Click here to download the Automated Form 16 Part B & Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16 ( This Excel Based Utility can prepare more than 100 Form 16 Part B & Part A&B for FY 2014-15)

As per the Central Finance Budget 2014-15, the famous Income Tax Section  87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-is continue for the Financial Year 2014-15 also. For more clarification about this new section under clauses 19 & 20 of the Central Budget 2013 as given below:-

Clauses 19 & 20 of the Central Budget which have already passed by the Parliament, that

The new section 87A in the income tax Act relating to get the rebate of income tax in case of below given certain clauses : 

A)    The section 87A seeks to provide that an tax payer being an individual , whose total Taxable Income does not exceed 5,00,000/-( After deduction of U/s 10,16,80C and under chapter VI A). It is must be great opportunity to tax relief for below tax payers.

b)      This amendment will take effect from 1^st April 2013 which effect for the Financial Year 2013-14 and Assessment Year 2014-15 and on-wards Financial Year. How to deduct the Tax Rebate Rs. 2,000/- and where from the deduct this amount. First Calculate the Net Taxable Income > Calculate the Tax on that Taxable Income as per the Slab > Less the Rebate Rs. 2,000/- ( Who's Taxable Income less than 5 Lakh) > Calculate the Education+Cess @3% , the Total Tax will be appear. 

You can see the how to calculate the Rebate of Tax through the below given Automatic Form 16 Part A&B and Part B For the Assessment Year 2014-15.

Click here to download the Automated Form 16 Part B & Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16

On July 19, 2014 by www.taxexcel.net

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Click here to download the Income Tax Calculator ( All in One TDS on Salary) for FY 2014-15[ This Excel Utility can prepare at a time your Income Tax Calculation + Arrears Relief + Form 10E + HRA Calculation + Form 16 Part A&B and Part B for FY 2014-15]

Click here to download the Master of Form 16 Part B with 24Q & 26Q for FY 2014-15 [This Excel Utility can prepare at a time 50 employees Form 16 Part B with 24Q & 26Q for FY 2014-15]

Most of the employees who are middle class of salaried person, thought about the Income Tax Rebate Rs. 2.000/- U/s 87A will be Continuing  or not for the Financial Year 2014-15 ?. Yes this Section have also in this new Financial Year 2014-15 and can get the Tax benefits by this section also. Not only this Rebate but also the Income Tax Slab has raised from 2,00,000/- to 2,50,000/- for the below 60 years aged salaried persons and the Section 80 C has also Raised from 1,00,000/- to 1,50,000/-, it is the great news to the all of tax payers.
Now it is necessary to calculate your tax liability which will be paid in this financial year 2014-15 and Assessment Year 2015-16. Already various Web Site published new Income Tax Calculator for the Financial Year 2014-15 after just passing the Finance Budget, but they are not complete Tax Calculator or Income Tax Preparation Utility in Excel.
Now the taxexcel.net have published the Most New Income Tax Calculator with Automated Arrears Relief + Form 10E + Automated HRA Calculation + Automated Form 16 Part B and Part A&B for the Financial Year 2014-15 and Assessment Year 2015-16.
As the Finance Budget published after cover the 1st Quarter of TDS Challan 24Q & 26Q which will be submitted in the July 2014,so you have to need the Unique Excel Based Software which can prepare at a time your Income Tax Form 16 Part B with 24Q & 26Q ( All Quarters) for the Financial Year 2014-15.

Click here to download the Income Tax Calculator ( All in One TDS on Salary) for FY 2014-15[ This Excel Utility can prepare at a time your Income Tax Calculation + Arrears Relief + Form 10E + HRA Calculation + Form 16 Part A&B and Part B for FY 2014-15]

Click here to download the Master of Form 16 Part B with 24Q & 26Q for FY 2014-15 [This Excel Utility can prepare at a time 50 employees Form 16 Part B with 24Q & 26Q for FY 2014-15]

On July 13, 2014 by www.taxexcel.net

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

On July 10, 2014 by www.taxexcel.net

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