Newly Include Sukanya Samriddhi Yojana Account U/s 80C for Minor Girl Child, with Automated Excel Based Sukanya Samriddhi Calculator

Sukanya Samriddhi Yojana Account is the latest launch in the small deposit scheme segment by Govt. of India. With this launch people started showing huge response and want to know more about this Sukanya Samriddhi Scheme. The scheme has launched with many key features but there is not much clarity over few benefits or clauses. In this article I will try to share those 17 points which will answer almost all possible query regarding this Sukanya Samriddhi Account. This scheme will see a hue success in coming days as this is the major highlight of Beti Bachao Beti padhao campaign

Snapshot of Sukanya Samriddhi Calculator

1.           Girl’s Age limit: Sukanya Samriddhi Account can be opened by a legal guardian or by parents of the girl child by visiting nearest post office or selected bank branches. The girl child age can be maximum 10 years old while opening SSA account. As this is the starting year, Govt is providing a grace period of 1 year till December 2015. Any girl child born between 2 December 2003 and 1 December 2004 can open account up to till 1 December 2015. This rule is just for this year only, it will not continue further. So till 2015 year end girl child age could be accepted even if 11 years, but there after the standard max age to open Sukanya Samriddhi Account is 10 years.
2.          Who can open SSA : Only the parents or the legal guardian of the girl child can open SSA account. One can’t open SSA account for his/her sisters or brothers daughter’s account. In case you want to open this account for your sister in absentee of your father in your family you can open. There could be many such cases which is not at all clear as per Govt. notification.
3.          No of Accounts: The no of account can be opened in the name of max 2 girl child only. If 1st or 2nd birth gave twins then it can be opened for all 3 girls. From a family only one account is possible in the name of girl child. It is not like mother and father can open 2 accounts in the name of a same girl child.
Where to open Sukanya Samriddhi Account : One can easily open this account by visiting nearest post-office where deposit account opening facility is available. You can check out the sample form that you have to fill up in post office. On submit of the form with valid documents you will receive a passbook like our savings account passbook. Besides post office one can open SSY account in banks also. But all banks are not allowed to facilitate this scheme. The List of Bank for Sukanya Samriddhi Account is given below:-
1.     State Bank of India (SBI)
2.     State Bank of Patiala (SBP)
3.     State Bank of Bikaner & Jaipur (SBBJ)
4.     State Bank of Travancore (SBT)
5.     State Bank of Hyderabad (SBH)
6.     State Bank of Mysore (SBM)
7.     Allahabad Bank
8.     Andhra Bank
9.     Axis Bank
10. Bank of Baroda (BoB)
11. Bank of India (BoI)
12. Bank of Maharashtra (BoM)
13. Canara Bank
14. Central Bank of India (CBI)
15. Corporation Bank
16. Dena Bank
17. ICICI Bank
18. IDBI Bank
19. Indian Bank
20. Indian Overseas Bank (IOB)
21. Oriental Bank of Commerce (OBC)
22. Punjab National Bank (PNB)
23. Punjab & Sind Bank (PSB)
24. Syndicate Bank
25. UCO Bank
26. Union Bank of India
27. United Bank of India
28. Vijaya Bank
Also all Post offices in India are authorized to open account under Sukanya Samriddhi Yojana 
4.          Documents require opening SSY account: To open Sukanya Samriddhi Account you have to provide birth certificate of your kid, 2 passport photo graph, photo id of parent or guardian opening the account and address proof. Now for a new born child in many cases name is not updated. In that case I think we can open the account in the name of baby of XXXX like this. Or it is better to wait till the birth certificate is updated with your baby name. If anyone has the answer of this query please share.
5.          Interest rate of SSYAccount: Interest rate of this account will be changing every year. For this year it has fixed to 9.1% which is the maximum for any small deposit scheme. PPF account has 8.7% this year.
6.          Deposit rules: Many people are asking how much I can deposit in Sukanya Samriddhi Account? Can I deposit monthly basis or yearly basis? I will clear this confusion here. The minimum amount one have to deposit to continue this account is Rs 1000 only and maximum 1.5 lakh. Now one can deposit from rs 1000 – 1.5 lakh any amount in any month in a year. There is no such restriction, but don’t forget the min and max limit.
7.          Deposit term : One can deposit under this scheme up to 14 years from the date of account opening only. Means if your child’s age is 5 years now, you can deposit money till 19th year of her age. After that no further deposit will be allowed.
8.         Maturity: The Sukanya Samriddhi Account will mature after 21 years from the date of opening. E.g. in the previous example the maturity year will be 26th year of your kid’s age. But there is one more clause regarding marriage. In case your daughter gets married before 26 years, then the account will be closed on that year itself. So, the maturity period of this account will be 21 years or the marriage year which one is earlier. You can download the SSA excel calculator and play with it to get some idea about returns after 18 years or 21 years.
9.          Pre-mature withdrawal: One can withdraw 50% of the amount accumulated till 18th year of the girl child. The purpose of withdraw here is education expense. So till 18 years whatever amounts accumulate in your Sukanya Samriddhi Account, you can withdraw 50% of that and utilise for your girls education. Rest amount will stay there and earn compound interest till maturity. So before maturity there is only one option provided for a partial withdrawal.
10.      Enjoy interest from 14 – 21 years without deposit: As the deposit period for this account is limited till 14 years, one can enjoy compounding yearly interest on the accumulated money from 14-21 years.
11.       Penalty: In case you forget to deposit the minimum amount of rs 1000 in your Sukanya Samriddhi Account then your account will be discontinued. But nothing to worry, you can pay a penalty of Rs 50 only and again activate the account. The account will continue from where it has stopped operating.
12.      Transfer: The account can be transferred to any part of country with the girl moving that city. But whether it is possible to transfer Sukanya Samriddhi Account from post office to any bank is not at all clear now. Although this is too early to expect as such queries.
13.      SSA is EEE scheme now: After budget 2015, Sukanya Samriddhi Account has been income tax exempted 100%. Earlier while launched first time, the interest earned on this account was taxable. But later on it was decided to make the earning and maturity tax free similar to PPF account. But both parents can’t claim the contribution toward this account under section 80C.
14.      In case of death: In case of death of depositor the account should be closed immediately. Again if the girl child dies unfortunately, then also account has to be closed. In such case the amount accumulated till the previous month of death will be returned to the nominee declared while opening SSA account or the girl child.
15.       Rules for NRI : So far there is no scope for NRIs (Non Resident Indian) to open SSY account. Govt has to clear about this in future notifications.

16.      PPF and SSA combination to make wealth: Can I invest in both PPF and Sukanya Samriddhi Account? The answer is yes. As both the schemes are declared EEE scheme, one can utilize both the savings option to make huge wealth for future, if you are satisfied with the guaranteed return. Although in longer term equity way may be best, but if you don’t like to taste the equity return then these combination would be perfect.

Automated One by One preparation Amended Form 16 for the Financial Year 2014-15 for Govt and Non Govt Concerned

Most of the Govt and Non Govt concerned prepare the Income Tax Salary Certificate Form 16 Part A and Part B by manually to their employees.It is most difficult to make out the Income Tax Calculation as per the Income Tax Law or Norms and it is most hazard to prepare manually the Form 16 for each employee's Form 16. Although now the most of Govt and Non Govt Concerned have the Computer and they prepare the Form 16 through their Computer.  As per the  CBDT Notification  the Format of Form 16 have fully Changed dated 19/2/2013. 

Below given the Automated New Amended Form 16 preparation Excel Based Software which can prepare the Form 16 Part B and Part A&B both just a moment. This Utility can prepare the Form 16 One by one for the Financial Year 2014-15 and Assessment Year 2015-16. In this Excel Utility have all the new amended Income Tax Section and the new Tax Slab for the Financial Year 2014-15 as per the Finance Budget 2014-15
Snapshot of Main Input Sheet Form 16

Snapshot of Form 16 Part A&B
Snapshot of Form 16 Part B

Click here to download the Automatic Form 16 Part B and Part A&B for FY 2014-15 (One by One Preparation of Form 16)

Free download Automated Tax Challan 280 for Self Assessment Tax Payment or Advance Tax Payment Challan

 Income Tax return due date for non audit cases  in respect of assessment year 2015-16 . In many cases Individual has not deposited full tax or tds has been short deducted  means there is balance tax liability due to interest u/s 234B, 234C or due to other reason. The balance tax must be deposited before return filing . The balance tax to be paid is also called self assessment tax .To deposit this we have two method one is online and other is offline .In both case to deposit balance tax we have to use challan ITNS-280.We have described the Both methods in details. 

1. To pay Self assessment challan taxes online the taxpayer shall  select the  challan i.e. ITNS 280, 
 
1. To pay Self assessment challan taxes online the taxpayer shall  select the  challan i.e. ITNS 280, 
 How to pay Income Tax due – Advance Tax, Self Assessment Tax etc?
Tax Payment Challan, ITNS 280 Challan is used to pay Income Tax due, if any.
    ·    It can be paid by going to designated branch and paying through cheque or cash, called as Offline or physical payment       
      ·      It can also be paid through online if you have net-banking.   
      ·    It can be paid through Off line through any CBS facilitated Bank


    

      Download Automated Excel Based ITNS Challan 280


    
  

Budget 2015: Benefits to middle class tax-payers for the Financial Year 2015-16 and Assessment Year 2016-17

Mr.Arun Jaitley the Finance Minister has announced his budget 2015-16 before the Parliament. 

What this budget holds for the middle class? 

Highlights: 
Limit of deduction of health insurance premium increased from `15000 to ` 25000, for senior citizens limit increased from `20000 to `30000.
Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of ` 30000 towards medical expenditures.
Deduction limit of ` 60000 with respect to specified decease of serious nature enhanced to ` 80000 in case of senior citizen.
Additional deduction of `25000 allowed for  Dis-able persons U/s 80U
Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from ` 1 lakh to `1.5 lakh. U/s 80CCD(1)
Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt U/s 80C Max Limit Rs 1.5 Lakh

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)


How to download Form 16 Part A from the Traces Portal, Plus Automatic Form 16 Part B for Financial Year 2014-15

1) Clickhere to download Automated Form 16 Part B ( This Utility Can prepare one by one Form 16 Part B for the FY 2014-15 and AY 2015-16)

2) Click here to download Automated Master ofForm 16 Part B ( This Excel Utility can prepare at a time 50 employees Form 16 Part B for the Financial Year 2014-15)

3) Click here to Download Master of Form 16Part B with 12 BA( This Excel Based utility can prepare at a time 50 employees Form 16 Part B with 12 BA for the Financial Year 2014-15)

 Income Tax Department "TRACES" (www.tdscpc.gtov.in) a new Portal had been made for only TDS Certificate and many more. Salary Certificate Form 16 Part A is mandatory to download TRACES. TDS Certificate for Salaried Employee from TRACES (New Website of TDS) form the  Assessment Year 2012-13 by its new circular 4/2013 dated 17.04.2012 for TDS Deductor on or after 01.04.2012. Download request for Form No. 16 for a particular Financial Year can be submitted only after Form 24Q statement for Q4 for the selected Financial Year is filed by deductor and processed by TDS CPC.

So Now you can not download your Form 16 (Part-A) from TRACES portal.

Procedure to Download Form No. 16 :

Select from Menu:
• Go to webside https://www.tdscpc.gov.in/
• Login to TRACES as a deductor by entering User Id and Password and clicking on ‘Go’.
• Landing page will be displayed.
• Under ‘Downloads’, click on ‘Form 16’ to place download request.
• Form 16 can be downloaded from FY 2007-08 onwards
• For a given FY, TAN and PAN, there will be only one Form 16. In case of more than one employer, a  PAN holder can have those many Form 16s Enter Search Criteria
• For individual PANs, select Financial Year for which Form 16 is required and enter PAN and click on  ‘Add’
• Valid PANs will be added to the list. Select a PAN and click on ‘Remove’ to remove it from the list.
• Click on ‘Go’ to proceed with download request
• For downloading Form 16 for all PANs , select Financial Year for which Form 16 is required and click  on ‘Go’ Token Number Details (Contd.)
• Enter Authentication Code if the validation is done earlier and you have the Authentication Code
• Enter Token Number of only Regular (Original) Statement corresponding to the Financial Year, Quarter and Form Type displayed above
• Tick in Check Box for NIL Challan or Book Adjustment (Government Deductor)
• Government deductors not having BIN details tick here and need not need provide BSR and Challan  Serial Number below
• Click on Guide to select suitable Challan option
• Enter CIN details for a challan used in the statement
• Tick here if you do not any Valid PAN corresponding to above Challan details
• Click on Guide to select suitable PAN amount Combinations
• PANs entered must be those for which payment has been done using the CIN / BIN entered on this  screen
Details to be printed on Form 16
• This information will be printed on Form 16 for each PAN. Details will be populated from your profile information in TRACES
• Click on ‘Submit’ to submit download request for Form 16
• Click on ‘Cancel’ and go to ‘Profile’ section to update details
Download File
• Click on ‘Requested Downloads’ under ‘Downloads’ menu to download Form 16 text file
Search File to Download
• Enter Request Number (Search Option 1) or Request Date (Search Option 2) to search for the download request submitted for Form 16
• Click on ‘View All’ to view all download requests
• Click here if you are facing difficulty in PDF Generation Utility
Search Results
• Click on a row to select it
• Click on the buttons to download file
Convert .ZIP File into PDF or Click Here
• ZIP file downloaded from TRACES will contain Form 16 details for all requested PANs
• Download ‘TRACES PDF Generation Utility’ from the website and install it on your desktop
• Pass the ZIP file through the utility to convert it into individual PDF files for each PAN
• User can opt to digitally sign the Form 16s during conversion
• Deductor can also opt to manually sign the PDF files after printing
E-Tutorial to Download Form No. 16 (Salaried Employee) Click Here

IRCTC New Rule: Only One Ticket Can Be Booked Online Between 8am To Noon

The new IRCTC rule which will be coming to effect from tomorrow may hamper you from booking tickets for your entire family because IRCTC will now allow only one ticket per user in one login session. After the ticket is booked, the user will be logged out automatically.

While this is going to effect millions of train travelers, the primary purpose of this rule is to ensure that touts do not corner large number of tickets at one go! The new rule is applicable to everyone who book their tickets through IRCTC website, including IRCTC agents.
Luckily, the rule is applicable only between 8:00am to 12:00pm, when it is the peak time on IRCTC portal. Also, users can book as many tickets as they want from offline IRCTC counters throughout the day. This restriction will not be applicable while booking onward journey/return journey e-tickets.

The official statement issued by Railways ministry said, “The Ministry of Railways has decided that in case of e-ticketing, there will be a restriction of only one booking in one user login session and forced logging out of the user before another booking for all users including IRCTC agents but excluding defence booking under warrant only.”

Over the last couple of years, IRCTC has taken many steps to improve the services provided by them to train travelers. One of their priority has been to weed out touts from the system, who corner chunk of tickets from IRCTC website and then sell them at premium to customers. They have earlier stopped agents from logging on to IRCTC websites between 8 am and 9 am, so that they cannot do Tatkal bookings.

Relief When Salary Paid in Arrear or Advance, Plus Prepare at a time 100 Employees Form 16 Part B for the Financial Year 2014-15

Click here to download Automated Master of Form 16 Part B for the Financial Year 2014-15.[ Prepare at a time 100 employees Form 16 Part B for FY 2014-15]

Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university, institution, association or body is entitled to the relief under Section 89(1) he may furnish to the person responsible for making the payment referred to in Para (3.1), such particulars in Form No. 10E duly verified by him, and thereupon the person responsible, as aforesaid, shall compute the relief on the basis of such particulars and take the same into account in making the deduction under Para(3.1) above.

Click to Download Automatic Arrears Relief Calculator U/s 89(1) with Form 10E

With effect from 1/04/2010 (AY 2010-11), no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in section 10(10C)(i) (read with Rule 2BA), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year.

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