By the 7th Pay Commission of the Central Govt employees, the Salary is the hike of each of Central Govt employees in this financial year. You can use this below given Excel Utility which can easily and print and submit to your employer.

Download the Automated All in One Income Tax Preparation Excel Based Software for F.Y.2016-17

The feature of this Excel Utility are:

Prepare at a time Individual Salary Structure as per Central Govt Employees Salary Pattern 

+ Individual Salary Sheet 

+ Individual Tax Compute Sheet 

+ Automatic House Rent Exemption Calculation U/s 10(13A) 

+ Automated Form 16 Part A& B and Form 16 Part B for the Financial Year 2016-17 & Assessment Year 2017-18.

On January 03, 2017 by www.taxexcel.net

Share It

No Comments

Read More

Click here to download Automatic All in One Income Tax Preparation Excel Based Software  for Central Govt employees for F.Y.2016-17 [ This Excel Utility can prepare at a time Tax Compute Sheet + Automatic H.R.A.Exemption Calculation + Automated Form 16 part A&B and Form 16 Part B]

After all the problems in the form of thousands of taxes faced by the taxpayers, in the budget of 2016, a minute relief against income tax has been provided for small tax payers. The rebate enhances from Rs.2000/- to Rs.5,000/- for F.Y.2016-17 which is now available to small taxpayers who have income below Rs. 5,00,000. There are some misconceptions among the people regarding this relief being available to them, this article focuses on the technical point of view for the relief under section 87A.

Conditions of claiming Rebate u/s 87A:

1.   The taxpayer must be a resident individual and is not applicable to NRI.

2.   The income of the taxpayer should not exceed Rs. 5,00,000 after claiming deduction u/s 80C to 80U.

Amount to be claimed:

The taxpayer can claim the rebate u/s 87A if the above two conditions are satisfied. The amount of rebate which can be claimed by the resident individual is 100% of the income tax payable on total income after deduction of 80C to 80U or Rs. 5000/- whichever is lower. This rebate is allowed out of the total income tax payable amount without adding surcharge and education cess.

Effective Date of section 87 A:

Taxpayers can take the benefit of this section from the AY 17-18 i.e. FY 16-17. This section is not applicable for NRI, resident or non-resident HUF/AOP/BOI or any taxpayer other than the resident individual.

Wrong understanding of section 87A

Some taxpayer might end up with the conclusion that when tax payable is below Rs. 2000 or Nil then also they can claim the rebate of Rs. 5000 but as discussed earlier that lower of the 100% of income tax or Rs. 2000 is allowed as rebate cum relief to taxpayers.

For Example  Mr. X earns income during the year and after deduction, it comes to Rs. 215000. So tax on Rs. 215000 is Rs. 1500. Rebate allowable will be RS. 1500 or Rs. 5000 whichever is lower. Therefore rebate of Rs. 1500 will be given to the taxpayer and not Rs. 5000.

On November 30, 2016 by www.taxexcel.net

Share It

No Comments

Read More

Download the All in One Income Tax Preparation Excel Based Software for Central Govt employees for F.Y.2016-17 & A.Y.2017-18

Feature of this Excel utility :-

• Individual Salary Structure for Central Govt employees as per Central Govt Salary pattern. 
• Individual Tax computed sheet for both of Central Govt employees separately.
• Automatic House Rent Exemption Calculation U/s 10(13A)
• Automated Income Tax Form 16 Part A&B and Form 16 Part B for F.Y.2016-17
• Automatic Amount to in words convert

On October 10, 2016 by www.taxexcel.net

Share It

No Comments

Read More

The Financial Year 2016-17 and Assessment Year 2017-18 have is in the middle of the financial year. Now it is necessary to calculate your Income Tax liability for the Financial Year 2016-17. As per the New Finance Budget, some changes but the Income Tax Slab is the same as previous Financial Year.

On June 26, 2016 by www.taxexcel.net

Share It

No Comments

Read More