Revised Format of Income Tax Form 16 With Automated Master of Form 16 Part B with Form 12 BA for F.Y. 2019-20

The Income Tax the department has revised Form-16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance.

It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee, as well as income from other sources.

Form-16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid-June and is used in filing IT returns.

The changes

The revised form, which has been notified by the Income Tax department, will come into effect from May 12, 2019. This means the income tax returns for the financial year 2018-19 will have to be filed on the basis of the revised Form-16.

Among other things, the revised Form-16 will also include details of deductions in respect of interest on deposits in a savings account, rebates and surcharge, wherever applicable.

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B with Form 12 BA (Modified Format) [ThisExcel Utility Prepare At a time 50 Employees Form 16 Part B  With Form 12 BA in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 50 Employees  Excel Based  Form 16 Part B With Form 12 BA ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part Part B With Form 12 BA

4)   Most easy to install just like an Excel File

5)   Easy to Fill all column

6)   Automatic Convert the Amount to the In-Words

Read More

Download Automated Master of Form 16 Part A&B for F.Y.2019-20 with Changes in Income Tax Rules as per the Central Budget 2019:

1.               Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)

2.               Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000

3.               Increased Tax for the super-rich: Surcharge increased to 25% for income between 2 to 5 crore & to 37% for income beyond Rs 5 crores

4.               Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home loans on purchase of the affordable home

5.               Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on purchase of Electric vehicles

6.               No Tax on Notional Rental Income from Second House

7.    TDS threshold increased from Rs 10,000 to Rs 40,000 on Bank Interest Income

Income Tax Slab for FY 2019-20 [AY 2020-21]

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part A&B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1) Prepare At time 100 Employees  Excel Based  Form 16 Part A&B ( Modified Format of Form 16 Part A&B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]( Who have not able to Download the Form 16 Part A from the Income Tax Traces Portal, they can use this Excel Utility)

1)   All the Amended Income Tax Section have in this utility as per Budget 2019

2)   You can print individual Form 16 Part Part A&B

3)   Most easy to install just like an Excel File

4)   Easy to Fill all column

5)   Automatic Convert the Amount to the In-Words

Read More

Download Automated Master of Form 16 Part A&B for F.Y.2019-20 with Changes in Income Tax Rules as per the Central Budget 2019:

1.               Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)

2.               Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000

3.               Increased Tax for the super-rich: Surcharge increased to 25% for income between 2 to 5 crore & to 37% for income beyond Rs 5 crores

4.               Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home loans on purchase of the affordable home

5.               Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on purchase of Electric vehicles

6.               No Tax on Notional Rental Income from Second House

7.    TDS threshold increased from Rs 10,000 to Rs 40,000 on Bank Interest Income

Income Tax Slab for FY 2019-20 [AY 2020-21]

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part A&B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1) Prepare At time 100 Employees  Excel Based  Form 16 Part A&B ( Modified Format of Form 16 Part A&B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]( Who have not able to Download the Form 16 Part A from the Income Tax Traces Portal, they can use this Excel Utility)

1)   All the Amended Income Tax Section have in this utility as per Budget 2019

2)   You can print individual Form 16 Part Part A&B

3)   Most easy to install just like an Excel File

4)   Easy to Fill all column

5)   Automatic Convert the Amount to the In-Words

Read More

Download Automated Income Tax Master of Form 16 Part B in new format for F.Y.2019-20 With Budget 2019: No tax on income up to Rs.5 lakh, standard deduction raised

·                       Govt increases the income tax exemption limit to Rs. 5 lakh per year.

·                       No TDS on post office savings up to Rs. 40,000/- U/s 80 TTA

The rebate under section 87A of Income-tax Act 1961, which is available since the assessment year 2014-15 is raised to Rs.12,500 from existing Rs.2,500. The amount of rebate is 100% of income tax payable on the total taxable income of up to Rs.5 lakh. A rebate is the amount of tax the taxpayer is not liable to pay. Total taxable income or net taxable income is the income after taking into account deductions.

Download Automated Income Tax Preparation Excel BasedSoftware for Govt & Non-Govt Employees for the F.Y.2019-20

So in the next Financial Year, if an the assessee has an income of up to Rs.5 lakh in the financial year, she is allowed to claim the entire tax payable as a tax rebate. For instance, if an assessee is having a gross income of Rs.6.5 lakh for the financial the year 2019-20, and makes an investment of Rs.1.5 lakh under section 80C her net taxable income comes down to Rs.5 lakh, on which her tax liability would be Rs.12,500 (5% of Rs.2.5 lakh) excluding cess (income up to Rs.2.5 lakh is exempt from tax). However, as her income is up to Rs5 lakh in the particular financial year, she is liable to claim a rebate of Rs.12,500 and thus her net tax payable would be zero. This means while the taxpayer is still liable to file her returns, the tax payable is zero. 

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility PrepareAt a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 50 Employees  Excel Based  Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part Part B

4)   Most easy to install just like an Excel File

5)   Easy to Fill all column

6)   Automatic Convert the Amount to the In-Words

Read More