May 23, 2017

Download Automated Master of Form 16 Part A and B and Part B for F.Y. 2016-17 and A.Y.2017-18, with Deductions under chapter VI-A of Income Tax Act for A.Y 2018-2019

Income tax act provides the scope of claiming the deduction from gross total income. Income earned by an individual under different heads like salary, business or profession is clubbed together to calculate the gross total income. Then eligible deductions are claimed and tax is calculated on the balance income. Here we shall discuss deductions allowed for the assessment year 2018-2019 under chapter VI-A of IT act, which includes section 80C to 80U.

Click to Download Automated Master of Form 16 Part A&B for F.Y. 2016-17 and A.Y.2017-18[This Excel Based Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17] 
Click to Download Automated Master of Form 16 Part B for F.Y. 2016-17 and A.Y.2017-18[ This Excel Based Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17]

Section 80C
The individual taxpayer can claim deduction up to Rs. 1,50,000/- under section 80C of Income Tax act.
1) Tuition fees towards full-time education of children,
2) Principal amount of home loan repaid during the financial year,
3) Amount paid towards stamp duty and registration of the house purchased during the year is eligible for claiming the deduction.
4) Apart from this taxpayer can also claim deduction in respect of contribution towards employee provident fund or public provident fund,
5) Subscription to Equity Linked saving Scheme,
6) NSC, Senior Citizen Saving Scheme,
8) Life insurance premium paid subject to qualifying limit.
Section 80CCD
An individual contributing an amount in National Pension System (NPS) is eligible for claiming deduction under section 80CCD(1).
The aggregate amount of deduction under sections 80C, 80CCC and  80CCD(1) shall not exceed Rs.1,50,000/- (Section 80CCE).
In budget 2015 a new sub-section (1B) has been inserted so as to provide for an additional deduction in respect of any amount paid, of up to Rs. 50,000 for contributions made by any individual assessee under the NPS.
Section 80D
Deduction up to Rs. 25,000 is allowed in respect of premium paid to buy or to keep a health insurance policy in force for self, spouse and dependent children. Additional deduction of Rs. 25000 is allowed in respect of the premium paid for health insurance policy of parents.
The limit is Rs. 30000 for senior citizens.  Expenses up to Rs. 5,000 towards preventive health checkup can also be included within the prescribed limit under section 80D.
People aged above 80 and not covered by health insurance are allowed deduction of 30,000 rupees for medical expenses.
Section 80DD
Those who have a dependent with a disability can claim a deduction in respect of their maintenance including medical treatment under section 80DD of the Income Tax Act.
The deduction allowed is Rs. 75,000 if the disabled dependent is not suffering from severe disability.
The deduction allowed is Rs. 1,25,000 if the disabled dependent is a person with severe disability. A person with a disability means a person suffering from not less than 40% of any of the disabilities as defined in the act. Severe disability means 80% or more of one or more of the disabilities.
Section 80DDB
Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB.
The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 on condition that no medical reimbursement is received from any insurance company or employer for this amount. In the case of reimbursement, the deduction will be allowed for the amount over and above the amount received from an insurer or an employer.
The deduction in respect of a senior citizen is allowable up to sixty thousand rupees and in respect to a Super senior citizen, a deduction up to eighty thousand rupees would be allowed.
Section 80E
The deduction can be claimed for interest paid on loan taken for pursuing higher education by the assessee himself or for the purpose of higher education of his relative.
You can deduct the entire interest amount from your taxable income without any cap, however, there is no benefit available on the repayment of principal amount of the loan.
Parents are also eligible to claim a deduction of interest paid by them on loan taken for their children’s education. Higher education would mean any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognised by the government. The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance, if your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years.
Section 80G
Donations paid to specified institutions qualify for tax deduction under section 80G but is subject to certain ceiling limits.
For claiming deduction under Section 80G, a receipt issued by the recipient trust must contain the name, address & PAN of the Trust, the name of the donor and the amount donated.
Donation may be eligible to 100% deduction or 50% subject to qualifying or without qualifying limit. No deduction is allowable if the donation in excess of Rs. 10,000 paid in cash.
Section 80 TTA
Deduction U/S 80TTA is applicable to individual taxpayers and HUF only. Interest earned up to Rs. 10,000 from saving bank accounts is allowed to deduct from gross total income. This deduction is not applicable to the interest you received on your fixed deposit
Section 80U
An assessee who is suffering from any disability, not less than 40% is eligible for the deduction to the extent of Rs. 75,000/- and in the case of severe disability allowable deduction is Rs. 1,25,000.

Section 87A:- Tax Rebate Rs. 5000/- who’s taxable Income below Rs.5 Lakhs. 

Income tax act provides the scope of claiming the deduction from gross total income. Income earned by an individual under different heads like salary, business or profession is clubbed together to calculate the gross total income. Then eligible deductions are claimed and tax is calculated on the balance income. Here we shall discuss deductions allowed for the assessment year 2018-2019 under chapter VI-A of IT act, which includes section 80C to 80U.

Click to Download Automated Master of Form 16 Part A&B for F.Y. 2016-17 and A.Y.2017-18[This Excel Based Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17] 
Click to Download Automated Master of Form 16 Part B for F.Y. 2016-17 and A.Y.2017-18[ This Excel Based Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17]

Section 80C
The individual taxpayer can claim deduction up to Rs. 1,50,000/- under section 80C of Income Tax act.
1) Tuition fees towards full-time education of children,
2) Principal amount of home loan repaid during the financial year,
3) Amount paid towards stamp duty and registration of the house purchased during the year is eligible for claiming the deduction.
4) Apart from this taxpayer can also claim deduction in respect of contribution towards employee provident fund or public provident fund,
5) Subscription to Equity Linked saving Scheme,
6) NSC, Senior Citizen Saving Scheme,
8) Life insurance premium paid subject to qualifying limit.
Section 80CCD
An individual contributing an amount in National Pension System (NPS) is eligible for claiming deduction under section 80CCD(1).
The aggregate amount of deduction under sections 80C, 80CCC and  80CCD(1) shall not exceed Rs.1,50,000/- (Section 80CCE).
In budget 2015 a new sub-section (1B) has been inserted so as to provide for an additional deduction in respect of any amount paid, of up to Rs. 50,000 for contributions made by any individual assessee under the NPS.
Section 80D
Deduction up to Rs. 25,000 is allowed in respect of premium paid to buy or to keep a health insurance policy in force for self, spouse and dependent children. Additional deduction of Rs. 25000 is allowed in respect of the premium paid for health insurance policy of parents.
The limit is Rs. 30000 for senior citizens.  Expenses up to Rs. 5,000 towards preventive health checkup can also be included within the prescribed limit under section 80D.
People aged above 80 and not covered by health insurance are allowed deduction of 30,000 rupees for medical expenses.
Section 80DD
Those who have a dependent with a disability can claim a deduction in respect of their maintenance including medical treatment under section 80DD of the Income Tax Act.
The deduction allowed is Rs. 75,000 if the disabled dependent is not suffering from severe disability.
The deduction allowed is Rs. 1,25,000 if the disabled dependent is a person with severe disability. A person with a disability means a person suffering from not less than 40% of any of the disabilities as defined in the act. Severe disability means 80% or more of one or more of the disabilities.
Section 80DDB
Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB.
The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 on condition that no medical reimbursement is received from any insurance company or employer for this amount. In the case of reimbursement, the deduction will be allowed for the amount over and above the amount received from an insurer or an employer.
The deduction in respect of a senior citizen is allowable up to sixty thousand rupees and in respect to a Super senior citizen, a deduction up to eighty thousand rupees would be allowed.
Section 80E
The deduction can be claimed for interest paid on loan taken for pursuing higher education by the assessee himself or for the purpose of higher education of his relative.
You can deduct the entire interest amount from your taxable income without any cap, however, there is no benefit available on the repayment of principal amount of the loan.
Parents are also eligible to claim a deduction of interest paid by them on loan taken for their children’s education. Higher education would mean any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognised by the government. The tax benefits on education loan are only valid once you start the repayment and moreover they are only available up to eight years. For instance, if your loan tenure exceeds eight years, you cannot claim for deductions beyond eight years.
Section 80G
Donations paid to specified institutions qualify for tax deduction under section 80G but is subject to certain ceiling limits.
For claiming deduction under Section 80G, a receipt issued by the recipient trust must contain the name, address & PAN of the Trust, the name of the donor and the amount donated.
Donation may be eligible to 100% deduction or 50% subject to qualifying or without qualifying limit. No deduction is allowable if the donation in excess of Rs. 10,000 paid in cash.
Section 80 TTA
Deduction U/S 80TTA is applicable to individual taxpayers and HUF only. Interest earned up to Rs. 10,000 from saving bank accounts is allowed to deduct from gross total income. This deduction is not applicable to the interest you received on your fixed deposit
Section 80U
An assessee who is suffering from any disability, not less than 40% is eligible for the deduction to the extent of Rs. 75,000/- and in the case of severe disability allowable deduction is Rs. 1,25,000.

Section 87A:- Tax Rebate Rs. 5000/- who’s taxable Income below Rs.5 Lakhs. 

May 22, 2017

Prepare at a time 100 employees Master of Form 16 Part A and B for F.Y.2016-17 and A.Y.2017-18

Download Master of Form 16 Part A&B for Financial Year 2016-17 and Assessment Year 2016-17. This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17.


The feature of this Excel Utility:-

1) Prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17 & A.Y.2017-18
2) All the amended Income Tax Section have in this utility as per the Budget 2016
3) You can prepare more than 1000 employees Form 16 Part A&B
4) Automatic Convert Amount into the In Words.

Download Master of Form 16 Part A&B for Financial Year 2016-17 and Assessment Year 2016-17. This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17.


The feature of this Excel Utility:-

1) Prepare at a time 100 employees Form 16 Part A&B for F.Y.2016-17 & A.Y.2017-18
2) All the amended Income Tax Section have in this utility as per the Budget 2016
3) You can prepare more than 1000 employees Form 16 Part A&B
4) Automatic Convert Amount into the In Words.

May 21, 2017

Deduction on Home Loan Interest [Sec.80EE] (A.Y.2017-18),Plus Automated Arrears Relief Calculator from F.Y.2000-01 to 2017-18

The section (80EE) deals with offering additional deduction to the taxpayers by allowing them to make adjustments for an interest of home loan or any other form of loan taken with an intent for owning residential house property.

Here we want to clear about one thing that doesn't confuse over repayment of a home loan and interest on home loan.


Cases where SEC 80EE is applicable?

The SEC 80EE is applicable in certain cases only. For an assessee, the benefit of SEC 80EE will be only available to him when the following criteria are met:
·                          The assessee should be buying his first house. In other words, the assessee does not own any residential house property on the date of sanction of the loan.
·                          The set limit of the value of the house is INR 50, 00, 000 (50 lakhs)
·                          The sanctioned amount of loan should be equal to or less than INR 35, 00, 000 (35 lakhs)
·                          The day on which the loan has been sanctioned, the assessee should not own any other house.
·                          Loan has to come from either a Housing Finance Company or a Financial Institute
·                          The loan is sanctioned during the period of 1.4.2016 to 31.3.2017.
Note: If an assessee has availed the benefit of deduction under SEC 80EE, he will not be able to take any further benefits in respect of ‘Interest on Loan’ under any other provision of the Income Tax Act for the same assessment year or any other.
The boon of SEC 80EE is NOT AVAILABLE to:
·                          HUF or other people
·                          In cases where deemed owner comes into the picture
·                          Spouse

SEC 80EE includes the consideration for the service fee or any other charge connected to loan. The assessee will not get an additional deduction advantage for charges related to loan approval or any other funding. The date of application for a loan is not important under this section. However, the date of sanction is vital.

The section (80EE) deals with offering additional deduction to the taxpayers by allowing them to make adjustments for an interest of home loan or any other form of loan taken with an intent for owning residential house property.

Here we want to clear about one thing that doesn't confuse over repayment of a home loan and interest on home loan.


Cases where SEC 80EE is applicable?

The SEC 80EE is applicable in certain cases only. For an assessee, the benefit of SEC 80EE will be only available to him when the following criteria are met:
·                          The assessee should be buying his first house. In other words, the assessee does not own any residential house property on the date of sanction of the loan.
·                          The set limit of the value of the house is INR 50, 00, 000 (50 lakhs)
·                          The sanctioned amount of loan should be equal to or less than INR 35, 00, 000 (35 lakhs)
·                          The day on which the loan has been sanctioned, the assessee should not own any other house.
·                          Loan has to come from either a Housing Finance Company or a Financial Institute
·                          The loan is sanctioned during the period of 1.4.2016 to 31.3.2017.
Note: If an assessee has availed the benefit of deduction under SEC 80EE, he will not be able to take any further benefits in respect of ‘Interest on Loan’ under any other provision of the Income Tax Act for the same assessment year or any other.
The boon of SEC 80EE is NOT AVAILABLE to:
·                          HUF or other people
·                          In cases where deemed owner comes into the picture
·                          Spouse

SEC 80EE includes the consideration for the service fee or any other charge connected to loan. The assessee will not get an additional deduction advantage for charges related to loan approval or any other funding. The date of application for a loan is not important under this section. However, the date of sanction is vital.

May 20, 2017

Free Download Amount to In Words Excel Tools

      Most of Concerned have been used the Excel for their Account Matter. But it is not possible to Amount to In Words without any VB Code. Somewhere create the VB Code for Convert the Amount to In Words.

When we have to need the Amount Rs.500 to In Words, most of Excel User manually the Five Hundred. But if you have a unique Excel Tools and install in your Computer, the Amount will Convert to the In Words automatically as your required Cell.

For an example: - One Excel Sheet has 3 column with the amount of each column and willing to Sum to the Next Cell, Just type " words" the Amount will be Convert automatically as the amount of Sum.Below the Picture what is the Excel tools activity

Installation Process this Excel Tolls: - FOR OFFICE 2003 USERS:-----
1) Unzip the file
2) Copy the Sword Tools
3) Paste it  in your any Drive
4) Open a new Excel Work Sheet 
5) Click to Tools Menu > Choose Add-Ins >Click Add-Ins > Browse and select the In word Tools > OK

FOR OFFICE 2007 USERS: - Open a New Work Sheet > Go to Open menu > Click the Excel Option>Select Add-Ins > Browse the Excel Tool Menu ( where you paste Excel Tool) >Select > OK
NOW CLOSE THIS EXCEL WORKSHEET OR BOOK AND RE-OPEN ANY EXCEL SHEET, PUT THE AMOUNT IN A-1 CELL > CLICK THE B1 CELL, PUT THE FORMULA =WORD(A1), CLICK ANYWHERE IN THIS WORKSHEET, LOOK THE B1 CELL.

Click here to Download the Excel Utility 

      Most of Concerned have been used the Excel for their Account Matter. But it is not possible to Amount to In Words without any VB Code. Somewhere create the VB Code for Convert the Amount to In Words.

When we have to need the Amount Rs.500 to In Words, most of Excel User manually the Five Hundred. But if you have a unique Excel Tools and install in your Computer, the Amount will Convert to the In Words automatically as your required Cell.

For an example: - One Excel Sheet has 3 column with the amount of each column and willing to Sum to the Next Cell, Just type " words" the Amount will be Convert automatically as the amount of Sum.Below the Picture what is the Excel tools activity

Installation Process this Excel Tolls: - FOR OFFICE 2003 USERS:-----
1) Unzip the file
2) Copy the Sword Tools
3) Paste it  in your any Drive
4) Open a new Excel Work Sheet 
5) Click to Tools Menu > Choose Add-Ins >Click Add-Ins > Browse and select the In word Tools > OK

FOR OFFICE 2007 USERS: - Open a New Work Sheet > Go to Open menu > Click the Excel Option>Select Add-Ins > Browse the Excel Tool Menu ( where you paste Excel Tool) >Select > OK
NOW CLOSE THIS EXCEL WORKSHEET OR BOOK AND RE-OPEN ANY EXCEL SHEET, PUT THE AMOUNT IN A-1 CELL > CLICK THE B1 CELL, PUT THE FORMULA =WORD(A1), CLICK ANYWHERE IN THIS WORKSHEET, LOOK THE B1 CELL.

Click here to Download the Excel Utility 

 
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