Showing posts with label Income Tax Software for F.Y.2016-17. Show all posts
Showing posts with label Income Tax Software for F.Y.2016-17. Show all posts
Thursday 6 July 2017
Tuesday 10 January 2017
As per the CBDT notified that the Form 16 Part A must be download from the TRACES PORTAL and Form 16 Part B must be prepared by the Employer. In this recent time to prepare the Form 16 Part B for most of Govt and Private Concerned and hand over the Form 16 Part B to their employer within April 2017 for the Financial Year 2016-17.
Most of the Concerned have the huge quantity of employees and give them the Form 16 Part B. In this regard, if the all concerned may start to prepare the Form 16 Part B so they can complete the total Employees Form 16 Part B in the stipulated time.
Given below an Excel Based Income Tax Form 16 Part B which can prepare One by One Form 16 Part B for F.Y.2016-17.
The Feature of the Excel Utility:-
1) You can prepare One by One Form 16 Part B for F.Y.2016-17 as per latest amended Tax Section.
2) Easy to install to any Computer and prepare the Form 16 Part B, just like as an Excel File.
3) You can prepare more than 100 employees Form 16 Part B One by One by this one Excel Utility.
4) All the Income Tax Section have in this Excel utility as per the Finance Bill 2016-17
5) Automatic Convert the Amount into the In-Words.
Download the Automated Form 16 Part B for F.Y.2016-17 which can prepare One by One
Wednesday 4 January 2017
Home loan is a blessing in disguise as it will help us achieve our desire of owning a home and help us save tax along with it. The maximum tax benefit for repayment of principle which can be availed under 80C is Rs 1.5 lakh. The tax exemption on the interest paid on home loans is now capped at Rs 2 lakh.
Do you know that there is the higher advantage of owning multiple homes and availing loan for the same? Yes, individuals can claim a tax deduction for interest component part in case of the second home also.
Here are some home loan Exemption from the Income Tax to the borrowers;
Download Automatic Income Tax Preparation Excel Based Software for Financial Year 2016-17. [ This Excel Utility can prepare at a time Govt & Non-Govt employees Individual Salary Structure + Individual Salary Sheet + Individual Tax Compute Sheet + Automatic H.R.A. Calculation + Automatic Arrears Relief Calculation with Form 10E up to F.Y.2016-17 + Automatic Form 16 Part A & B and Part B with all the amended tax section for F.Y.2016-17]
First time home loan borrowers In the Union Budget 2016, a new section 80E was introduced to benefit first time home loan borrowers. The government proposed an additional deduction of Rs 50,000 on interest payment of home loan EMI.
Note that this benefit is over and above the earlier limit which was 1.5 (principle)+ 2 lakh (interest) =3.5 lakh.
First-time borrowers can avail additional Rs 50,000 on the interest component. So, total and maximum tax benefits one can avail is Rs 4 lakh per year.
Conditions for first-time buyers
Individuals who are applying for the first time should note that they should not own another house owned by him.
Individuals will be eligible only if the loan availed is less that Rs 35 lacs and the property value are less than Rs 50 lakhs.
While, the loan should have to be approved between 1st April 2016 and 31st March 2017.
Claiming tax benefit under 80C
Home loan borrowers should know that the principle deduction includes all other deductions such as PPF, NSC etc., under section 80C which is capped at Rs 1.5 lakh.
Say, for example, if an individual is claiming the benefit of Rs 1 lakh for repayment of the loan then he will be left with Rs 50,000 to claim for exemptions on PPF, NSC etc., altogether.
Tax benefits for co-borrower
Individuals who are a co-owner and co-borrower of the house can also claim for tax benefits. Note that if you are a co-applicant to the loan, but, the house is not in joint name, you cannot claim tax benefit.
If a home loan borrower is paying the principal amount of Rs 4 lakh, he can avail tax benefit only up to Rs 1.5 lakh under Sec 80C.
In the case of a joint home loan, co-borrower can also claim for Rs 1.5 lakh under sec 80C, together they can get Rs 3 lakhs. So it is always a better idea to jointly go for a home loan and ownership of the house.
HRA
HRA can be claimed if you are living in a rented home despite having your own house, you can avail the HRA benefit along with section 80C and section 24.
Tax benefits under the section can be claimed only when an individual is receiving house rent allowance as a part of his salary.
Individuals who have borrowed the amount from friends and relatives for home loan purpose can avail tax benefits. Note that, individuals will not be eligible for tax benefit on the principal amount, it is only applicable for interest component.
Wednesday 26 October 2016
Most new Excel Based Income Tax generated Software for the Central and State Govt employees for the Financial Year 2016-17 and Assessment Year 2017-18.You can prepare at a time your Income Tax Compute Sheet + Individual Salary Sheet + Automatic HRA Exemption + Automatic Form 16 Part B and Form 16 Part A&B. In this Excel Based Software have a Salary Structure which can fit for all the Central and State Govt employees.
In this Salary Structure you can easily Calculate your Gross Salary Income and after generating this Salary Sheet the other Form 16 Part B and Part A&B will be generated automatically. All the Income Tax Section have in this Utility with the brief of each Income Tax Section. No need to manually fill the Form 16 part B or Part A&B.
Below given the Snapshot of this Excel Based Software :-
Click here to download the All in One Income Tax Preparation Excel based Software for Central Govt and All State Govt employees for the F.Y.2016-17. [ You can prepare more than 100 employees Tax Computed Sheet One by One by this One Software]
Monday 24 October 2016
Individuals who are looking for investments should consider tax and TDS along with risk and return of an investment. This is because returns may differ depending on the taxation of financial instruments. Income earned from most of the investments are subject to TDS. Say, for example, salary income, interest earned on debentures attract TDS. So one should be aware of tax and TDS applicability and how it can be avoided.
Download Automatic 100 employees Master of Form 16 Part B for F.Y.2016-17 & A.Y.2017-18.[ This Excel Based utility can prepare at a time 100 employees Form 16 part B for the Financial Year 2016-17, This Utility can use both of Govt and Non-Govt Concerned.]
Below mentioned some income and investments where TDS is applicable:
TDS on Salary Individuals who have income above the taxable limit will see the employer deduct TDS on total income, including income other than salary after considering all deductions and exemptions. TDS is applicable as per his income slab. The same can be avoided if investments are made under 80C, 80D of Income Tax Act by providing investment proof of the same. The company will issue a TDS certificate also known as Form 16A at the end of the financial year.
TDS on Interest Income Banks deducts TDS on interest income earned above Rs 10,000 in a year. Taxpayers who fall in higher tax bracket need to pay tax as per liability. Individuals with lower income can claim for the TDS by submitting form 15G or H, whichever is applicable. Also, one can avoid TDS by opening a fixed deposit in the different banks where interest earned in a single bank should not exceed Rs 10,000. Note that the TDS will be applicable on the complete amount not only of the exceeded amount. TDS is applicable at 10 per cent if PAN is not submitted with the bank, 20 percent TDS will be applied.
TDS on EPF Withdrawal TDS will be applicable if Employee Provident Fund is withdrawn before five years of contribution. However, TDS will not be deducted for an amount below Rs 50,000 from June1, 2016. TDS is not applicable when individuals transfer Provident Fund from one account to another Provident Fund Account. TDS will be deducted at 10 per cent if Form-15G or 15H is not submitted provided PAN is submitted. In absence of PAN, it is 20 percent of the amount.
Monday 12 September 2016
The Income Tax Act and the Profession Tax Act provides various income tax deductions under Section 80DD, 80DDB and 80U for differently-abled (disabled and handicapped) people.
Most states in India allow a professional tax exemption for any person suffering from a permanent disability.
Download All in One Income Tax Preparation Excel Based Software for Govt & Non-Govt Employees for F.Y.2016-17 & A.Y.2017-18. [This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic H.R.A.Exemption Calculation + Automated Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B ]
Section 80U
Under Section 80U a mentally or physically challenged person can claim an income tax deduction of up to Rs 75000 provided he/she suffers from over 40% of the identified disabilities notified as per the Income Tax Act. In the case of severe disability of over 80%, the disabled person can claim an income tax exemption up to Rs.125,000.
Disabilities included under Section 80U include blindness, low vision, leprosy-cured, hearing impairment, mental retardation, mental illness, locomotor disability. Documents related to the expenses don’t have to be produced if you are claiming for self.
However, you are required to submit a medical certificate authenticating the disability of the dependent from a certified medical professional to claim an income tax deduction. This certificate is not required at the time of filing taxes but may have to submit to an assessing officer, if demanded.
Section 80DD
Under Section 80DD the expenses on maintenance/ medical treatment of disabled dependents can be claimed as an income tax deduction. Dependents include spouse, children, parents, brothers and sisters and the income tax deduction is valid only if they have not already claimed a benefit under Section 80U. Income-tax Deduction for expenses for partially disabled dependants (severity 40-80%) is allowed up to Rs.75,000 while it goes up to Rs 1.25 lakh if the dependant is over 80% disabled. The plus side is that even if your actual expenses are lesser than Rs 75000 you can claim a full deduction.
Section 80DDB
Section 80DDB allows an income tax deduction on expenses incurred on medical treatment of various ailments. This included Neurological Diseases where the disability level has been certified to be of 40% and above (including Dementia, Dystonia Musculorum Deformans, Motor Neuron Disease, Ataxia, Chorea, Hemiballismus, Aphasia, Parkinson’s Disease), Malignant Cancers, Full Blown Acquired Immuno-Deficiency Syndrome (AIDS), Chronic Renal failure, Hematological disorders including Hemophilia and Thalassaemia.
Income tax deduction for any of the above diseases ranges between Rs 40000 to Rs 80000 depending on your age and income tax slab.
Tuesday 6 September 2016
Download Automated All in One Income Tax Preparation Excel Based Software for Financial Year 2016-17 and Assessment Year 2017-18 ( Prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Form 12 BA + Automatic H.R.A. Exemption Calculation + Form 16 Part A&B and Form 16 Part B)
Section 80c: The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only. The various investment avenues or expenses that can be claimed as tax deductions under section 80C are as below;
1. Life Insurance Premium: You can get the deduction by depositing or paying life insurance premium in the previous year. You must note here that premium paid on behalf of wife/husband/child or any member of the family were assessed in an HUF. Child includes adult children also, Thus, the deduction is available in respect of premium paid on a policy on the life of a married daughter.
2. Provident Fund & Public Provident Fund: You can claim deduction under section 80C for the amount deposit in provident fund also. The annual contribution up to Rs.1,50,000 is eligible for deduction under section 80C. In this section, you can get the total deduction up to Rs. 1,50,000, if your total contribution in PF Rs. 1,50,000 and another contribution (PPF, LIC, ULIP, etc.) is 50,000 or any amount then you will get up to a maximum of Rs.1,50,000 u/s 80C.
3. National Saving Certificates (NSC): You can claim deduction under section 80C for the amount deposit in national saving certification along with PPF/LIC/ULIP up to a maximum of Rs.1,50,000 accrued during the year. There is no TDS deduction for repayment of NSC. Interest accrued during the year (except for the last year) shall be deemed to be reinvested and shall also qualify for deduction u/s 80C.
4. Bank Term Deposit Schemes: Amount invested in bank term deposits along with PPF/LIC/NSC/ULIP etc. up to a maximum of Rs.1,50,000 is also eligible for deduction under section 80C. The maturity period for bank term deposit schemes is 5 years.
5. Post Office Time Deposit Schemes: You can also opt for post office time deposit to get deduction under section 80C up to Rs.1,50,000. You must note that the deduction is available only to the first holder.
6. Mutual Fund Schemes: Some of the schemes of mutual funds are eligible for deduction u/s 80C .The income from mutual funds is also fully exempted u/s 10 (35).
7. NABARAD Rural Bonds: The deduction is also available under section 80C for a subscription to notified bonds issued by National Bank for Agriculture and Rural Development.
8. ULIP (unit-linked insurance plan): The deduction is also eligible for the amount deposit in the name of himself, his/her wife/husband or his child, and an HUF in the name of its members to any Unit Linked Insurance Plan of UTI.
9. Tuition Fees: You can claim the deduction of paying the tuition fee of your two children. Here, you should note that tuition fees eligible paid to any university, college, school or other educational institution situated in India. However, any development fees or donation or payment of similar nature shall not be eligible for deduction.
· Section 80CCD: Employee can contribute to Government notified Pension Schemes (like National Pension Scheme – NPS).
Deduction under this section is only for individual not for HUF’s. The contributions can be up to 10% of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015. In budget 2016, on withdrawal from the NPS account up to 40% of the accumulated balance shall be exempt from tax and the remaining would be taxed as per the income tax slab in the year of receipt.
Kindly note that the Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2016-17. The additional tax deduction of Rs 50,000 u/s 80CCD (1b) is over and above this Rs 1.5 Lakh limit.
· Section 80D: Deduction u/s 80D on health insurance premium is Rs 25,000. For Senior Citizens (attained the age of 60 years and above) it is Rs 30,000. For very senior citizen above the age of 80 years who are not eligible to take health insurance, they shall be eligible for medical expenditure up to Rs. 30,000 towards medical expenditure.
Preventive health check-up (Medical checkups) expenses to the extent of Rs 5,000/- per family (Self, spouse, dependent children, and parents) can be claimed as tax deductions. Please note, this is not over and above the individual limits as explained above.
· Section 80DD: You can claim up to Rs 75,000 for spending on medical treatments of your dependents, who have 40% disability. The tax deduction limit of up to Rs 1.25 lakh in case of severe disability can be availed.
· Section 80DDB: An individual whose age is less than 60 years can claim up to Rs 40,000 for the treatment of specified ailments (such as AIDS, cancer, and neurological diseases). This can also be claimed on behalf of the dependents. The tax deduction limit under this section for Senior Citizens (attained the age of 60 years and above) is Rs 60,000 and for very Senior Citizens (above 80 years) the limit is Rs 80,000.
To claim Tax deductions under Section 80DDB, it is mandatory for an individual to obtain ‘Doctor Certificate’ or ‘Prescription’ from a specialist working in a Govt or Private hospital.
· Section 24 (B): The interest component of home loans is allowed as a deduction under Section 24B for up to Rs 2 lakh in case of a self-occupied house.
· Section 80EE: This is a new proposal which has been made in Budget 2016-17. The first time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met for claiming tax deduction under section 80EE.
· The home loan should have been sanctioned in FY 2016-17.
· Loan amount should be less than Rs 35 Lakh.
· The value of the house should not be more than Rs 50 Lakh &
· The home buyer should not have any other existing residential house in his name.
· Section 80U: If you claim deduction u/s 80DD then you can not claim under this section. A tax deduction is allowed for the tax assessee who is physically and mentally challenged.
· Section 80GG: As per the budget 2016 proposal, the Tax Deduction amount under 80GG has been increased from Rs 24,000 per annum to Rs 60,000 per annum. Section 80GG is applicable for all those individuals who do not own a residential house & do not receive House rent allowance.
The extent of tax deduction will be limited to the least amount of the following;
· Rent paid minus 10% the adjusted total income.
· Rs 5,000 per month.
· 25% of the total income.
· Section 80G: Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. But the deduction is not allowed for donations made in cash exceeding Rs 10,000.
· Section 80E: If you take any loan for higher studies, tax deduction can be claimed under Section 80E for interest that you pay towards your Education Loan. This loan should have been taken for higher education for you, your spouse or your children or for a student for whom you are a legal guardian. Principal Repayment on educational loan cannot be claimed as a tax deduction.
There is no limit on the amount of interest you can claim as a deduction under section 80E. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier.
· Section 87A Rebate: If you are earning below Rs 5 lakh, you can save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000 for FY 2016-17 (AY 2017-18).
· Section 80 TTA: Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect of interest on deposits in savings, account with a bank, co-operative society or post office can be claimed under this section. Section 80TTA deduction is not available on interest income from fixed deposits.
Tuesday 16 August 2016
Chapter VIA List of All Deductions at a Glance
As per the Finance Budget 2016, some of Income Tax Section limit has increased & Modified. Now we are looking below the list of which section limit is increased Under Chapter V A
Sections
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Particulars
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Allowed to
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Quantum of deduction
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80C
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Deduction in respect of Life Insurance Premium, Contribution to Provident Fund, etc.
Deduction in respect of contribution to certain pension funds
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Individual and HUF
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Max. Rs.1,50,000
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80CCC
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Deduction in respect of contribution to certain pension funds
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Only individuals
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Max. Rs.1,50,000
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80CCD
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Deduction in respect of contribution to notified pension scheme of Central Government
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Salaried employee or self-employed individual
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Employer and employee contribution not exceeding 10% of salary in each case. Maximum deduction to an employee or self-employed person for his contribution limited to Rs.1,00,000
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80CCD
(1B)
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New N.P.S. in respect pension scheme
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Only Individuals
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Max Tax Relief Rs.50,000/- out of U/s 80C Rs.1.5 Lakh
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80CCE
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Limit on deductions under sections 80C, 80CCC and 80CCD (1), Note the Section 80CCD(2) is a Employer’s contribution to the employees Pension Fund Max 10% or Basic and U/s 80CCD(1B) is out of limit of U/s 80CCE i.e. 1.5 Lakh + 80CCD(2) + 80CCD(1B)
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N.A.
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Rs.1,50,000 + 80CCD(2) + 80CCD(1B)
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80D
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Deduction in respect of medical insurance premium
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Individual or HUF whether resident or non – resident
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In case of individual – Maximum Rs.25,000
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Download the Automated Income Tax preparation Excel Based Software for Govt & Non Govt employees for Financial Year 2016-17 [ This Excel Utility can prepare at a time your Individual Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure + Automatic H.R.A. Calculation + Automated Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2016-17 & A.Y.2017-18 | |||
80DD
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Deduction in respect of maintenance including medical treatment of dependent who is a person with disability
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For senior citizen
Individual or HUF resident in India
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Addl. Rs.5,000
Rs.50,000 or Rs.1,00,000 in case of a person with severe disability
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80DDB
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Deduction in respect of medical treatment, etc.
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Individual or HUF resident in India
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Max.Rs.40,000
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80E
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Deduction for interest paid on loan
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For senior citizen
Individual whether resident or not
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Addl. Rs.20,000
Actual amount paid
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80EE
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Deduction in respect of interest on loan sanctioned during the financial year 2016 – 17 for acquiring residential house property
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Individual only
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Maximum Rs. 1,50,000
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80G
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Deduction in respect of donations to certain funds, charitable institutions, etc.
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All assesses
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(a) 100% or 50% of eligible donations, without applying qualifying limit in certain cases
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80
GG
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Deductions in respect of rent paid,who are not getting the H.R.A. from the employer.
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Individual only
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(b) 100% or 50% of eligible donations, after applying – Qualifying limit of 10% of adjusted GTI, Maximum Rs.5,000 p.m.
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80
TTA
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Deduction in respect of interest on deposits in saving accounts
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Individual or HUF
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Maximum Rs.10,000
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80U
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Deduction in the case of a person with disability
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Resident individuals
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Rs.75,000 in case of a person with disability and Rs.1,25,000 in case of a person with severe disability
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87A
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Tax Rebate, who’s taxable Income less than 5 Lakh
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Resident Individuals
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Max Rs. 5,000/- from the F.Y.2016-17
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