Prepare at a time Tax Compute sheet+ Individual Salary Structure +Arrears Relief +HRA Exemption +Form 16 Part B +Form 16 Part A&B for Govt and Non-Govt Employees for FY 2015-16 And AY 16-17

The Financial Year 2015-16 has already started and as per the Finance Budget 2015, the Tax Slab have not changed, same as previous financial year 2014-15. 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/-

It is necessary to calculate your Tax Liability for the Financial Year 2015-16 as the D.A. has also increased to the Govt employees time to time.


It is most hazard to calculate individually HRA Calculation separately another sheet and also it is hazard to calculate the Arrears Relief Calculation from the financial Year 2000-01 to 2015-16. 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.

This Excel Based Software Can prepare more than 500 employees Tax Computed One by One for the Financial Year 2015-16 and  Assessment Year 2016-17
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 prepare on the Basis of Govt and Non Govt Salary Pattern

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

·         Automatic Calculate the Arrears Relief Calculation with Form 10E since 2000-01      to 2014-15

·         Automated Form 16 Part A&B

·         Automated Form 16 Part B

·         Automatic Convert the Amount in to In Words


Click here to Download theExcel Based Software All in One Tax preparation Software for Govt and Non-Govt employees for  F.Y.2015-16 and A.Y.2016-17[This Excel Utility can prepare at a time Income Tax Computed Sheet + Automatic Arrears Relief Calculator + Automatic House Rent Exemption calculation + In built Salary Structure for both Govt & Non Govt employees which prepared on the basis of Salary Pattern of each Govt and Non Govt concerned + Automated Form 16 Part A&B + Automated Form 16 Part B for the Financial Year 2015-16 and Assessment Year 2016-17.]

Budget 2015: Key highlights for middle class tax-payers, with Tax Calculator for Financial Year 2015-16 for Salaried Persons

Download Income Tax Calculator for Govt & Non Govt employees for Assessment Year 2016-17 with all amended Tax Limit as per New Finance Budget 2015-16


* No change in tax slabs or minimum taxable limit for the Financial Year 2015-16 and Assessment Year 2016-17

* The transport allowance exemption hiked to Rs 1,600 per month from Rs 800 per month U/s 10

* Limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000. For senior citizens limit increased from Rs 20000 to Rs 30000. U/s 80D

* Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of Rs 30000 towards medical expenditures.

* Deduction limit of Rs 60000 with respect to specified decease of serious nature enhanced to Rs 80000 in case of senior citizen. U/s 80DDB

*Additional deduction of Rs 25000 allowed for differently abled persons.U/s 80U

*Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from Rs 1 lakh to Rs 1.5 lakh.U/s 80CCC


*Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt. Max Rs.1.5 Lakh U/s 80C


What is the benefits of Income Tax Return File, Who and Why need to File Income Tax Return

Who needs to mandatory to file ITR?
As per Income tax laws;
You need to file your income tax return if your gross taxable income (without any tax saving deduction) is more than the basic tax limit applicable for you.
Gross Taxable Income is defined as
Total Income for the financial year
(Minus) Conveyance Allowance, LTA, HRA, Profession Tax, Home loan interest, etc.
But before exemptions under Section 80C to 80U etc which includes investments such as ELSS, PPF, NPS, Insurance etc
Below is the Basic Tax limit:
§                    For citizens below 60 years of age – Rs 2.5 Lakhs
§                    Between 60 and 80 years (Senior Citizens) – Rs 3 Lakhs
§                    Above 80 years (Very Senior Citizens) – Rs 5 Lakhs
Some Examples:

 1.                 If you are 58 years of age and your income is Rs 3 lakhs, you need not necessarily pay tax as you can invest Rs 50,000 in Sec 80C (such as PPF, ELSS etc) and pay 0 taxes. But still you will need to file your tax returns.

2.                 If you are 81 years of age and your income is Rs 4.5 Lakhs you need not necessarily file income tax return as the basic tax limit is Rs 5 lakhs for very senior citizens.
Other than the above you still need to file your ITR if you satisfy any of the following conditions:
1.                 You have to claim any excess tax deposited
2.                 You have losses that you want to take forward to next financial years
3.                 If you have any foreign asset or income from sources outside India
4.                 If you have income from property held by a trust
Why filing ITR is good idea?
Other than the categories of people described above who needs to mandatory to file ITR, we encourage everyone with income to file their ITR because of following reasons:
1.                 ITR is required when you want to take any loan. This serves as valid income proof especially for the self employed.
2.                 Also it’s useful document when you apply for Visa for some countries
3.                 The filing of ITR is easy, free and can be done by self in 15 – 20 minutes especially if you income sources only from salary/pension, fixed deposit interests etc.

Is e-filing ITR mandatory?

You would need to e-file your income tax return in case
1.                 You have to claim refund of excess tax paid
2.                 Your gross income is more than Rs 5 lakhs
3.                 ITR forms 3, 4, 5, 6 & 7 have to e-file
However for citizens above 80 years of age, they can still file their returns in paper format if they are using ITR forms 1, 2A or 2.

Last date for Filing ITR?

The last date for filing income tax return for AY 2015-16 (FY 2014-15) is August 31, 2015. However in case you are carrying on a business and your accounts are required to be audited, the due date gets extended till September 30, 2015.

What if you miss the ITR deadline?

In case you miss the deadline for filing your ITR for AY 2015-16, you can still do it by March 31, 2016 without any penalty and up to March 31, 2017 with penalty. But in either case you loose on following benefits:
1.                 You cannot revise your returns in case you find any error on a later date
2.                 You cannot carry forward your losses
3.                 In case you had tax due, you will need to pay penalty on that – 1% for every month of delay

What’s the Penalty for non-filing ITR?

In case you do not file your income tax return for AY 2015-16 by March 31, 2016  (but should have filed as per IT laws),the assessing officer can put a fine of up to Rs 5,000 under section 271F after hearing the credits of your case.


Ideally everyone with income should file their IT return as it serves as valid proof of income. Paying taxes and filing returns are two different things and you should not default on either. So even if you paid all your taxes or have zero tax liability you must file your returns as per law.

IRCTC Updates: No ID Needed For Tatkal Bookings, IRCTC Requests to Banks For Providing OTPs

Indian Railways has announced several new updates and programs this week. Here is a quick brief:

No IDs Required For Tatkal Tickets

Indian Railways has decided to stop the practice of asking identity proofs during booking –both online and offline. As per an official release, the ID proof would only be required to show during the journey.

As of now, passengers are mandated to provide booking clerk an attested copy of their identity proof while booking from counter, and mention the ID number in online bookings.
Stopping of this step will certainly benefit the passenger during tatkal bookings, as much time is lost in arranging such photocopies and providing them to the booking clerk.

IRCTC Requests Banks For Providing OTPS

As of now, IRCTC has formally partnered with 50 banks for providing payment options during an online booking. However, only 24 banks have One Time Password (OTP) arrangement, which creates fraud possibilities and obstruct smooth flow for the Railways.

IRCTC has formally requested all the remaining banks to initiate OTP procedure so that customers don’t face any hassle while booking tickets. In fact, these 26 banks without OTP system has been given a deadline of August 15th to implement the same.

IRCTC GM (software) M Srinivas said, “We need to implement OTP system by all the banks with a view to checking fraudulent transactions on the IRCTC website. Railway crime branch has also put the IRCTC on alert about fraudulent transactions,”


Out of these 50 banks, 28 banks provide net banking, six offer payment gateways, 10 provide debit card option, 4 offer cash cards while 1 each is EMI-based and IRCTC prepaid card system.

All about Income Tax Salary Certificate Form 16 for Salaried persons for F.Y.2014-15 with Automatic Form 16 for F.Y.2014-15

 What is Form 16:

 If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee including Name, Permanent Account Number (PAN) etc , details of the salary you have earned, Perquisites that has been offered, allowances given , details of Chapter VIA deductions and the tax deducted on your salary by your Employer and paid to the government. It also has Employer details like Name, permanent account number PAN, TAN etc.

This is the basic document which is required by the employee to file income tax returns because Form-16 contains income chargeable under the head “Salaries” which is the taxable salary. The same needs to be indicated in Income Tax Returns.


Form 16 has 2 parts – Part A and Part B.
Part A has TAN (tax deduction & collection account number) of the employer & PAN (permanent account number) details of both the employer and employee. The name and address of employer and employee is also mentioned. It also mentions the assessment year and provide summary of tax deducted from your income and deposited to the government as per the quarterly TDS return filed by the employer. A monthly detail of TDS deducted and deposited is also certified.


Part B is an important part of your Form 16 since it has a consolidated detail of salary paid to you during the year. The breakup of your salary as well as detail of deduction claimed by you under section 80 of the income tax act is mentioned. Deductions under Chapter VIA include details of amounts claimed under Section 80C for EPF, PPF, NSC, life insurance premium or Section 80D for health insurance, Section 80G for donations made are all mentioned here. It also shows your total taxable income and tax deducted on such income.


Necessity of Form 16 In Filing Income Tax Return: Form 16 is necessary to file an income tax return in India because Firstly, Form 16 acts as a checker for you to verify whether your employer has deposited the whole amount of TDS that he may have deducted from your salary. Secondly, it will enable you to file Income tax return disclosing the correct taxable salary income and various deductions from your salary like EPF, Profession tax and TDS.

Download Amended Format of Form 16 Part B  for the Financial Year 2014-15 ( This Excel based Software can prepare at a time 50 employees Form 16 Part B for F.Y.2014-15)



Download Amended Format of Form 16 Part A&B for the Financial Year 2014-15 ( This Excel based Software can prepare at a time 50 employees Form 16 Part A & B for F.Y.2014-15)



  
Employer Obligation to provide Form 16 :- Further, it is the obligation of the employer to provide a Form 16 to all employees by 31 May of the assessment year (AY), if TDS has been deducted , In case no TDS has been deducted by the employer they may not issue you a Form 16.The employer can be liable to pay a penalty of Rs. 100 for each day by which he delays issuance of this certificate, also if you have been employed under more than one employer during the year, each of your employers will provide you a Form 16.


Filing of Income Tax Return without Form16:- Even if Form 16 has not been issued you cannot escape from the liability to file Income Tax Return , therefore to file income tax return without Form 16 you need to collect your monthly salary slip and compute total salary for the year.
Note: The amount credited in your bank statement is after deducting the tax at source but for reporting in ITR you need to calculate Gross Salary.



An employee receives many types of allowances in the form of salary while some allowances such as conveyance allowance, medical allowance, HRA, etc. are exempt from income tax while dearness allowance is completely taxable. Hence, the IT Department allows you to deduct the exempt allowances from salary to arrive at the figure of taxable salary.

Since you have not received form 16 from your employer, you must verify Form 26AS to know about the TAN and TDS deducted by your Employer


If you have other income as well apart from salary then sum up all the income like Income from renting of House property , capital gains from sale of assets , income from other sources like interest on bank deposits, RDs, FDs etc.


Deduct tax benefit from the above computed income like investments made under NSC, LIC, tuition fees, PPF, and repayment of principal of housing loan under section 80C. Similarly, donations made to charitable institutions can be claimed under section 80G, and payment made towards premium of medical insurance policy can be claimed in section 80D.


After summing up all income and deducting the tax benefits , the resultant computation will be taxable income. Now, calculate income tax on this taxable income using the IT slab rates for financial year 2014-15.



Now you are all set for filing tax return. You can now visit the online tax filing site http://www.tdscpc.gov.in to file your INCOME TAX RETURN.

File your Income Tax Return Online without download any Excel Based Utility for the Assessment Year 2015-16

Income Tax Department has come up with a New user friendly online Income Tax Return filing tool. Unlike the tools provided earlier in which we have to fill up an offline Excel sheet, the new Income Tax tool has a neat online interface for filling up and saving data at once. Undoubtedly, the new online Income Tax Return filing facility is user friendly and professional.
We could see that presently this online tool is applicable only for ITR-1 and ITR-4S. We hope to Income Tax Department would extend this online tool to ITR-2 also in the near future.
While many of the salaried employees finished ITR filing as the deadline for the same is round the corner, some of the employees who have taxable income not  more than Rs 5 lakh were waiting for income tax notification for exempting them from filing income tax return like previous years.
But income tax department has clarified that there will not be any exemption this year for salaried employees from filing income tax return. The main reason putforth by income tax department for for not extending exemption from filing income tax return is enhanced and user friendly e-filing features have been provided in the official income tax website which would facilitate all salaried employees to file their IT return online
Here is an intro to this useful tool
1. Go to this Income Tax Department’s Official online ITR filing Website. Register using your PAN and get user name and password, if you have not already registered.
2. Login in to New Income Tax E-filing tool
3. Once you have successfully logged in you will land in to following page
4. After you select the ITR type and relevant year for which ITR has to be filed, entry page of ITR will be shown. The first tab will be containing the instructions for filling the data
5. As you are in logged in session, it is adviceable to save the data entered after each tab is completed. However Submit Button has to be used only after entry of all the data. The following Screenshot is Personal Information entry tab. Once entry is completed save the data as draft and proceed to next tab.
6. Following Screenshots are relating to entry tabs for Income Tax details, Details of Income Tax Deducted by employer, and Bank Account details. After entry of data in all these tabs are completed, click Submit button to generate ITR-V Button. ITR-V is a document which contains the summary of your income, deductions and income tax paid. This document has to be signed and sent to the Income Tax Central Processing Centre at Bangalore. Address of this centre will be available in the mail sent to you attaching filled up ITR-V form. Please note that Online E-filing will get completed only after receipt of this ITR-V at Central Processing Centre at Bangalore.
As per the CBDT has mandatory to mention the Aadhar Card for the Assessment Year 2015-16

At a Glance Income Tax Chapter VI A ( After new Finance Budget),Plus Master of Form 16 Part B for the Financial Year 2014-15

Click here to download the Automatic Master of Form 16 Part B ( This Excel Utility can prepare at a time 100 employees Form 16 Part B for the Financial Year 2014-15)

Updated list of deductions available Chapter VI-A while calculating Income Tax for Individual & also helpful for tax planning.   Section 80C:

Under this section deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section (alongwith section 80CCC and 80CCD) is limited to Rs. 1.5 lakh only.( As per the Finance Budget 2014-15 the Max Limit of U/s 80 C HAS RAISED UP TO RS. 1.5 LAKH) 

1.     Life Insurance Premium For individual, policy must be in self or spouse's or any child's name. For HUF, it may be on life of any member of HUF.  
2.     Sum paid under contract for deferred annuity For individual, on life of self,     spouse or any child .   
3.     Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child  Payment limited to 20% of salary.  
4.      Contribution made under Employee's Provident Fund Scheme.  
5.     Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.  
6.     Contribution by employee to a Recognised Provident Fund.  
7.     Sum deposited in 10 year/15 year account of Post Office Saving Bank  
8.     Subscription to any notified securities/notified deposits scheme. e.g. NSS  
9.     Subscription to any notified savings certificate, e.g. NSC VIII issue.   
10.   Unit Linked Savings certificates.   
11.   Contribution to notified deposit scheme/Pension fund set up by the National Housing Scheme.   

12.   Certain payment made by way of installment or part payment of loan taken for purchase/construction of residential house property. Condition has been laid that in case the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year. 
  
13.  Contribution to notified annuity Plan of LIC(e.g. Jeevan Dhara) or Units of UTI/notified Mutual Fund. If in respect of such contribution, deduction u/s 80CCC has been availed of rebate u/s 88 would not be allowable.

14.  Subscription to units of a Mutual Fund notified u/s 10 (23D).
   
15.  Subscription to deposit scheme of a public sector, company engaged in providing housing finance.
   
16.  Subscription to equity shares/ debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions.

17.  Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children   Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 150,000/-. 
The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund.  
  
Section 80CCD: Deduction in respect of Contribution to Pension Account Deposit made by a Central government servant in his pension account to the extent of 10% of his salary. Where the Central Government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Further, in any year where any amount is received from the pension account such amount shall be charged to tax as income of that previous year. 
  
18.  Section 80CCG: Rajiv Gandhi Equity Saving Scheme As per the Budget 2012 anouncements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).  

19. Section 80D: Deduction in respect of Medical Insurance Deduction is available upto Rs. 20,000/- for senior citizens and upto Rs. 15,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.

Note:- By the Finance Budget 2015 has Raised the Limit up to Rs. 25,000/- for General below 60 years and Rs. 30,000/- for Sr.Citizen, apply since 1/4/2015 for the Financial Year 2015-16   

20. Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative Deduction of Rs. 50,000/- w.e.f. 01.04.2004 in respect of ü Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative. ü Payment or deposit to specified scheme for maintenance of dependent handicapped relative.   Further, if the defendant is a person with severe disability a deduction of Rs. 100,000/- shall be available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.   

21. Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative   A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.   

Section 80E: Deduction in respect of Interest on Loan for Higher Studies Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09. 
  
Section 80G: Deduction in respect of Various Donations The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G, Section 80GG: Deduction in respect of House Rent Paid Deduction available is the least of 
1. Rent paid less 10% of total income 
2. Rs. 2000/- per month 
3. 25% of total income, provided of Assessee or his spouse or minor child should not own residential accommodation at the place of employment. of He should not be in receipt of house rent allowance. of  He should not have self occupied residential premises in any other place.

22. Section 80U: Deduction in respect of Person suffering from Physical Disability   Deduction of Rs. 50,000/- to an individual who suffers from a physical disability(including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D. Section 80RRB: Deduction in respect of any Income by way of Royalty of a Patent Deduction in respect of any income by way of royalty is respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available upto Rs. 3 lacs or the income received, whichever is less. The assessee must be an individual resident of India who is a patentee. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority.  NOTE THAT BY THE FINANCE BUDGET 2015 THIS LIMIT HAS RAISED UP TO Rs.75,000/- FROM 50,000/- SINCE 1/4/2015 FINANCIAL YEAR.

23. 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).  



24. 80 EE. Additional House Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)

Prepare at a time 100 employees Form 16 Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16

Click here to Download Automated Form 16 Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16 ( This Excel Utility can prepare at a time 100 employees form 16 Part A&B)



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 the 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 A&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 A&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
  • This Excel Utility can prepare at a time 100 employees Form 16 Part A&B

Click here to Download Automated Form 16 Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16( This Excel Utility can prepare at a time 100 employees form 16 Part A&B)

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