Free download Automated Income Tax Form 16 Part B for the Financial Year 2014-15 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part B for the Financial Year 2014-15]

What is Form 16?

Every year your employer will issue this document. It is a certificate under section 203 of the Income-Tax Act, 1961, which gives information on the tax deducted at source (TDS) from income chargeable under the head “salaries”. Simply put, it gives details of the tax deducted by the employer. If you have not received your Form 16, you can use the worksheet that the income tax (I-T) department provides to calculate and declare the amount.

Form 16 is useful in filing your income tax return (ITR). What’s inside it? Understanding the content of Form 16 helps you file your I-T returns; you may be able to do it yourself, without help from a chartered accountant or a financial planner, especially if your income comes entirely from your salary, and you have no other source of income.

Click here to download Automatic Form 16 Part B [ Prepare at a time 50 employees Form 16 Part B for the Financial Year 2014-15]

Form 16 has two sections—part A and part B. Part A consists of your personal details such as your name and address, your employer’s name and address, Permanent Account Number (PAN) of both, the employer’s Tax Deduction Account Number (TAN), and others.

These details help the I-T department track the flow of money from your and your employer’s accounts. Part A also gives details such as the assessment year (AY)—the year in which your tax liability is calculated for the income earned the previous year. For example, for income earned between 1 April 2013 and 31 March 2014, AY will be 2014-15. This year’s Form 16 will show 2014-15. This portion of the form also gives details of your period of employment with the current employer. For instance, if in the last financial year, you have worked from 1 April 2013 to 31 March 2014, it will be mentioned in the form. Next, it gives a summary of the TDS by the employer on behalf of the employee.

Click here to Download Master of Form 16 Part A&B For Financial Year 2014-15 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B] 

This is the amount that the employer deducts from your salary as tax periodically and credits it to the I-T department. For instance, if every month your employer deducts Rs.3,000 as tax from your salary, it will be shown in the Form 16 as deposited by your employer to the government. The summary space will be divided based on the periodicity of how your employer credits the tax to the I-T department. Part B of Form 16 is the one that gives most of the details that you need to file I-T return, such as salary paid, other income, tax deducted, and more.

Click here to download Automatic Form 16 Part B with Form 12 BA [ This Excel Based Software can prepare at a time 50 employees Form 16 Part B with 12 BA for the Financial Year 2014-15 with all Tax Section]

Your gross income is mentioned first. Those who need to pay professional tax should note that the tax is not considered on the gross income. Next, deductions are mentioned.

These include those under sections 80C, 80CCC and 80CCD (contributions towards Public Provident Fund, life insurance policies, pension, among others). Remember, the aggregate amount deductible under these three sections should not exceed Rs.1.5 lakh.

Then come the deductions under other sections such as 80D (health insurance premium), 80E (interest on education loan), 80G (donations), and others. The total deductions are reduced from the gross income to arrive at the taxable income.

Tax is calculated on this amount based on your tax slab. How to use it? Form 16 is one of the documents that you need to keep handy before or while filing your ITR, which has to be done till 31 July. While all deduction related details are mentioned in Form 16.

Click here to download All in One Master of Form 16 Part B for Financial Year 2014-15 [This Excel Based Software can prepare at a time 50 employees Form 16 Part B with Individual Salary Sheet + Individual Salary Structure]

On November 15, 2014 by www.taxexcel.net

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Click above to download the Automated Form 16 with Form 12 BA for FY 2014-15

Form 16  is a certificate issued by an employer to all his employees for a particular financial year at the end of the said year reflecting the total salary paid and amount of tax deducted (‘TDS’) during the year.  For a salaried employee, Form 16 is of utmost importance from income-tax point of view as it forms the base of his / her income-tax return.

As per the CBDT new Notification the Form 16 now it's Two Parts, One is Part A [where details of Tax Deduction and deposited to the Central Govt with PAN AND TAN Number], Another is Part B [ where the details of Salary of employees]

Contents of your Form 16 – Part A

Part A of your Form 16 will be the TDS certificate issued by your employer.  It determines the total amount paid to you during the year and amount of tax deducted and deposited by the employer in your name with the Indian Government Treasury.  However, this certificate is valid only if it reflects all these following details:

 Heading – Certificate under Section 203 of the Income Tax Act, 1961 for tax deducted at source on salary

• Certificate number
• Your name and address and also that of your employer
• Your Permanent Account Number (‘PAN’) and that of your employer
• Tax Deduction Number (‘TAN’) of your employer
• Range of Commissioner of Income Tax (TDS) [‘CIT(TDS)’]
• Assessment Year (AY 2013-14 in this year’s certificate)
• Period for which the certificate belongs to (April 1, 2012 to March 31, 2013 in this certificate)
• Quarter wise details of amount paid to you, receipt numbers of the quarterly TDS returns filed by your employer, TDS amount deducted and deposited by your employer in your name

BSR code of the bank branch, date on which TDS was deposited, Challan serial number relating to each amount of tax deposited by your employer

Status of matching with Oltas – it should reflect as ‘F’ (indicating final). In case it reflects ‘U’ (indicating unmatched), immediately inform the employer of the same else appropriate credit shall not be available to you

Verification details of the employer

All the pages of Part A of Form 16 should have been digitally signed by the employer.  If not digitally signed, the same should have been at least manually signed by the employer

Contents of your Form 16 – Part B

Part B of Form 16 is usually Annexure to Part A.  It reflects your detailed salary components, taxability of the same and the total amount of tax payable by you for the year against which TDS has been deducted and deposited by your employer.  The contents of Part B are as under:

• Gross Salary
• Exempted allowances under Section 10 of the Income Tax Act – conveyance allowance, house rent allowance, medical allowance, children education and hostel expenditure allowance, etc
• Deductions allowable from the salary income – entertainment allowance and professional tax
• Total income chargeable under the head ‘Salaries’ based on the above figures
• Your any other taxable income, provided it is reported by you to the employer
• Tax saving deductions that you are eligible for like PPF, LIC, Mediclaim, interest on education loan, etc, provided the same are reported by you to the employer
• Tax on total income payable by you – This shall be the amount of TDS that the employer would have deducted from your salary.  However, it is possible excess or short TDS may have deducted by your employer.  In such a case, the excess amount should be claimed by you while filing your return, whereas short amount should be paid by you at the time of filing the return
• Verification details of the employer
• Digital / manual signature of the employer

 Form 12BA

Form 12BA is a statement showing particulars of perquisites U/s 17(2), other fringe benefits or amenities and profits in lieu of salary thereof granted by your employer to you during the year.  Perquisites (or perks) are additional monetary / non-monetary benefits that you may have been granted throughout the year like rent free accommodation, interest free or concessional loans, etc.  Profits in lieu of salary means any payment due to or received by you from your employer in connection with or at the time of termination of employment or modification in terms and conditions relating thereto like gratuity, pension, etc.  The form also confirms the amount of tax deducted from your salary and paid into the Government Treasury by your employer.  The statement should also contain declaration from the employer that the figures stated in the form are correct and accurate as per their books of accounts.

On October 26, 2014 by www.taxexcel.net

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Click here to download the Automated Master of Form 16 Part A&B for the Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B]

Finance minister Arun Jaitley may have some good news for the salaried class in the budget for 2014-15.

The government is learnt to be gearing up for an overhaul of India’s tax regime by considering a restructuring of tax slabs and increasing the income tax exemption limit from the existing Rs. 200,000 to more than Rs. 300,000 —a move that would leave more money in the hands of people.

A rejig in income tax slabs is also on the cards, the details of which are being currently examined.

At present, there are three tax slabs. Those with an income of less than Rs. 2 lakh a year are exempt from paying taxes. Those earning between R2 lakh and R5 lakh annually are taxed at 10%, those between R5 lakh and R10 lakh at 20% while anybody earning more than R10 lakh pays a tax of 30%.

In addition, in last year’s budget ( 2013-14) the then finance minister P Chidambaram, for the first time, introduced an additional  surcharge of 10% on “Relatively prosperous" persons with a taxable income of more than R1 crore — and there were supposedly only 42,800 of them in India

A rejig in tax slabs along with a hike in exemption limits will enhance people’s disposable income, which, in turn will boost consumption spending as well as savings.

The government is negotiating through a maze of thorny issues ahead of this year’s budget amid faltering demand and rising prices that have hit growth in the broader economy.

The government is examining whether some of the proposals of the draft Direct Taxes Code (DTC) Bill 2013 including a tax on “super-rich” can be introduced in this year’s budget, likely to presented in the second week of July, sources said.

The draft DTC Bill had proposed a higher 35% tax for the super-rich for those who earn more than Rs. 10 crore a year, and a wealth tax on host of assets such as expensive paintings.

The draft had also proposed to reduce the age for tax exemption for senior citizens to 60 years from 65 years.

The Parliamentary Standing Committee on Finance that had examined the DTC Bill of 2010 had recommended raising the income tax exemption limit to Rs. 3 lakh.

On September 13, 2014 by www.taxexcel.net

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