Prepare at a time 100 employees Form 16 Part A&B for FY 2014-15 and AY 2015-16

Now this time is Income Tax Return filling, but most of Govt and Non Govt Concerned have yet not able to complete the Form 16 for the Financial Year 2014-15 and Assessment year 2015-16. It appears that most of Concerned have not able to download the Form 16 Part A from the TRACES Portal. But they have to distribute the Form 16 to the employee concerned.

Already covered the date of distribute the Form 16 to the employees as per the CBDT Notified Date. 
Hence it requires to prepare the Form 16 as early as possible and give the same to the Employee concerned, so they can Fill the Income Tax Return for the Financial Year 2014-15 and Assessment Year 2015-16.

Below given an excel based Automatic Form 16 Part A&B preparation Utility which can prepare at a time 100 employees Form 16 Part A&B for FY 2014-15. You can easily install the utility just like as an Excel File and prepare the Form 16 very first.

Main Feature of this Excel Utilty :-
  • Easy prepare at a time 100 employees Form 16 Part A&B for FY 2014-15
  • You can prepare more than 1000 employees Form 16 by this one Utility ( just Save As)
  • This Utility can prevent your double entry of Name of Employee and Pan No of Emploee
  • Automatic Calculate the Tax as per the Finance Budget 2014
  • Automatic Convert the Amount in to the In-Words without any Excel Formula
  • You can install this Utility in any computer and more than One Computer also.
  • All the Tax Feature and Tax Section have in this Utility
  • This Utility can Use both of Govt and Non-Govt Concerned.

Download the Master of Form 16 Part A&B for the Financial Year 2014-15 [ This Utility can prepare at a time 100 employees Form 16 Part A&B with all Tax Section]

Gratuity Calculation Formula with Gratuity calculator

Introduction

Gratuity is the payment made by the employer to his ex- employee for his past services. Gratuity is similar to a  gift given by employer for appreciation of past services of his employee . The technical definition of gratuity given by ICAI is “gratuity is a  voluntary payment made by an employer  in appreciation of services rendered by employee .

Who is eligible for Gratuity ?

As per Payment of Gratuity Act  1972, any employee who has been in continuous service for 5 years is eligible for gratuity .
During the above mentioned 5 years , employee is eligible for casual leave and sick leave without affecting his eligibility.

In case of death of an employee , the above condition 5 Years of continuous service is not applicable i.e. even if an employee dies
after 2 years of service , he/she is still eligible for gratuity .

 How is gratuity calculated? Gratuity calculation formula for employees receiving monthly salary (15/26) * Last Salary Drawn * Completed years of service

When calculating completed years of service , if an employee worked for more than 6 months , it will be considered as full year .
Example : Employee worked for 14 years and 7 month , then completed years of service = 15 years
Example: Employee worked for 14 years and 5 months ,then completed years of service = 14 years
Example: Employee worked for 14 years and 6 months, then completed years of service = 14 years
Last salary drawn = basic salary + dearness allowance
   

Maximum Amount of Gratuity

The amount of gratuity cannot exceed Rs 10,00,000 (10 lacs) . Even if it exceeds , maximum amount payable by employer shall be Rs 10,00,000/-

When is Gratuity Payable ?

Gratuity is Payable on employee’s Supernnuation , Retirement Or death (whichever is earlier). 

Download the Gratuity Calculator as per the Gratuity Act 1972




Mandatory to download Salary certificate Form 16 Part A from the Traces Portal vide CBDT Circular No.4/2013 with Automated Form 16 Part B for FY 2014-15

                                                                                                                 CIRCULAR NO. 04/2013
F.No 275/34/2011-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
                                                                                                               New Delhi, the 17th April, 2013

Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 -- regarding :-

1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for such TDS certificate is Form No. 16 in case of deduction under section 192 and Form No. 16A for deduction under any other provision of Chapter XVII-B of the Act. TDS certificate in Form No. 16 is to be issued annually whereas TDS certificate in Form No. 16A is to be issued quarterly. TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

Download the Automated Salary Certificate Form 16 Preparation Excel Based Software for the Financial Year 2014-15 from below link


1)Automated One by One preparation Form 16 Part B  FY 2014-15  ( Click to Download)


2)Automated One by One preparation Form 16 Part A&B  for FY 2014-15  ( Click to Download)


3)Automated at a time 50 employees Form 16 Part B For FY 2014-15( Click to Download)


4)Automated at a time 50 employees Form 16 Part A&B For FY 2014-15(Click to Download)


5)Automated at a time 50 employees Form 16 Part B with Form 12 BA For FY 2014-15 ( Click to Download )


6)Automated at a time 100 employees Form 16 Part B For FY 2014-15(Click to download)


2. With a view to streamline the TDS procedures, including proper administration of the Act,
the Board had issued Circular No. 03/2011 dated 13.05.2011 and Circular No. 01/2012 dated 09.04.2012 making it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or (https://www.tdscpc.gov.in) (hereinafter called TRACES Portal) previously called TIN website. In exercise of powers under section 119 of the Act, the Board has now decided as following:-

2.1 ISSUE OF PART A OF FORM NO. 16 FOR DEDUCTION OF TAX AT SOURCE
MADE ON OR AFTER 01.04.2012:
All deductors (including Government deductors who deposit TDS in the Central Government
Account through book entry) shall issue the Part A of Form No. 16, by generating and
subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.

2.2 AUTHENTICATION OF TDS CERTIFICATE IN FORM NO. 16:
The Deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES
Portal, shall, before issuing to the deductee authenticate the correctness of contents
mentioned therein and verify the same either by using manual signature or by using digital
signature in accordance with sub-rule (6) of Rule 31.

2.3 In other words, Part A of Form No. 16 shall be issued by all the deductors, only by generating it through TRACES Portal and after duly authenticating and verifying it.
2.4 ‘Part B (Annexure)’ of Form No. 16 shall be prepared by the deductor manually and issued to the deductee after due authentication and verification alongwith the Part A of the Form No. 16 stated above.


2.5 Sub rule (3) of rule 31of the Rules sets the time limit for issuance of Form 16 by the
deductor to the employee. Currently, Form 16 should be issued by 31st May of the financial Year immediately following the financial year in which income was paid and tax deducted.

3.1 The Director General of Income-tax (Systems) shall specify the procedure, formats and
standards for the purpose of download of Part A of Form No. 16 from the TRACES Portal and shall be responsible for the day-to-day administration in relation to the procedure, formats and standards for download of Part A of Form No. 16 in electronic form.

3.2 It is further clarified that Part A of Form No. 16 issued by the deductors in accordance with this circular and as per the procedure, formats and standards specified by the Director General of Income-tax (Systems) and containing Unique Identification Number shall only be treated as a valid compliance to the issue of Part A of Form No. 16 for the purpose of section 203 of the Act read with rule 31 of the Rules.

                                                                                                                                   -sd-
                                                                                                                         (Anshu Prakash)
                                                                                                                        Director (Budget)
                                                                                                             Central Board of Direct Taxes

Prepare at a time 50 employees Tax Compute Sheet for F.Y.2015-16 with tips for how to save income tax in FY 2015-16 & Assessment Year 2016-17

Download Automated Income Tax Calculator with Individual Tax Compute Sheet for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Utility Can prepare at a time 50 employees Tax Compute Sheet for F.Y.2015-16 with all changes by Finance Budget 2015]

Let the  explain what exactly has changed in terms of taxation from the year (i.e.AY 2016-17) As per Budget 2015:
  1. Tax slabs have not changed
  2. investment limit under sec. 80CC  increased to 1,50,000


Income Tax Slabs

1) In Case of General Assesses (Both Male & Female):

Income Bracket
Rate
0 to Rs. 2,50,000
0   %
Rs. 2,50,001 to Rs. 5,00,000
10 %
Rs. 5,00,001 to Rs. 10,00,000
20 %
Above Rs. 10,00,000
30 %
2) In Case of Senior Citizens (Age above 60 years but below 80 years):

Income Bracket
Rate
0 to Rs. 3,00,000
0   %
Rs. 3,00,001 to Rs. 5,00,000
10 %
Rs. 5,00,001 to Rs. 10,00,000
20 %
Above Rs. 10,00,000
30 %
3) In Case of Very Senior Citizens (Age 80 years and above):

Income Bracket
Rate
0 to Rs. 5,00,000
0   %
Rs. 5,00,001 to Rs. 10,00,000
20 %
Above Rs. 10,00,000
30 %
* On final tax amount, a surcharge of 3 %
**No surcharge above 10 lacs.


Income Tax Exemptions: 

1) Section 80 C Limit  – Not Raised this year ( Rs. 1,50,000)

  • Deduction on premium paid for a life insurance policy, taken after 1 April 2012, will be allowed only if yearly premium is less than 10% of sum assured.  If its more than 10% then it will be not eligible for deduction u/sec. 80C
  • ELSS (Mutual Fund)
  • PPF (upto Rs. 1,50,000)
  • EPF
  • FD for 5 years
  • Pension Plans
  • NSC
  • Sukanya Samriddhi Account ( Minor Girl Child Scheme) Max Rs. 1.5 Lakh
  • Post Office SB
  • Infrastructure Bonds
  • Expenditure on Children Education (For upto 2 children only for full time education)
  • Tuition fees Maximum allowed is Rs. 1,50,000
  • Housing loan principal
  • Deferred Annuity
  • Approved Super Annotation Fund
  • 80CC Raised Up to Rs. 1,50,000 [ Pension Fund ]

2) Section 80CCD - Unchanged this year

Deduction under this section can be claimed only if the contribution to your NPS account is made by your employer and the deduction is limited to a maximum of 10% of your basic salary. Returns on NPS are tax free, but withdrawal is still taxable. The deduction under sec 80CCD is over and above the deduction available under sec 80C.

3) Section 80 D –Changed this year

Deduction under section 80D

  • Deduction of Rs. 25000/- is allowed if the same is paid as premium for Medical Insurance taken for self / dependents or towards preventive health check-up (max Rs. 5000). In case any of self / dependents is a senior citizen, the deduction allowed is Rs. 30000/-

4) Section 80DD – Unchanged this year

Deduction under section 80DD

  • Exemption given for expenditure made for a disabled dependant towards Medical Treatment/Training/Rehabilitation. It also includes the LIC/Insurance premium paid towards maintenance of such dependant.
  • Maximum deduction allowed is Rs. 50,000/- in case of normal disability and Rs. 1 Lakh in case of severe disability.

5) Section 80DDB - Changed this year

Deduction under section 80DDB

  • Exemption given for expenditure incurred on specified disease or ailments such as cancer/aids.
  • Maximum deduction allowed is Rs. 80,000/-.
List of ailments covered:
(i) Neurological Diseases where the disability level has been certified to be of 40% and above,

  1. Dementia ;
  2. Dystonia Musculorum Deformans ;
  3. Motor Neuron Disease ;
  4. Ataxia ;
  5. Chorea ;
  6. Hemiballismus ;
  7. Aphasia ;
  8. Parkinsons Disease ;

(ii) Malignant Cancers ;

(iii) Full Blown Acquired Immuno-Deficiency Syndrome (AIDS) ;

(iv) Chronic Renal failure ;

(v) Hematological disorders :

  1. Hemophilia ;
  2. Thalassaemia.

6) Section 80E - Unchanged this year

Deduction under section 80E
Deduction is allowed for repayment of interest component of Higher Education loan. All education after Class 12 is allowed, either vocational or Fulltime. But should be from a school/institute/university recognized by the government.

7) Section 80G - Unchanged this year

  • Contribution to exempt charities – 25/50/75/100% depending on the charity and as per approval
  • 100% exemption on donation to political parties

8) Section 80U - Changed this year

  • Deduction upto Rs. 75,000/- is allowed in case of Permanent Disability.
  • In case of Permanent Disability exceeding 80%, maximum deduction allowed is Rs. 1,00,000/-.

9) Section 24B & Section 80EE  - Unchanged this year

  • Housing loan interest. Maximum allowed limit raised to – Rs. 2,00,000 (for loans taken after 1 April 1999. For loans before that Maximum Investment Limit was 30,000).
  • Additional deduction of Rs. 1 lac will be applicable to persons taking first home loan of up to Rs. 25 lacs for property worth upto Rs. 40 lac. For such persons, the total deduction will be Rs. 2.5 lacs (Rs. 1.5 lac available under section 24(1)(vi) and Rs. 1 lac available under this new section 80EE). 10) Superannuation - Unchanged this year
Any contribution made by a company to superannuation fund upto Rs. 1,00,000 tax free in the hands of the employee.

11) Conveyance/Transport Allowance - Changed this year

Any Conveyance / Transport Allowance given to an employee is tax free upto Rs. 1600 /- P.M. & Rs. 3200/- P.M. for Phy.disable persons.

12) Medical Allowance - Unchanged this year

Any Medical Allowance given to an employee is tax free upto Rs. 15,000 /- (Supporting Bills required).

13) HRA - Unchanged this year

Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions (subject to – when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest / principal repayment):

  1. 50% of Annual Basic (40% of Annual Basic in case of non-metros)
  2. Actual HRA received
  3. Rent Paid – (10% of Annual Basic)

    Calculate HRA Exemption U/s 10(13A) with Excel utility

14) Professional Tax - Unchanged this year

Any Professional Tax deducted from an employee’s salary can be reduced from the annual salary income to arrive at taxable salary.

15)80CCG – Direct Equity Investment - Unchanged this year

Under ‘Rajiv Gandhi Equity Savings Scheme‘ – a new equity investor will be able to claim 50% of his investment in direct equity as deduction subject to maximum investment of Rs. 50,000 and provided his taxable income is below Rs. 10 lacs. The investment will be subject to 3 years lock-in.  
Government has notified this scheme (RGESS). Mutual funds and ETFs that invest in BSE100 or CNX 100 stocks or PSUs which are Navratna, Maharatna and Miniratna will qualify under this scheme. These investments can be traded over stock exchange after 1 year of investment. New equity investor has been defined as someone who has opened a Demat account but has not bought any securities till date of notification of this scheme (22 Sep 2012).

16) Section 80TTA – Savings Bank Interest - Unchanged this year

No tax will be charged on interest earned on balance in savings bank account subject to a maximum of Rs. 10,000 per year.

17) Section 87 A [Tax Rebate Rs.2,000/-  - Unchanged this year


Download New Amended Automated Form 16 Part B with 24Q & 26Q for the Financial Year 2015-16 & Assess Year 2016-17

Click to Download the Master of Form 16 Part B with 24Q & 26Q for the Financial Year 2015-16 & Assessment Year 2016-17 ( This Excel Based Software can prepare at a time 50 employees Form 16 Part B with 24Q & 26Q[All Quarters] )

As per the Income Tax Rules it is mandatory to submit the each quarter ended Income Tax Return to the Central Govt by the Govt and Non-Govt Concerned of their employees with the Challan 24 Q for Govt and 26Q for Non-Govt Concerned. In the One Financial Year have 4 (four) quarter 1st,2nd,3rd and 4th and final quarter.The CBDT has modified the Challan of 24Q and 26Q and published the new Amended Format of 24Q and 26Q.

Most of the concerned have not prepare and submit the Challan in each quarter and it appears that they have submit only the 27A Challan where not found of each employees salary details as well as TDS deduction of each employees. Now it is Mandatory to submit the 24Q or 26Q by the CBDT in each quarter. The Final and 4th Quarter will be Total Income of the hole financial year of an employees with the details of TDS deduction with Annex A.

It may help if you have already prepare the both of Form 16 Part B and 24Q or 26Q of each quarter for the Financial Year 2015-16 & Assessment Year 2016-17. If it is possible, then your time will be reduce and it will be advance to prepare the Form 16 Part B which can distribute to the employees after 31st Marc 2016. This Excel Based Software which can prepare at a time 50 employees Form 16 Part B with 24Q & 26Q ( for all quarters) for the financial year 2015-16 and Assessment Year 2016-17.
Feature of this Utility :-
1) This Excel Based Utility can prepare at a time 50 employees Form 16 Part B
2) Prepare at a time 50 employees All Quarters 24Q & 26Q ( Amended Version) 
3) Prevent the double entry of the Name of Employee and Pan Number
4) Automatic Calculate the Income Tax
5) Automatic Prepare the Form 16 Part B ( Amended Version)
6) Automatic Convert the Amount in to the In Words ( Without any Excel Formula)
7) Easy to install in any Computer 
8) Easy to Generate as this file is simple Excel File
9) Both of Govt and Non-Govt Concerned can be used this utility

Click to Download the Master of Form 16 Part B with 24Q & 26Q for the Financial Year 2015-16 & Assessment Year 2016-17 ( This Excel Based Software can prepare at a time 50 employees Form 16 Part B with 24Q & 26Q[All Quarters] )

Automated General Provident Fund Interest Calculator with G.P.F. Register + G.P.F. Account Slip preparation Excel Utility

It appears that the all of the Govt Offices have running their own Salary Generator Software, where generate only the Employees Salary. But except Salary have need more calculation like as General Provident Fund Calculation which is not prepare by the Salary Generate Software.Most of the Govt Concerned prepared the G.P.F. Ledger manually or in Excel for the Group "D" employees, as the above group D employees can get the G.P.F. Account Slip from the Account General (A&E) and also the Account General preserve the record of above group D Employees of each and every Govt employees.
But the Group D employee's Account Slip as well as the G.P.F. ledger maintain by the local Authority.


Below given Excel Based Software which can prepare at a time 50 employees (Group D) by this utility.

Click here to Download the Automated General Provident Fund Interest Calculator with Ledger with Account Slip Preparation Excel Based Software. [ This Excel Based Software can prepare at a time 50 employees G.P.F. Account Slip with Ledger]



Income Tax Section 10 (14) as per Budget 2015 has raised the limit of benefits U/s 10(14)

As per the New Finance Budget 2015, has increased some limit of Income Tax Section which is given below. Most of the employees not to able the Maximum Limit of Washing/Uniform Allowances U/s 10(14A) here is given below the how much limit of Uniform Allowances.

When exemption depends upon actual expensiture by the employee – The following allowances are exempt under section 10(14) to the extent the amount is utilised for the specified purpose for which the allowance is received . In other words, in the cases given below the amount of exemption under section 10(14) is_
1.  The amount of the allowance ; or
2. The amount utilised for the specific purpose for which allowance is given,
whichever is low .
Exemption is available on the aforesaid basis in the case of following allowances-
  Name of the         allowance
            Nature of allowance
Travelling allowance/transfer allowance
Any allowance (by whatever name called) granted to meet the cost of travel on tour or on transfer(including any sum paid in connection with transfer, packing and transportation of personal effects on such transfer).
Conveyance allowance
Conveyance allowance granted to meet the expenditure on conveyance in the performance of duties of an office
Note pls.: Expenditure for covering the journey between office and residence is not treated as expenditure in performance of duties of the office and, consequently, such expenditure is not exempt from tax under this section. This allowance is covered separately under “Transport allowance” where a fixed exemption uptoRs 800 per month is given to such allowances in case of all employees. However, with introduction of finance act 2015 such exemption is increase to Rs. 1600 per month with prospective effect.
Example:
Conveyance allowances given to an employees for travelling done by employee for attending income tax hearing for presenting income tax hearing
Daily allowance
Any allowance whether granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.
Helper allowance
Any allowance (by whatever name called) to meet the expenditure on a helper where such helper is engaged for the performance of official duties.
Research allowance
Any allowance (by whatever name called) granted for encouraging theca academic research and other professional of official duties.
Uniform allowance
Any allowance (by whatever name called) to meet the expenditure on the purchase or maintenance of uniform for wear during the performance of duties of an office.
Pls. note: Benefit under this allowance can be taken only when a specific uniform is prescribed for office duties.

Automatic HRA Calculator with New Rule lowers HRA exemption claim limit & mandatory to submit the PAN of Land Lord if HRA is over 1 Lakh P.A

Click here to Download the Automated HRA Exemption Calculator ( Updated)

               Snapshot of Excel Based HRA Calculator :-


If you are a salaried taxpayer claiming HRA(house rent allowance) deduction, watch out. The central government has lowered the exemption limit for reporting the rent received. Salaried taxpayers claiming HRA exemption and paying a rent of over Rs 1 lakh per year have to give landlord’s PAN (permanent account number). Till now, if the total rent paid was less than Rs 15,000 a month there was no need to submit the landlord's PAN details. The new rule effectively lowers the rent limit from Rs 15,000 a month to Rs 8,333 per month for claiming HRA exemption without making any disclosures.


"Further, if annual rent paid by the employee exceeds Rs 1,00,000 per annum, it is mandatory for the employee to report PAN of the landlord to the employer," the Central Board of Direct Taxes said in its latest circular. "In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employee," it said.

Though incurring actual expenditure on payment of rent is a pre-requisite for claiming deduction under section 10(13A) of the I-Tax Act, it has been decided as an administrative measure that salaried employees drawing HRA up to Rs 3,000 per month will be exempted from production of rent receipt.

  
The new rule is aimed at people claiming HRA exemption for living in their own house. "It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in Rule 2A, qualifies for exemption from income-tax," CBDT said in its circular.


Thus, HRA granted to an employee who is residing in a house/flat owned by him is not exempt from income-tax. "The disbursing authorities should satisfy themselves in this regard by insisting on production of evidence of actual payment of rent before excluding the house rent allowance or any portion thereof from the total income of the employee," CBDT said.


Click here to Download the Automated HRA Exemption Calculator ( Updated)

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