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Tuesday, 22 May 2018

Download Income Tax Form 16 Part B and Part A&B which can prepare One by One Form 16 for Financial Year 2017-18, With New Tax Slab Rate for F.Y.2017-18

The CBDT has already Circulate vide Circular No.4/2013 dated 17/4/2013 that the Part A(Annexure) of Salary Certificate Form 16 is mandatory to download from the Income Tax New Web Site TRACE and the Part B (Annexure) must be prepared by the Employer/Deductor. As per the New Amended Salary Certificate Form, 16 has already Changed of Format of Form 16 vide Notification No. 11/2013, where the Form 16 made in two part. One Part -A and Part - B. The Part A has now mandatory to download from the Web Site TRACES Portal.

Prepare at a time 100 employees Master of Form 16 Part A&B for Financial Year 2017-18 Income Tax Section 80CCD(1) + 80CCD(2) and 80CCD(1B) as per the CBDT Circular No. 20/2015,

                                                                                     CIRCULAR NO: 20/2015

                                          F.No. 275/192/2015-IT(B)
                                              Government of India
                                              Ministry of Finance
                                           Department of Revenue
                                        Central Board of Direct Taxes

                                                                                                            North Block, New Delhi

                                                                                                           Dated the 2nd December 2015

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2015-16 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
                                                               *****
Reference is invited to Circular No.17/2014 dated 10.12.2014 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2014-15, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms, and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

Download and Prepare at a time 100 employees Form 16 Part-A&B for F.Y.2017-18 [This Excel Utility have all the amended section of Income Tax as per Finance Budget 2017-18]


5.5.3 Deduction in respect of contribution to pension scheme of Central Government (Section 80CCD):

Section 80CCD(1) allows an employee, being an individual employed by the Central Government on or after 01.01.2004 or being an individual employed by any other employer, or any other assessee being an individual, a deduction of an amount paid or deposited out of his income chargeable to tax under a pension scheme as notified vide Notification F. N. 5/7/2003- ECB&PR dated 22.12.2003 National Pension System-NPS or as may be notified by the Central Government. However, the deduction shall not exceed an amount equal to 10% of his salary (includes Dearness Allowance but excludes all other allowance and perquisites).

As per section 80CCD(1B), an assessee referred to in 80CCD(1) shall be allowed a deduction in computation of his income, of the whole of the amount paid or deposited in the previous year in his account under the pension scheme notified or as may be notified by the Central Government, which shall not exceed Rs. 50,000. The deduction of Rs. 50,000 shall be allowed whether or not any deduction is allowed under sub-section(1). However, the same amount cannot be claimed both under sub-section (1) and sub-section (1B) of section 80CCD.

As per Section 80CCD(2), where any contribution in the said pension scheme is made by the Central Government or any other employer then the employee shall be allowed a deduction from his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year.

If any amount is standing to the credit of the employee in the pension scheme referred above and deduction has been allowed as stated above, and the employee or his nominee receives this amount together with the amount accrued thereon, due to the reason of

(i) Closure or opting out of the pension scheme or
(ii) Pension received from the annuity plan purchased and taken on such closure or opting out

then the amount so received during the FYs shall be the income of the employee or his nominee for that Financial Year and accordingly will be charged to tax.
Where any amount paid or deposited by the employee has been taken into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C.

Further, it has been specified that w.e.f 01.04.09 any amount received by the employee from the New Pension Scheme shall be deemed not to have been received in the previous year if such amount is used for purchasing an annuity plan in the same previous year.

It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs.1,50,000/-. The deduction allowed under section 80 CCD(1B) is an additional deduction in respect of any amount paid in the NPS up to Rs. 50,000/-. However, the contribution made by the Central Government or any other employer to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,50,000/- provided under this section.

5.5.3 Deduction in respect of contribution to pension scheme of Central Government (Section 80CCD):

Section 80CCD(1) allows an employee, being an individual employed by the Central Government on or after 01.01.2004 or being an individual employed by any other employer, or any other assessee being an individual, a deduction of an amount paid or deposited out of his income chargeable to tax under a pension scheme as notified vide Notification F. N. 5/7/2003- ECB&PR dated 22.12.2003 National Pension System-NPS or as may be notified by the Central Government. However, the deduction shall not exceed an amount equal to 10% of his salary (includes Dearness Allowance but excludes all other allowance and perquisites).

As per section 80CCD(1B), an assessee referred to in 80CCD(1) shall be allowed a deduction in computation of his income, of the whole of the amount paid or deposited in the previous year in his account under the pension scheme notified or as may be notified by the Central Government, which shall not exceed Rs. 50,000. The deduction of Rs. 50,000 shall be allowed whether or not any deduction is allowed under sub-section(1). However, the same amount cannot be claimed both under sub-section (1) and sub-section (1B) of section 80CCD.

As per Section 80CCD(2), where any contribution in the said pension scheme is made by the Central Government or any other employer then the employee shall be allowed a deduction from his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year.

If any amount is standing to the credit of the employee in the pension scheme referred above and deduction has been allowed as stated above, and the employee or his nominee receives this amount together with the amount accrued thereon, due to the reason of

(i) Closure or opting out of the pension scheme or
(ii) Pension received from the annuity plan purchased and taken on such closure or opting out

then the amount so received during the FYs shall be the income of the employee or his nominee for that Financial Year and accordingly will be charged to tax.

Where any amount paid or deposited by the employee has been taken into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C.

Further, it has been specified that w.e.f 01.04.09 any amount received by the employee from the New Pension Scheme shall be deemed not to have been received in the previous year if such amount is used for purchasing an annuity plan in the same previous year.

It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs.1,50,000/-. The deduction allowed under section 80 CCD(1B) is an additional deduction in respect of any amount paid in the NPS up to Rs. 50,000/-. However, the contribution made by the Central Government or any other employer to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,50,000/- provided under this section.

Monday, 21 May 2018

Download Automatic prepare at a time 50 employees Master of Form 16 Part B with 12 BA for F.Y 2017-18 and Ass Year 2018-19

Most Unique Form 16 Part B with 12 BA preparation Excel Based Software.

You can prepare for a time 50 employees  Automatic Form 16 with 12 BA in Excel Based Software for the Financial Year 2017-18 and Assessment Year 2018-19.This  Excel Utility can prepare at a time 50 employees Form 16 Part-B with 12 BA just a moment.

Saturday, 19 May 2018

New Amended Form 16 For Financial Year 2017-18 and Assessment Year 2018-19

New Amended Automatic Form 16 in Excel Format for the Financial Year 2017-18 and Ass Year 2018-19

      As per the Income Tax Department's Notification Number 11/2013 dated 19/02/2013, have changed some Income Tax Form 16. The new Form 16 have some changes that previous Form 16, but the changes have made some format of Form 16 and some Column Head of Form 16.
The New Amended Form 16 is given below in Excel Format as well as the Link for download the Notification of ITD about the changes of Form 16.

Download Income Tax Form 16 Part B For F.Y. 2017-18 and Ass Yr 2018-19 with New Income Tax Slab for F.Y.2017-18 as per Budget 2017


The CBDT has already modified the Income Tax Form 16 in a new format and also circulated that Form 16 have in Two Parts. One is Form 16 Part A which is mandatory to download from the Traces Portal. In this Form 16 part, A has all the tax deposited amount.

Friday, 18 May 2018

Automated 100 employees Form 16 Part A and B for F.Y.2017-18 and A.Y. 2018-19 as per new Tax Slab for F.Y.2017-18,With Income Tax Rebate Under Section 87A for F.Y 2017-18

Check out the Section 87A rebate for FY 2017-18  in the following section. The Income Tax Rebate under Section 87A for AY 2018-19 is allowed as per the following schedule for different Financial Years.