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Showing posts with label Tax Calculator for the F.Y. 2016-17. Show all posts
Showing posts with label Tax Calculator for the F.Y. 2016-17. Show all posts

Sunday 11 September 2016

Income tax is something all of us would like to reduce it to the maximum. And what better than tax saving investments under Section 80C to reduce our taxes to some extent. Choose one of the following tax saving investments before 31st March.

Download All in One Income Tax Preparation Excel Based Software for Non-Govt employees for F.Y.2016-17 & A.Y.2017-18.[ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure + Automated H.R.A.Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B ]

 PPF (Public Provident Fund)

It is one of the traditional yet highly preferred retirement planning investments. It is also a great long-term tax saving investment. The maximum amount that is allowed as an investment in the scheme is Rs 1.5 lakh. Interest income on PPF and the amount received on maturity are both tax-free.

ELSS (Equity Linked Saving Scheme)

ELSS is a mutual fund that comes within the ambit of tax saving investments. With a lock-in period of 3 years, this investment option offers an exemption of maximum Rs 1.5 lakh in a financial year. The interest rate depends on the performance of this scheme in a given year and the maturity amount from the investment is tax-free.

FD (Fixed Deposits)

Fixed deposit is another popular tax saving Investment. The interest rate varies from one bank or post office to another. The maximum exemption allowed is Rs 1.5 lakh for a minimum duration of 5 years. The interest earned and the maturity amount is taxable.

NSC (National Saving Certificate)

NSC’s are tax saving investments issued by the Indian Post Office. It has a 5-year lock in period. They offer guaranteed and tax-free returns till maturity, although the interests earned is taxable.

EPF (Employee Provident Fund)

This scheme helps save a maximum of Rs 1.5 lakh. In this fund, up to 12 % of a person’s basic salary gets deducted and the other 12 % is contributed by the employer.The amount at maturity is tax-free.

Life Insurance

Life insurance is the most popular tax saving investment under Section 80C of the Income Tax Act. With a maximum deduction of Rs, 1.5 lakh is allowed in a given financial year. The amount received at maturity or in the case of death is tax-free. Apart from the tax saving benefits life insurance helps one plan for the unforeseen events in his or her life.

ULIP (Unit Linked Insurance Plan)

ULIP is a unique combination of investment and insurance that results in a tax saving of Rs 1.5 lakh per year. The premium paid by you is split between insurance and investment. The corpus received at maturity is exempt from tax.

NPS (National Pension System)

The National Pension System is an additional tax saving investment. It is a long-term product with strict penalties on withdrawal. It is primary to encourage people to save for their retirement. Your contribution in the scheme is deducted from income tax up to a maximum of Rs.50,000. This deduction is over and above the limit of Rs 1.5 lakh of Section 80C.
However, if your employer contributes to your NPS account, it would be tax-free without any limit. And this contribution is also exempt from income tax over and above the 80C limit.

Sukanya Samriddhi Yojana

A Sukanya Samriddhi Yojana account can only be opened on a girl child’s name by her parents or legal guardians.The account can be opened anytime from the birth of the girl child till she attains the age of 10 years and it is valid up to 21 years of age. The maximum deduction of up to Rs 1,50,000 can be claimed every year under Section 80C. The maturity proceeds from the scheme are tax-free.

Wednesday 13 July 2016

The Financial Year 2016-17 has already  started From the 1st April 2016  and Tax deduction can be made as per the Finance Budget 2016, the Tax Slab have not changed, same as the previous financial year 2016-17.

But Limit of  some Tax Section has Increased by this Finance Budget.

The Section 80U have increased 75000/- P.A. and Rs. 125000/- P.A. for Blind persons.

Traveling Allowances also raised up to 1600/- P.M. and Blind Person can avail Rs. 3200/- P.M.

Section 80D Raised Rs. 25000/- and Sr.Citizen Rs. 30,000/-  

Additional House Building Interest U/s 80EE has increased from Rs.1 Lakh to 1.5 Lakh, excluding the Tax Section 24B.

It is necessary to calculate your Tax Liability for the Financial Year 2016-17 for guessing the actual Tax Liability for the Financial Year 2016-17 and you can Plan how  to save tax for this Financial Year FY 2016-17.

Below Given Excel Based updated Income Tax Software All in One for all type of Employees like as Govt employees and also Non-Govt employees.

The below given Excel based Software which can prepare at a time Income Tax Computed Sheet + Automatic Arrears Relief Calculator + Automatic House Rent Exemption calculation + Inbuilt Salary Structure for both Govt & Non Govt employees which can prepared on the basis of Salary Pattern of each Govt and Non Govt concerned +Automated Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B + Automated Form 16 Part B for the Financial Year 2016-17 and Assessment Year 2017-18.

It is most hazards to calculate individually HRA Calculation separately another sheet and also it is a hazard to calculate the Arrears Relief Calculation from the financial Year 2001-02 to 2016-17. This Excel Utility can prepare all the calculation just a moment. Thus your time may reduce for calculating the actual Income Tax of each employee.

Feature of this Utility:-

·         Automatic Calculate Income Tax with Tax Computed sheet individually

·         Individual Salary Structure for calculating the Gross Salary Income 

·         Salary Structure have prepared on the Basis of Govt and NonGovt Salary Pattern

·         Automatic Calculate the House Rent Exemption Calculation U/s 10(13A)

·         Automatic Calculate the Arrears Relief Calculation with Form 10E since 2001-02 to 2016-17

·         Automated Form 16 Part A&B

·         Automated Form 16 Part B

·         Automatic Convert the Amount into In Words

1) Download All in One TDS on Salary for Non-Govt Employees for F.Y.2016-17 & A.Y.2017-18 [ This Excel Based Software can prepare at a time Tax Compute Sheet + H.R.A. Calculation +Individual Salary Structure + Individual Salary Sheet + Form 12 BA + Form 16 Part A&B and Form 16 Part B ]

2) Download All in One TDS on Salary for Govt & Non-Govt Employees for F.Y.2016-17 & A.Y.2017-18 [ This Excel Based Software can prepare at a time Tax Compute Sheet + H.R.A. Calculation +Automated Arrears Relief Calculator U/s 89(1) with Form 10E + Individual Salary Structure + Individual Salary Sheet + Form 16 Part A&B and Form 16 Part B ]


Thursday 23 June 2016

The Financial Year 2016-17 has already  started From the 1st April 2016  and Tax deduction can be made as per the Finance Budget 2016, the Tax Slab have not changed, same as the previous financial year 2016-17.

Tuesday 24 May 2016

The Financial Year 2016-17 has already  started From the 1st April 2016  and Tax deduction can be made as per the Finance Budget 2016, the Tax Slab have not changed, same as previous financial year 2016-17.