acquired Immune Deficiency Syndrome (AIDS)

e) Chronic Renal failure

f) Hemophilia

g) Thalassaemia Key Factors If you are already receiving any reimbursement for the treatment from your insurance company or employer, deductions cannot be claimed. If you are receiving partial reimbursement, the balance amount can be used for a deduction. A certificate would be required from a specialist working in a government hospital, as proof for the specified ailment.

Download Automatic Master of Form 16 Part A & B for Financial Year 2015-16 and Ass Yr 2016-17[ This Excel Based Utility can prepare at a time 100 employees Form 16 Part B]

On June 27, 2015 by www.taxexcel.net

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Download Automated Master of Form 16 Part B for the Financial Year 2014-15 and Assessment Year 2015-16.[ This Excel Utility Can prepare at a time 50 employees Form 16 Part B for F.Y.2014-15]

Given below the U/s 80C which some modification in Budget 2015

Easy Chart for deduction u/s80C to 80U  Rebate u/s 87A as per Budget 2015-16

Section	Details of deductions	Quantum	Remarks
80C (Individual & HUF)	A. ULIP of Spouse and Children and any member in case of HUF B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years   PO Time deposit, Senior citizen Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office saving bank. C. Bonds of NABARD, Deposit scheme of NHB, Notified deposit scheme,. D. MF referred u/s 10(23D), Pension fund of MF[10(23D)], Eligible issue of securities. E. Cost of purchase or construction of residential house including repayment of loan and expenses on transfer of property, tution fees to any educational institutions for full time eduction of 2 childrens.	Maximum Rs 1 ,50,000 is allowed Investment	No Dedcution Allowed: Terminates the insurance policy within 2 years, Terminate ULIP within 5 years, transfer house within 5 years Limit of eligible premium in case of insurance policy on life of disable person has been increased to 15 % instead of 10 % from FY 13-14. Max. 10% of the minimum amt assured under Life policies
80CCC (Individual)	Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.	Maximum is Rs 1,50,000	Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCD (individual)	Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.	Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.	Aggregate of 80C  80CCC  80CCD is Rs 1,50,000
80CCE	It should be noted that employer contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE	It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in aggregate of 80C ,80CCC  80CCD(1) is Rs 1,50,0000
80CCG	Individual having gross total income upto Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal fund units.	50 % 0f the invested amount . Limit is Rs 25,000 max.	The deduction is allowed for three years only.
80D  (Individual      &HUF)	Medical insurance on self, spouse , children or parents. The deuction is also allowable for CGHS contribution to Cenral and State scheme. It is also for conducting health check up to Rs 6000.	Age Below 60 years: Rs 25,000  Age above 60 years: Rs 30,000.	Cash payment not allowed. But for Preventive Checkup it is allowed.
80DD (Individual &HUF)	For maintenance including treatment or insurancing the lives of physical disable dependent relatives	Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.	dependent relatives includes spouse, child, parents, brother sister
80DDB (Individual &HUF)	For medical treatment of self or relatives suffering from specified disease	Acutal amount paid to the extent of Rs 80,000.	Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
80E (Individual)	For interest payment on loan taken for higher studies(after 12)  for self or education of spouse or children	Actual amount paid as interest and start from the financial year in which he /she starts paying interest and upto maximum of 8 years.	loan from any financial institution banking or approved charitable institution
80EE	interest on home loan sanctioned during Fy 2013-14. However, value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further assessee should not have any other residential house.	RS 1 lakh
80G (All Assessee)	Donations to charitable institution (Max. 10,000 if paid in cash from A/Y 13-14)	100% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. ).  50%  (Gandhi/ Drouhgt/ charitable purpose/infrastructural development fund). For Asst Yr 2014-15, Natital Children Fund will also get 100% deduction.	Where the aggregate of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
80GG	For rent paid	This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month. Rule 11B is method of computation.
80U	Deduction in respect of permanent physical disability including blindness to taxpayer	RS 75,000 Up to 80% and  Rs 1,25,000 in case taxpayer is suffering from severe disability more than 80%
87A	Rebate to individual having low taxable income	Amount of tax or Rs 2,000 which ever is less	Only resident individual gets this rebate.
80 TTA	Relief From Savings Bank Interest	Amount Rs. 10,000/- Max Limit who’s Taxable Income less than 5 Lakh	Only resident individual gets this rebate

 Download the Form 16 Part A&B and Part B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel utility prepare One by One Form 16 Part A&B and Part B for F.Y.2015-16 with available in above deduction of 80C and U/s 10]

On June 15, 2015 by www.taxexcel.net

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