The CBDT has changed the format of
Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May 2019. This Format is more explore the
employee’s Salary Details.
Showing posts with label New Format of Income Tax Form 16 for F.Y. 2019-20. Show all posts
Showing posts with label New Format of Income Tax Form 16 for F.Y. 2019-20. Show all posts
Thursday, 14 May 2020
Friday, 24 April 2020
Wednesday, 19 February 2020
Resetting Income tax e-filing password is not so difficult for a taxpayer but it becomes difficult when the mobile no. and email id. is not belongs to the taxpayer. Most of the taxpayers submits their income tax return through their tax consultant, CA or other concerned person. In many cases those experts gives their personal mobile no. and email id. in the taxpayer's profile. As a result, when any taxpayer changes their tax consultant or CA, the taxpayer faces difficulty to reset password. In earlier so many easy options were available to reset income tax efiling password, but now the department increases security to prevent fraudulent activities.
Sunday, 16 February 2020
Friday, 14 February 2020
ITR Filing Due Date 2020:
Section 139 of the Income Tax Act provides various provisions for filing tax
returns.
Income Tax Return (ITR) Filing
2020: The Finance Bill 2020 has extended the due date for filing of return by
companies and persons who are required to get their accounts audited. The due
date for such taxpayers has been extended from September 30 to October 31 of
the Assessment Year. The date has been extended through amendments in Section
139 of the Income Tax Act.
Monday, 10 February 2020
Saturday, 8 February 2020
Please note, CBDT has, vide Notification No.36/2019 dated 12th April 2019 revised the format of Part-B of Form 16 to be issued by the employer. The revised format is applicable from 12.05.2019
Issue of Form 16:
The certificate is required to be furnished by the 31st day of May after the close of the relevant Financial Year. The employer may issue a duplicate certificate in Form 16 if the deductee has lost the original form-16 and makes a request for issuance of duplicate one. The duplicate certificate must be certified as duplicate by the deductor.
The certificate is required to be furnished by the 31st day of May after the close of the relevant Financial Year. The employer may issue a duplicate certificate in Form 16 if the deductee has lost the original form-16 and makes a request for issuance of duplicate one. The duplicate certificate must be certified as duplicate by the deductor.
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
1) Prepare At time 100 Employees Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part Part B
4) Most easy to install just like an Excel File
5) Easy to Fill all column
6) Automatic Convert the Amount to the In-Words
Form 16 Parts
As per CBDT Circular No. 04/2013 dated 17th April 2013, issue of form 16 for deduction of tax at source made on or after 01-04-2012 shall be in two parts as under:
As per CBDT Circular No. 04/2013 dated 17th April 2013, issue of form 16 for deduction of tax at source made on or after 01-04-2012 shall be in two parts as under:
Part-B
‘Part B of the Form contains the computation of the total income of the employee including the details of deductions and rebates allowed. Form 16 is required to be prepared by the deductor employer manually and issued to the deductee employee along with Part A of the Form No. 16.
‘Part B of the Form contains the computation of the total income of the employee including the details of deductions and rebates allowed. Form 16 is required to be prepared by the deductor employer manually and issued to the deductee employee along with Part A of the Form No. 16.
Please note, CBDT has, vide Notification No.36/2019dated 12th April 2019 revised the format of Part-B of Form 16 to be issued by the employer. The revised format is applicable from 12.05.2019
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part A&B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
7) Prepare At time 100 Employees Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
8) All the Amended Income Tax Section have in this utility as per Budget 2019
9) You can print individual Form 16 Part Part A&B
10) Most easy to install just like an Excel File
11) Easy to Fill all column
12) Automatic Convert the Amount to the In-Words
Saturday, 1 February 2020
Income Tax Return e-Filing
for AY 2019-20: For false claimants of HRA, other exemptions, it may turn out
to be nothing but inviting trouble.
To
save some extra tax, many taxpayers, in their Income Tax Return (ITR), show
that they are staying in rented accommodations by paying a monthly rent of
around Rs 8,300, and claim the tax benefits on House Rent Allowance (HRA) by
taking advantage of the Income Tax rule that there is no need to disclose
the PAN of one’s landlord for paying rent up to Rs 1 lakh per annum.
Thursday, 30 January 2020
Buying a house is a dream for millions of people in
India. The government has provided various tax benefits to individuals to
encourage them to buy a house property under the ‘housing for all’ initiative.
One of the important things to note is that if the property is held jointly,
individuals can receive additional tax benefits for the same cost. Highlighted
below are the possible tax benefits if the house property is held jointly. A
house can be held jointly with anyone not necessarily a spouse or parent, but
it can also be with a relative, friend or even a business associate.
Wednesday, 29 January 2020
Deductions under
Section 80TTA will not be allowed for the interest earned amount on fixed
deposits and it is taxable as per the normal slab rates as indicated by the
Union Budget. The tax deducted at source will also be
applicable if the interest earned amount exceeds Rs 10,000 per annum (The
interim budget 2019 has upped the interest earned amount to Rs 40,000 per
annum). As deduction for any income amount earned through fixed
deposits is not allowed in the same way, the deduction under Section 80TTA
cannot be claimed against the interest amount earned from recurring deposits.
Individuals and Hindu Undivided Family (HUF) are allowed to claim for
deductions under this section. Others including firms, corporates, entities, artificial
juridical person, the body of individuals, association of persons either
domestic or foreign-based ones are not allowed to claim a deduction as per
Section 80TTA. Maximum Deduction
Friday, 24 January 2020
Monday, 20 January 2020
Several changes have been
made in the format of the TDS certificate for the Assessment Year 2019-20, the
new format of Form 16 will allow the
Income Tax Department get a detailed break-up of the income and tax breaks
claimed by a salaried person at the first instance itself. Moreover, if there
is any discrepancy between the income and deductions shown in TDS certificate
and the ITR filed by the taxpayer, it will be quite easy to spot it. This new
format is likely to help the department digitize cross checking of figures too,
as it takes away the leeway that companies earlier had in providing the
break-up of income and deductions and fixes the format for providing necessary
details.
Sunday, 19 January 2020
Section
80E allows deduction in respect of payment of interest on loan taken from any the financial institution or any approved charitable institution for higher
education for the purpose of pursuing his higher education or for the purpose
of higher education of his spouse or his children or the student for whom he is
the legal guardian.
Thursday, 16 January 2020
Sunday, 12 January 2020
Friday, 10 January 2020
Tuesday, 7 January 2020
Wednesday, 25 December 2019
Sunday, 15 December 2019
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