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Click above link to Download Master of Form 16 Part B with 12 BA for the Financial Year 2014-15.[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]
Feature of this utility :-

• Prepare at a time 50 employees Form 16 Part B with 12 BA for FY 2014-15
• Automatic Calculate the Tax Liability as per new Tax Slab
• Individual Salary Structure [ Yearly Basis]
• This utility can use both of Govt and Non Govt Employee
• Automatic Convert the Amount to the In Words
• You can prepare more than 1000 employees Form 16 Part B + 12 BA

Basic exemption limits for Individuals [As per Budget 2014-15]

The basic exemption limit in case of individuals (other than senior citizens) has been increased from existing Rs. 200,000 to Rs. 250,000. The remaining income slabs and tax rates remain same.

In the case of senior citizens (above the age of 60 years but less than 80 years) the basic exemption limit has been increased from existing Rs. 250,000 to Rs. 300,000. And for persons above the age of 80 years, the basic exemption limit is Rs. 500,000.

Investment related deductions under section 80C

The investment related deduction under section 80C has been increased from existing Rs. 100,000 to Rs.150,000.

The New deduction have include as K.V.P.( Kissan Vikas Patra)

Home loan interest deduction limit

Under section 24 of the Act, the deduction on interest paid on home loans borrowed is up to Rs. 150,000 for the first residential property. This deduction limit of Rs.150,000 has been increased to Rs. 200,000.

However, a view could be taken that this current and proposed limit of Rs. 150,000 and Rs. 200,000 respectively is applicable only in case of the first house property loan. The interest paid for the second and subsequent home loans do not have any monetary limits to claim as deduction.

Tax Relief Rs. 2,000/- U/s 87A will be continue FY 2014-15

Relief from Savings Bank Interest up to Rs. ten thousand U/s 80TTA, will be continue FY 2014-15

Click below to Download Master of Form 16 Part B with 12 BA for the Financial Year 2014-15.[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA]

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On November 28, 2014 by www.taxexcel.net

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Download and Prepare at a time Tax Compute Sheet +Arrears Relief U/s 89(1) +Form 10E+HRA Calculation U/s 10(13A) +Form 16 Part A&B and Part B for the Financial Year 2014-15 & Assessment Year 2015-16

As you are aware, the Union Budget for FY 2014-15 was tabled in the Parliament by the Finance Minister of India on 10-Jul-2014. There are some changes to the computation of tax on salary which payroll managers need to consider for FY 2014-15.

1. Changes in tax rates

The revised tax rates for salaried employees (aged 60 years and below) for FY 2014-15 are as follows.

Total Income for the Year in Rs.	Tax Rate in %
Up to 2,50,000	Nil
2,50,001 to 5,00,000	10
5,00,001 to 10,00,000	20
Above 10,00,000	30

The revised tax rates for salaried employees (aged above 60 years but below 80 years) for FY 2014-15 are as follows.

Total Income for the Year in Rs.	Tax Rate in %
Up to 3,00,000	Nil
3,00,001 to 5,00,000	10
5,00,001 to 10,00,000	20
Above 10,00,000	30

2. Increase in deduction under Section 80C [Click to view total list of U/s 80C]

The deduction under 80C (Life insurance premium, PPF, investment in National Savings Certificate, interest from notified bank deposits, principal repayment on housing loan, etc.) was restricted to Rs.1 lakh in 2013-14. The same has been increased to Rs. 1.5 lakh for 2014-15.

Consequent to the change in section 80C, section 80CCE has been amended so as to raise the limit of aggregate deduction under sections 80C, 80CCC and 80CCD from Rs. 1 lakh to Rs.1.5 lakh.

3. Increase in deduction under Section 24 – Interest on housing loan[View Section 24B what says as tax Rules)

The tax deduction on housing loan interest payment (for a self occupied property) was restricted to Rs. 1.5 lakh per annum in FY 2013-14. For the year 2014-15, the limit has been increased to Rs. 2 lakh.

There is no reference to Section 80EE in the Finance Bill for FY 2014-15. Hence, the carry forward of unutilized tax deduction for first time owners of residential property, if applicable, is available for FY 2014-15.

Note:
1. The Education Cess stays at 3%.
2. In case the total taxable income goes beyond Rs. 1 crore in the year, a surcharge of 10% (subject to marginal relief) is to be deducted – as it was in FY 2013-14.

What about the tax credit of up to Rs. 2,000?[View Section 87A]

We have received queries from payroll managers regarding the availability of Rs. 2,000 tax credit in FY 2014-15. The Financial Bill tabled in the Parliament does not provide for the removal of tax credit under Section 87A. Hence, the tax credit of Rs. 2,000 is available for FY 2014-15 as long as the total income does not exceed Rs. 5 lakh for the year.

On November 20, 2014 by www.taxexcel.net

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Click here to Download the All in One TDS on Salary for the Financial Year 2014-15 for All State Employees ( This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per all State Govt Salary Pattern + Arrears Relief Calculator+ Form 10E + Automatic Form 16 Part A&B and Part B) For the Financial Year 2014-15)

New Delhi, Jul 10: Finance Minister Arun Jaitley announced the first Union Budget of Narendra Modi government on Thursday. The Union Budget was similar to the Rail Budget passed by Railway Minister D V Sadananda Gowda, concentrating more on development and growth, avoiding populist measures taken by the previous governments. The Union Budget 2014 saw few changes in the tax exemption limits.

Following is the table indicating the impact of changes in income tax provisions proposed by Finance Minister Arun Jaitley in the Budget 2014-15. Tax exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.

1) Here’s the tax slab for Individual Tax Payers:

Income Age (< 60 Years)	Tax Rate	Impact
Up to Rs 2,50,000	NIL	Rs. 5,000 (Savings)
Rs 2,50,001 to Rs 5,00,000	10 per cent	Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000	20 per cent	Rs. 5,000 (Savings)
Above 10,00,000	30 per cent	Rs. 5,000 (Savings)

Here’s the tax slab for Senior Citizens:

Income (For Senior Citizens)(>60 & < 80 Years)	Tax Rate	Impact
Up to Rs 3,00,000	NIL	Rs. 5,000 (Savings)
Rs 3,00,001 to Rs 5,00,000	10 per cent	Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000	20 per cent	Rs. 5,000 (Savings)
Above 10,00,000	30 per cent	Rs. 5,000 (Savings)

Tax Slab for an Individual (resident & above 80 years)

Income Slabs (> 80 Years)	Tax Rates
Total income up to Rs. 5 Lac	0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac	20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac	30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac

2. Hike deduction limit under Section 80C of the Income Tax Act:

This section gives tax breaks to long-term financial savings instruments such as housing loan repayment, five-year and above tenure fixed deposits, provident funds (PFs) and life insurance policy premiums. According to Ambit, Mr Jaitley should incentive financial savings by expanding the current Section 80C limit from Rs. 1 lakh to Rs. 1.50 lakh. PwC has called for doubling of deduction under 80C to Rs. 2 lakh. An increase in 80C limits will increase domestic savings, which can be utilised for infrastructure development.

3. Increase in exemption limit for housing loan interest:

Currently, interest up to Rs. 1.50 lakh on home loan for self-occupied property is tax free. Analysts say the current ceiling should go up toRs. 4 lakh or Rs. 5 lakh to account for the sharp rise in property prices over the last ten years. Enhancing interest exemption limit will increase affordability and benefit the entire real estate sector, which contributes nearly 6 per cent to the GDP.

4) Kissan Vikas Patra (KVP) to be reintroduced in the Section 80C

5) The Tax Rebate Rs.2,000/- U/s 87A  will be continued for the Financial Year 2014-15 also.

6) The Tax Section 80EE ( Tax relief from HBL Interest up to Rs. 1 Lakh in addition to 24B) is also available for the financial year 2014-15

Click here to Download the All in One TDS on Salary for the Financial Year 2014-15 for All State Employees ( This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per all State Govt Salary Pattern + Arrears Relief Calculator+ Form 10E + Automatic Form 16 Part A&B and Part B) For the Financial Year 2014-15)

On August 24, 2014 by www.taxexcel.net

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Click here to Download HRA Calculator ( Up to date Tax Slab)

Download All in One TDS on Salary for Govt & Non-Govt employees for the Financial Year 2014-15 ( As per the New Tax Slab)

House Rent Allowance (HRA) is given by the employer to the employee to meet the expenses in connection with rent of the accommodation which the employee might have to take for his residential purpose. This House Rent Allowance so paid by the employer to his employee is taxable under head “Income from Salaries” to the extent it is not exempt u/s 10(13A)

	HRA received	xxx
(Less)	Exempt u/s 10(13A)	(xxx)
(=)	Taxable Amount	xxx

The balance amount after claiming HRA Exemption would be added in the total salary of the employee and would be taxed as per the income tax slab rates. Recommended Read:-

Download All in One TDS on Salary for Govt & Non-Govt employees for the Financial Year 2014-15 ( As per the New Tax Slab)

House Rent Allowance exempt u/s 10(13A)

HRA received is exempt u/s 10(13A) to the extent of the minimum of the following 3 amounts:-

• Actual House Rent allowance received by the employee in respect of the relevant period
• Excess of Rent paid for the accommodation occupied by him over 10% of the salary for the Relevant Period
• 50% of the salary where the residential house is situated in Mumbai, Calcutta, Delhi or Chennai and 40% of the Salary where the house is situated at any other place for the relevant period.

Points to be noted

1. Relevant period means the period during which the said accommodation was occupied by the assessee during the financial year.
2. Salary for this purpose includes dearness allowance if the terms of the employment so provide but exclude all other allowances and perquisites. This dearness allowance will be included to the extent it is part of salary as per the terms of employment. All other allowances and perquisites will not be included.
3. Where the employee has not actually incurred expenditure on payment of rent or stays in his own accommodation, no exemption of House Rent Allowance is available.
4. If the Rent paid by the employee to his landlord is more than Rs. 1 Lakh in a year, the PAN Card No. of the Landlord would be required to be furnished (CBDT Circular)

Thus, the House Rent Allowance Exemption is based on the following factors

1. Salary
2. Place of Residence
3. Rent Paid
4. HRA Received

Since there is a possibility of change in any of the above factors during the previous year, exemption for HRA should not always be calculated on an Annual basis. As long as there is no change in any of the above factors, it can be calculated together for that period. Whenever, there is a change in any of the above factors, it should be separately calculated till the next change.

Illustration

Ram is entitled to a basic salary of Rs. 5,000pm and dearness allowance of Rs. 1000 per month, 40% of which forms part of Retirement Benefits. He is also entitled for House Rent Allowance of Rs. 2,000 pm. He actually pays Rs. 2000 pm as rent for a house in Delhi.

In the above scenario, we first have to calculate the salary of Ram

Salary (5000X12)                                                                       Rs. 60,000

Dearness Allowance (40% of 12,000)                                         Rs.   4,800

Total Salary for the purpose of computation of HRA                     Rs. 64,800

Now, the minimum of the following 3 amounts shall be exempted from tax

a)      Actual HRA Received (2000X12)                                                  Rs. 24,000

b)      Rent Paid in excess of 10% of salary (24000-6480)                     Rs. 17,520

c)       50% of Salary                                                                          Rs. 32,400

Therefore, Rs. 17520 shall be the House Rent Allowance (HRA) that is exempted from levy of income tax and the balance Rs. 6480 shall be included in the gross total salary.

Click here to Download HRA Calculator ( Up to date Tax Slab)

Download All in One TDS on Salary for Govt & Non-Govt employees for the Financial Year 2014-15 ( As per the New Tax Slab)

On July 24, 2014 by www.taxexcel.net

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Click here to download the Automated Master of Form 16 Part B with Form 12 BA for the Financial Year 2014-15 & Ass year 2015-16 ( This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA)

The New Central Budget Has already passed for the Financial Year 2014-15 and Assessment Year 2015-16,As per the New Income Tax Slab has major changes as listed below the Tax Slab for the Financial Year 2014-15.

Also Some Changes in the Section 80 C and the limit also Raised up to Rs. 1,50,000/-, The P.P.F. Introduce in the section of 80C up to Rs. 1,50,000/- from the Financial Year 2014-15

1) Here’s the tax slab for Individual Tax Payers:

Income Age (< 60 Years)	Tax Rate	Impact
Up to Rs 2,50,000	NIL	Rs. 5,000 (Savings)
Rs 2,50,001 to Rs 5,00,000	10 per cent	Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000	20 per cent	Rs. 5,000 (Savings)
Above 10,00,000	30 per cent	Rs. 5,000 (Savings)

Here’s the tax slab for Senior Citizens:

Income (For Senior Citizens)(>60 & < 80 Years)	Tax Rate	Impact
Up to Rs 3,00,000	NIL	Rs. 5,000 (Savings)
Rs 3,00,001 to Rs 5,00,000	10 per cent	Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000	20 per cent	Rs. 5,000 (Savings)
Above 10,00,000	30 per cent	Rs. 5,000 (Savings)

Tax Slab for an Individual (resident & above 80 years)

Income Slabs (> 80 Years)	Tax Rates
Total income up to Rs. 5 Lac	0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac	20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac	30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac

2. Hike deduction limit under Section 80C of the Income Tax Act:

This section gives tax breaks to long-term financial savings instruments such as housing loan repayment, five-year and above tenure fixed deposits, provident funds (PFs) and life insurance policy premiums. According to Ambit, Mr Jaitley should incentive financial savings by expanding the current Section 80C limit from Rs. 1 lakh to Rs. 1.50 lakh. PwC has called for doubling of deduction under 80C to Rs. 2 lakh. An increase in 80C limits will increase domestic savings, which can be utilised for infrastructure development.

3. Increase in exemption limit for housing loan interest:

Currently, interest up to Rs. 1.50 lakh on home loan for self-occupied property is tax free. Analysts say the current ceiling should go up toRs. 4 lakh or Rs. 5 lakh to account for the sharp rise in property prices over the last ten years. Enhancing interest exemption limit will increase affordability and benefit the entire real estate sector, which contributes nearly 6 per cent to the GDP.

4) Kissan Vikas Patra (KVP) to be reintroduced in the Section 80C

5)Tax Rebate Rs.2,000/- U/s 87A  this section will be continued for the Financial Year 2014-15 also.

Click here to download the Automated Master of Form 16 Part B with Form 12 BA for the Financial Year 2014-15 & Ass year 2015-16 ( This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA)

On July 19, 2014 by www.taxexcel.net

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