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Showing posts with label Tax Rebate Rs.2000/- U/s 87A. Show all posts
Showing posts with label Tax Rebate Rs.2000/- U/s 87A. Show all posts

Sunday 24 April 2016

Download Automated Master of Form 16 Part B for F.Y.2015-16 [This Excel based utility can prepare at a time 100 employees Form 16 Part B for F.Y.2015-16]

The CBDT has already changed the Format of Form 16 dated on 19/2/2013. In this Format have two part. Part A which found the Tax Deducted At Source and deposited in to the Central Govt Account  and another Part B which is found the details of employee's Salary. This Part B is mandatory to prepare by the employer. This Part A is mandatory to download form the Income Tax TRACES  Portal. 

Most of Employer or deductor yet not well known about this new Format of form 16. Also you most of employer could not able to download the Form 16 Part A from the TRACES portal.

Who have not able to download the Form 16 Part A from the TRACES Portal, they can use this below given both in one file Form 16 Part A&B in New Format of Form 16. 

This Excel Based Software can prepare at a time 100 employees Form 16 Part B for the Financial Year 2015-16 and Assessment Year 2016-17. This Utility can use both of Govt and Non Govt Concerned.

Saturday 30 May 2015

 Download the Automatic Master of Form 16 Part B [This Excel Based Software can prepare at a time 100 employees Form 16 Part B for the Financial Year 2014-15]

The CBDT has already changed the Format of Form 16 dated on 19/2/2013. In this Format have two part. Part A which found the Tax Deducted At Source and deposited in to the Central Govt Account  and another Part B which is found the details of employee's Salary. This Part B is mandatory to prepare by the employer. This Part A is mandatory to download form the Income Tax TRACES  Portal. 
Most of Employer or deductor yet not well known about this new Format of form 16. Also you most of employer could not able to download the Form 16 Part A from the TRACES portal.
Who have not able to download the Form 16 Part A from the TRACES Portal, they can use this below given both in one file Form 16 Part A&B in New Format of Form 16. 

This Excel Based Software can prepare at a time 100 employees Form 16 Part B for the Financial Year 2014-15 and Assessment Year 2015-16. This Utility can use both of Govt and Non Govt Concerned.

 Feature of this Utility:-

  • Automatic Calculate the Income Tax of each employee
  • Automatic Prepare the Form 16 Part B in New Format
  • Automatic Convert the Amount in to the In Words
  • Prevent the Double entry of PAN No and Name of Employee
  • Govt and Non Govt Concerned can use this utility
  • All the new Tax Section have in this Excel Utility
  • Easy to install and easy to Generate

Download the Automatic Master of Form 16 Part A&B [This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for the Financial Year 2014-15]

Saturday 9 May 2015

Prepare at a time 100 employees Form 16 Part A&B for FY 2014-15 [Who are not able to download Form 16 Part B from the TRACES Portal,they can use this Form 16 Part A&B for FY 2014-15]

Do you feel that you are paying excess tax? Do you think that you can save tax? Have you not done proper tax planning? Do you want to know the ways of saving tax? We will learn the most useful tax saving method in this post.
Indeed, you or anyone else has the scope of saving tax. There are many ways which can cut your tax outgo. Today I will tell you the 10 best tips of tax saving.

1. Save Tax Through Salary Restructuring

There may be many expenses which you are doing because of your job. If you leave your job today, many of your expenses will end. Such as you wear a uniform just for the sake of your job. You travel to the office daily only for the job. You may be entertaining clients and spending over them to fulfill your job. You must be reading certain newspapers, magazines or books for your job purpose.
If you leave the job such expenses would end. It means, these are forced expenses and your employer should pay for them. Such expenses should go to the account of  employer expense. Since you are only medium of such expense this should not be part of the income.
Talk to your employer and ask to restructure your pay. You should get perks and allowances for such expense. This should not be part of your salary.
These perks and allowances or non taxable if incurred actually. However, you need to give proof of these expenses to avail tax-free allowances.

Some Allowances Which Save Tax    

            ·     Conveyance      
                    ·     Driver   
                    · Newspaper, Books and Magazine
                   ·    Medical Treatment  
                   ·    Uniform Allowances 
                   ·   Telephone and Mobile   
                   ·   Personality Development   
                   ·   Office Entertainment
However, these allowances are given according to the grade. You can’t ask all of them. Your employer will decide the eligibility of allowances. You can only demand.

2. Save Tax On Rent Payment U/s 10(13A) Click to Download HRA Calculator U/s 10(13A)

We get a job in a different city or place. We go there to do our job. If the company does not give us accommodation we have to rent out. We live in rented house because of our job. Therefore, expense of rent should be deducted from the taxable income.
Employers do give some part of your remuneration as House Rent Allowance (HRA). You subtract this HRA from your gross income. However, you cannot take full benefit of HRA for tax saving. There is a formula for the HRA tax benefit.
You can deduct the lowest of these from gross income.   
       ·  Actual HRA given by the employer    
       ·   50% of the basic salary plus DA if the employee is situated in Delhi, Mumbai, Kolkata and Chennai. Else, 40% of the basic salary plus DA. 
      ·   Actual house rent paid by you, minus 10% of basic salary+DA.
           HRA gives you big tax saving. Ask your employer to keep the provision of HRA in your salary structure.
Also, Don’t forget to take rent receipts from your house owner. If your total rent of a financial year exceeds 1 lakh then you need to give copies of registered lease agreement and copy of the homeowner’s PAN card.
You can also give the rent to your parents. But you have to complete all the formalities of lease as stated above.

3. Leave Travel Allowances and Medical Expense U/s 80D

Click to download Master of Form 16 Part B for Govt & Non Govt employees for FY 2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B for AY 2015-16]

Some personal expenses are also eligible for exemptions. These Expenses are deducted from your gross salary. Your employer may give you part of your salary as medical allowance. Check with the HR department.
If you produce an actual bill of medical expenses, this allowance becomes tax-free. So, Start collecting medical bills. However, it is limited to Rs 15,000 in a financial year. You can give receipts of medical expense of your dependents as well.

Your employer can give you leave travel allowance as well. You are entitled to tax-free leave travel allowances,U/s 10              

                   ·  It is also limited to two times in a block of 4 years.       
                    · The travel should occur while you are on the leave.  
                    · It should be within India.  
                    · Travel should be from the shortest route.  
                    ·  You can claim the maximum for AC-I of the train journey and economy class of air travel.

4. Invest And Reduce Taxable Income,U/s 80C[ Click to view details of deduction U/s 80C]

Certain investments give your tax rebate. These investments come under section 80C of deductions. The amount invested is deducted from your taxable income. Many of such investments come under EEE category. It means you need not to give tax at the time of  investment, earning and redemption. However, There is a maximum limit for 80C deductions. It has become 1.5 lakhs after the budget  of 2014.

List of Investments Which Saves Tax    

             ·     Contribution to EPF account               ·   Deposit in PPF account              · Investments in tax saving mutual funds i. e. Equity Linked Saving Scheme (ELSS)                ·    Deposit in tax saving FD                ·   Investment in National Saving Certificate (NSC)               ·  Deposit into Senior Citizen Saving Scheme
There are some expenses which also give a deduction for tax saving.  I have listed here only investments.

Download Automatic Form 16 Part A&B and Part B for FY 2014-15 [ This Excel utility can prepare One by One Form 16 Part A&B and Part B for AY 2015-16]

5. Expenses Eligible For Tax Saving

Under the limit of 1.5 lakh deduction there are some expenses as well.    
           ·   Tuition fees for self and children   
           ·   Insurance scheme premium     
           ·  Home loan principal payment- Home loan EMI has two-part, principal and interest. Principal part gives tax saving benefit under section 80C.
These expenses and above mentioned investment in aggregate should not exceed 1.5 lakh limit.
 6. Medical Insurance Deduction,U/s 80D
Medical Insurance expense gives you the deduction, over and above the 1.5 lakh limit. You can save tax for the health insurance premium of your family and dependent parents. Also, health checkup can also give you tax saving. You can deduce these expenses from your total taxable income.             
·  Up to Rs 15,000 for the health insurance of self and family. You can also include health checkups of up to Rs 5,000 within this limit.  
·    Up to Rs 15,000 for the health insurance of parents. If they are above 60 years, This limit goes up to 20,000.

Click here to Download Master of Form 16 Part B for FY 2014-15 [ This Excel Utility Can prepare at a time 100 employees Form 16 Part B for FY 2014-15]

7. Enjoy Tax Benefit On  Home Loan Interest Payment U/s 24B


Home loan interest payment enjoys separate tax saving. The limit of deduction for home loan  interest payment is increased to 2.0 lakhs U/s 24B in the first Modified budget. This deduction can give you a very big tax saving. However, the loan amount should be big to get the full benefit.

Friday 6 March 2015

Download Master of Form 16 with Form 12 BA for FY 2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B with Form 12 BA ]


      Under Section 80GG, an Individual can claim deduction for the rent paid even if he does not get House Rent Allowances. Not many people are aware of this deduction.
Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence.
Such deduction is permissible subject to the following conditions :-
  • The Individual has not been in receipt of any House Rent Allowance from his employer      specifically granted to him which qualifies for exemption under section 10(13A) of the Act;
  • The Individual files the declaration in Form No. 10BA. Download Excel Based Form 10 BA
  • The employee does not own:
  1.  A)  any residential accommodation himself or by his spouse or minor child or where such Individual is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or
B ) at any other place, any residential accommodation being accommodation in the occupation of the Individual, the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be.
  • He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income, subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out these percentages will be computed before making any deduction under section 80GG. In other words, eligibility will be least amount of the following :-
2)
  1. Rent paid minus 10 percent the adjusted total income.
  2. Rs 2,000 per month.
  3. 25 percent of the adjusted total income.

  • The deduction will also not be available to an assessee if any residential accommodation is owned by the assessee at any other place, which he is occupying, and the concessions in respect of self-occupied house are claimed by him for that property. In such a case, no deduction will be allowed in respect of the rent paid, even if the person does not own any residential accommodation at the place where he ordinarily resides.