Download Income Tax Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for Financial Year 2015-16 and Assessment Year 2016-17

January is started and it’s time to submit your Tax saving proof for FY 2015 to your employer. If you have already planned in advance about tax saving you must be relaxed. However if you have not made any investment for tax saving purpose you must be wondering what to do now? In order to help you out, I am here with the detail of Best Tax Saving Investment options.

Best Tax Saving Investment options

ELSS  

 ELSS or Equity Linked saving scheme is the best tax saving investment option. ELSS is nothing but tax saving mutual funds. ELSS can provide a return in the range of 12-15%. ELSS comes with three years lock in period. You need to be careful in selecting ELSS mutual funds. You can claim 80 C Income tax benefit by investing in ELSS.

NPS

NPS is next in the list of best tax saving investment options. NPS stands for National Pension Scheme. NPS returns are market linked. NPS allows an investor to select a fund based on the level of safety and risk. NPS can provide a return in the range of 9-10%. You can claim 80 C income tax benefit by investing in NPS. If your 80C limit of 1.5 lac is exhausted you can invest 50,000 Rs in NPS and take additional benefit of 80 CCD.

Sukanay Samriddhi Scheme

 Sukanya Samriddhi Scheme is also one of the best tax saving investment options. Sukanya Samriddhi Account can be opened on the name of girl child only. Sukanya Samriddhi Account offers fix 9.3% return. Maturity amount under this scheme is also tax exempted.  You can claim 80 C Income tax benefit by investing in Sukanya Scheme.

Senior Citizen Saving Scheme

Senior Citizen Saving Scheme is for senior citizens. SCSS offers fix 9.3% return.  It is one of the safest investment options. SCSS account can be opened by senior citizen for the tenure of 5 years. TDS is applicable on maturity amount under this scheme.

ULIP

ULIP or Unit Linked Insurance Plan is a product offered by an insurance company that provide the dual benefit of insurance and investment under a single umbrella. ULIP returns are variable and depend upon market condition. Investment in ULIP can be claimed under section 80 C. You need to carry out good amount of research before investing in ULIP.

Download Income Tax Form 16 Part A & B which can prepare at a time 50 employees Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17

PPF

Public Provident Fund is next in the row of best tax saving investment options. You can open PPF account in any authorized bank. The rate of return for investment in PPF is 8.7%. Lock in period for PPF is 15 years. PPF falls under EEE category. You can save tax and also enjoy tax-free maturity benefit by investing in PPF.

Tax Saving FD

Tax Saving FD is one of the safest ways to invest money. This option is advisable for conservative investors only.  Tax saving FD offers return in the range of 6-8% depending upon your tax slab. Lock in period of tax saving FD is 5 years. You can claim 80 C income tax benefit by investing in Tax saving FD.

Apart from above tax saving option, you can also opt for tax saving instruments like life insurance, PF, NSC, Home loan principal, school fees of children under 80C (1.5 Lakh Limit). Other options of saving tax are Mediclaim under 80 D, Education loan under 80 E, Donation under 80 G and Home loan interest payment under section 24.

For more information refer to Following Tax saving Investment Info graphic.

On June 10, 2016 by www.taxexcel.net

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In an emerging market economy with high inflation rates such as India, it is only wise for people to save, invest and spend effectively in order to meet a general increase in prices and fall in the purchasing value of money overtime. People’s savings are necessary to sustain an optimum level of demand which boosts manufacturing, services and thereby jobs in the economy.

On May 10, 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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What is Form 16:

 If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee including Name, Permanent Account Number (PAN) etc , details of the salary you have earned, Perquisites that has been offered, allowances given , details of Chapter VIA deductions and the tax deducted on your salary by your Employer and paid to the government. It also has Employer details like Name, permanent account number PAN, TAN etc.

On February 05, 2016 by www.taxexcel.net

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This year when you file your returns, make sure that you are availing maximum benefits which has been offered by the IT Department of India. In this article, we will be discussing the range of deductions which a tax payer can get under Section 80DDB. So, let’s get started!

On January 31, 2016 by www.taxexcel.net

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Download And Prepare Central Govt employees at a time Tax Compute Sheet + H.R.A.Calculation + Individual Salary Structure as per Central Govt Salary Structure + Individual Salary Sheet + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2015-16 & Assessment Year 2016-17

Prepare as per the CBDT Circular :-  IT Circular issued by CBDT on 1.12.2015

On January 21, 2016 by www.taxexcel.net

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Tax Planning for Salaried Individual For FY 2015-16. This article help in tax planning for salaried person. Check 5 Tax Saving Strategies. In this article you an find complete details for how to Planning for Tax Savaing for Salaried Employees like – 5 Tax Planning Strategies, Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD, Tax Planning Sec 80D – Mediclaim, Tax Savings on Home Loan, Tax Planning through 80CCG – RGESS etc. Now you can scroll down below n check more details for Tax Planning for Salaried Individual For FY 2015-16

Click here to Download the Automatic 100 employees Form 16 Part B for financial year 2015-16 [ This Excel Utilty can prepare at a time 100 employees Form 16 Part B]

Click here to Download the Automatic 50 employees Form 16 Part B for Financial Year 2015-16 [ This Excel Utilty can prepare at a time 50 employees Form 16 Part B]

Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD

·           An individual can invest in an instrument as specified U/s. 80C, U/s. 80CCC and U/s. 80 CCD

·                                 —Maximum Combined deduction allowed under these section is Rs.150000

·           An additional investment of Rs.50000 over and above this limit is allowed, if an individual invest in NPS

·                                 —In total, an individual can claim Rs.200000 under these 3 section

·                                 —Most popular investment choices u/s. 80C is

o                                                        —Equity Linked Savings Scheme (ELSS)

o                                                        —Life Insurance Policies

o                                                        —Public Provident Fund

o                                                        5 year tax saving Bank FD

o                                                        National Savings Scheme (NSC)

·              U/s 80CCC one can invest in a pension policy of an insurance company

·              u/s 80CCD an individual can invest in National Pension Scheme (NPS)

Tax Planning Sec 80D – Mediclaim

·         u/s. 80D, An individual is allowed claim deduction on expenditure if a premium is paid towards mediclaim policy for self & family and mediclaim policy for parents.

Policy for	Age	Deduction allowed	Total deduction allowed
Self and Family	< 60	25000	50000
Parents	<60	25000
Self and Family	< 60	25000	55000
Parents	>60	25000
Self and Family	> 60	25000	60000
Parents	>60	25000
Self and Family	> 60	30000	30000
Self and Family	< 60	25000	25000

Sec 80 DD and Sec 80 DDB

U/s. 80DD Deduction is available on

·                                 —Expenditure incurred on medical treatment, training and rehabilitation of handicapped dependent relative

·                                 —Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

—u/s. 80DD medical expenditure can be claimed

·                                 —Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000

·                                 —Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.

—u/s. 80DDB Deduction is available on

·                                 — Expenditure actually incurred by individual on himself or dependent relative for medical treatment of specified disease or ailment

—u/s. 80DD Amount of deduction will be lower of amount actually paid on medical treatment or

·                                 —Individual <60 of Age – Rs.40000

·                                 —Individual >60  but <80 Age – Rs.60000

·                                 —Individual >80 Age – Rs.80000

Tax Savings on Home Loan

·         —Indian income tax law gives opportunity to individual investor to build wealth in the form of residential house

·                                 —An individual can  leverages tax while building his own home

·                                 —Buying House property on a home loan could cut down your tax bill significantly

·                                 —As per Indian tax law, an individual is allowed to claim maximum deduction of Rs.

o                                                        —2,00,000 p.a. against interest component of your Housing loan

o                                                        —1,50,000 p.a. of principle paid for the housing loan against u/s. 80C

On January 10, 2016 by www.taxexcel.net

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