Prepare at a time 100 employees form 16 Part A&B (Amended) for Financial Year 2014-15 and Assessment Year 2015-16

Automatic Master of Form 16 Part A&B for the Financial Year 2014-15 and Ass year 2015-16 [ Prepare at a time 100 employees Form 16 Part A&B]

Feature of this Excel Utility[ Master of Form 16]
1. This Excel Utility can prepare at a time 100 employees Form 16 for FY 14-15 & AY 15-16.

2. This can prepare more than 2000 Form 16 automatically. First prepare 100 employees Form 16 & Save as it in  another location in another name. After that You can again prepare the 100 employees Form 16. In this Manner you can prepare more than 200 + Form 16.

3. This Excel Utility can provide and use the Both of Govt Concerned and Private Concerned.

4. This Excel Utility attach the Annexture A and Annexture B as you like can change by option

5. This Utility have also provide the Automatic Number to Word Convert, like as magic, no need to install any Add-ins or any Excel Formula 

Download the Master of Form 16 Part A&B for FY 2014-15 [ Prepare at a time 100 employees Form 16 Part A&B for Assessment Year 2015-16 ]

How to Open National Pension Scheme account? and Relief from Income Tax section 80C Max Rs.1.5 Lakh

Now, there are more than one reason to invest in National Pension Scheme, after the Budget 2015, presented by Arun Jaitley. As per new budget, an individual in the 30% tax bracket can save up to Rs 15,450 in tax every year.

The NPS is controlled by Retirement living Finance Regulating Growth Power (PFRDA). Initial minimum of Rs.500/ contribution can be made for Tier 1 and for Tier-II it is a minimum of Rs.1000/-.

On retirement, you can withdraw up to 60% of the corpus as lump sum amount. The balance will be saved in form of annuities, which comes back to you as a monthly pension.

Procedure to open an Account

Any Indian or non-resident Indian citizen of the age between 18 to 55 years can opt for NPS scheme. In order to do so, one should visit the nearest POP division.

1. Download the form and fill the application
2. Attach 1st cheque towards NPS Contribution in favor of fund manager you choose
3. Select (Any 1) of the Pension Fund Manager (PFM) 
4. Select the investment options
5. Attach the required KYC documents

There are pre-requisites to be fulfilled while signing up for NPS consideration, one need to publish the recommended type and duly fill in the Know Your Client (KYC) forms.

Documents needed are Identity Proof, Deal with Evidence, Date of Joining Proof and 2 latest passport size photographs.

 The recommended plan type and resource allowance are to be submitted after getting approval for the same. 50% of value allowance is enjoyed under NPS scheme.

On opening an NPS account, an exclusive recognition number is released to the account holder which is known as ‘Long lasting Retirement living Consideration Variety (PRAN)'.

This number is a 16-digit number which is fixed permanently, irrespective of any change in job, place of account or even positional change in pension finance administrator.

Specific Pension living Finance Supervisors (PFMs) had been hired who will be responsible for investing resources and generating profits from them.

List of Pension Fund Managers

1.      Life Insurance ICICI Prudential Company Limited

2.     Asset Management Kotak Mahindra Company Limited

3.      Asset Management IDFC Asset Management Company Limited

4.     SBI Pension Fund Limited

5.     Asset Management Reliance Capital Company Limited

6.     UTI Retirement Solution Limited

However, various Point of the Presence had been constituted, which act as customer interface for investor.

Download Automated Form 16 Part B + Form 12 BA + Value of Perquisite Calculator for the Financial Year 2014-15 & Ass Year 2015-16

 Click here to Download All in One Value of Perquisite Calculator in Excel ( This Excel Utility can Calculate Value of Accommodation +Loan Perquisite + Sweeper Perquisite +Gas,Water Perquisite +Movable Asset Perquisite + Motor Car & Other Perquisite in a Single File)

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

Most of the Non-Govt and Govt Concerned pay to their employees the various of benefits which will be calculate as per the Income Tax Section 17(2) and the called those benefits as Value of Perquisite. It is most unique and also supply the Form 12 BA as related the Value of Perquisite with the Form 16. The some of the employees can get the benefits like as Free/Rented Accommodation which given by the employer to the employee and other benefits are also get like as Gas,Car,Loan etc from the employer. 

As per the Income Tax Section 17(2) this earning will be calculate and the calculate process also mention in this section by the Income Tax Department. Given below some of the Perquisite topics.

On reaching a certain position or joining a company, you may come under the umbrella of ushering benefits from the employer. It is not necessary that you will be getting the benefit in each and every case but that solely depends on the policy of the company and ease of employing. Such casual emoluments have been termed as Perquisites under the Income Tax Act. These can be direct or in an indirect manner and are chargeable under the salary head. Therefore, be sure which perquisite will cost you what amount as an employee. Though employer is bearing the cost of providing such expenses, its taxable portion will weigh on you. The benefit can be in the form of reduced prices or can be cost free. It is added to the salary as it is considered the form of income in the hands of the employee.
� Here are few general reimbursements that are provided by the employer but taxed in the hands of the employee:
Residential accommodation:
Employees, as you are aware, are divided into two categories. One is the Central or State Government employee while the other is Private employee. In the case of former, the value of benefits is the amount of license fees that is decided by the government. This is deducted from the rent actually paid by the employees.
� In case of the latter, the value of perquisite is 15% in cities where the population is more than 25 lakhs.
� The perquisite value is 10% in case the value is more than 10 lakhs but less than 25 lakhs and in other cases it is 7.5% of the employee’s salary. In case of lease or rent by the employer, the value will be determined by actual rent or 15% of an employee’s salary, whichever is less. So in simple words, these percentages will add further in your salary under the income head to calculate the tax.
Gift vouchers, token:
You might have heard of some gift vouchers or passes or household item vouchers and tokens provided by the employer and redeemed by the employee. In all such cases, the amount of benefit is the sum of any such voucher. There is also a catch in this, if you ask your employer to give total gift vouchers of less than Rs 5000 in a year, then the value of perquisite is treated as Nil. It thereby means that only the employer will incur the cost of issuing such voucher, in the employee’s hands it will be NIL. The employer is anyway encountering the cost but you can save yourself from taxes if you are proactive.
Food Coupons:
Sometimes, vouchers can be in the form of food and beverages. In this case, if the employee had to pay a certain amount from his own pocket, that will be deducted from the total cost incurred by the employer. However, if � these food coupons are for use in working hours in office premises and cannot be utilized in other eating joints up to a value of Rs 50 per meal, or a free tea, snacks and non alcoholic beverages during working hours, then these are exempt from the purview of income tax.
Educational benefits:
Certain employers these days are also running their own schools or provide concessional or free facilities for children of employees in other schools. In this case, benefits will be the fees charged by similar institution and as applicable in other activities, if something is charged from the employee as an amount of fees, that will get deducted from the benefits. In case the employer provides free education and similar facilities are provided in other schools as well, the cost of education is free up to Rs 1000 per month or 12000 per year per child.
Exemptions In Benefits:
Not all the benefits are taxable, as explained earlier, there are exemptions available and some can be easily sorted by the employee. There are certain more exclusions up to a limit from Income Tax. In case of medical treatment of the employee in a hospital either maintained or approved by employers and in case of government employee it is government or prescribed hospitals, sum up to Rs 15000 from the employer is exempt from taxes.
Similarly, in case of interest free or concessional loan for treatment of employee or member of his household in certain specified diseases for a sum of not more than Rs 20000 paid by employer, no perquisite is taxable in the hands of the employee. Mobile charges and telephone charges incurred by employees on behalf of the employer are also exempt from the income tax.
Planning the break up of salary
At the time of joining any organization is very important. Benefits are always welcome but be prepared for taxes and keep your saving cycle moving so that you are not troubled at the time of tax payments.

 Click here to Download All in One Value of Perquisite Calculator in Excel ( This Excel Utility can Calculate Value of Accommodation +Loan Perquisite + Sweeper Perquisite +Gas,Water Perquisite +Movable Asset Perquisite + Motor Car & Other Perquisite in a Single File)

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

Section 80GG Deduction-Get Tax Benefit on rent paid if not getting HRA,Plus Automated Master of Form 16 Part B for FY 2014-15

Download Automated Master of Form 16 Part B for the Financial Year 2014-15 [This Excel Utility can prepare at a time 50 employees Form 16 Part B for FY 2014-15]

Feature of this Utility:-
  • Prepare at a time 50 employees Form 16 Part B [ Amended Format of Form 16]
  • Automatic Calculate Income Tax with New Tax Slab for FY 2014-15
  • All Income Tax Section have in this Excel Utility
  • Easy to generate and easy to understand
  • Easy to Install in any computer
  • Auto prevent the double entry of Pan Number and Name of Employee
  • Automatic Convert the Amount in to the In-Word without any Excel Formula

Sec. 80GG
All salaried are very much familiar with HRA and how to get the benefit of the rent they pay. However, what about those who not get HRA in their salary or for self employed? Will they still get rent benefit? The answer to both the questions is Section 80GG of Income Tax.

So as I said above this section only applies to those who have not availed HRA in their salary or not claiming the deduction on their rent in any of the other sections of income tax.  Below are a few conditions to avail the deduction under this section.
  1. This section is only applicable to Individual or HUF.
  2. Tax Payer may be either salaried or a self-employed. However, must not be getting HRA.
  3. Tax Payer himself or spouse/Minor Child/HUF of which he is a member should not own any accommodation at a place where he is doing a job or business.
  4. If Tax Payer owns house at a place other than the place noted above, then the concession in respect of self occupied property is not claimed by him [Under Section 23 (2) (a) or 23 (4) (a)].
  5. Tax Payer has to file a declaration in Form No.10BA regarding the expenditure incurred by him towards the payment of rent.
How much amount of deduction one can avail under Sec. 80GG?
If the above five conditions are satisfied, the amount deductible under Section 80GG is LEAST OF THE FOLLOWING.
  • Rs.2, 000 per month;
  • 25% of total income of taxpayer for the year; or
  • Rent Paid less 10% of total income (Rent Paid-10% of Total Income).
What is total income for the purpose of Sec. 80GG?
We can calculate it as below.
Total Income=Gross Total Income-LTCG-STCG-Income referred under the Sec.115A-Amount deductible under Sec.80C to 80U (except Section 80GG)
Let us try with one example-
Mr. X’s total income (calculated as per above formula) is Rs.4, 00,000. He pays an annual rent of Rs.1, 50,000. Then least of the below will be applicable for deduction under Sec. 80GG.
  • Rs.24, 000 per year.
  • Rent Paid-10% of Total Income=Rs. 1,50,000-Rs.40,000=Rs.1,10,000.
  • 25% of Total Income i.e Rs.1, 00,000.
So least of the above will be Rs.24, 000, which one can claim under Section 80GG for that particular FY.

Download & Prepare at a time 100 employees Form 16 Part A&B for Financial Year 2014-15 with all latest income tax section and up to date tax slab as per Finance Budget 2014-15

How to Cancel or Surrender Duplicate PAN Card? with Excel Based Modified Format of Pan Card Application Form 49A

As per Income Tax Law, holding more than one PAN card is a criminal offense as per the Act.

A person cannot hold more than one PAN Card and we do not know the circumstances that may have led to a duplicate card. A penalty of Rs 10,000/- is liable to be imposed under section 272B of the Income-tax Act, 1961 for having more than one PAN.

Click here to download Automated Excel Based New Pan Card Application Form 49A

How to Cancel or Surrender PAN Card Online?

1.      Visit Income Tax Sparsh Site
2.     Provide your basic information such as Contact Number, Name, Last Name, DOB and father's name.
3.     Other details regarding additional Permanent Account Numbers that are to be surrendered.
4.     Note that one needs to be aware of all the PAN card numbers and details regarding the card.
5.     And one needs to mention the PAN card which needs to be retained.
Alternatively, you may fill and submit PAN Change Request application form by mentioning the PAN which you are using currently on top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form and the corresponding PAN card copy/s should be submitted for cancellation along with the form.

Manual Method To Surrender The PAN Card

If an assessee wishes to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel or surrender your PAN. 
In the application you need to specify your name, contact details, PAN card details to be retained and details of the PAN card that has to be surrendered.
Maintain the receipt or acknowledgment of the application should be retained as that serves as the proof of surrender of duplicate PAN.
Make sure you have surrendered the duplicate copy of pan cards to avoid penalty from the tax department.

Why It's Important To Surrender Your Pan Card?

As mentioned earlier it is a criminal offense to hold more then two PAN Cards. It's best to have them surrendered. In case a lady has married she need not apply for another PAN Card because of change of surname. She can simply get her name changed on the PAN Card. 

Applying for another PAN Card after marriage would once again lead to duplicate cards which is not permitted. The procedure in this case is also not tedious and you can get in changed easily.

Autofill Excel Based Form 16 Part B and Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16

Download the Excel Based Automated Form 16 for Financial Year 2014-15 & Assessment Year 2015-16 from the below link

Main Feature of this Excel Utility are :-

  • Automatic calculate the Form 16 Part A&B and Part B
  • Automatic Calculate the Income Tax Liability 
  • Automatic Prepare the Form 16 after filling the employees data
  • Automatic Convert the Amount in to the In words
  • You can easily generate the Utility
  • You can install this utility more than One System and work from both System

1) Download the On by One Prepare Form 16 Part A&B and Part B( Prepare One by One Form 16 Part A&B and Part B for FY 14-15)

2)Download the Master of Form 16 Part A&B  ( This utility can prepare at a time 50 employees Form 16 Part A&B for FY 2014-15)

3)Download the Master of Form 16 Part B( This can prepare at a time 50 employees Form 16 Part B for FY 2014-15)

4) Download the Master of Form 16 Part B with Form 12 BA ( This utility can prepare at a time 50 employees Form 16 Part B with 12 BA for FY 2014-15)

The Income Tax Department have notifies that the the Income Tax Form 16 Part A is now Mandatory to download from the Traces Portal ( by the all of deductors. But most of the deductor have not able to download the Form 16 Part A or they have not well known to how to download the Form 16 Part A from the TRACES Portal. Some of the Deductor yet not known about this new Notification of CBDT. It appears that the most of Deductor have not known that the new format of Form 16 and the Form 16 have in two parts Part A and Part B.Various Govt and Non Govt Concerned could not download the Form 16 Part A from the TRACES Portal. But the Form 16 must be distribute to their employees within this month positively, so they can fill the Income Tax return online or off line.

The Part A of Form 16 have only have the Quarter ended Income Tax deducted and deposited in to the Central Govt Account. and another Part of Form 16 Part B have the Details of employee's Salary with the Tax liability of employee

Any employee can view and download the Tax Deducted and Deposited through the view and download the 26A through the TRACES Portal ( this 26A is like as the Form 16 Part A.  

If you are not able to download the Form 16 Part A you can look the above given some Excel Based Form 16 preparation Software which can prepare both of Form 16 Part A&B and Part B for the financial Year 2013-14 and Assessment Year 2014-15.

Income Tax Calculator for Non-Govt employees for AY 2016-17 with at a glance the changes and Raised the Tax benefits as per the Budget 2015-16

Download Income Tax Calculator for Non-Govt employees  For the Assessment Year 2016-2017 for Individual tax calculation.  

Mr Arun Jaitley,The Finance Minister of India Presented his first full fledged budget today (28 Feb 2015).  There were huge expectations from tax payers from the budget like increase in tax exemption slabs, Higher deductions on interest for housing loans etc.,  But the Finance Minister has chosen not to alter tax slabs during the budget.  Although he hinted about the possibility of revision of tax slabs, it may not be before next budget.

So this Income Tax Calculator which is for Financial Year 2015-16 (FY 15-16) is made with little modification from the previous years Income Tax Calculator .  The major changes proposed in the budget are also incorporate in  the calculator for Financial Year 2015-16 and Assessment Year 2016-17 as per the Central Finance Budget 2015-16.

Major proposals in the union budget for Individual tax payers which are also included in the above income tax calculator for the assessment year 2016-17.  The exemptions and deductions will be applicable if the investments / deductions are from 01 Apr 2015 to 31 Mar 2016.

There are no changes in the tax slabs. Previous tax slabs will remain same.

In spite of huge expectations from individual tax payers for increase in the limit of 80C from existing 1.5 Lakhs to atleast 2 lakhs, No increase is made.  It must be appreciated that this limit is already increased in his last interim budget.  But there is more thought out deduction announced in the budget which is deduction of Rs 50,000 if invested in New Pension Scheme or NPS.  It almost works similar to exemption of 80C but can not be clubbed with other investments like PPF, Insurance Premium, ELSS Mutual Funds or even bank FD.  This is a sort of making people having disciplined investment for their pension scheme which is in fact a good move.  It augurs well for both Investors by rewarding them well in their golden years with pension and making investments available for the Nation.
Similarly, Health Insurance premium is increased from earlier 15000 rupees to 25000 and the same is increased from 20,000 to 30,000 in case of senior citizens.  This will augur well for the people who wish to take complete health plan and paying premiums more than 15000 per annum.
For senior citizen who are above 80 years thus not eligible for health insurance, Rs 30,000 deduction is allowed for medical expenditure. Deduction limit of Rs 60,000 on expenditure of specified diseases is enhanced to Rs 80,000 in the case of senior citizens.
Similarly Investments in Sukanya Samriddhi Scheme are eligible for deduction under section 80C of the income-tax and any both principal and interest will be exempted from tax.
The other concession provided during the union budget, which can also be entered in the income tax calculator is transport allowance.  For salaried people, the exemption limit in case of transport allowance is increased from earlier 800 rupees to 1600 rupees per month.
The Tax Rebate Rs.2000/- U/s 87A will be continue in the FY 2015-16 and Rs.10,000/- can be get relief from tax U/s 80TTA from Savings Bank Interest.

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

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