Download & Prepare at a time 50 employees Excel Based Master of Form 16 Part A&B for F.Y.2017-18

Click here to Download Automated Income Tax Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for Financial Year 2017-18 & Ass Year 2018-19.

This Excel Utility most easy install to any computer just like as an Excel File and easy to generate with the New Income Tax Slab Rate for F.Y.2017-18

Main Data Input sheet for Employer

Individual Tax deduction sheet

Form 16 Part A&B

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Download Automated Excel Based Form 16 Part B for F.Y.2017-18 ( One by One Preparation Form 16 Part B)

Click here to Download the Automated Income Tax Form 16 Part B for Financial Year 2017-18 & Ass year 2018-19 with the new Tax Slab for F.Y.2017-18. 

This Excel Utility can prepare more than 100 employees Form 16 Part B ( One by One). Most easy to install just like an Excel File and most easy to generate. All the New Amended Income Tax Section have in this Excel Utility.

Main Input sheet for Employer & Employee's details

Automated Form16 Part B

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Prepare at a time Automated 100 employees Form 16 Part B for F.Y.2017-18, With NPS Tax Benefits and sections 80CCD(1), 80CCD(2) and 80CCD(1B)

The New Pension System has generated a lot of interest ever since Budget 2015 announced additional tax benefits for investments in the scheme.  For someone in the 30 percent tax bracket, this is a clear benefit of Rs 15,000 on investment of Rs 50,000 over and above the Rs 1.5 lakh allowed under Section 80 C. This article gives an overview of NPS, explains NPS tax benefits, answers frequently asked questions regarding NPS and tax.

Download &Prepare at a time 100 employees Master of Form 16 Part B for Financial Year 2017-18 with new Tax Slab for F.Y.2017-18

The feature of this Excel Utility:-

1. Prepare at a time 100 employees Form 16 Part B for F.Y. 2017-18
2. Automatic Income Tax Calculate as per the New Tax Slab for F.Y.2017-18
3. Automatic Convert the Amount into the In Words
4. Inbuilt the Salary Structure for Govt & Non-Govt Concerned Salary Pattern
5. All amended Income Tax Section limit as per the Finance Budget 2017-18
6. Easy to Install in any Computer
7. Easy to generate just like as Excel File
8. You can prepare more than 1000 employees Form 16 Part B by this One Utility.

Main Data Input Sheet

Deduction Sheet Section Wise

Automatic Form 16 Part B

Overview of NPS

National Pension Scheme is a government approved pension scheme for Indian citizens in the 18-60 age group.

• Central and state government employees have to subscribe to NPS  (it’s compulsory for them), it’s optional for others.
• NPS was introduced in 2004 for the new government employees but from 2009, it was extended to all on a voluntary basis.
• NPS is a defined contribution pension plan that needs you to keep contributing till the age of 60 years.
• The minimum annual contribution to the pension account (or Tier I account) is Rs. 6,000. The Tier II account in NPS works like a savings account to offer liquidity.
• Investments are market-linked and you can choose any of the three funds—government securities fund, fixed-income instruments other than government securities fund and equity fund but can’t put more than 50% of your money in the equity fund.
• Currently, fund management cost is fixed at 0.01%
• At 60, you can have up to 60% of this money in a lump sum, and buy an annuity product with the rest. So NPS is not a tax-saving scheme, it is a tax deferral scheme, that is your accumulation will be taxed at the time of withdrawal.
• Deferred exit options are available.
• Early exits are discouraged by mandating 80% of the accumulated corpus to buy an annuity. But the rules now allow for partial withdrawals up to 25% of the contributions for specific purposes.

The official site for NPS is npscra.nsdl.co.in and www.npstrust.org.in. A detailed explanation of the NPS is covered in our article Understanding National Pension Scheme – NPS

NPS Tax Benefits

Tax benefits on NPS are available through 3 sections – 80CCD(1), 80CCD(2) and 80CCD(1B). All the tax benefits, annuity restrictions, exit and withdrawal rules are applicable to NPS Tier-I account only. NPS Tier-II account is liopen-ended ended mutual fund. You can take out the money at any time.

Section 80CCD(1)

• Employee contribution up to 10% of basic salary and dearness allowance (DA) up to 1.5 lakh is eligible for tax deduction.
• This contribution along with Sec 80C has 1.5 Lakh investment limit for tax deduction.
• Self employed can also claim this tax benefit. However the limit is 10% of their annual income up to maximum of Rs 1.5 Lakhs.

Section 80CCD(2) 

• Employer’s contribution up to 10% of basic plus DA is eligible for deduction under this section.
• Employer’s contribution is an additional deduction as it not part of Rs 1.5 lakh allowed under Section 80C.
• It is also beneficial for employer as it can claim tax benefit for its contribution by showing it as business expense in the profit and loss account.
• Self employed cannot claim this tax benefit.

Section 80CCD(1B) ,

• Additional exemption up to Rs 50,000 in NPS is eligible for income tax deduction.
• Introduced in Budget 2015, fro FY 2015-16
• Taxpayers in the highest tax bracket of 30 per cent can save Rs. 15,000 by investing Rs. 50,000 in the NPS. Those in the 20 per cent tax bracket can save around Rs. 10,000, while people in the 10 per cent tax bracket can save Rs. 5,000 per year by investing in the NPS.
• The additional tax benefit of 50000 is over and above the benefit of 1.5 Lakhs which can be claimed as a deduction under Section 80CCE.
• It is irrespective of the type of employment. So, a government employee, a private sector employee, self employed or an ordinary citizen can claim benefit of Rs 50,000 under Section 80CCD(1B).

Therefore, the total tax benefits that can be claimed for NPS under Section 80CCD(1) + Section 80CCD(1B) equals to 2 Lakhs for  financial year 2017-18.

If Employees have savings Rs. 1,50,000 under 80C excluding NPS Deductions, Then the Employee can show their NPS  Deductions, under 80 CCD(1B), which is over the 1,50,000 Limit.

If the Employee have less than 1.5 Lakh savings in 80C and exceeds 50,000 towards NPS, then the Employee can split their NPS Amount to 80CCD(1) and 80CCD(IB).

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Prepare at a time 50 employees Form 16 Part B for F.Y.2017-18 As per New Tax Slab Rate F.Y.2017-18

Download & Prepare at a time 50 employees Form 16 Part B for Financial Year 2017-18 & Ass Year 2018-9.

Feature of this Excel Utility:-

1) This Excel Utility Can prepare at a time 50 employees Form 16 Part B for F.Y.2017-18

2) Easy to calculate the Tax on each employee

3) Easy to Instal in any computer and more than one computer

4) You can prepare more than 1000 employees Form 16 Part B [ One by One]

5) Automatic Convert the Amount into the In-Words ( without any Excel Formula)

6) All amended Income Tax Section have in this Utility as per Budget 2017-18.

7) Easy to generate & easy to calculate Income Tax

8) This Excel Utility can use both of Government & Non-Government Concerned for their employees.

Main Input Sheet for Employer & Employees

Salary Statement with Tax Section

Automated Form 16 Part B

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Automated Tax Computed +Arrears Relief +HRA Exemption +Form 16 Part B and Form 16 Part A&B for Govt and Non-Govt employees for the F.Y 2017-18 with New Income Tax Slab Rate for F.Y.2017-18

It is necessary as well as mandatory to download the Form 16 Part A from the TRACES Portal www.tdscpc.gov.in. But now at this time, it is necessary to calculate the Actual Taxable Income of each and every employee of Govt and Non-Govt employees.

Also, it is most and vital that the Perfect Calculation of Income Tax for the Financial Year 2017-18, as the Govt of India has already changed the Tax Slab Rate for the f.Y. 2017-18. Tax Rebate U/s 87 A where can get the extra Tax Benefits up to Rs. 2,500/- who's Taxable Income below Rs.3.5  lakh.

Most of the employee yet not well known to how to calculate the Income Tax and they have no concept of all of tax relief Section. Most of the employees only known to the Income Tax Section 80 C, but other than 80 C have much more Income Tax Section where can get the more Tax Relief. 

Below given the Automatic Preparation Excel Based Software which can prepare at a time your Tax Computed Sheet + Individual Salary Structure for calculating the Gross Salary Income + Automatic Arrears Calculation + Form 10E + Automatic HRA Calculation + Automatic Form 16 Part A and Form 16 Part A&B for the Financial Year 2017-18 and Assessment Year 2018-19.

The Arrears Calculation U/s 89(1) have in this utility which can calculate your Previous Financial Year 2000-201 to 2017-18 with the Form 10 E which is calculated automatically after feeding employee's salary data in Data input sheet.

Click here to Download the Automated All in One TDS on Salary for Government & Non-Government (Private) Employees for the Financial Year 2017-18 & A.Y.2018-19.

Feature of this Excel Utility

1) Automatic Prepare your Income Tax Compute Sheet as per new Tax Slab Rate

   For the Financial Year 2017-18

2) Automatic Calculation the House Rent Exemption U/s 10(13A)

3) Inbuilt the Salary Structure as per the Govt & Non-Govt Concerned Salary

    Pattern.

4) Individual Salary Sheet

5) Individual Tax Compute Sheet

6) Automatic Arrears Relief Calculation with Form 10E U/s 89(1) for F.Y.2017-18

7) Automatic Form 16 Part A&B for f.Y.2017-18

8) Automatic Form 16 Part-B Form F.Y. 2017-18

Main Input Sheet for Deductor

Salary Structure with Tax Deduction Sheet

Income Tax Computed Sheet with New Tax Slab for F.Y.2017-18

Form 12 BA for Value of Perquisite

Automated Arrears Relief Calculation with Form 10E

Form 16 Part B

Click here to Download the Automated All in One TDS on Salary for Government & Non-Government (Private) Employees for the Financial Year 2017-18 & A.Y.2018-19.

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Exemptions from Chapter VI-A as per Finance Budget 2017-18, Plus Automated Master of Form 16 Part A & B for F.Y.2017-18 and A.Y.2018-19

1)     DEDUCTION IN RESPECT OF INVESTMENTS IN SPECIFIED ASSETS (SECTION 80C) 

Section 80C provides for a deduction of savings in specified modes of Investments from gross total income. It is available only to an Individual or HUF. The Maximum permissible deduction is Rs.1.5 lakh along with deduction u/s 80CCC & 80CCD, & Additional deduction will be allowed U/s 80CCD(2) And U/s 80CCD(1B) out of Max Rs. 1.5 Lakh U/s 80C.

Download Master of Form 16 Part A&B  for F.Y.2017-18 & A.Y.2018-19 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2017-18 and A.Y.2018-19 with New Tax Slab & all amended Section as per the new Budget 2017-18]

Admissible Deductions:-

a) A sum paid to Life Insurance  Premium paid  Max Rs. 1.5 lakh.

b) Sum paid under the contract for deferred on a life of the Assessee or his/her spouse or children.

c) Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children.

d) Contribution to any PPF.

e) Contribution by an employee to RPF.

f) Contribution by an employee to an Approved Superannuation Fund.

g) A contribution made to any PPF set up by the Central Government.

h) Subscription to any deposit scheme or contribution to any Pension fund set up by the National Housing Bank.

i) Payment of Tuition fees by an Individual Assessee at the time of admission to any university, college, school or other educational institutions within India for the purpose of full-time education of any two children.

j Subscription to deposit scheme of Public Sector, engaged in providing housing finance.

k) Subscription to units of Mutual funds notified u/s 10(23D).

l) Sum deposited in Fixed Deposits (FDs) with tenure of five years.

m) Sum deposited in 5 yrs Post Office Time Deposit (POTD) scheme.

2. DEDUCTION IN RESPECT OF CONTRIBUTION TO CERTAIN PENSION FUNDS (SECTION 80CCC)

Deduction in respect of Payment of premium for annuity plan of LIC or any other Insurer is provided. The Premium must be deposited to keep in force a contract for annuity plan of LIC or any other insurer for receiving a pension from the fund. For this purpose, the Interest or Bonus accrued or credited to the Assessee’s Account shall not be reckoned as Contribution. The Maximum Deduction allowed is Rs.1.5 lakh.

3. DEDUCTION IN RESPECT OF CONTRIBUTION TO PENSION SCHEME OF CENTRAL GOVERNMENT (SECTION 80CCD)

Contribution towards NPS by Employee [80CCD(1)]: Taxpayer is an individual and he is employed by the central government (on or after January 1, 2004), or employed by any other person or self-employed. He has in the previous year deposited any amount in his account under NPS. Under this, Employee is to contribute 10% of their salary or more and deduction is available under section 80CCD(1) which is restricted to 10% of the salary and for a person other than employee deduction is restricted to 10% of GTI. For the A.Y 2015-16 amount of deductible under section 80CCD(1) cannot exceed Rs. 1 Lacs.

Contribution towards NPS by Employer [80CCD(2)]: Contribution by the employer to NPS is deductible under section 80CCD(2) in the hands of the concerned employee in the year in which contribution is made. However, no deduction is available in respect of employer’s contribution which is in excess of 10 percent of the salary of the employee.

4. LIMIT ON DEDUCTION U/S 80C, 80CCC, 80CCD ,80CCD(2),80CCD(1B)

The Limit for maximum deduction available u/s 80C, 80CCC, 80CCD (combined together) is Rs.1.5 Lakh only.

But the deduction U/s 80CCD(2) & U/s 80CCD(1B) may additional exemption out of Max limit of 80C Rs.13.5 Lakh.

5. DEDUCTION IN RESPECT OF MEDICAL INSURANCE PREMIUM (SECTION 80D)

This Section provides for a deduction of Rs. 25,000 in respect of premium paid towards a health insurance policy for the Assessee or his family (spouse and dependent children) or any contribution made to the Central Government Health Scheme in aggregate and a further deduction of Rs. 30,000 is allowed of premium paid in respect of health insurance policy for parents. 

7. DEDUCTION IN RESPECT OF REHABILITATION OF HANDICAPPED DEPENDENT RELATIVE (SECTION 80DD)

It provides for a deduction to an Assessee being an individual or HUF who is a resident in India. Deduction of Rs. 75,000 (Rs. 50,000 up to the assessment year 2015-16) is available in respect of any Amount paid for the medical treatment (including nursing), training and rehabilitation of a dependent, or any amount paid or deposited under a scheme framed in this behalf.

In a case of severe disability (i.e. a person with 80% or more disability), the deduction of Rs. 1,25,000 (Rs. 1,00,000  for the assessment year 2010 -11 to 2015-16 Rs. 75,000 up to the assessment year 2009-10) shall be available.

Dependent means In the case of an Individual the spouse, children, parents, brothers, sisters, of the individual and in the case of HUF, any member who is wholly dependent on the assessee.

8. DEDUCTION IN RESPECT OF MEDICAL TREATMENT (SECTION 80DDB)

The deduction of Rs. 40000 or Amount actually paid whichever is less shall be allowed to an Assessee who is resident in India being an Individual or HUF. A deduction shall be allowed for any amount paid for the medical treatment of such disease or ailment as may be specified in the rules. In case the Amount is paid in respect of a senior citizen (i.e. of age 60 years or above) then the deduction would be Rs.80,000 or the Amount actually paid whichever is less.

9. DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR HIGHER EDUCATION (SECTION 80E)

This section provides deduction to an Individual in respect of any interest paid on loan taken for the purpose of pursuing his higher education or the for the purpose of higher education [i.e all fields of studies (including vocational studies)pursued after passing the senior secondary examination] of his/her relative i.e. spouse or children of the Individual or the student for whom the Individual is the legal guardian. The loan must have been taken from any financial institution or approved charitable institution. The amount of deduction is amount is paid by the individual during the previous year and such amount is paid out of his income chargeable to income tax.

10. DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR RESIDENTIAL HOUSE PROPERTY APPLICABLE FORM a.y 2017-18 (SECTION 80EE)

The following conditions should be satisfied in order to claim deduction under section 80EE:-

1. The assessee is an individual. He may be a resident or non-resident.
2. He has taken a loan and loan is taken for acquisition of residential house property. The loan is taken from the bank or a housing finance company and loan has been sanctioned during April 1, 2016, and March 31, 2017.
3. The amount of loan sanctioned for residential house property does not exceed Rs. 35 lakhs and value of residential house property does not exceed Rs. 50 lakhs.
4. Assessee does not own any residential house property on the date of sanction of loan.
5. This deduction is over and above the Rs, 2 lakh limit under section 24 of the income tax act.

If above conditions are satisfied, the assets can claim deduction under section 80EE of the interest payable on the above loan or Rs. 50,000 whichever is less. This deduction is available for the assessment year 2017-18 and subsequent assessment years.

12. DEDUCTION IN RESPECT OF RENT PAID (SECTION 80GG), WHO ARE NOT GET HOUSE RENT ALLOWANCES:-

Admissible deduction:-

The deduction will be least of the following:-

· Actual Rent paid less 10% of the total income before allowing such deduction, or

· 25% of such total income or

· Rs. 5000 per month (Rs. 2000 per month, up to the assessment year 2016-17)

Total income will not include long-term capital gains and any income referred to in sections 115A to 115D.

Conditions to be satisfied:-

· Assessee should not be in receipt of House Rent Allowance.

· The expenditure incurred by him on rent of any furnished or unfurnished accommodation should exceed 10% of his total income arrived at after all deductions under Chapter VI-A except section 80GG.

· The Accommodation should be occupied by the Assessee for the purpose of his own residence.

· The Assessee should not have self-occupied residential premises in any other place.

· Assessee should file a declaration in form 10BA, confirming the details of rent paid.

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