The Financial Year 2013-14 and Assessment Year 2014-15 has already past, the New Financial Year 2014-15 and Assessment Year 2015-16 has already started from the 1st April 2014 which will be end of the March 2015.
As per the Income Tax Department’s Notification that it is mandatory to advance tax deduct and deposit, who’s Taxable Income more than 5,00,000/-. Although it may be willing to deduct the Income Tax as Advance by the most of the employees, as the end of the Financial Year they have reduce the burden of Tax Deduct in one Month or two months. In this regard it is common to calculate the Income Tax liability for those employees as per the New Income Tax Slab for the Financial Year 2014-15 and Assessment Year 2015-16.
Due to Lok Sabha Election, the Central Finance Budget has passed as Interim Budget, and there have no Changes in Income Tax Slab and other Income Tax Section. As shown the Interim Finance Budget submitted by the Finance Minister Mr.Chidambaram before Lok Sabha Election, that the same as before the Financial Year. But The Employee’s Source of Income as well as the Income from the Salary raised from before. The Central & State Govt and most of the Non Govt Employee’s Salary raised from the Financial Year 2013-14 due to raised the D.A. So you should calculate the Income Tax for the beginning of the Financial Year 2014-15.
Given below the Income Tax Calculator with the Automated Master of Form 16 Part B which can Calculate automatically after filling the employee’s Salary Data. This Excel Based Software most easy to generate and you can keep this Form 16 Part B for giving the same on the month of April 2015.
Download below link as Automated Income Tax Calculator with Master of Form 16 Part B for the Financial Year 2014-15 & Ass Yr 2015-16