Download One by One Preparation Automated Form 16 Part A and B and Part B for FY 2016-17 with additional H.B.Loan Interest U/s 80EE

Download One by One Preparation Excel Based Income Tax Form16 Part A&B and Part B for the Financial Year 2016-17 and Assessment Year 2017-18.( This Excel Based Software can prepare one by one Form 16 for FY 2016-17 with the all Amended Income Tax section as per the Finance Bill 2016-17)

Feature of this Excel Based Automatic Form 16 Part A&B and Part B :-

1) Automatic Prepare at a time Form 16 Part A&B and Form 16 Part B for F.Y.2016-17

2) All amended Income Tax Section have in this Excel utility as per Finance Bill 2016.

3) You can prepare More Than 100 employees Form 16 as One by One

4) Automatic Calculation the H.R.A. Exemption Calculation U/s 10(13A)

5) Automatic Convert the Amount in to the In-Words

First time individual home buyers can get the tax deduction on interest of the home loan, under newly inserted section 80EE of the Income Tax Act, applicable for the assessment year 2014-15. This is in addition to tax rebate on interest payment of the home loan, under section 24.

Eligibility for 80EE rebate :- Max Rs. 1.5 Lakh as additional deductionof U/s 24B

This rebate on home loan interest is applicable only for home loans satisfying the following conditions:

i. The loan is sanctioned by a financial institution or housing finance company between 1st April 2013 and 31st March 2014.

ii. Loan amount is Rs 25 lakhs or less and cost of residential house is Rs 40 lakhs or less

This should be the only house owned by the taxpayer at the time of sanction.

Maximum deduction limit under 80EE 

Up to Rs, 1 lakh can be claimed towards interest payable on the home loan in the financial year 2013-14. If interest payable in this year is less than Rs 1 lakh then the balance can be claimed in the following year.

For instance, if interest payable in FY 2013-14 is Rs 75,000 then tax rebate on remaining Rs 25,000 can be claimed in FY 2014-15.

The amount claimed under 80EE cannot be claimed for tax rebate under any other sections in any year.

How to get 80EE tax benefit

You can either produce a certificate from your lender to the HR and get a deduction on salary TDS or you can deduct the amount from total income while filing income tax return.

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WHAT IS THE INCOME TAX SALARY CERTIFICATE FORM 16 WITH AUTOMATED FORM 16 Part B FOR F.Y.2016-17

Form 16 certificate also known as TDS certificate is a financial statement issued by an office of a salaried employee that contains earnings, deductions and “Income Tax" or "I-T” paid to the Government. This Form-16 certificate (TDS Certificate) must be issued to every employee who comes under “Tax Deducted at Source - TDS”, by his / her employer in the end of each financial year.

Download Income Tax Excel Based Automatic Form 16 Part A&B forF.Y. 2016-17 [ This Excel Utility can prepare at a time 50 employees Form 16 Part A&B]

Download Income Tax Excel Based Automatic 100 employees Form16 Part A&B for F.Y. 2016-17 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B]

All the salaried employees should use Form 16 certificate as a supporting document for I-T Return in India. If you have worked in two different organizations in the same financial year, you must collect separate Form 16 certificates from both the organizations in order to submit your I-T Return.

Even if your earnings not come to the barrier of TDS, you are entitled to get the Form 16 document or also known as TDS certificate upon request. In some situations like, availing bank loan for house or car etc., bank may ask to submit Salary certificate and Form 16 as evidence of your earnings, deductions and net income from the company.

Definition of Form 16 Certificate in terms of I-T Department, Govt. Of India

Form 16 is a Certificate issued to an employee by his officer under section 203 of the Income-tax Act, 1961 for Tax deducted at source from income chargeable under the head “Salary”.

Form 16 certificate must have details of the Tax Deducted at Source (TDS) by the company on behalf of employee.

Tax Deducted at Source: TDS is a tax levy to be retained by a third-party payer (employer or officer who authorized to issue form-16 certificate) over the revenues paid to the person concerned, the tax due in respect of the same income. Tax deducted at source is the normal taxation the income of most of the countries.

Tax-deduction Account Number: TAN is the authorization number that an employer or officer should get from the income tax department prior collecting TDS. It is TAN holder’s responsibility, obtaining TDS from an employee’s salary and the same amount to be paid to the government as collective tax on behalf of its employee.

Employee should use the form-16 certificate for filing the Income Tax (I-T) return every ending of financial year.

Structure of Form 16 Certificate (Tax Certificate)

Now we will look into the format of Form-16 certificate and what are the data to be specifically shown on the Form 16 format structure:

1.              First part of the form-16 format requires the primary information about employer (who collected the TDS) and employee.  It must have address, designation, PAN, TAN, period of the TDS, Assessment year and acknowledgement numbers of all quarterly statements of the TDS received from I-T department.

   2.              Second part of the Form-16 template requires the details of the salary paid by the employer, other income reported by the employee and Tax deducted at the source.

   3.              Third part of Form 16 format shows the details of tax deducted and deposited into I-T Department, Govt. Of India.

And finally, all the data given in this “Form-16” certificate must certify the issuing officer with signature, date and office stamp.

Download and prepare at a time 100employees Automated Form 16 Part B for F.Y.2016-17.[ This Excel Utility can prepare at a time 100 employees Form 16 Part B with all amended Tax Section for F.Y.2016-17]

Download and prepare at a time 50employees Automated Form 16 Part B for F.Y.2016-17.[ This Excel Utility can prepare at a time 50 employees Form 16 Part B with all amended Tax Section for F.Y.2016-17]

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