You are eligible to claim tax rebate under this provision if you meet the following conditions:

1. You must be a RESIDENT INDIVIDUAL; and
2. Your Total Income, fewer Deductions, (under Section 80) is equal to or less than Rs 5,00,000.
3. The rebate is limited to Rs 12,500. This means the total tax payable or Rs 12,500, whichever is lower, that amount will be the rebate under section 87A. [This rebate is applied to the total tax before adding the Education Cess (4%)]

On December 22, 2020 by www.taxexcel.net

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Where are few employees with any concern, they can use this One by One Preparation Excel Based Form 16 Part A&B and Part B both in the single file. Most easy to install just like an Excel File and easy to Generate. Govt & Non-Govt are Both Concerned can use this Excel Utility.

On June 26, 2018 by www.taxexcel.net

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Income Tax Notification Number 11/2013  Dated 19/2/2013 mandatory to download the Form 16 Part A from the TRACES POSTAL.

Click below to download Form 16 Part B for the Financial Year 2017-18

1.     One by One Preparation Excel Based Form 16 Part B for F.Y. 2017-18

 

2.     Master of Form 16 Part B ( This can prepare at a time 50 employees Form 16 Part B)

3

     3) Master of Form 16 Part B ( This can prepare at a time 100 employees Form 16 Part B)

 

4.     Master of Form 16 Part B with 12 BA ( This can prepare at a time 50 employees form 16Part B with 12 BA)

Form 16 recently notified had two parts – Part A and Part B. Part A contains details of tax deducted and remitted and Part B contains details of income. The Central Board of Direct Taxes (CBDT) has now notified that Part A of Form 16 containing the Unique Identification Number will be issued by the employer by generating and subsequently downloading the same from the TRACES2 (TDS Reconciliation Analysis and Correction Enabling System) Portal.

Key Requirements

Employer to download Part A of Form 16 from the TRACES Portal and authenticate the correctness of the contents mentioned thereinbefore issuing to the employee. Part B of Form 16 will be prepared manually and issued to the employee after due verification. Part A and B can be either digitally or manually signed.

Form 16 to be issued by the employer containing both Part A and B by 31 May 2013. Form 16 issued in the manner prescribed and containing Unique Identification Number will only be considered to be valid.

The Director-General of Income-tax (Systems) will specify procedure, formats, and standards for downloading Part A of Form 16 and will be responsible for the day to day administration.

To download the Part A of Form 16 from the TRACES Portal, the employer will have to register itself with the TRACES portal. For registration with the TRACES Portal and downloading the Form 16, the authorised signatory signing the Form 16 must have a PAN. In absence of a PAN, the Form 16 cannot be downloaded from the TRACES Portal. This could create a practical difficulty where authorized signatory of the foreign employer does not have a PAN in India.

It is pertinent to note that Part A of Form 16 downloaded from the TRACES Portal would contain the same details as reflecting in the Annual Tax Credit Statement (Form 26AS) of the employee. This initiative will help in reducing the discrepancies in the TDS amounts as per the Form 16 issued by the employer and the details reflecting in the Form 26AS of the employee.

Considering that the due date to file the quarterly return in Form 24Q for Quarter 4 is 15 May 2013 and the due date to issue the Form 16 is 31 May 2013, a question arises how quickly CPC will process the quarterly statements to enable the correct details to be reflected in Form 16 to be downloaded from the TRACES Portal.

On April 16, 2018 by www.taxexcel.net

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Income Tax Notification Number 11/2013  Dated 19/2/2013 about mandatory to download the Form 16 Part A from the TRACES POSTAL.

On November 08, 2017 by www.taxexcel.net

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Tax planning has always been the test of efficiency for people along with being a test of their cunningness such that they can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for the F.Y. 2017-18 & A.Y. 2018-19.

1) Invest in policies U/S 80C

Policies are a prominent way to save a handful amount of tax. Up to Rs. 1, 50, 000 (A.Y.2018-19) can be saved by way of investing PPF, EPF, Fixed Deposit for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.

2) Divide Income to various family members

Avail the basic exemption limit of Rs. 2.5 Lakh (A.Y.2018-19) in the various family members as possible. Prefer senior citizens like parents and women as then can avail higher exemption limit.

3) Contribute to NPS U/S 80CC

NPS stands for New Pension Scheme was has recently been initiated by the Government under which investors can claim a deduction as a have a Tax free NPS return, however, withdrawal under such system is till taxable.

4) The aid of Medical Insurance U/S 80D

A deduction of Rs. 25, 000 is available for people who wish to invest in medical insurance for self. This deduction increases to Rs. 30, 000 when it is done by senior citizens. More about medical insurance deduction

5) Expenditure towards disabled dependent U/S 80DD

When a certain amount is spent inform medical insurance for a disabled dependent, the deduction up to Rs. 75, 000 is available where the disablement is normal in nature. The same can be extended up to 1,25,000 is the disablement is of the severe type. More about deduction u/s 80DD

7) Repayment of Higher Education Loan U/S 80E

When repayment is carried out for higher education loan, the same is also allowed as a deduction and hence can reduce ample amount of tax liability.  More about Deduction 80E: Interest on Loan Taken for Higher Education

·                          Download Automated All in One TDS on Salary for Non-Govt Employees for F.Y.2017-18

·                          Download Automated All in One TDS on Salary for Govt. & Non – Govt. Employees for F.Y.2017-18

·                          Download Automated All in One TDS on Salary for Central & All State Employees for F.Y.2017-18

8) Donate U/s 80G

Donation to charitable trusts and organizations have always been regarded as an auspicious event, therefore, 100% deduction is available in such context. The same rate is also applicable in a situation where contribution is made to a political party.

9) House loan interest U/s 24B

People who are liable to pay house loan interest can also claim deduction up to Rs. 2, 00, 000 (the figure represents the maximum investment limit)

On June 12, 2017 by www.taxexcel.net

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Download All in One for Govt and Non Govt Employees for FY 2015-16 and Assess Yr 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automatic HRA Calculation+ Arrears Relief Calculation with Form10E + Automatic Form 16 part A&B and Part B for FY 2015-16 as per Budget 2015-16]

Section 87A after Budget 2015

The existence of section 87A after budget 2014, since there were no words on the section 87A in the budget, many of our readers are eager to know whether the section 87A still exists or faded away like section 80EE.??

There is good news for all assessees who are getting benefited by section 87A because it will continue to give benefit this year also. Since section 87A is neither withdrawn nor was it for a particular year like section 80EE, so it still holds the ground. Even the Online Tax Calculator present on the Income Tax Site also calculates tax after taking tax rebate u/s 87A into account.

Thus assessee having gross total income between Rs.2.5 lakh to Rs.5 lakh are still able to reduce their tax liability by Rs 2,000. Essentially, there is NIL tax liability for annual incomes up to Rs.2.70 lakh. Calculate your Income tax by this Excel Based Income Tax Preparation Software for the Financial Year 2014-15

Click here to download the All in One Income Tax Calculator for Non-Govt Employees for the Financial Year 2015-16 (Prepare at a time Automated Tax Compute Sheet + HRA Calculation + Form 16 Part B and Part A&B for the Private employees for the Financial Year 2014-15 )

On July 28, 2015 by www.taxexcel.net

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Download Excel Utility

Click above link to download the All in One Income Tax Calculator for Financial Year 2014-15 ( This Excel Utility can prepare at a time Tax Compute Sheet + HRA Exemption+Form 16 Part A&B and Part B only for Private Employees)

Section 87A after Budget 2014

The existence of section 87A after budget 2014, since there were no words on the section 87A in the budget, many of our readers are eager to know whether the section 87A still exists or faded away like section 80EE.??

There is good news for all assessees who are getting benefited by section 87A because it will continue to give benefit this year also. Since section 87A is neither withdrawn nor was it for a particular year like section 80EE, so it still holds the ground. Even the Online Tax Calculator present on the Income Tax Site also calculates tax after taking tax rebate u/s 87A into account.

Thus assessee having gross total income between Rs.2.5 lakh to Rs.5 lakh are still able to reduce their tax liability by Rs 2,000. Essentially, there is NIL tax liability for annual income up to Rs.2.70 lakh. Calculate your Income tax by this Excel Based Income Tax Preparation Software for the Financial Year 2014-15

Click here to download the All in One Income Tax Calculator for the Financial Year 2014-15 (Prepare at a time Automated Tax Compute Sheet + HRA Calculation + Form 16 Part B and Part A&B for the Private employees for the Financial Year 2014-15 )

On December 11, 2014 by www.taxexcel.net

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