How To Link Aadhaar Card To Your Bank Account Online?, With Automated Form 16 Part B for F.Y.2015-16 and A.Y.2016-17

Click to Download the Automated Master of Form 16 Part B for Financial Year 2015-16 and Assessment Year 2016-17[ This Excel Based Software can prepare at a time 50 employees Form 16 Part B for F.Y.2015-16]


Aadhaar is gaining popularity as most of banks, financial institutions reduce the KYC process if an individual is having a Aadhaar number.



Else the person has to go through tedious process to complete KYC for doing a new transaction or opening a new account. Recently, the Aadhar Bill was passed by the Lok Sabha and once it becomes a law, it would be mandatory to have the same.

Only having Aadhaar card will not help unless it is linked to your bank account.
 

Once you link your Aadhaar card, one can enjoy benefits of transferring your LPG connection, easy mobile portability and pension which will directly get credited to your savings account.



There are two ways online and offline method through which you can link your Aadhaar to your bank account.



Steps to Aadhaar card to your bank account online

1. To link online, individual must registered with banks net banking.
2. Login to your net banking
3. There will be option of linking Aadhaar number. Say for HDFC Bank, one can update Aadhaar number " update contact details"
4. For other banks one can look for "Aadhar Bank Account Seeding" or Aadhaar Seeding"
5. Enter the Aadhaar details correctly.
6. Hit submit button.
7. Bank will verify the information the details of your Aadhaar.
8. The same will be notified to your registered mobile and mail ID. Click to read on how to know whether Aadhaar number is linked to bank account or not?

How to link your Aadhaar card to your bank account Offline?
1)Download Aadhar form or get it from the branch
2)Fill in the correct details Carry photo copy of your Aadhar card
3)Carry photo copy of your pan card
4)Passbook photo copy
5)Submit all documents at your bank


As per RBI guidelines, Aadhaar is now set to become the single document for opening a bank account in India.




Click to Download the Automated Master of Form 16 Part B for Financial Year 2015-16 and Assessment Year 2016-17[ This Excel Based Software can prepare at a time 50 employees Form 16 Part B for F.Y.2015-16]


Aadhaar is gaining popularity as most of banks, financial institutions reduce the KYC process if an individual is having a Aadhaar number.



Else the person has to go through tedious process to complete KYC for doing a new transaction or opening a new account. Recently, the Aadhar Bill was passed by the Lok Sabha and once it becomes a law, it would be mandatory to have the same.

Only having Aadhaar card will not help unless it is linked to your bank account.
 

Once you link your Aadhaar card, one can enjoy benefits of transferring your LPG connection, easy mobile portability and pension which will directly get credited to your savings account.



There are two ways online and offline method through which you can link your Aadhaar to your bank account.



Steps to Aadhaar card to your bank account online

1. To link online, individual must registered with banks net banking.
2. Login to your net banking
3. There will be option of linking Aadhaar number. Say for HDFC Bank, one can update Aadhaar number " update contact details"
4. For other banks one can look for "Aadhar Bank Account Seeding" or Aadhaar Seeding"
5. Enter the Aadhaar details correctly.
6. Hit submit button.
7. Bank will verify the information the details of your Aadhaar.
8. The same will be notified to your registered mobile and mail ID. Click to read on how to know whether Aadhaar number is linked to bank account or not?

How to link your Aadhaar card to your bank account Offline?
1)Download Aadhar form or get it from the branch
2)Fill in the correct details Carry photo copy of your Aadhar card
3)Carry photo copy of your pan card
4)Passbook photo copy
5)Submit all documents at your bank


As per RBI guidelines, Aadhaar is now set to become the single document for opening a bank account in India.




Download Form 12BB to claim LTA, HRA and Home Loan Interest,With Automated Form 16 Part A and B for F.Y.2015-16

Click to Download the Automated Master of Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16]

Click to Download the Automated Master of Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for F.Y.2015-16]

In a recent notification, income tax department has come up with a new form 12BB, which from now onwards has to be submitted if you want to claim your LTA, HRA and Interest on Home loan interest. It’s a single form, which you need to fill and attach all proofs and furnish all information related to these exemptions. This form will be applicable from June 1, 2016.

What all information is asked in Form 12BB?

Following is the list of various things you need to arrange before you fill up this form 12BB form
·             LTA (Leave Travel Allowance) – One has to provide all the proofs of travel like tickets, invoices, boarding pass (in case of flight) . More info here
·             HRA (House Rent Allowance) – For claiming HRA, If the rent paid is above Rs 1 lacs a year, one has to provide Name, Address and PAN of the landlord and Rent receipts.
·             Interest on Home Loan – To claim this, one has to furnish the name, address and the PAN of the lender organization
·             Deductions under 80C & Others – You will also have to furnish the details and proofs of the actual investments done under Sec 80C and others

You can download form 12BB here, It’s a PDF version & You can Download Form 12 BB here, it's a EXCEL FORMAT

Main reason to introduce this form 12BB?
The primary reason why this new form is being introduced is that till now there was no standard process to collect all the proofs and information regarding the various deductions. IT department thinks that with this new change, frauds will go down.  
You may no longer be able to provide fake bills to claim income tax deductions for leave travel allowance (LTA) and house rent allowance (HRA). Changes announced on Tuesday in reporting format for individuals claiming tax deduction on leave travel allowance (LTA), leave travel concessions (LTC), house rent allowance and interest paid on home loans is aimed at plugging leakages on account of fake bills, experts say.

So with this form, all the information will be captured at one place and even the employers will be made accountable for checking all documents and if the proofs are genuine or not.
Click to Download the Automated Master of Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16]

Click to Download the Automated Master of Form 16 Part A & B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for F.Y.2015-16]

In a recent notification, income tax department has come up with a new form 12BB, which from now onwards has to be submitted if you want to claim your LTA, HRA and Interest on Home loan interest. It’s a single form, which you need to fill and attach all proofs and furnish all information related to these exemptions. This form will be applicable from June 1, 2016.

What all information is asked in Form 12BB?

Following is the list of various things you need to arrange before you fill up this form 12BB form
·             LTA (Leave Travel Allowance) – One has to provide all the proofs of travel like tickets, invoices, boarding pass (in case of flight) . More info here
·             HRA (House Rent Allowance) – For claiming HRA, If the rent paid is above Rs 1 lacs a year, one has to provide Name, Address and PAN of the landlord and Rent receipts.
·             Interest on Home Loan – To claim this, one has to furnish the name, address and the PAN of the lender organization
·             Deductions under 80C & Others – You will also have to furnish the details and proofs of the actual investments done under Sec 80C and others

You can download form 12BB here, It’s a PDF version & You can Download Form 12 BB here, it's a EXCEL FORMAT

Main reason to introduce this form 12BB?
The primary reason why this new form is being introduced is that till now there was no standard process to collect all the proofs and information regarding the various deductions. IT department thinks that with this new change, frauds will go down.  
You may no longer be able to provide fake bills to claim income tax deductions for leave travel allowance (LTA) and house rent allowance (HRA). Changes announced on Tuesday in reporting format for individuals claiming tax deduction on leave travel allowance (LTA), leave travel concessions (LTC), house rent allowance and interest paid on home loans is aimed at plugging leakages on account of fake bills, experts say.

So with this form, all the information will be captured at one place and even the employers will be made accountable for checking all documents and if the proofs are genuine or not.

As per the Finance Budget 2016, the Income Tax Section 80GG has raised up to Rs. 60,000/- P.A. who have not get any House Rent Allowances from their Concerned.

Download Income Tax Salary Certificate Form 16 Part B for Financial Year 2015-16 & Assessment Year 2016-17 [ This Excel Utility Can prepare at a time 50 employees Form 16 Part B ] 

In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month.

This section allows an individual a deduction in respect of house rent paid for his own residence. Such deduction is permissible, subject to the following conditions:
a) Who have not get any Allowances as House Rent Allowances from their Concerned & it is not allowed both deduction U/s 10(13A) and U/s 80GG both can not be claim at a time.
b) The individual files a declaration in Form 10BA.
c) The employee does not own  residence :
i. any residential accommodation himself or by his spouse or where such individual is a member of a HUF.
ii. Any residential accommodation in the occupation of the Individual, the value of which is to be determined u/s 23
d) Entitlement of deduction:
i. Allowed deduction in respect of rent paid in excess of 10% of total income;
ii. Subject to a ceiling limit of 25% of total income, or , Rs.2000/- per month whichever is less. This limit of Rs.2000/- is now proposed to be increased to Rs.5000/- per month from 1st April, 2017 and shall accordingly apply in relation to assessment year 2017-18 and subsequent years.

Download Income Tax Salary Certificate Form 16 Part B for Financial Year 2015-16 & Assessment Year 2016-17 [ This Excel Utility Can prepare at a time 50 employees Form 16 Part B ] 

In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month.

This section allows an individual a deduction in respect of house rent paid for his own residence. Such deduction is permissible, subject to the following conditions:
a) Who have not get any Allowances as House Rent Allowances from their Concerned & it is not allowed both deduction U/s 10(13A) and U/s 80GG both can not be claim at a time.
b) The individual files a declaration in Form 10BA.
c) The employee does not own  residence :
i. any residential accommodation himself or by his spouse or where such individual is a member of a HUF.
ii. Any residential accommodation in the occupation of the Individual, the value of which is to be determined u/s 23
d) Entitlement of deduction:
i. Allowed deduction in respect of rent paid in excess of 10% of total income;
ii. Subject to a ceiling limit of 25% of total income, or , Rs.2000/- per month whichever is less. This limit of Rs.2000/- is now proposed to be increased to Rs.5000/- per month from 1st April, 2017 and shall accordingly apply in relation to assessment year 2017-18 and subsequent years.

Download All in One TDS on Salary for Non-Govt Employees for F.Y.2016-17 with how to save income tax in FY 2016-17 and A.Y. 2017-18 as per New Finance Budget 2016

To start with, let the  explain what exactly has changed in terms of taxation from the year (i.e.AY 2017-18) As per Budget 2016:
To start with, let the  explain what exactly has changed in terms of taxation from the year (i.e.AY 2017-18) As per Budget 2016:

Automated Income Tax Form 16 Part B and Part A and B for F.Y. 2015-16 with Deduction from taxable income in F.Y.2015-16

Section 80C [Deduction upto Rs 1.5 Lacs]
1. Life Insurance Premium - Any sum received under Life Insurance Policy (except keyman insurance policy) along with bonus is exempt from tax if premium was payable as per aforesaid restriction. However amount received on death of insured is exempt in all cases (except keyman insurance policy).
Section 80C [Deduction upto Rs 1.5 Lacs]
1. Life Insurance Premium - Any sum received under Life Insurance Policy (except keyman insurance policy) along with bonus is exempt from tax if premium was payable as per aforesaid restriction. However amount received on death of insured is exempt in all cases (except keyman insurance policy).

Income Tax Changes of financial year 2015-16, with Automated Master of Form 16 Part A&B and Part B for F.Y.2015-16

Today we bring you a quick recap of all the tax changes which were announced in the Budget of 2015 and are applicable effective financial year 2015-16. These changes are new tax savings means which you can start to take advantage of this year. Hope you stand to gain from a couple of these!
Today we bring you a quick recap of all the tax changes which were announced in the Budget of 2015 and are applicable effective financial year 2015-16. These changes are new tax savings means which you can start to take advantage of this year. Hope you stand to gain from a couple of these!