Automatic Form 16 Part A & B + Part B in One Excel Based Software For Assessment Year 2015-16

The latest Income Tax Department Notified Vide Notification No 11/2013 that the Salary Certificate Form 16 Part A is now Mandatory to Download from the TRACES Portal and the Form 16 Part B must be prepared by the Employer or Deductor. This Notification with effect for the Financial Year 2012-13 and on words. You can easily download the Form 16 Part A from the TRACES portal after registering the TAN WHICH FREE OF COST. If you have not Download the Form 16 Part A from the TRACES portal,you have to do this must. It is also observed that the various Concerned Govt and Non- Govt Concerned have not intimated about this Notification. In this Regard various Concerned have already prepared the both of Part A and Part B ( Amended) New Form 16 which also Notify vide Notification No 11/2013.

Below given the Excel based Software can prepare both of Salary Certificate Form 16 Part A and Part B for Financial Year 2014-15( New Amended Format) in one software and you can also prepared the Form 16 Part B in this one Software. This Excel Based Software is most handy.
Download this utility from below:- 
Download Income Tax Form 16 Part A&B and part B for FY 2014-15

Prepare at a time Tax Compute Sheet +HRA Calculation+Form 16 Part A&B and Part B with Budget FY 2014-15 – Tax on Salary

Click here to Download Automated TDS on Salary for Non-Govt employees for the Financial Year 2014-15 and Assessment Year 2015-16 [This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Structure (For Private Employees) + Automated House Rent Exemption Calculation U/s 10(13A) + Automated Form 16 Part A&B and Part B for the Financial Year 2014-15 with all the latest amended Tax Section]
As you are aware, the Union Budget for FY 2014-15 was tabled in the Parliament by the Finance Minister of India on 10-Jul-2014. There are some changes to the computation of tax on salary  need to consider for FY 2014-15.

1. Changes in tax rates

The revised tax rates for salaried employees (aged 60 years and below) for FY 2014-15 are as follows.
Total Income for the Year in Rs.
Tax Rate in %
Up to 2,50,000
Nil
2,50,001 to 5,00,000
10
5,00,001 to 10,00,000
20
Above 10,00,000
30
The revised tax rates for salaried employees (aged above 60 years but below 80 years) for FY 2014-15 are as follows.
Total Income for the Year in Rs.
Tax Rate in %
Up to 3,00,000
Nil
3,00,001 to 5,00,000
10
5,00,001 to 10,00,000
20
Above 10,00,000
30

2. Increase in deduction under Section 80C [Click to view total deduction U/s 80C]

The deduction under 80C (Life insurance premium, PPF, investment in National Savings Certificate, interest from notified bank deposits, principal repayment on housing loan, etc.) was restricted to Rs.1 lakh in 2013-14. The same has been increased to Rs. 1.5 lakh for 2014-15.
Consequent to the change in section 80C, section 80CCE has been amended so as to raise the limit of aggregate deduction under sections 80C, 80CCC and 80CCD from Rs. 1 lakh to Rs.1.5 lakh.

3. Increase in deduction under Section 24 – Interest on housing loan [Click to view 24B]

The tax deduction on housing loan interest payment (for a self occupied property) was restricted to Rs. 1.5 lakh per annum in FY 2013-14. For the year 2014-15, the limit has been increased to Rs. 2 lakh.
There is no reference to Section 80EE in the Finance Bill for FY 2014-15. Hence, the carry forward of unutilized tax deduction for first time owners of residential property, if applicable, is available for FY 2014-15.
Note:
1. The Education Cess stays at 3%.
2. In case the total taxable income goes beyond Rs. 1 crore in the year, a surcharge of 10% (subject to marginal relief) is to be deducted – as it was in FY 2013-14.

What about the tax credit of up to Rs. 2,000? [Click to view what says 87A in FY 2014-15]

The Financial Bill tabled in the Parliament does not provide for the removal of tax credit under Section 87A. Hence, the tax credit of Rs. 2,000 is available for FY 2014-15 as long as the total income does not exceed Rs. 5 lakh for the year.

Kisan Vikas Patra – A Best Tax Saving Scheme, Plus All in One Master of Form 16 Part B for FY 2014-15

Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Software can prepare at a time 50 employees Form 16 Part B with Individual Salary Sheet + Individual Salary Structure)

As per the Central Finance Budget 2014-15 the Kissan Vikas Patra has Re-introduce in the Section 80C and the maximum limit Rs. 1.5 Lakh. This K.V.P. was last introduce in the financial year 2011-12, and after few years it is Re-Introduce this K.V.P. This News it is great opportunity to tax savings to the tax payers.

Kisan Vikas Patra is a scheme introduced by the Indian Government for the welfare of Indian Farmers. As the name includes “KISHAN” it does not mean that is only scheme for the farmers.  It is a scheme of mobilisation of funds for the KISAN’S.

Where & How to Apply for Kisan Vikas Patra

Investment can be made in Kisan Vikas Patra through forms available at any post office of the country in cash/draft/demand draft with duly filled up form. The minimum amount required for it to deposit is Rs. 100 and there is no upper limit for investment in Kisan Vikas Patra as there is no Tax Rebate on it. KVP are available in the denomination of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs.10000, and Rs. 50000. It is a simple investment option and can be grabbed by filling up a single form with recent photograph and there is no need of opening an account.  A Certificate is issued by the post office called Kisan Vikah Patra, with your name mentioned, date of maturity, date of issue, maturity amount receivable etc.

Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Software can prepare at a time 50 employees Form 16 Part B with Individual Salary Sheet + Individual Salary Structure)

Loan on Kisan Vikas Patra

Business entities, company or institution are not eligible for the investment in the KVP scheme. Any NRI and HUF are also restricted to make investment in this.
Interest Income Accrued on Kisan Vikas Patra is taxable but the tax is not deducted at source, thus full amount is received by the investor at the time of maturity and there is no Wealth Tax liability for KVP. No rebate is given under section 80C, for the investment in Kisan Vikas Patra. These Patras can be pledged as security against a loan to Banks and Government Institutions. It can be easily transferred to any of the post offices of India and from one person to another person as well maintaining the same applicable individual status at the time of investment. Duplicate patras can be made issue for lost, stolen, destroyed, mutilated and defaced.
Kisan Vikas Patra is a good option for those individual investors who are risk averse, as Government of India take guarantee of the fund and fixed return on the invested amount. It gives lesser return than NSC and PPF but more than FD and freedom up to any investment amount. Patras are transferable to POST Office and can be encashed before maturity.
- See more at: http://www.lessmytax.com/kisan-vikas-patra/#sthash.PZdzAMpS.dpuf

Loan on Kisan Vikas Patra

Business entities, company or institution are not eligible for the investment in the KVP scheme. Any NRI and HUF are also restricted to make investment in this.
Interest Income Accrued on Kisan Vikas Patra is taxable but the tax is not deducted at source, thus full amount is received by the investor at the time of maturity and there is no Wealth Tax liability for KVP. No rebate is given under section 80C, for the investment in Kisan Vikas Patra. These Patras can be pledged as security against a loan to Banks and Government Institutions. It can be easily transferred to any of the post offices of India and from one person to another person as well maintaining the same applicable individual status at the time of investment. Duplicate patras can be made issue for lost, stolen, destroyed, mutilated and defaced.
Kisan Vikas Patra is a good option for those individual investors who are risk averse, as Government of India take guarantee of the fund and fixed return on the invested amount. It gives lesser return than NSC and PPF but more than FD and freedom up to any investment amount. Patras are transferable to POST Office and can be encashed before maturity.
- See more at: http://www.lessmytax.com/kisan-vikas-patra/#sthash.PZdzAMpS.dpuf

Download All in One TDS + Salary + HRA Calculation + Arrears Relief + Form 10E + Form 16 Part A&B and Part B for Assessment Year 2015-16

Download & Prepare at a time the Income Tax Calculation with Automatic Calculation of House Rent exemption U/s 10(13A) + Arrears Relief Calculation U/s 89(1) from the Financial Year 2001-02 to Financial Year 2014-15 + Form 10E + Automatic Form 16 Part A& B and Part B for the Financial Year 2014-15 and Assessment Year 2015-16.
This Excel Based Software can use the both of Govt and Non Govt employee as well as Concerned.

Snapshot of this Excel Utility :-
Salary Structure
Salary Statement
Tax Compute Sheet
Arrears Relief Calculation Sheet Form 10E
Main Feature of this utility  :-
1) All the Income Tax Section including the New all Section have in this Section

2) You can view at a glance the all Income Tax Section in this utility

3) Automatic Convert the Amount in to the In Words, without any Add-ins or Macro

4) You can prepare limit less Income Tax all Forms by this one Software

5) Salary Sheet (Auto Calculated) for Both of Govt and Non Govt Employees

6) Separate  Salary Sheet Print option also available

7 Tax Computed Sheet ( Automated)

8) Automatic Prepare Form 16 Part A&B after filling the Salary Sheet of employee

9) Automatic Prepare Form 16 Part B after filling the Salary Sheet of employee

Download the utility from below:- 
Click here to Download All in One TDS on Salary for FY 2014-15

Prepare at a time 50 employees Form 16 Part A&B with total list of deduction U/s 80C

Click here to download Master of Form 16 Part A&B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B). 

Who are not able to download the Form 16 Part A from the TRACES Portal, they can use this Excel Utility. The details of deduction U/s 80 is given below as per the latest amended for the Financial Year 2014-15.
Chart for deduction u/s 80C to 80U  Rebate u/s 87A
Section
Details of deductions
Quantum
Remarks
80C (Individual
& HUF)
A. ULIP of Spouse and Children and any member in case of HUF
B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years   PO Time deposit, Senior citizen Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office saving bank.
C. Bonds of NABARD, Deposit scheme of NHB, Notified deposit scheme,.
D. MF referred u/s 10(23D), Pension fund of MF[10(23D)], Eligible issue of securities.
E. Cost of purchase or construction of residential house including repayment of loan and expenses on transfer of property, tution fees to any educational institutions for full time eduction of 2 childrens.
Maximum Rs 1 ,50,000 is allowed Investment.
Click to view the deduction U/s 80C
No Dedcution Allowed:
Terminates the insurance policy within 2 years, Terminate ULIP within 5 years, transfer house within 5 years
Limit of eligible premium in case of insurance policy on life of disable person has been increased to 15 % instead of 10 % from FY 13-14.
Max. 10% of the minimum amt assured under Life policies
80CCC
(Individual)
Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.
Maximum is Rs 1,00,000
Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCD
(individual)  
Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.
Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.
Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCE
It should be noted that employer contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE
It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in aggregate of 80C ,80CCC  80CCD(1) is Rs 1,00,0000

80CCG
Individual having gross total income upto Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal fund units.
50 % 0f the invested amount . Limit is Rs 25,000 max.
The deduction is allowed for three years only.
80D
(Individual &HUF)
Medical insurance on self, spouse , children or parents. The deuction is also allowable for CGHS contribution to Cenral and State scheme. It is also for conducting health check up to Rs 6000.
Age Below 60 years: Rs 15,000 including Rs. 5000 on preventive checkup for self , spouse  children + Rs 15,000 for insurance on parents.
Age above 60 years: Replace Rs 15,000 with 20,000.
Cash payment not allowed. But for Preventive Checkup it is allowed.
80DD (Individual &HUF)
For maintenance including treatment or insurancing the lives of physical disable dependent relatives
Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
dependent relatives includes spouse, child, parents, brother sister
80DDB (Individual &HUF)
For medical treatment of self or relatives suffering from specified disease
Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000.
Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
80E
(Individual)
For interest payment on loan taken for higher studies(after 12)  for self or education of spouse or children
Actual amount paid as interest and start from the financial year in which he /she starts paying interest and upto maximum of 8 years.
loan from any financial institution banking or approved charitable institution
80EE
interest on home loan sanctioned during Fy 2013-14. However, value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further assessee should not have any other residential house.
RS 1 lakh

80G
(All Assessee)
Donations to charitable institution
(Max. 10,000 if paid in cash from A/Y 13-14)
100% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. ).  50%  (Gandhi/ Drouhgt/ charitable purpose/infrastructural development fund). For Asst Yr 2014-15, Natital Children Fund will also get 100% deduction.
Where the aggregate
of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
80GG
For rent paid
This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month. Rule 11B is method of computation.

80GGA
For donation to entities in scientific research or rural development (Max. 10,000 if paid in cash from A/Y 13-14)
Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.
Cash payment not allowed
80GGB  80GGC
For contribution to political parties
100 % of donations
Cash payment not allowed
80QQB
Allowed only to resident authors for royalty income for books other than text book
Royalty income or Rs 3,00,000 whichever is less.

80RRB
For income receipt as royalty on patents of resident individuals
Actual royalty or Rs 3,00,000 whichever is less.

80U
Deduction in respect of permanent physical disability including blindness to taxpayer
RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.

87A
Rebate to individual having low taxable income
Amount of tax or Rs 2,000 which ever is less
Only resident individual gets this rebate.


Prepare at a time 100 employees Form 16 Part B for FY 2014-15 with Tax Benefit on Home Loan: Section 24, 80EE & 80C

Click here to download Master of Form 16 Part B for Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees form 16 Part B with Individual Salary Structure]

How to get tax benefits from House Building Loan Principal and Interest ( Rs.1.5 Lakh U/s 80C + 2 Lakh U/s 24B + 1 Lakh U/s 80EE, total =4.5 Lakh), EXPLAIN BELOW :-

Section 80C: Tax benefit on Home Loan (Principal Amount)
The amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C is Rs. 1,50,000. (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014) Read total deduction U/s 80C 
This tax deduction is the total of the deduction allowed under Section 80C and includes amount invested in PPF Account, Tax Saving Fixed Deposits, Equity Oriented Mutual funds, National Savings Certificate, Senior Citizens Saving Scheme etc.
This tax deduction under Section 80C is available on payment basis irrespective of the year for which the payment has been made. The Amount paid as Stamp Duty & Registration Fee is also allowed as tax deduction under Section 80C even if the Assessee has not taken Loan.
However, tax benefit of home loan under this section for repayment of principal part of the home loan is allowed only after the construction is complete and the completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.
Moreover, in case you are planning to buy an under-construction property as it is priced at a lower price as compared to a fully completed property, you are here also requested to note that Service Tax is also levied on Under Construction Property & the Finance Minister while announcing the Budget 2013 also changed the rates of Service Tax on under Construction Property. However, no Service Tax is levied on properties on which construction has been fully completed.
However, Section 80C(5) also states that in case the assessee transfers the house property on which he has claimed tax deduction under Section 80C before the expiry of 5 years from the end of the Financial Year in which the possession has been obtained by him, then no deduction and tax benefit on Home Loan shall be allowed under Section 80C. The aggregate amount of tax deduction already claimed in respect of previous years shall be deemed to be the Income of the Assessee of such year in which the property has been sold and the Assessee shall be liable to pay tax on such income.
TAX BENEFIT ON HOME LOAN (INTEREST AMOUNT)
Tax Benefit on Home Loan for payment of Interest on Home Loan can be claimed as Deduction under Section 24 as well as under the newly inserted section 80EE (Inserted in the Budget 2013, to be applicable from 1st April 2013)
Section 24: Income Tax Benefit on Interest on Home Loan
Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.
The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).
In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take tax deduction of the whole interest amount under Section 24.
Please Note: In case a property has not been self-occupied by the owner by reason of the fact owing to his employment, business or profession carried on at any other place, he has to reside at that other place not belonging to him, then the amount of tax deduction allowed under Section 24 shall be Rs. 2 Lakhs only.
It is also important to note that this tax deduction of Interest on Home Loan under Section 24 is deductible on payable basis, i.e. on accrual basis. Hence, deduction under Section 24 should be claimed on yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis.
Moreover, if the property is not acquired/constructed completed within 3 years from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from 2 Lakhs to Rs 30 thousand only.

Click here to download Master of Form 16 Part B for Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees form 16 Part B with Individual Salary Structure]

All in One TDS on Salary for Non-Govt employees for FY 2014-15 with Section 24B - Interest on Housing Loan

Prepare at a time Tax Compute Sheet + HRA Calculation + Form 16 Part A&B and Part B for the Financial Year 2014-15 only for Non-Govt(Private) employees.

Tax benefit under Section 24B for the payment of interest for home loan. This section allows tax deduction.


The following is applicable for the home loan that is taken for completed property (and not for under-construction property)

The maximum tax deduction allowed under section for the self-occupied* property is subject to a maximum of INR 2 Lakh. However, in case the home loan is taken for which the property is non-self-occupied**, NO MAXIMUM Limit has been prescribed (you can claim the entire amount of interest paid as tax deductible from the income)

It is important to note that if the property is not self-occupied by the reason of the fact to his employment, business or profession carried on at any other place, he has to reside at other place not belonging to him, then the maximum tax deduction allowed is INR 2,00,000/-.

It is also important to note that this tax deduction of Interest on Home Loan under Section 24 is deductible on payable basis, i.e. on accrual basis. Hence, deduction under Section 24 should be claimed on yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis. 

*Self-occupied = The property for which one has taken the home loan and the property is used for self use. The property is also self-occupied even if one does not stay in that property and has not let-out (rented) the property.

**Non-Self-Occupied = The property for which one has taken the home loan and the property has been rented to other individual(s).


1. If the loan is taken for repair/renewal/reconstruction - No tax deduction is allowed till the construction is complete.

2. If the loan is taken for purpose of purchase/construction - The interest that has been paid before the completion has to be aggregated and the whole aggregated amount shall be allowed as tax deduction in 5 equal installments for 5 successive financial years starting from the year in which the construction has been completed. 

Now, As per Section 24 of the Income Tax Act, tax deduction for payment of Interest would only be allowed from financial year 2012-13 onwards.  However, the interest for the home loan on before the completion of Construction (i.e. Rs. 3,00,000) would be allowed as tax deduction for the next 5 Financial years @ 50,000 p.a. commencing from Financial Year 2012-13 onwards. (Easy amounts have been taken important Points:-
  1. Interest paid for outstanding amount is not allowed as Tax Deduction (Shew Kissan Bhatter v. CIT (1973) 89 ITR 61(SC)
  2. This tax deduction shall be available only if the construction is completed within 3 years from the end of the financial year in which the capital is borrowed
  3. Taxpayer cannot claim any deduction for Commission Paid for arranging the Loan
  4. Tax deduction is allowed under Head Income from House Property, and if there is no income from House Property, a loss under house property would be shown which would be allowed to be set off against income from various other heads.
  5. Tax Benefits of Interest on Home Loan can be claimed only by the person who has acquired or constructed the property with the Borrowed Funds. It is not available to the Successor of the Property.
For the purpose of simplicity and easy understanding, a comparison of Tax Benefit on Home Loan under Section 24 and Section 80C has been made hereunder:-


articulars
Section 24
Section 80C
Tax Deduction allowed for
Interest
Principal
Basis of Tax Deduction
Accrual basis
Paid basis
Quantum of Tax Deduction allowed
Self Occupied Property: Rs. 2,00,000 & for Non Self Occupied Property: No Limit
Rs. 1,50,000
Purpose of Loan
Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.
Purchase / Construction of a new House Property
Eligibility for claiming Tax deduction
Purchase/ Construction should be completed within 3 years
Nil
Restriction on Sale of Property
Nil
Tax Deduction claimed would be reversed if Property sold within 5 years

Requirement of Form 16, Form 12 BA and 12 B in Income Tax,Plus Automated Master of Form 16 Part B with Form 12BA for FY 2014-15

For person earning income from Salary , documents Form 16, and Form12BA  are provided by employer which has details about his salary, perquisites and tax deducted at source(TDS) by his employer. These are used while calculating Tax liability and filing Income Tax return. We looked into details of Form 16. Form 12BA give details of Perquisites given by the employer to employee. We had looked into what are perquisites, what income tax laws apply to it, about valuation of perquisites and the taxation with an example, which perquisites are exempted from tax, Difference between Perquisite, Allowance and Fringe benefit. In this article we shall see how Form 12BA shows the information about perquisites.

Form 12BA

Free download Master of Form 16 Part B with 12 BA for FY 2014-15 [ This Excel based Software can prepare At a time 50 employees Form 16 Part B with 12 BA for the Financial Year 2014-15]

Form 12BA is statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof. It comes under the Section 26A, subsection 2 point b which is given below,
Form No. 12BA, if the amount of salary paid or payable to the employee is more than one lakh and fifty thousand rupees, which shall accompany the return of income of the employee. [Explanation : “Salary” for the purposes of this rule shall have the same meaning as given in rule 3.]
        Note:The limit has changed to one lakh and eight thousand (1,80,000) by circular in 2011.

Employee-Employer Details

The first part gives details about the employer and employee as shown in the image below.

·            Employer Details: Name and Address of the Employer, TAN Number.
·           Employee Details: Name and Designation of the Employee, PAN Number of employee.
·          Financial Year: Form 12BA is for which Financial Year. (Note Financial Year is mentioned and not Assessment Year. Form 16 mentions Assessment Year)

Note: Please note that even indvidual’s PAN number has Assessing Officer Code. But in Form 12BA the Assessing Officer Code of the employer which is associated with TAN number is specified, which specifies the area or jurisdiction to which Employer belongs.
An Assessing Officer is a person who has jurisdiction to make assessment of an assessee, who is liable to pay tax under the Act. The designation may vary according to the volume of income/nature of trade Assessing officer may be an Income-tax Officer, Assistant Commissioner, Deputy Commissioner Joint Commissioner or an Additional Commissioner. Assessing officers work for Central Board of Direct Taxes(CBDT), which is a part of Department of Revenue in the Ministry of Finance.  CBDT provides essential inputs for policy and planning of direct taxes in India, and is also responsible for administration of direct tax laws through the Income Tax Department.Central Processing Center (CPC) at Banglore or Bengluru, processes those returns. Wherever TDS credit cannot be given as per guidelines issued by CBDT and verification of TDS certificates are required, the e-return is transferred to the jurisdictional assessing officer for processing.

Perquisites Details

This part of Form 12BA shows the value of perquisite given to employee, if employee has paid some amount and amount of perquisite that is chargeable as shown in image below:

 Declaration
This part of Form 12BA shows declaration by the Employer (usually someone from payroll or HR department)  as shown in image below:

 Form 12B


Please don’t confuse Form 12BA with Form 12B
Difference is more than just the letter. Form 12B comes into picture when people change job in the middle of the Financial year. Details of previous employment to the new employer are provided by the employee in Form 12B.  Changing jobs often leads to a situation where an individual gets tax exemptions twice than what is due to him—from his earlier employer as well as from his new employer.  The income earned from the previous job has to be clubbed with the income from the new job to compute the total tax payable for the year. Bemoneyaware: Changing Jobs:Take Care Of Bank Account,Tax Liability.
According to section 192, it is the option / discretion of the employee whether or not to file Form No 12B. The current employer can’t insist on filing of Form No 12B. If the employee chooses not to file, then employers’ obligation is limited to compute TDS on salary payable by him.
If Form 12B is filed, then current employer can deduct the TDS on salary paid by previous employer (in case no TDS was deducted by previous employer). And if the TDS was deducted by previous employer, any excess or shortfall can also be adjusted.
It is always in the interest of an employee to furnish such details because otherwise there can be duplication of exemptions and deductions and there can be a shortfall in tax deduction and as a result the employee would become liable to deposit advance tax.
 Free download Master of Form 16 Part B with 12 BA for FY 2014-15 [ This Excel based Software can prepare At a time 50 employees Form 16 Part B with 12 BA for the Financial Year 2014-15]

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