What is the requirement of Income Tax Form 16 to salaried persons? With Automated Master of Form 16 Part B for F.Y.2016-17 and A.Y.2017-18

What is Form 16?

Form 16 is an Income Tax form used by companies to provide their salaried individuals in India. This form carries all the required details that help the employee in filing their tax returns with the Income Tax department in India. The Income Tax Act of 1961 and the Income Tax rules of 1962 are the laws that are prevailing in India. When Form 16 is provided to an employee by their employer it’s a source of proof of filing their Income Tax Returns, the form has various components such as Salary Income components of the employee. Every employer should provide their employees with the Form 16 who fall under the tax brackets set up the Finance Ministry of the Government of India. If an employee doesn’t fall under the tax brackets set, then he/she doesn’t receive the Form 16 as he/she will not need to pay taxes neither will they need to have Tax Deducted at Source or TDS.

Prepare at a time 100 employees Automated Income Tax Form 16 Part B for F.Y.2016-17 & A.Y.2017-18 [This Excel Utility can be prepared at a time 100 Employees Form 16 Part B for F.Y.2016-17       Click to Download  

These components are:

·                          The personal details of the employee, like name, Permanent Account Number (PAN) etc.

·                          The employer details, name, PAN, Tax deduction and collection Account Number (TAN), etc.

·                          An acknowledgment number of the taxes paid by the employer.

·                          Details of the salary; Gross salary, net salary, deductions, perks etc.

·                          Total income and tax deductions.

·                          Education cess and surcharge details.

·                          Taxes deducted as per sections 191A.

·                          Declaration of tax payments from the employer.

·                          Refunds in any to the employee, or balance of taxes payable by the employee.

·                          Receipt of the TDS paid.

·                          All details of the Tax Payment, like Challan number, cheque number, Demand Draft number etc.

Prepare at a time 100 employees  Automated Income Tax Form 16 Part A&B for F.Y.2016-17 & A.Y.2017-18 [This Excel Utility can be prepared at a time 100 Employees Form 16 Part A&B for F.Y.2016-17]      Click to Download  

Form 16 has 2 parts, Part A and Part B:

The Part A of Form 16 contains the TAN of the employer and PAN of the employer and the employee. The addresses of both the employee and employer. This will contains all details of the payouts from the employer and employee during the current financial assessment year. This part of Form 16 also contains the TDS filed by the employer, the taxes deducted from your income and paid to the government every quarter. This also contains a monthly statement of the same.

The Part A of the Form must include:

·                          TDS deducted by the employer.

·                          PAN of the employer.

·                          The current financial assessment year.

·                          The employee PAN.

·                          TAN of the employer.

·                          The employee/tax payer's name, address etc.

·                          Name and address of the employer.

The Part B of Form 16 contains the consolidated details of the salaries paid to the employee during the financial assessment year. The salary must be broken down, with details of deductions made by the employee under section 80C. The deductions that can be made under this section is EPF, NSC, Life insurance premiums, PPF, etc. If in one financial assessment year employee has changed jobs then the employee needs to be provided Form 16 of both companies.

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The Part B of the Form must include:

·                          Taxable salary of the employee.

·                          TDS by the employer.

·                          Breakup of the deductions of sections 80C.

·                          Aggregate of the section 80C with gross and deductible amount.

·                          Tax refund or any payables due.

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Download Automated Form 16 Part A&B and Master of Form 16 Part B and All in One TDS on Salary for the financial year 2013-14

The CBDT completely changed the Format of Form 16 and there have in two parts One is Part A and another One is Part B. This Format of Form 16 have changed vide Notification dated on 19/2/2013. In Form 16 Part A have all details of tax deducted and-and credited into the Central Govt and another Form 16 Part B where the Employee's Salary details. In this Form 16 Part B, there have not any column to where you can put the employee's Name or Pan Number. Look the below Snap Shot of Form 16 Part B:-

This Form 16 Part B must be prepared by the Employer where the found details of Salary of Employee. 

If you prepare the Form 16 Part B then where you can mention the employee's Identity like as Name of Employee and Pan Card Number. It is the most hazard to identify to who's Form 16 Part B is prepared?

But the Form 16 Part A where have only the Tax Deducted and Deposited into the Central Govt The Form 16 part A is Mandatory to Download from the TRACES Portal (www.tdscpc.gov.in)

The Snap Shot of Form 16 Part A is given below, Look the Snap Shot of Form 16 Part A:-

A feature of that Utility:-

• Automatic Calculate the Income Tax
• Automatic Prepare the Form 16 Part B 
• Automatic Prepare the Form 16 Part A&B and Part B
• Automatic prepare 50 employees Form 16 Part B ( prepare at a time 50 employees Form 16)
• Prevent the Double entry of PAN and Name of Employee
• Automatic Convert the Amount into the In Words 
• Easy to Install in any computer 
• Easy to Generate in any Version 2003 OR 2007 OR 2010

Download the utility from below:-

1) Download One by One preparation Form 16 PartA&B and Part B for F.Y.2016-17

2) Download One by One Form 16 Part B forF.Y.2016-17

3) Download Master of Form 16 Part A&B for 50 employees

4) Download Master of 50 employees Form 16 Part B for F.Y.2016-17

5) Download Master of Form 16 Part B with 12 BAfor F.Y. 2016-17

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Download Automated Master of Form 16 Part B for F.Y.2016-17 +Income Tax Deductions under chapter VI A for F.Y.2017-18 and A.Y.2018-19

Income Tax Deductions are allowed by the Income Tax Act as an instrument for tax saving and reducing the liability to pay tax. The act provides a list of deductions.

Indian Income Tax Act, 1961 provides various income tax deductions. The income tax deductions can be reduced from the gross taxable income while filing the income tax return. These deductions help in tax saving and reducing the tax liability of a person. The income tax is imposed on the total income as per the income tax slab rates after claiming the income tax deductions.

The list of the income tax deductions is as under.

Download Automatic 50 employees Master of Form 16 Part B for F.Y.2016-17 & A.Y.2017-18 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part B for F.Y.2016-17]

Section 80C: Deduction, u/s 80C, is the most ordinary income tax deduction available for individuals and HUFs. One can claim deduction under this part by making an investment in some specified instruments like Provident Funds, National Saving Certificates, Life Insurance Policy, Mutual Funds, etc. The maximum limit for claiming deduction under Section 80C is Rs. 150000.

Section 80CCC: This deduction is available to Individuals for contributing to certain pension funds. The deduction is allowed for the amount paid as premium for annuity plan of any insurance company. The limit for this deduction is Rs. 150000 maximum.

Section 80CCD: The deduction is available for individuals contributing to the pension scheme of Central Government, i.e., depositing in a notified pension scheme. The limit u/s 80CCD for a salaried person is 10% of his salary. In other cases, the contribution is restricted to 10% of the total gross income.

Note: The maximum limit of Rs. 150000 is a cumulative limit for section 80C and section 80CCC for every Financial Year. Additionally, an amount of Rs. 50000 is allowed as a deduction over and above this limit of Rs. 150000, if invested in National Pension Scheme. Hence, it can be concluded that the maximum limit for the above three sections cumulatively is Rs. 200000.

Download Automated Master of Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for Financial Year 2016-17 & Assessment Year 2017-18

Section 80CCG: A resident individual being a retail investor can claim a deduction for investments made in notified equity savings scheme. The total gross income of the individual must be less than or equal to Rs. 12 lakhs for availing this exemption. The deduction is limited to lower of 50% of the amount invested in the scheme or Rs. 25000. The assessee can claim a deduction for three years consecutively starting with the assessment year in which acquisition took place.

Section 80DD: Any resident individual or HUF can claim a deduction for an amount spent on the medical treatment of a disabled dependent. It also includes rehabilitation expenses or amounts contributed in any scheme made for this. The person can claim a flat deduction of Rs. 75000. However, a person with a disability of 80% or more can claim a deduction of Rs. 125000.

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Section 80D: Any individual or HUF is eligible for deduction u/s 80D for contributing toward medical health insurance and health check-up. The deduction can be claimed for himself along with spouse, children (dependent). A maximum of Rs. 25000 or Rs. 30000 (if an individual or its spouse is a senior citizen) can be claimed as a deduction.

Section 80DDB: Any amount contributed towards medical treatment of specified diseases by an individual or HUF is allowed as a deduction under this section. Individual also include dependent spouse, children, siblings or parents. The maximum amount is lower of the actual sum paid or Rs. 40000 minus the reimbursement of the insurance company. In the case of senior citizen the limit of Rs. 40000 is replaced by Rs. 60000 whereas, for super senior citizen it is amended by replacing Rs. 80000.

Download Automated Income Tax Form 16 Part B for F.Y.2016-17 & A.Y.2017-18 which can prepare at a time 100 employees Form 16 Part B for Financial Year 2016-17

Section 80E: The interest on the loan is taken for higher education of an individual or its spouse or children, by the person from financial institutions is allowed for deduction. The deduction can be claimed for interest payment starting from the year of interest payment commencement and seven years immediately following it or until the full interest is paid, whichever is earlier.

Section 80G: All the assesses donating an amount in certain specified funds or charitable institutions or whatever named called, can claim deduction under this section. Firstly, qualifying amount is calculated and based on that category of deduction is identified. However, if any sum paid in cash is more than Rs. 10000, then no deduction is allowed.

Section 80GG: The individuals who don't receive house rent allowance can claim the deduction for the rent paid, amount being least of the following:               

             ·    25% of the total income;      

             ·   Rent paid minus 10% of the total income;      

             ·    Rs. 5000 per month.

No deduction is allowed if any residential accommodation is owned by the city of work by the individual or his spouse or minor child or his HUF.

Download Automatic 50 employees Master of Form 16 Part A&B for Financial Year 2016-17 & Assessment Year 2017-18, which can prepare at time 50 employees Form 16 Part A&B

Section 80TTA: Any individual or HUF receiving interest on the savings account deposits can claim a deduction for the amount received subject to a maximum of Rs. 10000. Interest earned on time deposits is excluded.

Section 80U: A resident individual is allowed a deduction if he is certified as disabling by the medical authority. A flat deduction of Rs. 75000 or Rs. 125000 (80% or more disability) can be claimed.

Tax Rebate U/s 87A: The Tax Rebate can be allowed up to Rs. 2500/- who’s taxable income less than 3.5 Lakh.

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Prepare at a time 50 employees Form 16 Part B for F.Y.2016-17 and A.Y.2017-18 ( Master of Form 16)

Download the Automated Master of Form 16 Part B for prepare at a time 50 Employees Form 16 Part B for Financial Year 2016-17 and Assessment Year2017-18.

Feature of this Excel Utility :-

1) Automatic Prepare at a time 50 employees Form 16 Part B  for F.Y.2016-17

2) Most easy to generate this Excel Utility, just like any Excel File

3) You can prepare more than 1000 employees Form 16 Part B by this One Software.

4) Automatic Convert the Amount into the In Word without any Excel Formula

5) All amended Income Tax Section have in this utility as per the Finance Bill 2016-17

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You Must Know About Tax Form 16, Plus Automated Master of Form 16 Part B for Financial Year 2016-17 and Ass Year 2017-18

In this fast moving world, young individuals switch job more often with an aim to get a better opportunity and better increment.

Form 16, is very vital for the salaried employee while filing tax returns.

However, a situation may arise when they have to file returns and are left with multiple Form 16. Here are 10 things you must know on Form 16.

Download and prepare at a time 50 employees Automated Master of Form16 Part B for F.Y.2016-17 & A.Y.2017-18 

 

Download and prepare at a time 100 employees Automated Master of Form16 Part B for F.Y.2016-17 & A.Y.2017-18 

1) Form 16 is issued by the employer to employee. This certificate provides all details of salary earned and tax deducted at source by the employer.

2) If a person has changed job, he needs to collect the Form 16 from both the employer at the year end, with the help of both forms only he would able to file his returns.

3) An individual can have multiple Form 16 in cases such as a change in job or work with multiple employers simultaneously.

4) If your salary drawn is below the basic exemption limit, you may not be issued with this certificate by your employer as no TDS is deducted.

5) If your employer has not provided with Form 16, you can check the salary slip as it will mention the same.

6) Form 16 includes key information required such as gross salary, perquisites, various allowances, and deductibles.

7) If you have changed the job in the same financial year, authorities require you, to sum up, the total income from both the employers and file income tax return.

8) If the previous employer has not issued form 16 on account of some reason such as no tax deduction at its end, the employee can file the return taking into consideration the pay-slips plus the form 16 issued by the new employer.

9) If you do not wish to furnish form 16 issued by your previous employer to the new employer, you can file tax return taking cues from the two form 16 issued by the previous and new employer.

10) Form 16 will must mention the PAN Number of the employer.

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Income Tax Deductions Applicable From F.Y.2017-18 and A.Y.2018-19 as per Budget 2017 + Automated Income Tax Form 16 Part A and B and Part B for F.Y. 2016-17

With some tinkering in the income tax rates for 2017-18, Finance Minister Arun Jaitley reduced the tax rate for income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent in the Union Budget, while adding a surcharge of 10 per cent on tax for income between Rs. 50 lakh and Rs. 1 crore.

Although the basic income tax exemption limit remains the same at Rs. 2.5 lakh, there are many exemptions available in the Income Tax Act, which can substantially reduce your tax liability.

Download Automated Income Tax Form 16 Part A&B and Part B for F.Y.2016-17 ( One by One Preparation Form 16 PartA&B and Part B)

One needs to plan from the beginning of the next financial year to take maximum benefit of the income tax deductions available.

Here are the some of the deductions available for FY2017-18: 

House Rent Allowance under Section 10 (13A) of the Income Tax Act

House Rent Allowance, commonly known as HRA, makes up a major chunk of a salaried individual’s total pay. HRA is partly exempted from tax. If you are staying in your own house or not paying any rent, your HRA will be completely taxable. However, those who stay with their parents can also claim HRA benefits by paying rent to their parents.

The amount which is allowed for exemption under HRA is calculated as the minimum of:

1) Rent paid annually minus 10 per cent of basic salary plus dearness allowance

2) Actual HRA received

3) 40 per cent of basic and dearness allowance (50 per cent in case of metro cities)

Download Automated Income Tax Form 16 Part B for Financial Year 2016-17& Ass Year 2017-18 [ This Excel Utility can prepare at a time 100 employeesForm 16 Part B ]

Deductions under Section 80C

Section 80C of the Income Tax Act provides various provisions under which an individual can get deduction benefits up to Rs. 1.5 lakh. Employees’ Provident Fund (EPF), Public Provident Fund (PPF), Sukanya Samriddhi Account, National Savings Certificate and tax-saving fixed deposits are some of the investment options that offer benefits under Section 80C. The premium paid for life insurance plans, National Pension Scheme (NPS) and tax-saving mutual funds (ELSS) also qualify for deduction under Section 80C. 

Further, one can claim tuition fees paid for up to two children, principal repayment on the home loan, stamp duty and registration cost on the house bought as the deduction under Section 80C. 

DownloadAutomated Form 16 Part B for F.Y.2016-17 & A.Y.2017-18 [ This Excel Utility can prepare Form 16 Part B One by One ]

Deductions under Section 80CCD(1B)

Introduced in Budget 2015-16, Section 80CCD (1B) provides deduction up to Rs. 50,000 for investment in NPS Tier 1 account. This deduction is over and above the deduction available in Section 80C. An individual in 30 per cent tax bracket can save up to Rs. 15,450 of tax by investing Rs. 50,000 in NPS.

Deduction of interest on housing loan (Section 24B)

Buying a house is among several other things an individual wants to do during his or her lifetime. The income tax rules also incentivise the same. Under Section 24B of the Income Tax Act, interest paid up to Rs. 2 lakh on housing loan and up to Rs. 30,000 on home improvement loan is allowable as the deduction from your taxable income. 

The government has however cut down tax benefits borrowers enjoyed on properties let out on rent. As per current tax laws, for properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get Rs. 2 lakh deduction on interest repayment on a home loan.

However, according to the proposed change in Budget 2017, on rented properties, the borrower can only claim the deduction of up to Rs. 2 lakh per year after adjusting for the rental income. And the amount of Rs. 2 lakh can be carried forward for eight assessment years.

Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as the deduction even in subsequent years.

Deduction under Section 80EE

Under Section 80EE, an additional deduction of Rs. 50,000 is available over and above the limit of Section 24B on interest paid on home loans if the person is buying a house for the first time (the person must not own any other residential property on the date of sanction of the loan). However, to avail the benefit of this section the value of the property must be below Rs. 50 lakh and the loan amount should not exceed Rs. 35 lakh. Further, the property must be bought after April 1, 2016.

Deduction under Section 80D 

Premium paid for medical/health insurance for self, spouse, children, and parents qualify for deduction under this Section. On can claim the deduction of Rs. 25,000, if he is below 60 years of age, and Rs. 30,000 if he is above 60 years of age, towards medical insurance premium paid for self, spouse, and children. Further, the additional deduction of Rs. 25,000 is available if one has bought medical insurance for his parents. This deduction can go up to Rs. 30,000 if parents are above the age of 60 years.

Download IncomeTax Form 16 Part A&B for Financial Year 2016-17 & Ass Year 2017-18 [This Excel Utility can prepare at a time 100 employees Form 16 Part A&B ]

Deduction under Section 80DD

If a tax payer has dependent parents, spouse, children or siblings who are differently-abled, then he can claim deductions up to Rs. 75,000 for expenses on their maintenance and medical treatment under this section. This deduction can increase to Rs. 1.25 lakh in case of severe disability.

Deduction under Section 80DDB

Under this section, one can claim the deduction of Rs. 40,000 for a treatment of certain diseases for self and dependents. The deduction can go up to Rs. 60,000 if the taxpayer is above 60 years of age and if he is above 80 years of age, then the deduction amount is up to Rs. 80,000.

Deduction under Section 80E

According to the provisions of Section 80E, a taxpayer can claim the deduction for interest paid on education loan for him, spouse or children. There is no upper limit on the amount of deduction. However, the loan must have been taken from a financial institutional or approved charitable institution and for full-time higher education.

Tax Rebate U/s 87A :- Max Rs. 2500/- from the F.Y.2017-18 & A.Y.2018-19

Deduction U/s 87A : - Exemption Savings Bank Interest Max Rs. 10,000/-

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