Form 16 is an income tax form. This form is used to give the details of tax deducted at source. The form 16 is only applicable for salaried individuals.
Showing posts with label TAX FORM 16 PART B FOR F.Y.2015-16. Show all posts
Showing posts with label TAX FORM 16 PART B FOR F.Y.2015-16. Show all posts
Thursday 2 June 2016
Monday 30 May 2016
Click to Download the Automated Master of Form 16 Part B for Financial Year 2015-16 and Assessment Year 2016-17[ This Excel Based Software can prepare at a time 50 employees Form 16 Part B for F.Y.2015-16]
Aadhaar
is gaining popularity as most of banks, financial institutions reduce the KYC
process if an individual is having a Aadhaar number.
Else the
person has to go through tedious process to complete KYC for doing a new
transaction or opening a new account. Recently, the Aadhar Bill was passed by
the Lok Sabha and once it becomes a law, it would be mandatory to have the same.
Only
having Aadhaar card will not help unless it is linked to your bank account.
Once you
link your Aadhaar card, one can enjoy benefits of transferring your LPG
connection, easy mobile portability and pension which will directly get
credited to your savings account.
There are
two ways online and offline method through which you can link your Aadhaar to
your bank account.
Steps to
Aadhaar card to your bank account online
1. To link
online, individual must registered with banks net banking.
2. Login
to your net banking
3. There
will be option of linking Aadhaar number. Say for HDFC Bank, one can update
Aadhaar number " update contact details"
4. For
other banks one can look for "Aadhar Bank Account Seeding" or Aadhaar
Seeding"
5. Enter
the Aadhaar details correctly.
6. Hit
submit button.
7. Bank
will verify the information the details of your Aadhaar.
8. The
same will be notified to your registered mobile and mail ID. Click to read on
how to know whether Aadhaar number is linked to bank account or not?
How to
link your Aadhaar card to your bank account Offline?
1)Download Aadhar
form or get it from the branch
2)Fill in
the correct details Carry photo copy of your Aadhar card
3)Carry
photo copy of your pan card
4)Passbook
photo copy
5)Submit
all documents at your bank
As
per RBI guidelines, Aadhaar is now set to become the single document for
opening a bank account in India .
Wednesday 14 October 2015
The Gross salary of a person includes various benefits given by his employer with different names. These benefit could be monetary or non monetary. Generally we call these benefits as allowances. Allowances which are necessary and which give us the most tax benefit are included in salary structure. We are discussing here the allowances which are fully exempt from tax if they are actually spent on performance of duties. So to plan for your taxes on income from salary, you can take note of following special allowances exempt u/s 10(14) to the extent spent for official performance of duties. These are called special Salary allowances exempt u/s 10(14) & rule 2bb.
DOWNLOAD THE ALL IN ONE TDS ON SALARY FOR GOVTAND NON GOVE EMPLOYEES FOR F.Y.- 2015-16 & A.Y. 2016-17 [This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure for Govt and Non-Govt employees + Automatic Arrears Relief Calculation with Form 10E + Automatic Calculation HRA Exemption U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2015-16]
Any salary allowances granted and spent to meet the cost of :-
- Travelling Allowances : These allowance can be given when an employee frequently goes for travel. So any expenditure on travel or Tour or on Transfer will be fully exempt. The employee will have to provide all the bills/invoices as proof of actual expenditure. He has another option to claim the reimbursement of the expenditures instead of including it as allowance in his salary
- Conveyance allowance : Granted to meet the expenditure incurred on conveyance in the performance of the duties. Max Rs. 1600/-P.M. and for Phy.disable person Rs. 3200/- P.M.
- Helper Allowances : Expenditure incurred on a helper in the performance of duties.
- Academic Allowance : The academic, research and training pursuits in educational and research institutions
- Uniform Allowances: Purchase or maintenance of uniform for wear during the performance of duties. As per some of the decided case laws it is held that expenditure on those uniform can only be claimed as allowances which was necessary to perform the duties.
These all above mentioned allowances can used while formulating the salary structure of an employee/Director. These special allowances exempt u/s 10(14) are fully exempt provided they are actually spent on the performance of duties. While deducting TDS under section 192, your employer will ask for all bills/invoices/evidence related to these special allowances exempt u/s 10(14).
The other important salary allowances which are fully exempted irrespective of the expenditure incurred on it are as follows:
- Children Education Allowance: It is a cash allowance given to an employee for meeting the cost of education of his children. It is exempt up to Rs. 100 p.m per child, restricted to two children. So you can claim up to Rs. 2400/- for a year.
- Children Hostel Expenditure Allowance : The allowance is given to meet the hostel expenditure of the Employee’s children. This is exempt up to Rs. 300 p.m per child, restricted to two children. So you can claim up to Rs.
- Transport Allowance : It is given to meet the Employee’s expenditure for travelling from his residence to office and back. This is exempt up to Rs. 1600/- p.m (From F.Y 2015-16 ) or Rs. 32000/- ( From F.Y 2015-16 ) .
This three allowances can be claimed up to the exempt limit irrespective of the expenditure incurred on it and no need to provide the proof of expenditure.
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