Income tax revised form 16 Part B generate for the F.Y.2020-21 in Excel. If you are a salaried employee, you must have heard the term TDS. This is basically a tax deduction for the source. If your salary is eligible for TDS deduction, you will bring 16 forms at some point in your career. Form 16 is basically a certificate issued by an employer confirming the deduction of TDS in respect of salary and payment for the authority on behalf of the employee. The form is to be received on an annual basis from the hiring staff.

 

Form 16 is one of the pre-requisites for filing income tax returns in India and it helps to greatly simplify the process of filing returns.

You may also, like- Automated Income Tax Revised Form 16 which can prepare One by One Form 16 Part A&B and Part B as per the new and old tax regime

Form 16 consists of two parts: Section A and Section B. As mentioned earlier, Form 16 will be published every year, on or before June 15 of the following year, the financial year in which the tax is deducted.

 

Form 16 comes under Section 203 of the Income Tax Act and also known as Salary TDS Certificate, Part A of this form acts as proof of tax paid.

 

Form 16: Part A.

 

Part of Form 16 serves as proof of tax paid by the individual during the financial year. Part A of the form was created by the employer through the A Tracks portal. Taxpayers and PAOs (Pay and Accounts Office) can view and create the form.

 

In Part 1 of Form 16 of the form Trace portal homepage

 

If you change jobs in one financial year, all employers will publish a separate part of Form 16 for the duration of the job. The elements of Section A of Form 16 are:

 

Number of testimonials

Name and address of the employer

Employee name and address

Deductor's Tan

Employee pan

Employee reference number (if provided)

Income Tax Commissioner (TDS) Address. The assessor of the exemption must provide an address authorized by the Income Tax Commissioner (TDS) regarding the TDS statement.

With the year of assessment with the organization and the time of employment

Source Summary of the amount paid/deposited and the amount deducted in case of employee according to source

You may also, like- Automated Income Tax Revised Form 16 which can prepare One by One Form 16 Part B as per the new and old tax regime

 

Details of tax deductions and deposits in the accounts of the Central Government through the coordination of books

Details of tax deductions and deposits in the accounts of the Central Government through Chalan invoices

Form 16 Part B

 

Form16 is basically an addition to Part 1, if you change employment (s) in a financial year if you want to get a certificate B from all employers or just from the end, then it is entirely your choice. The employer is part of Form 16 The components of B are as follows:

The employee's taxable salary

Tax applicable duty exemption and (tax saving investment) and other investment projects under section 80cc, 80ccd, 80d, 80e, 80g.

The sum of all discounts is deducted from taxable income

• Scholarship and earnings details

Tax The amount of total tax payable and TDS deducted by the employer

Ross is the final amount based on the total income, which will be calculated on the basis of taxes

• Tax payable or refundable

You may also, like- Automated Income Tax Revised Form 16 which can prepare at a time 50 Employees Form 16Part B as per the new and old tax regime

 

Form 16: How to download?

1 The certificate enclosed in the form is usually issued to the employee by the employer. The form reflects total earnings and applicable taxes. You can also download the Income Tax Department form online website.

As mentioned above, it is the responsibility of the owners to provide the employee form. But for some reason, you can download the form from the Income Tax Department website which will take you to the TRACES PORTAL.

Step 1: Navigate to the Tracks portal

Step 2: Select the entity type from the taxpayer

Step 3: Login using your credentials

Step 4: Go to Downloads

Step 5: Select Form 16

Step: Enter the pan and other relevant details and click Go to Download

The purpose of Form 16

Tax Income Tax Returns - The form is used primarily. The form contains all the details related to income and hence it becomes a necessary document for ITR filing.

Fiction Verification - Formal 16 can be used to verify the actual income tax levied by the TDS deductor and the government. TDS discounts are provided in Form 16 and can be cross-verified using the actual ones in Form 26.

The amount of 16 forms matches the 2AS AS form with the account deposited by the government

Download Automated Income Tax Revised Form 16 which can prepare at a time 100 Employees Form 16 Part B as per the new and old tax regime

On March 06, 2021 by www.taxexcel.net

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Budget 2020 has introduced a new system new and an old tax regime U/s 115 BAC. A new analysis of accessible income tax rates as per new section 115 BAC, limits and limits accessible

 

2020 the financial plan proposes a new income tax system for individuals and HUFs. This plan furnishes taxpayers with an option to pay tax at a diminished rate subject to specific conditions. A new section 115BAC has been presented in the Income Tax Act to give lower tax impetuses. This will apply from F.Y 2020-21 (AY 2021-22).

 

Allow us to understand this proposed plot in detail-

 

New income tax slab rate under the tax system. They have been permitted to choose income tax slabs based on which they might want to gather tax for the monetary year 2020-21. Peruse more to find out about the current tax slab and the new tax slab under section 114 BAC.

 

After 2020 a financial plan, individuals are befuddled that there will be no income tax up to Rs 5 lakh. Which is most obvious? The fundamental markdown limit has been kept unaltered, implying that there will be no obligation for any person/HUF up to Rs. 2.5 lakhs. Be that as it may, if the income of a particular public taxpayer doesn't surpass Rs. 5 lakhs, no tax will be payable in the wake of benefiting of the exception office under 87.

 

87A advantage won't be accessible when your taxable income surpasses Rs 5 lakh and 5% tax will be payable on income above Rs 2.5 lakh yet up to Rs 5 lakh.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 50 Employees  Form 16 Part A&B]

 

What are the conditions for lower tax rates?

 

This option can be taken by individuals or HUFs who don't have business income.

 

The option utilized once for the previous year will be substantial for the previous year and every single subsequent year.

 

The option will get invalid in the previous year or subsequent years, for example, a claim if the individual or HF neglects to meet the details of the Demonstration and other material arrangements of the Demonstration.

 

This option can be taken by individuals or HUFs who don't have business income.

 

The option utilized once for the previous year will be legitimate for the previous year and every single subsequent year.

 

The option will get invalid in the previous year or subsequent years, for example, a claim if the individual or HF neglects to meet the conditions of the Demonstration and other relevant arrangements of the Demonstration.

 

(I) travel markdown u/s section 10 (5);

 

(ii) house lease recompense u/s section 10 (13a);

 

(iii) certain allowances remembered for section 10 (14);

 

(iv) Remittance of MPs/MLAs under Section 10 (1 17);

 

(v) allowances for the income of minors covered under section 10 (32);

 

(vi) Exclusion of SEZ units remembered for Section 10AA;

 

(vii) Standard exclusion, amusement remittance and the exception for work/proficient tax are remembered for Article 16;

 

(viii) Interest under section 24 in regard to self-involved or empty property alluded to in sub-section (2) of section 24. (For a leased house the misfortune won't be permitted to be deducted based on the main income of the house property) will be permitted to continue under some other head and as per the common law);

 

(ix) extra depreciation under section 32 (1) (ii-a);

 

(x) Exclusions under sections 32AD, 33AB, 33ABA

 

(xiv) Any waiver under section By means of - IB, 80-IBA, and so on) Be that as it may, section 80 CCD (2) (boss' commitment to the representative's record in the informed benefits plan) and section 80 JJAA (for new business) might be asserted.

 

(XV) It is additionally proposed to revise 3 standards of the principles later so the business can eliminate a markdown on free food and drink through vouchers gave to the representative as an elective exercise person under the proposed part.

Download and prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 100 Employees Form 16 Part B]

 

Allowances permitted under the new option

 

Just endorsed under section 10 (14) for the accompanying or private or HUF:

 

(A) Transportation recompense is paid to the partitioning worker to cover the costs with the end goal of movement between the spot of a home and the spot of obligation.

 

(B) Recompense to meet the costs caused in the release of obligations of any office;

 

(C) any stipend paid to cover travel costs during movement or move;

 

(D) To meet the every day remittance because of the shortfall of a representative from his/her a typical situation of obligation.

 

Which income tax slab is relevant for F.Y 2020-21 (A.Y 2021-22)?

 

For the financial year 2020-21 (AY 2021-22), the taxpayer can pick between the old and the new tax system. The new tax rate has diminished the income tax rate however slabs can be utilized with limits and allowances without the advantage of limits and allowances and existing taxes. Allow us to look at the benefits and inconveniences of both tax slabs accessible to the taxpayer.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 50 Employees Form 16 Part B]

 

On March 05, 2021 by www.taxexcel.net

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 Section 80TTA exemption from Bank/Post Office Savings Interest. The provisions of Section 80TTA of the Income Tax Act might be perused as under:-

 

Exemption i.e. interest on deposits in the investment accounts according to the provisions of Section 80TTA.

 

#          Where the gross all out income of an assessee (other than the assessee alluded to in Section 80TTB for Senior residents), being an individual or a Hindu unified family remembers any income via interest for deposits (not being time deposits) in a bank account with—

 

# 1. Banking Company: Interest earned from a banking company to which the Banking Guideline Act, 1949 (10 of 1949), applies (counting any bank or banking foundation alluded to in section 51 of that Demonstration);

 

# 2. Co-operative Society: Interest earned from a co-operative society occupied with carrying on the matter of banking (counting a co-operative land contract bank or a co-operative land improvement bank); or

 

# 3. Post Office: Interest earned from a Post Office as characterized in condition (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B with all amended Income Tax Section]

In the event that the above conditions are fulfilled the accompanying exemption will be permitted according to Section 80TTA:

 

1.         # for a situation where the measure of such income doesn't surpass in the total Rs.10,000 the entire of such sum; and

 

2.         # in some other cases, Rs.10,000.

 

Further where the income alluded to in this section is gotten from any store in an investment an account held by, or for the benefit of, a firm, a relationship of people or an assortment of people,

 

No deduction will be permitted under this section in regard to such income in computing the all-out income of any accomplice of the firm or any individual from the affiliation or any person of the body.

You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 with new andold tax regime [This Excel Utility can prepare at a time 50 Employees Form 16 Part B with all amended Income Tax Section]

 

Here “Time Deposits " imply the deposits repayable on expiry of fixed periods for example Repeating Deposits and Fixed Deposits.

 

The relevance of exemption under section 80TTA?

 

Section 80TTA sets a few boundaries that choose exemption of tax on saving account interest up to a measure of Rs.10,000 (10,000) in particular. Along these lines, it is a lot of clear that Section 80TTA permits saving of tax on interest income earned from "Investment accounts" as it were.

 

Subsequently, Section 80TTA doesn't permit other interest income got from Banks, Monetary establishments from different instruments, for example, Repeating Deposits, Fixed Deposits, Company Deposits are not qualified for getting the advantages of Section 80TTA exemption.

 

In this way, an individual or an individual from HUF can guarantee a deduction of tax on interest income up to Rs.10,000/ – got from the accompanying:

 

# From a saving account kept up in a Bank;

 

# From investment account kept up in a Post office;

 

# From a saving, account kept up with a Co-operative Society doing banking business.

 You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21 with new and old tax regime [This Excel Utility prepare One by One Form 16 Part A&B  and Part B with all amended Income Tax Section]

 

Special cases: However interest earned from Fixed Deposits, Repeating Deposits, Time Deposits kept up with Banks, Monetary foundations, Co-operative Social orders, Post office, are not qualified for tax deduction under this section.

 

Who can guarantee 80TTA Deduction?

 

According to the provisions of Section 80TTA just individual and individuals from Hindu Unified Family can guarantee deductions of Rs.10,000 for interests earned on deposits held in the bank accounts as it were.

 

Further, it ought to be remembered that 80TTA deduction is taken into consideration the greatest measure of Rs.10,000 for interest income earned from all the bank account through and through kept up for the sake of the assessee.

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B with all amended Income Tax Section]

 

Is 80TTA material for non-occupants?

 

According to Section 80TTA, there are no limitations on Non-occupants to guarantee income tax exclusion on interest income earned from Investment account. Nonetheless, the most extreme measure of the deduction is restricted to Rs.10,000 just combining all investment account together.

 

Would we be able to guarantee both 80TTA and 80TTB?

 

The appropriate response is basically No. As Section 80TTB is appropriate for Senior Residents as it were. According to Section 80TTB, a senior resident is permitted to guarantee exemption Under Section 80TTB up to the greatest measure of Rs.50,000 in a year, for interest income( from R.Ds, F.Ds, Time Deposits) got from A Bank, Monetary foundation, Co-operative Banks however not from a Company's F.D.

 

Thus, in straightforward words, the Income Tax Act doesn't permit one to appreciate deduction both under Section 80TTA and 80TTB individually. Senior residents guaranteeing deduction U/S 80TTB can not appreciate the advantages given under section 80TTA.

Download Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 100 Employees Form 16 Part B with all amended Income Tax Section]

On February 09, 2021 by www.taxexcel.net

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Income Tax Slabs unchanged for the F|Y 2021-22, but Budget 2021 has these some announcements to the tax payers| Government to expectations of the middle class, Finance Minister Nirmala Sitharaman did not tweak personal income tax in Budget 2021. However, the Union Budget did bring about certain changes as part of income tax compliance.

1. In a relief to senior citizens, the finance minister Nirmala Sitharaman announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021.

“We shall reduce the compliance the burden on our senior citizens who are 75 years of age & above – for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return,” said finance minister Nirmala Sitharaman.

2. Presenting the Budget, FM announced that the central government planned to reduce the timeline for reopening of tax cases to 3 years from 6 years.

3. To further ease of income tax filing, capital gains from listing securities and interest income to come pre-filled in ITRs, FM announced.

4. The central government also proposed to make income tax appellate tribunals faceless and set up national income tax appellate tribunal centre.

5. Exemption from tax, audit limit doubled to Rs 10 crore turnover for companies doing most of their business through digital modes, announced finance minister.

6. Serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years, the finance minister added.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

Feature of this Excel Utility are-

# This Excel Utility has compatibles to the Government and Non- Government Concerned.

# This Excel Utility can prepare at a time 100 Employees Form 16 Part B as per New and Old Tax Regime U/s 115 BAC

# This Excel Utility has all the Income Tax Section As per the Income Tax Act. 1961 along with the amended by the CBDT

# Compatibles the Salary Structure for the both of Government and Non-Government Concerned

# Easy to generate as this software is prepare in Excel. Any one can operate this Excel Utility.

# This Excel Utility can prevent your wrongly double entry of Name and Pan Number automatically.

# Amount to in-words Convert automatically, without any Excel Formula.

 

On February 04, 2021 by www.taxexcel.net

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 Latest Income Tax Slab F|Y 2021-22 (A|Y 2022-23) – Budget 2021 -22 Review| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget| The details about Income Tax Slab F|Y 2021-22 (A|Y 2022-23). Union budget 2021-22 and what are the main changes of Income Tax to the salaried persons|

Union Budget 2021-22 is released by Finance minister on 1st Feb 2021| Salaried people were expecting an Income tax slab change and other major reforms in the budget but this year also budget 2021-22 was a big disappointment for taxpayers| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget|

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part A&B and Part B]

# 1 not required Income Tax Filling in ITR for the Senior Citizens who are above 75 Years of age|

As per new rule Senior Citizen above 75 Years age and above need not file an Income tax return| This is only if the senior citizens have income only from pension and interest|

 

If senior citizens have other income such as rental income, business incomes etc. still they need to file an income tax return|

You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part B]

 

Please note that rule change is for not filing an Income tax return| This means senior citizen can avoid the process of filing return| But Income tax is applicable as per the actual tax slab rate to the Senior Citizen|

 

You must be aware that under section 80TTB, the senior citizen can claim up to Rs.50000 interest received from bank and post office as exemption from tax. It is a welcome to step for the senior citizen|

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part A&B]

 

# 2 No changes in the Tax Slab F|Y 2021-22 (A|Y 2022-23)

 

Income tax slab for F|Y 2021-22 is the same as that of F|Y 2020-21|This means there is no change in the income tax slab for F.Y 2021-22| The old tax slab will continue in F|Y 2021-22 (A|Y 2022-23)|

 

The new simplified tax regime will continue| If you have adopted a new tax regime last time where the tax rate is lower and flat you cannot claim any tax exemption such as 80C, 80D etc|

You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part B]

 

If you are willing to opting to the old tax slab, you can be entitled to exemption under section 80C, 80D etc. and pay tax at a higher rate| Two types of tax slabs announced last year will continue|

 

•           Tax regime at a lower tax rate without any IT deduction and exemptions

 

•           Tax regime at the higher tax rate with IT deduction and exemptions

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2020-21 and A.Y.2021-22

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

 

On February 02, 2021 by www.taxexcel.net

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