Rebate Under Section 87A FY 2020-2021 can get the tax benefits who are opt-in Old Tax Regime U/s 115 BAC With Automated Income Tax Software All in One for F.Y.2020-21

You are eligible to claim tax rebate under this provision if you meet the following conditions:

1. You must be a RESIDENT INDIVIDUAL; and
2. Your Total Income, fewer Deductions, (under Section 80) is equal to or less than Rs 5,00,000.
3. The rebate is limited to Rs 12,500. This means the total tax payable or Rs 12,500, whichever is lower, that amount will be the rebate under section 87A. [This rebate is applied to the total tax before adding the Education Cess (4%)]

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Govt (Private)Employees for the F.Y.2020-21 and A.Y.2021-22

Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

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Download Automated One by One Preparation Form 16 Part A& B and Part B for F.Y.2017-18

Where are few employees with any concern, they can use this One by One Preparation Excel Based Form 16 Part A&B and Part B both in the single file. Most easy to install just like an Excel File and easy to Generate. Govt & Non-Govt are Both Concerned can use this Excel Utility.

Click here to download the Automated One by One Form 16 Part A&B and Part B for Financial Year 2017-18 & Ass Year 2018-19.

Main Input sheet for Employer & Employee

Automated Form 16 Part A&B

Automated Form 16 Part B

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The CBDT has already notified mandatory to download of Part A of Form No. 16 (Salary Certificate) from the TRACES Portal with Automated Form 16 Part B for F.Y 2017-18 with New Tax Slab for F.Y.2017-18

Income Tax Notification Number 11/2013  Dated 19/2/2013 about mandatory to download the Form 16 Part A from the TRACES POSTAL.

Click below to download Form 16 Part B for the Financial Year 2017-18

1.     One by One Preparation Excel Based Form 16 Part B for F.Y. 2017-18

 

2.     Masterof Form 16 Part B ( This can prepare at a time 50 employees Form 16 Part B)

 

  3) Master of Form 16 Part B ( This can prepare at a time 100 employees Form 16 Part B)

 

4.     Master of Form 16 Part B with 12 BA ( This can prepare at a time 50 employees form 16Part B with 12 BA)

The Form 16 recently notified had two parts – Part A and Part B. Part A contains details of tax deducted and remitted and Part B contains details of income. The Central Board of Direct Taxes (CBDT) has now notified that Part A of Form 16 containing the Unique Identification Number will be issued by the employer by generating and subsequently downloading the same from the TRACES2 (TDS Reconciliation Analysis and Correction Enabling System) Portal.

Key Requirements

Employer to download Part A of the Form 16 from the TRACES Portal and authenticate the correctness of the contents mentioned therein before issuing to the employee. Part B of the Form 16 will be prepared manually and issued to the employee after due verification. Part A and B can be either digitally or manually signed.

Form 16 to be issued by the employer containing both Part A and B by 31 May 2013. Form 16 issued in the manner prescribed and containing Unique Identification Number will only be considered to be valid.

The Director General of Income-tax (Systems) will specify procedure, formats and standards for downloading Part A of Form 16 and will be responsible for the day to day administration.

To download the Part A of the Form 16 from the TRACES Portal, the employer will have to register itself with the TRACES portal. For registration with the TRACES Portal and downloading the Form 16, the authorised signatory signing the Form 16 must have a PAN. In absence of a PAN, the Form 16 cannot be downloaded from the TRACES Portal. This could create a practical difficulty where authorized signatory of the foreign employer does not have a PAN in India.

It is pertinent to note that Part A of the Form 16 downloaded from the TRACES Portal would contain the same details as reflecting in the Annual Tax Credit Statement (Form 26AS) of the employee. This initiative will help in reducing the discrepancies in the TDS amounts as per the Form 16 issued by the employer and the details reflecting in the Form 26AS of the employee.

Considering that the due date to file the quarterly return in Form 24Q for Quarter 4 is 15 May 2013 and the due date to issue the Form 16 is 31 May 2013, a question arises how quickly CPC will process the quarterly statements to enable the correct details to be reflected in the Form 16 to be downloaded from the TRACES Portal.

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The CBDT has already notified mandatory to download of Part A of Form No. 16 (Salary Certificate) from the TRACES Portal with Automated Form 16 Part B for F.Y 2017-18 with New Tax Slab for F.Y.2017-18

Income Tax Notification Number 11/2013  Dated 19/2/2013 mandatory to download the Form 16 Part A from the TRACES POSTAL.

Click below to download Form 16 Part B for the Financial Year 2017-18

1.     One by One Preparation Excel Based Form 16 Part B for F.Y. 2017-18

 

2.     Master of Form 16 Part B ( This can prepare at a time 50 employees Form 16 Part B)

3

     3) Master of Form 16 Part B ( This can prepare at a time 100 employees Form 16 Part B)

 

4.     Master of Form 16 Part B with 12 BA ( This can prepare at a time 50 employees form 16Part B with 12 BA)

Form 16 recently notified had two parts – Part A and Part B. Part A contains details of tax deducted and remitted and Part B contains details of income. The Central Board of Direct Taxes (CBDT) has now notified that Part A of Form 16 containing the Unique Identification Number will be issued by the employer by generating and subsequently downloading the same from the TRACES2 (TDS Reconciliation Analysis and Correction Enabling System) Portal.

Key Requirements

Employer to download Part A of Form 16 from the TRACES Portal and authenticate the correctness of the contents mentioned thereinbefore issuing to the employee. Part B of Form 16 will be prepared manually and issued to the employee after due verification. Part A and B can be either digitally or manually signed.

Form 16 to be issued by the employer containing both Part A and B by 31 May 2013. Form 16 issued in the manner prescribed and containing Unique Identification Number will only be considered to be valid.

The Director-General of Income-tax (Systems) will specify procedure, formats, and standards for downloading Part A of Form 16 and will be responsible for the day to day administration.

To download the Part A of Form 16 from the TRACES Portal, the employer will have to register itself with the TRACES portal. For registration with the TRACES Portal and downloading the Form 16, the authorised signatory signing the Form 16 must have a PAN. In absence of a PAN, the Form 16 cannot be downloaded from the TRACES Portal. This could create a practical difficulty where authorized signatory of the foreign employer does not have a PAN in India.

It is pertinent to note that Part A of Form 16 downloaded from the TRACES Portal would contain the same details as reflecting in the Annual Tax Credit Statement (Form 26AS) of the employee. This initiative will help in reducing the discrepancies in the TDS amounts as per the Form 16 issued by the employer and the details reflecting in the Form 26AS of the employee.

Considering that the due date to file the quarterly return in Form 24Q for Quarter 4 is 15 May 2013 and the due date to issue the Form 16 is 31 May 2013, a question arises how quickly CPC will process the quarterly statements to enable the correct details to be reflected in Form 16 to be downloaded from the TRACES Portal.

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Tax Planning Tips for A.Y. 2018-19,Plus Automated Income Tax Preparation Excel Based Software all in One TDS on Salary for F.Y.2017-18

Tax planning has always been the test of efficiency for people along with being a test of their cunningness such that they can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for the F.Y. 2017-18 & A.Y. 2018-19.

1) Invest in policies U/S 80C

Policies are a prominent way to save a handful amount of tax. Up to Rs. 1, 50, 000 (A.Y.2018-19) can be saved by way of investing PPF, EPF, Fixed Deposit for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.

2) Divide Income to various family members

Avail the basic exemption limit of Rs. 2.5 Lakh (A.Y.2018-19) in the various family members as possible. Prefer senior citizens like parents and women as then can avail higher exemption limit.

3) Contribute to NPS U/S 80CC

NPS stands for New Pension Scheme was has recently been initiated by the Government under which investors can claim a deduction as a have a Tax free NPS return, however, withdrawal under such system is till taxable.

4) The aid of Medical Insurance U/S 80D

A deduction of Rs. 25, 000 is available for people who wish to invest in medical insurance for self. This deduction increases to Rs. 30, 000 when it is done by senior citizens. More about medical insurance deduction

5) Expenditure towards disabled dependent U/S 80DD

When a certain amount is spent inform medical insurance for a disabled dependent, the deduction up to Rs. 75, 000 is available where the disablement is normal in nature. The same can be extended up to 1,25,000 is the disablement is of the severe type. More about deduction u/s 80DD

7) Repayment of Higher Education Loan U/S 80E

When repayment is carried out for higher education loan, the same is also allowed as a deduction and hence can reduce ample amount of tax liability.  More about Deduction 80E: Interest on Loan Taken for Higher Education

·                          Download Automated All in One TDS on Salary for Non-Govt Employees for F.Y.2017-18

·                          Download Automated All in One TDS on Salary for Govt. & Non – Govt. Employees for F.Y.2017-18

·                          Download Automated All in One TDS on Salary for Central & All State Employees for F.Y.2017-18

8) Donate U/s 80G

Donation to charitable trusts and organizations have always been regarded as an auspicious event, therefore, 100% deduction is available in such context. The same rate is also applicable in a situation where contribution is made to a political party.

9) House loan interest U/s 24B

People who are liable to pay house loan interest can also claim deduction up to Rs. 2, 00, 000 (the figure represents the maximum investment limit)

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