All in One Income Taxpreparation Excel Based Software for West Bengal Govt employees For Ass Yr2015-16( This Excel Utility can prepare at a time your Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automated HRA Calculation + Form 16 Part A&B and Part B)

                      Snapshot of Main Data Input Sheet

  Snapshot of Salary Structure of W.B.Govt employees

                              Snapshot of Salary Sheet

                            Snapshot of Form 16 Part B

                           Snapshot of Form 16 Part A&B

The Financial Year have already started since the 1/4/2014 and which will be end of March 2015. In this Financial year have already passed the New Central Finance Bill and some Income Tax Section introduce to the Income Tax Payers ( All Salaried Persons). It is observed that the Income Tax Slab has  changed up to Rs. 2.5 Lakh and the Section 80C also Raised up to Rs. 1.5 Lakh in this Financial Year 2014-15, Tax Slab For Men and Women is Rs. 2,50,000/- = NIL and 2,00,001 to 10,00,000/- Tax @ 10% and above 10,00,000/- @ 20%.  

The New Income Tax Section started from the Financial Year 2013-14 is given below:-

Section 87A Tax Rebate Rs. 2,000/- who's Taxable Income not more than 5,00,000/-

Section 80EE, House Building Loan Interest who's HBL interest started since 1/4/2013 Max Rs. 1,00,000/- additional amount of U/s 24 B.

Download the utility from below link.

Download the Excel Utility for West BengalGovt employees for FY 2014-15

On December 03, 2014 by www.taxexcel.net

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Click here to Download the All in One TDS on Salary for West Bengal Govt Employees for the Financial Year 2014-15 & Ass Yr 2015-16 ( Prepare at a time Tax Compute Sheet + HRA Calculation + Individual Salary Sheet + Form 16 Part A&B and Part B)

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 in the Finance Budget will be continued for the Financial Year 2014-15 also.

Click here to Download the All in One TDS on Salary for West Bengal Govt Employees for the Financial Year 2014-15 & Ass Yr 2015-16 ( Prepare at a time Tax Compute Sheet + HRA Calculation + Individual Salary Sheet + Form 16 Part A&B and Part B)

On July 23, 2014 by www.taxexcel.net

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