Showing posts with label Tax Form 16 Part B for F.Y.2016-17. Show all posts
Showing posts with label Tax Form 16 Part B for F.Y.2016-17. Show all posts
Tuesday 4 July 2017
Thursday 22 June 2017
In this fast moving world, young individuals switch job more often with an aim to get a better opportunity and better increment.
Form 16, is very vital for the salaried employee while filing tax returns.
However, a situation may arise when they have to file returns and are left with multiple Form 16. Here are 10 things you must know on Form 16.
Download and prepare at a time 50 employees Automated Master of Form16 Part B for F.Y.2016-17 & A.Y.2017-18
Download and prepare at a time 100 employees Automated Master of Form16 Part B for F.Y.2016-17 & A.Y.2017-18
1) Form 16 is issued by the employer to employee. This certificate provides all details of salary earned and tax deducted at source by the employer.
2) If a person has changed job, he needs to collect the Form 16 from both the employer at the year end, with the help of both forms only he would able to file his returns.
3) An individual can have multiple Form 16 in cases such as a change in job or work with multiple employers simultaneously.
4) If your salary drawn is below the basic exemption limit, you may not be issued with this certificate by your employer as no TDS is deducted.
5) If your employer has not provided with Form 16, you can check the salary slip as it will mention the same.
6) Form 16 includes key information required such as gross salary, perquisites, various allowances, and deductibles.
7) If you have changed the job in the same financial year, authorities require you, to sum up, the total income from both the employers and file income tax return.
8) If the previous employer has not issued form 16 on account of some reason such as no tax deduction at its end, the employee can file the return taking into consideration the pay-slips plus the form 16 issued by the new employer.
9) If you do not wish to furnish form 16 issued by your previous employer to the new employer, you can file tax return taking cues from the two form 16 issued by the previous and new employer.
10) Form 16 will must mention the PAN Number of the employer.
Tuesday 18 April 2017
Click here to Download Automated new amended Format of Form 16 Part B for the Financial Year 2016-17( This Excel Based Software can prepare at a time 50 employees Form 16 Part B)
At a Glance Under Section 80DDB for Medical Treatment as per the Income Tax Rules 11DD:-
The deduction u/s 80DDB is available if the expenses for the medical treatment of specified disease or ailment is incurred by the assessee on himself or on dependent. The specified disease for the purpose of section 80DDB is prescribed in Rule 11DD as under 11DD. (1) For the purposes of section 80DDB, the following shall be the eligible diseases or ailments :
(i) Neurological Diseases where the disability level has been certified to be of 40% and above,
(a) Dementia ;
(b) Dystonia Musculorum Deformans ;
(c) Motor Neuron Disease ;
(d) Ataxia ;
(e) Chorea ;
(f) Hemiballismus ;
(g) Aphasia ;
(h) Parkinsons Disease ;
(i) Malignant Cancers;
(ii) Full Blown Acquired Immuno-Deficiency Syndrome (AIDS) ;
(iii) Chronic Renal failure ;
(iv) Hematological disorders :
(v) Hemophilia ;
(vi) Thalassaemia.
The amount of deduction allowable under section 80DDB is the expenditure actually incurred or Rs. 40,000/- (Rs. 80,000/- for senior citizen) whichever is lower.
Click here to download the Automated Form 16 Part A&B F.Y.2016-17( This Utility can prepare at a time 50 employees Form 16 Part A&B)
Wednesday 8 February 2017
Tax Benefits for Various Sections of Home Loan:
The tax benefits under various sections of the Income Tax Act not only attract people who need a loan put is also beneficial for people who can pay out of there on the source of savings, as it provides them flexibility in payment and they need not do away with their liquidity.
Let’s first note the various income tax provisions under which tax benefits are available to the taxpayers.
Download & Prepare at a time 50 employees automated Income Tax Form 16 Part B for F.Y.2016-17 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part B as per the Finance Bill 2016-17]
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Form 16 Part B
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Form 16 Salary Structure
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Main Data input sheet for Filling the Form 16 Part B
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- Tax Benefits for Interest paid on housing loan: Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. The interest component of the EMI is allowed as a deduction under the head ‘Income from Housing Property’, u/s 24 of the Income Tax Act. The amount permissible for deduction is Rs. 2,00,000/- for AY2017-18. Further, in case the house against which loan is taken is given on rent, there is no cap on the amount of interest allowed as deduction.
- Tax Benefits for Repayment of principal on Home Loan: The principal component paid out of the EMI is permissible as a deduction up to Rs. 1,50,000/- under section 80C of the Income Tax Act.
- Interest paid during the pre-construction period on Home Loan: Interest deduction cannot be claimed for under construction property. However, once the construction is completed, the amount of interest paid on the loan borrowed prior to completion, which is ‘Pre-construction interest’, can be claimed as a deduction in 5 equal installments from the financial year in which construction is completed. Further, construction has to be completed within 5 years from the end of the financial year in which loan is taken.
- Higher deduction in case of a Joint Home loan and ownership: In case both husband and wife are working, the deduction with respect to interest on the home loan and repayment of principal can be claimed by both in the proportion to their ownership share.
Download Automated 50 employees Income Tax Form 16 Part A & B for F.Y. 2016-17 [ This Excel Utility can prepare at a time 50 employees Form 16 Part A &B for F.Y.2016-17]
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Form 16 Part A &B
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Avail both Home loan deduction and House Rent Allowance (HRA) exemption: The deduction u/s 24 (Interest on a home loan) and u/s 80C (Repayment of principal) can be claimed along with exemption of HRA. For e.g. A person has bought a flat in Pune and taken a home loan for the same. However, due to his job requirement, he needed to shift to Mumbai in a rented apartment. In this case, he can claim rent paid for the Mumbai Property as HRA exemption [u/s 10(13A)] along with a deduction of interest and principal for the Pune property.
Download Automatic House Rent Exemption Calculator U/s 10(13A)
Saturday 26 November 2016
List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc., (Only Individuals/HUF). Find List of Income Tax Deduction under section 80C. Hi, Friends here we are providing Complete List of available Deductions U/S 80C for AY 2016-17 or FY 2015-16. In this article, you can find a list of Available deduction in the hands of INDIVIDUALS Only, a list of Available deduction in the hands of INDIVIDUALS & HUF, Other Special Points for Sec. 80C. Now you can scroll down below and check complete List of Various Deductions Under Section 80C
List of Various Deductions Under Section 80C
Available deduction in the hands of INDIVIDUALS Only: Subscription to National Savings Scheme. Subscription to NSC, even interest on that is qualified for deduction Subscription Units of Mutual Fund/UTI
Contribution to a Pension Fund set up by a Mutual Fund/ UTI/ National Housing Bank Tuition Fees paid to University, College, School or other Education Institution situated in India for full-time education of Children, other Donation or Development Fees. (Maximum 2 Children)
Housing Loan Principal.
Term Deposit for at least 5 years with a Scheduled Bank. Subscription to notified NABARD Bonds.
A deposit under the Senior Citizen Savings scheme 5 year Time Deposit in an account under the Post Office Time Deposit NSC. G.P.F./VPF/EPF
Available deduction in the hands of INDIVIDUALS & HUF:
· Any sum paid by an Individual to effect or to keep in force an Insurance on the life of an Individual, his/her Spouse, any Child (whether married/unmarried or dependent/not dependent). In the case of the HUF, the premium should be paid in the life of any member of the family.
· Contribution to a PPF . Minimum Rs. 500 & Maximum Rs. 1.5 Lakh
· Contribution to ULIP of LIC/UTI and continuous for a minimum period of 5 years.
· Contribution to Annuity Plans of Insurance Companies.
Download Automated All in One Income Tax Preparation Excel Based Software for Central Govt employees for Financial Year 2016-17 & Ass Yr 2017-18. [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Central Govt Salary Pattern + Automatic H.R.A. Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B as per the all amended of Income Tax Section by the Central Finance Bill 2016-17]
Other Deduction of Sec. 80C
1. The total limit under this section is Rs 1.50 lakh from Financial year 2016-17 / Assessment Year 2017-18. Under this heading many small savings schemes like NSC, PPF, and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C
2. If the assessee transfers the HP in respect of which deduction has been claimed, before the expiry of 5 years from the end of the F.Y in which possession of such properties obtained by him. No deduction shall be allowed in the PY in which house is transferred. The deduction allowed in the earlier years shall be deemed to be income of the assessee of the PY, in which the house is transferred.
3. In case a member participating in the ULIP terminates before making the contribution for 5 years, then the same treatment shall be given as given in point 2.
4. DThe deduction is available only if amount is paid/contributed/ invested during the previous year i.e. on or before 31st of March.
5. Additional Deduction U/s 80CCD(2) :- Employer’s Contribution to the Employee’s Pension Fund.
6. Additional Exemption U/s 80CCD(1B) :- Max Rs. 50,000/- out of Max Limit 1.5 Lakh U/s 80C.
Wednesday 26 October 2016
Most new Excel Based Income Tax generated Software for the Central and State Govt employees for the Financial Year 2016-17 and Assessment Year 2017-18.You can prepare at a time your Income Tax Compute Sheet + Individual Salary Sheet + Automatic HRA Exemption + Automatic Form 16 Part B and Form 16 Part A&B. In this Excel Based Software have a Salary Structure which can fit for all the Central and State Govt employees.
In this Salary Structure you can easily Calculate your Gross Salary Income and after generating this Salary Sheet the other Form 16 Part B and Part A&B will be generated automatically. All the Income Tax Section have in this Utility with the brief of each Income Tax Section. No need to manually fill the Form 16 part B or Part A&B.
Below given the Snapshot of this Excel Based Software :-
Click here to download the All in One Income Tax Preparation Excel based Software for Central Govt and All State Govt employees for the F.Y.2016-17. [ You can prepare more than 100 employees Tax Computed Sheet One by One by this One Software]
Friday 14 October 2016
Downloadthe Automated Master of Form 16 Part-B for prepare at a time 100 employees Form 16 Part -B for Financial Year 2016-17 and Assessment Year2017-18.
This Excel Based utility can prepare at a time 100 employees Form 16 Part -B for F.Y.2016-17.
Feature of this Excel Utility :-
1) Automatic Prepare at a time 100 employees Form 16 Part - B for F.Y.2016-17
2) Most easy to generate this Excel Utility, just like any Excel File
3) You can prepare more than 1000 employees Form 16 Part - B by this One Software.
4) Automatic Convert the Amount into the In Word without any Excel Formula
5) All amended Income Tax Section have in this utility as per the Finance Bill 2016- 17
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