Download the Automated All in One TDS on Salary for All State Govt Employees for Financial Year 2015-16 [ This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Calculation U/s 10(13A) +Automatic Form 16 Part A& B  and Automatic Form 16 Part B as per the new Finance Budget 2015]

Deductor & Employee Details

 

Employee Salary Structure

Employee Tax Computed Sheet

Form 16 Part A&B

Employees Individual Salary Sheet

No changes in tax slab rate for the F.Y.2015-16. The tax free income remains 2.5 lakh. There is some concession in medical insurance. But 80C limit of Rs 1.5 lakh will remain for another one year. Rather income tax surcharge is increased. However, investment in New Pension Scheme will give you extra tax saving.

1. You can get extra tax deduction up to Rs 50,000 by investing in New Pension Scheme U/s 80CC i.e. Total Deduction can get Rs. 1.5 Lakh

2. The tax deduction limit for health insurance is also increased 25,000/- for below 60 years of age and  For the senior citizen this limit is now Rs 30,000/-.

3. Senior citizens who are older than 80 years and don’t have any health insurance, can claim tax deduction on medical expense of Rs 30,000.

4. From the financial year 2015-16 the the riches would have to pay more tax as surcharge is increased to 12%. Earlier it was 10%. Surcharge is levied upon those who earn more than Rs one crore in a year.

5. Transport Allowance exemption limit is increased to 1,600/month. & For Phy.disable Person can get Rs.3200/- Per month

On January 07, 2016 by www.taxexcel.net

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As per the New Finance Budget 2015 the Tax Slab have not change and the Tax Slab is the same as previous Financial Year 2014-15. Some Changes in this Budget and hike the limit of some Section which is given below :-

1) Travelling Allowances hike up to Rs. 19200/- P.A.

2) U/s 80CC hike the limit Rs. 1.5 Lakh

3) U/s 80U hike the Max Limit Rs. 75,000/- up to 80% and 1,25,000/- above 80% for Phy.disable person.

4) New insert a deduction U/s 80C " Sukanya Samriddhi Account" Max.Limit Rs. 1.5 Lakh. for minor Girl Child.

5) U/s 80D hike the limit up to Rs. 25,000/- for below 60 years age and Rs. 30,000/- for Sr.Citizen

Below given a Excel Based Automated Form 16 Part A&B and Part B with the all changes has incorporate in this Excel Utility as per the New Finance Budget as stated above.

Download the Automated Form 16 Part A&B and Part B for FY 2015-16 and Ass Yr 2016-17 [ This Excel Utility can prepare One by One Form 16 Part A&B and Part B for FY 2015-16]

Feature of this Excel Utility:-

• Automatic prepare the Form 16 Part A&B and Part B both in a single Excel Utility for FY 2015-16
• All the Changes of each Tax Section as per the Budget 2015 has incorporate in this Utility
• You can use this utility as Income Tax Calculator for Assessment Year 2016-17
• In this Excel Utility have this facility to change the Period of Financial Year.                        Automatic Convert the Amount in to the In Words 

Main Input Sheet

                                                          Form 16 Part A&B

                                                      Form 16 Part B

Some of the Concerned have need to prepare the Form 16 in the middle of the Financial Year 2015-16. If any employee change his present Concerned and join to another Concerned, the Form 16 must be given to the employee as he is entitled to get the Form 16 for his previous Concerned.So the Form 16 may prepare by the deductor of the  previous Concerned. In this Excel Utility have this facility to change the Period of Financial Year.

On August 07, 2015 by www.taxexcel.net

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Click  to Download Automated Form 16 Part A&B and Part B for the Financial Year 2015-16 and And Assessment Year 2016-17 [ This Excel Utility can prepare One by One Form 16 for FY 2015-16]

There was nothing much in the Union Budget 2015-16, which will significantly benefit individual tax payers. Here are a few ways in which you may end-up paying marginally lower income tax than last year.

Benefits on Health Insurance

While benefits on health insurance premium paid gave you tax benefits to the tune of Rs 15,000 until the last year, from financial year 2015-16 you can claim tax benefits up to a sum of Rs 25,000 for health insurance premium paid.

Type of Benefit	Section	Amount
Complete 80C benefits including insurance premium, PPF contribution, principal amount paid on home loans etc.	Sec80C	Rs 1.5 lakhs
Interest on housing loan paid	Sec 80CCD	Rs 2.0 lakhs
Health insurance	Sec 80D	Rs 25,000
Transport Allowance		Rs 19,200
Total		Rs 4.42 lakhs

Transport Allowance

The Transport Allowance which is at the moment Rs 800 commuting from home to your place of work, will get enhanced to Rs 1600. This means your employer must increase the transport allowance in your salary to give you the benefits.

Health Insurance Premium For Senior Citizens

The Health Insurance Premium tax exemption for senior citizens has been raised to Rs 30,000. For very senior citizens an amount of Rs 50,000 spent on medical bills is now tax exempt.

Contribution To New Pension Scheme

Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.

Sukanya Samriddhi Account Max Rs. 1.5 Lakh in Tax Section 80C : 

For Mionor Girl Child below 10 Years.

Click  to Download Automated Form 16 Part A&B and Part B for the Financial Year 2015-16 and And Assessment Year 2016-17

On July 03, 2015 by www.taxexcel.net

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Click here to Download Automated Form 16 Part A&B and Part B for the Financial Year 2015-16 and And Assessment Year 2016-17 [ This Excel Utility can prepare One by One Form 16 for FY 2015-16]

There was nothing much in the Union Budget 2015-16, which will significantly benefit individual tax payers. Here are a few ways in which you may end-up paying marginally lower income tax than last year.

Benefits on Health Insurance

While benefits on health insurance premium paid gave you tax benefits to the tune of Rs 15,000 until the last year, from financial year 2015-16 you can claim tax benefits up to a sum of Rs 25,000 for health insurance premium paid.

Type of Benefit	Section	Amount
Complete 80C benefits including insurance premium, PPF contribution, principal amount paid on home loans etc.	Sec80C	Rs 1.5 lakhs
Interest on housing loan paid	Sec 80CCD	Rs 2.0 lakhs
Health insurance	Sec 80D	Rs 25,000
Transport Allowance		Rs 19,200
Total		Rs 4.42 lakhs

Transport Allowance

The Transport Allowance which is at the moment Rs 800 commuting from home to your place of work, will get enhanced to Rs 1600. This means your employer must increase the transport allowance in your salary to give you the benefits.

Thank God that the new government realised that it very difficult to commute in Rs 800 and the tax allowance had not been touched for years.

Health Insurance Premium For Senior Citizens

The Health Insurance Premium tax exemption for senior citizens has been raised to Rs 30,000. For very senior citizens an amount of Rs 50,000 spent on medical bills is now tax exempt.

Contribution To New Pension Scheme

Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.

Sukanya Samriddhi Account Max Rs. 1.5 Lakh in Tax Section 80C : 

For Minor Girl Child below 10 Years.

 

On June 13, 2015 by www.taxexcel.net

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Download Automated Income Tax Calculator with Individual Tax Compute Sheet for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Utility Can prepare at a time 50 employees Tax Compute Sheet for F.Y.2015-16 with all changes by Finance Budget 2015]

Let the  explain what exactly has changed in terms of taxation from the year (i.e.AY 2016-17) As per Budget 2015:

1. Tax slabs have not changed
2. investment limit under sec. 80CC  increased to 1,50,000

Income Tax Slabs

1) In Case of General Assesses (Both Male & Female):

Income Bracket	Rate
0 to Rs. 2,50,000	0   %
Rs. 2,50,001 to Rs. 5,00,000	10 %
Rs. 5,00,001 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

2) In Case of Senior Citizens (Age above 60 years but below 80 years):

Income Bracket	Rate
0 to Rs. 3,00,000	0   %
Rs. 3,00,001 to Rs. 5,00,000	10 %
Rs. 5,00,001 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

3) In Case of Very Senior Citizens (Age 80 years and above):

Income Bracket	Rate
0 to Rs. 5,00,000	0   %
Rs. 5,00,001 to Rs. 10,00,000	20 %
Above Rs. 10,00,000	30 %

* On final tax amount, a surcharge of 3 %
**No surcharge above 10 lacs.

Income Tax Exemptions: 

1) Section 80 C Limit  – Not Raised this year ( Rs. 1,50,000)

• Deduction on premium paid for a life insurance policy, taken after 1 April 2012, will be allowed only if yearly premium is less than 10% of sum assured.  If its more than 10% then it will be not eligible for deduction u/sec. 80C
• ELSS (Mutual Fund)
• PPF (upto Rs. 1,50,000)
• EPF
• FD for 5 years
• Pension Plans
• NSC
• Sukanya Samriddhi Account ( Minor Girl Child Scheme) Max Rs. 1.5 Lakh
• Post Office SB
• Infrastructure Bonds
• Expenditure on Children Education (For upto 2 children only for full time education)
• Tuition fees Maximum allowed is Rs. 1,50,000
• Housing loan principal
• Deferred Annuity
• Approved Super Annotation Fund
• 80CC Raised Up to Rs. 1,50,000 [ Pension Fund ]

2) Section 80CCD - Unchanged this year

Deduction under this section can be claimed only if the contribution to your NPS account is made by your employer and the deduction is limited to a maximum of 10% of your basic salary. Returns on NPS are tax free, but withdrawal is still taxable. The deduction under sec 80CCD is over and above the deduction available under sec 80C.

3) Section 80 D –Changed this year

Deduction under section 80D

• Deduction of Rs. 25000/- is allowed if the same is paid as premium for Medical Insurance taken for self / dependents or towards preventive health check-up (max Rs. 5000). In case any of self / dependents is a senior citizen, the deduction allowed is Rs. 30000/-

4) Section 80DD – Unchanged this year

Deduction under section 80DD

• Exemption given for expenditure made for a disabled dependant towards Medical Treatment/Training/Rehabilitation. It also includes the LIC/Insurance premium paid towards maintenance of such dependant.
• Maximum deduction allowed is Rs. 50,000/- in case of normal disability and Rs. 1 Lakh in case of severe disability.

5) Section 80DDB - Changed this year

Deduction under section 80DDB

• Exemption given for expenditure incurred on specified disease or ailments such as cancer/aids.
• Maximum deduction allowed is Rs. 80,000/-.

List of ailments covered:
(i) Neurological Diseases where the disability level has been certified to be of 40% and above,

1. Dementia ;
2. Dystonia Musculorum Deformans ;
3. Motor Neuron Disease ;
4. Ataxia ;
5. Chorea ;
6. Hemiballismus ;
7. Aphasia ;
8. Parkinsons Disease ;

(ii) Malignant Cancers ;

(iii) Full Blown Acquired Immuno-Deficiency Syndrome (AIDS) ;

(iv) Chronic Renal failure ;

(v) Hematological disorders :

1. Hemophilia ;
2. Thalassaemia.

6) Section 80E - Unchanged this year

Deduction under section 80E
Deduction is allowed for repayment of interest component of Higher Education loan. All education after Class 12 is allowed, either vocational or Fulltime. But should be from a school/institute/university recognized by the government.

7) Section 80G - Unchanged this year

• Contribution to exempt charities – 25/50/75/100% depending on the charity and as per approval
• 100% exemption on donation to political parties

8) Section 80U - Changed this year

• Deduction upto Rs. 75,000/- is allowed in case of Permanent Disability.
• In case of Permanent Disability exceeding 80%, maximum deduction allowed is Rs. 1,00,000/-.

9) Section 24B & Section 80EE  - Unchanged this year

• Housing loan interest. Maximum allowed limit raised to – Rs. 2,00,000 (for loans taken after 1 April 1999. For loans before that Maximum Investment Limit was 30,000).

• Additional deduction of Rs. 1 lac will be applicable to persons taking first home loan of up to Rs. 25 lacs for property worth upto Rs. 40 lac. For such persons, the total deduction will be Rs. 2.5 lacs (Rs. 1.5 lac available under section 24(1)(vi) and Rs. 1 lac available under this new section 80EE). 10) Superannuation - Unchanged this year

Any contribution made by a company to superannuation fund upto Rs. 1,00,000 tax free in the hands of the employee.

11) Conveyance/Transport Allowance - Changed this year

Any Conveyance / Transport Allowance given to an employee is tax free upto Rs. 1600 /- P.M. & Rs. 3200/- P.M. for Phy.disable persons.

12) Medical Allowance - Unchanged this year

Any Medical Allowance given to an employee is tax free upto Rs. 15,000 /- (Supporting Bills required).

13) HRA - Unchanged this year

Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions (subject to – when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest / principal repayment):

1. 50% of Annual Basic (40% of Annual Basic in case of non-metros)
2. Actual HRA received
3. Rent Paid – (10% of Annual Basic)

   Calculate HRA Exemption U/s 10(13A) with Excel utility

14) Professional Tax - Unchanged this year

Any Professional Tax deducted from an employee’s salary can be reduced from the annual salary income to arrive at taxable salary.

15)80CCG – Direct Equity Investment - Unchanged this year

Under ‘Rajiv Gandhi Equity Savings Scheme‘ – a new equity investor will be able to claim 50% of his investment in direct equity as deduction subject to maximum investment of Rs. 50,000 and provided his taxable income is below Rs. 10 lacs. The investment will be subject to 3 years lock-in.  
Government has notified this scheme (RGESS). Mutual funds and ETFs that invest in BSE100 or CNX 100 stocks or PSUs which are Navratna, Maharatna and Miniratna will qualify under this scheme. These investments can be traded over stock exchange after 1 year of investment. New equity investor has been defined as someone who has opened a Demat account but has not bought any securities till date of notification of this scheme (22 Sep 2012).

16) Section 80TTA – Savings Bank Interest - Unchanged this year

No tax will be charged on interest earned on balance in savings bank account subject to a maximum of Rs. 10,000 per year.

17) Section 87 A [Tax Rebate Rs.2,000/-  - Unchanged this year

On May 22, 2015 by www.taxexcel.net

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Download Automatic Arrears Relief Calculator with Form 10E  from the F.Y.2000-01 to F.Y.2015-16

The Budget 2015 applicable to the Salaried Persons in Income Tax

      The Budget 2015 having high expectations was released by Mr. Arun jaitely, Finance Minister of the new Modi government on the 28th of February 2015. Many people whom i met post budget had same view that it did not meet their expectations. However i feel that mainly this reaction was because the slab rates where not changed or to be precised the slab rates were not Increased. Face the fact, Slab rate for F.Y. 2015-16 cannot be increased further, there is no room for it, as it will not only decrease the government's revenue but will also hamper the economy in a very bad way. the best way was to channelized the fund from governments revenue to some government and Economy helping funds, investments, etc; which Mr. Jaietly knew very well and hence he introduced more Deductions and also raised Limits of the deductions. Just wait and have trust on Government the 4th and 5th year of the modi Government will be a Golden Era for India's Economy... I can Speak on this more but for now let's bring our mind horses back on the Topic "TDS or Taxation on Income From Salaries for F.Y. 2015-16".    

           Keeping apart the main Topic i.e. "TDS on Salary". Let us witness important points in Short, Common and Non technical language related to the Calculation Income from Salaries for TDS and Taxation Purpose:

1. Medi-claim Premium (Premium on Health Insurance) Section 80D :

      The deduction under this section was available to the assesee for the Insurance premium paid on the health insurance but it was subjected to following Limits (Earlier and Now Revised): Max Rs. 25,000/- and for Senior Citizen Rs.30,000/- as per Budget 2015

  

2. Deduction for Medical Expenses on treatment of Specified Diseases (Section 80DDB):

         Deduction u/s. 80DDB has been Raised from Rs. 60,000/- to Rs. 80,000/- only for Senior Citizens, please note that here is no change in limits for Non-Senior Citizens.

3. Deduction for Persons differently abled (Section 80DD and 80U):

       Deductions under section 80DD and 80U are increased as follows: Up to 40% to 80% Rs. 75,000/- and above 80 % Rs. 1.25,000/- as per Budget 2015 for F.Y.2015-16

      

  

4. Transport Allowance Exempt u/s. 10:

                 Exemption for Transport allowance is allowable as amount received or Fixed amount as below: For General Max Rs. 1600/- P.M. and Phy.Disable Max Rs. 3200/- P.M. for F.Y. 2015-16

  

5. Sukanya Samridhi Account (For Girl child) under Section 80C :

            This is an another milestone in the Indian Taxation History. A Historic Scheme which can only exist in India and no other country for the betterment of a Girl Child's Future. This is a must have investment in your Portfolio of investments if you have a girl child below the age of 10 years, however one year grace period is allowed as this is a new scheme; So a Girl Child who is Born between 2.12.2003 & 1.12.2004 can also open an account under this scheme up to 1.12.2015.

           Now talking about the benefits under this scheme; Any amount Deposited in this Account shall be eligible for deduction u/s. 80C i.e. it will be directly deducted form the Total income for the purpose of calculation of TDS or Tax on your income. However Mimimum 1000 rupees and Maximum 1,50,000/- rupees shall be allowed to be deposited per year. Also Interest of 9.2% p.a. received on this account is completely exempted from the Income tax i.e. no tax is payable on interest income arising from the amount deposited in the Sukanya Samridhi Account.

Download Automatic Arrears Relief Calculator with Form 10E  from the F.Y.2000-01 to F.Y.2015-16

Slab Rates for F.Y. 2015-16 and A.Y. 2016-17....

            For this year even though almost everyone thought that the slab rates will increase giving an opportunity to the individual taxpayer to save some income to fight against unstoppable food inflation the slab rates remain same as given below:

Income tax slab for F.Y. 2015-16 / A.Y. 2016-17
New Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 60 years (FY 2015-2016)
S. No.	Income Range	Tax percentage
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10% - Rs.2000 (Credit)
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 80 years (FY 2015-2016)
S. No.	Income Range	Tax percentage
1	Up to Rs 5,00,000	No tax / exempt
2	5,00,001 to 10,00,000	20%
3	Above 10,00,000	30%
New Income Tax Slabs for A.Y. 2016-17 for Resident Women (below 60 years) (FY 2015-16)
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10% - Rs.2500 (Credit)
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for A.Y. 2016-2017 for Men & Others (FY 2015-2016)
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10% - Rs.2000 (Credit)
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

On May 10, 2015 by www.taxexcel.net

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