Simplify Your Income Tax Return Filing Process for F.Y.2019-20 With Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2019-20

Many individuals procrastinate whilstit comes to submitting their income tax returns, particularlyfolks who are filing their tax returns for the first time. All character taxpayers having a total income of morethan Rs. 2.5 lakh (Rs. three lakh for senior residents and Rs. five lakh for brilliant senior residents) are required to report the earnings tax returns on or earlier than the due date. Even if it isn't always obligatory for you, filinga "Nil Return" can help you set matters on therecord. The following are a number of the suggestions to ensurewhich you are filing your tax return effectivelyand in a hassle-unfastened manner.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2019-20 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part B in revised format]

Have your PAN and Aadhaar card equippedFirst, ensure which you have your PAN and Aadhaar card handyto go into the info at the same time as submittingthe ITR. You will also want to quote your date of birthand father's name similar to that mentioned in the PAN card. Moreover, when you have no longer carried out for an Aadhaar card yet, make certain you do that earlier than filingyour earnings tax return.

Collect Form sixteen makes it less difficultfor you to record the profits tax return as itcontains a maximum of the important information. Generally, an employerpresents it to every worker by means of May 31st of each year. If you have got laboured for extra than one companyat some point of a monetary year, you want to get Form 16from every organization.

Get your financial institution assertion It is compulsory to say your financial institution account information whilstfiling your profits tax go back. Additionally, having your bank statements on hand allows you to say the entire hobby amount collected in an economicyear (April 1 to March 31) from your financial savings account. Under segment80TTA, savings financial institution interest as much as Rs. 10,000 can be claimed as a tax deduction.

Use Form 26AS Form 26AS suggests details of the tax credit for your PAN like tax deducted at source (TDS), Tax accumulated at sources (TCS) on your earnings like from fixed deposit, commission, salary, etc. And taxes deposited with the aid of the assessee. As the tax is already deducted from your profits, you mayregulate the TDS from the total tax which you are vulnerable to pay. Most importantly, ensure that to consist of the informationof the corresponding profits on which tax is deducted for your profitstax return. Because, in case you claim TDS and do now not include the related income, you can get a tax notice.

Gather evidence of investments For a few reasons, if you were now not capable of declaring investments to your employeror offer the specified proofs, such deductions will additionallyno longer seem for your Form 16. You can claimtax deductions for any eligible investments made before the endof the monetary year, lowering your total taxable incometo that extent. Hence, make sure to consist of all such investments on the time of submitting your income tax go back.

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2019-20 [ This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B in revised format]

 
Get details of your belongings If your taxable earningsexceeds Rs. 50 lakh after claiming all the deductions, you will needto mention some additional facts in your earningstax return. Some of the additional declarations that you wantto make encompass the price of movable and immovable belongings, coins in hand, jewellery, and liabilities (if any). You will needto say these information in Schedule AL for your earningstax return.

Filing your income tax return does now not most effective make you financially responsible, however it also facilitatesyou determine whether you're moving in the direction ofachieving your monetary goals. By submitting your ITR on time, you can additionally take gain of tax-saving investments and avoid a penalty for late filing of profitstax returns. Moreover, it offers a clear photo of your totalincome which you earned in a economic year. Get your Income Tax Returns filed the right way.

Read More

Download New form 12BB to claim tax deduction on LTA and HRA, With Automated Arrears Relief Calculator U/s 89(1) with Form 10E From F.Y.2000-01 to F.Y.2017-18

 

CBDT has recently notified new form 12BB to claim a tax deduction on LTA (Leave Travel Allowance), HRA  (House Rent Allowance) and Interest paid on home loans. As per new rules, you need to submit your proof of travel in new form 12BB for claiming LTA benefits. In addition to this, you need to furnish detail of HRA and deduction of interest borrowing in the same form. This new notification is applicable from 1st June 2016. Earlier also employers were taking a declaration from an employee. However, there was no standard format for the same. Introduction for this new form will standardize the process.

Download the Automated Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-2001 to F.Y.2017-18

Download New Form 12BB for LTA, HRA & Interest Deduction

Download Form 12BB in Word Format
Download Form 12BB in Excel Format
How to fill up New Form 12BB?

You need to first furnish your name, address, PAN card number and financial year in the form 12BB. After furnishing this information you need to go to the respective section and fill out information.

Read More

Who can responsible to Issue the Form 16 ? It is mandatory to issue the Salary Certificate Form 16 to the employee by the employer with Automated Form 16 for F.Y 2016-17

This is the common demand regarding issuing of Form-16 by the Employer to Employee, even if Employer not deducts any Tax from drawn salary.  What shall happen when Employee want's his Salary Certificate Form-16 for the same year.  In such situation, Employer is liable to issue Form-16 to each and every who have already hold the PAN Card.

However, your employer must issue a salary Certificate Form 16 who already holds the PAN Card as per the Income Tax Instruction. Income Tax  Certificate (Form-16) is applicable to such employee who has submitted his Income like as salary or other income (any amount) not deducted or not, during current Financial Year.  If the Employee deducts any amount of Tax during Financial Year, Form-16 must be issued to Employee u/s. 203 of Income Tax Act.

As per the Reserve Bank of India has already circulated to all Nasalized Bank for issuing the form 16 to the Pension Holder. 

This Salary Certificate is most important to PAN Holder who has to work in any sector, like as when any employee who’s Tax not Payable or not fall into the Income Tax Slab, but he gets the Form 16 as his/her proof of Income, which is the need for various purpose.

When any employee willing to get the Bank Loan from any Bank of Branch, the respective Bank asking the Salary Certificate Form 16 as he falls the Tax Slab or not. But the Bank’s requirement the Salary Certificate for giving the Bank Loan either he/she can not be able to get the Bank’s Loan.

Download the Automatic Form 16 for the Financial Year 2016-17 from the below-given link:-    

1 )    Automated One by One Preparation Form 16 Part B for FY 2016-17 [This Excel Utility can prepare One by One Form 16 Part B ]   

2)      Automated One by One Preparation Form 16 Part B and Part A&B for FY 16-17 [ This Excel Utility can prepare One by One Part A&B and Part B both for FY 2016-17]  

   

3)      Automated Master of Form 16 Part B for FY 2016-17 (This Excel Utility can prepare at a time 50 persons Form 16 Pat B )   

4)  Automated Master of Form 16 Part A&B for FY 2016-17 (This Excel Utility can prepare at a time 50 persons Form 16 Pat A&B )   

5)  Automated Master of Form 16 Part B with Form 12 BA for FY 2016-17(This Excel Utility can prepare at a time 50 persons Form 16 Pat B with 12 BA)

Read More