All in One TDS on Salary Calculator for Fy 2014-15,with Method of Income Tax Calculation for the year 2014-15 Section 192 of the Income Tax Act 1961


Download Income Tax Calculator with Form 16 for the Financial Year 2014-15

Download Your desired Income Tax Excel Based Software for FY 14-15
Download All in One TDS on Salary for Govt & Non-Govt employees for FY 2014-15 (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)
Download All in One TDS on Salary for only Non-Govt Employees for Financial Year 2014-15 (15 (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)
Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure + Individual Salary Sheet )

SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:

3.1  Method of Tax Calculation:

Every   person who is responsible for   paying   any income   chargeable   under the head “Salaries” shall  deduct income-tax  on  the estimated income of the assessee  under the head “Salaries” for the financial year 2014-15. The income-tax is required to be calculated on the basis of the rates  given above, subject to the  provisions related to requirement to furnish PAN as per sec 206AA of the Act, and shall be deducted at   the time of each payment. No tax, however, will be required to be deducted at source  in  any  case unless the  estimated salary income including   the value of perquisites, for the financial year exceeds Rs. 2,50,000/- as the case may be, depending upon the age of the employee.(Some typical examples of computation of tax are given at Annexure-I).

3.2   Payment of Tax on Perquisites by Employer:

An option has been given to  the employer to pay the tax  on non-monetary perquisites given toan employee.  The employer  may, at its option, make  payment of the tax on such perquisites himself  without making any TDS from the salary of the  employee. However, the employer will have to pay the tax at the time when such tax  was  otherwise  deductible  i.e. at the time of payment of income chargeable under the head “salaries” to the employee.

3.2.1  Computation of Average Income Tax:

For the purpose  of  making  the  payment  of  tax mentioned in para 3.2 above, tax  is to be determined at the  average  of   income  tax  computed on the  basis of rate in force  for  the financial  year, on  the  income  chargeable under   the  head  “salaries”, including the  value of perquisites for  which tax  has been paid by the employer himself.

3.2.2    Illustration:

The income chargeable under the head “salaries” of an employee below sixty years of age for the year inclusive of all perquisites is Rs.4,50,000/-, out of which, Rs.50,000/- is on account of non-monetary perquisites and  the employer opts to pay the tax on such perquisites as per the provisions discussed in para 3.2 above.

STEPS:

Income Chargeable under the head “Salaries”inclusive of all perquisites Rs.  4,50,000/-
Tax on Total Salary (including Cess) Rs.    25,750/-
Average Rate of Tax [(25,750/4,50,000) X 100] 5.72%
Tax payable on Rs.50,000/= (5.72% of 50,000) Rs.      2,861/-
Amount required to be deposited each month Rs.      240 (Rs. 238.4) =2881/12)

The    tax  so   paid  by  the  employer shall be deemed to be TDS made from the salary of the employee.

3.3  Salary From More Than One Employer:

Section 192(2) deals with situations where an individual is working under more than one employer or has changed from one employer to another. It provides for deduction  of  tax at source by such employer (as the   tax payer may choose)   from the aggregate salary of   the employee,  who is or has been in receipt of salary from more than one employer. The employeeis now required to furnish to the present/chosen employer details of the income under the head “Salaries” due or received from   the former/other employer and also tax deducted at source there from, in writing and duly verified by him and by the former/other employer. The

present/chosen employer will be required to deduct tax at source on the aggregate amount of salary (including salary received from the former or other employer).

3.4 Relief When Salary Paid in Arrear or Advance:

3.4.1    Under  section  192(2A)  where  the  assessee,  being    a  Government  servant  or  an employee  in  a     company,  co-operative  society,  local  authority,  university,  institution, association or body is entitled to the relief under  Section 89(1)  he may furnish to the person responsible  for making the payment referred to  in Para (3.1), such particulars in  Form No.

10E duly verified by him,  and thereupon the person responsible, as aforesaid, shall  compute the relief on the basis of such  particulars and take the same into  account  in    making  the deduction  under Para(3.1) above.

Here “University means  a  University  established  or  incorporated  by  or  under  a Central, State  or  Provincial    Act,  and  includes    an institution  declared  under  section 3 of  the University Grants  Commission  Act, 1956, to be a University for the purposes of that Act.

3.4.2    With effect from 1/04/2010 (AY 2010-11), no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in section 10(10C)(i) (read with Rule 2BA), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year.

3.5  Information regarding Income under any other head:

(i) Section 192(2B)  enables a taxpayer to furnish  particulars  of income under any head other than “Salaries” ( not being a loss under any such head other than the loss under the head “ Income from house property”) received by the taxpayer for the same financial year and of any tax deducted at source thereon. The particulars may now be furnished in a simple statement, which is properly signed and verified by the taxpayer in the  manner as prescribed under Rule

26B(2) of the Rules and shall be annexed to the simple statement. The form of verification is reproduced as under:

I, …………………. (name of the assessee), do declare that what is stated above is true to the best of my information and belief.

It is reiterated that the DDO can take into account any loss only under the head “Income from house  property”.  Loss under any other head cannot be considered by the DDO for calculating the  amount  of  tax  to be deducted.

Download Income Tax Calculator with Form 16 for the Financial Year 2014-15

Download Your desired Income Tax Excel Based Software for FY 14-15
Download All in One TDS on Salary for Govt & Non-Govt employees for FY 2014-15 (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)
Download All in One TDS on Salary for only Non-Govt Employees for Financial Year 2014-15 (15 (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)
Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure + Individual Salary Sheet )

Check these articles related to this topic

Download Income Tax Form 16 with 12 BA in Amended New Format For FY 2012-13 and Ass Yr 2013-14


Automatic Form 16 with 12 BA in New Amended Format vide ITD Notification Number 11/2013

The Income Tax Department have already changed the Income Tax Form 16 format from the financial year 2012-13 and Assessment Year 2013-14, vide Notification No. 11/2013. Here is given below the New Form 16 Format in Excel which can prepare at a time 50 employees Form 16 with 12 BA ( Value Of Perquisite U/s 17(2).

Feature of this Utility-

This Excel Based New Format of Form 16 which can prepare at a time 50 employees form 16 with 12 BA with the help of Employees Salary Sheet for the Financial Year 2012-13 and Assessment Year 2013-14.

Automatic Prepare the all of Tax Calculation including the all new Income Tax Section

Prevent the double entry of Pan Number and Name of the employee

Automatic Convert the Amount in to the in words without any Ad-ins or any Excel Formula.

This Utility can prepare more than 2000 employees Form 16 with 12 BA by this one Software.

How to prepare more than 2000 employees form 16, a instruction have also in this Utility.

Download the utility from below:-

(Amended) Master of FORM 16 with 12 BA for FY 2012-13 & Ass Y 13-14

New Amended Form 16 in New Format in Excel Based For Fy 2012-13 & AY 2013-14


Recently the Income Tax Department have some changes in the Income Tax Form 16 vide Notification Number 11/2013 Dated 19/2/2013. There have no major changes in this new format, but have some changes in this format.Here given below the New Notification in PDF Format and also have a Excel Based New Amended Master of Form 16 preparation Excel Based Utility.
Feature of this Utility:-
No need to Enable to Macro
Automatic Calculate the Income Tax after insert the required data and amount
All Income Tax New Section have in this Utility
You can view all the Income Tax Section at a glance in Instruction sheet
No need to Manual typing Amount to In Word, it will Convert automatically
This Utility can prepare at a time 50 employees Form 16 for FY 2012-13
You can prepare more than 1000 employees Form 16 by this Software.
First prepare the 50 employees Form 16 and Save the same in another File name, and again you can prepare 50 employees Form 16. In this manner you can prepare more than 1000 employees Form 16.
This Utility can help to very fast prepare huge quantity of Form 16
Download from below the Excel Based New Amended Form 16 along with the Notification of ITD (Amended) Master of only FORM 16 for FY 2012-13 & Ass Y 13-14

Income Tax Calculator for FY 2013-14 & AY 2014-15


The New Financial Year have already started since 1/4/2013 and which will be end 31/3/2014. It is necessary to calculate the Income Tax Liability of each employees for the Financial Year 2013-14 and Assessment Year 2014-15. Some Govt and Non-Govt Concerned as well as some Tax Consultant have prepared the Advance Income Tax for there employees or customer.
The total Savings have and some Income Tax Section have been already include this new Financial Year 2013-14 and Ass Year 2014-15, through the New Central Finance Budget 2013. The Extra benefits will be get Rs. 2,000/- U/s 87A as Tax Rebate who’s Taxable Income not more than 5,00,000/-
and the another Section have include U/s 80 EE which effect to the House Building Interest up to Rs. 1,00,000 excluding the U/s 24 B. and this Section can be availed who have got as well as paid the House Building Loan Interest w.e.f. 1/4/2013.
This Excel Based Software can prepare and calculate at a time 50 employees Tax Calculation with the new Income Tax Slab and new all Income Tax Section. Automatic calculate the Tax liability of an employees for the financial year 2013-14.
The extra feature of this utility, you can easily prepare the 24 Q and 26 Q from this utility. In this Excel Utility have prepare for the Govt and Non- Govt Employees as well as Concerned.
Download this Excel Based handy Utility from below:-
Automatic Advance tax Calculator with 24Q & 26 Q FY 2013-14 & AY 2014-15

Multy Employees Form 16 with 12 BA for FY 2012-13 and Ass Yr 2013-14


http://www.itaxsoftware.net

Form 16 preparation Excel Based Software for Financial Year 2012-13 and Assessment Year 2013-14

This Excel Based Software can prepare more than 1000 employees form 16 with 12 BA. The 12 BA is the part of the  Salary U/s 17(2) [ Value of Perquisite}. 

You can prepare by this Excel Utility more than 1000 employees form 16 with 12 BA.First you can prepare 50 employees form 16 with 12 BA and Save the same in another location, and you can again prepare 50 employees Form 16 with 12 BA by this one Utility. In this manner you can prepare more than 1000 employees form 16 with 12 BA.


 

Valuable Feature of this Utility :-

  • This Utility can prevent the Double entry of Pan No and name automatically
  • this Utility can prepare Form 16 with 12 BA Automatically after filling of employees salary data
  • Automatic Calculate the Taxable Income and Tax 
  • This Utility can use both of Govt and Non-Govt concerned.
  • This Utility have all the Income Tax Section including the New amended Section
  • You can view the all Income Tax Section at a glance in Instruction sheet
  • This Utility can use the Sr.Citizen and who are already get the Retirement Benefits.[Pensioner]
  • U/s 10 have all in this utility
  • For collect the BIN Number (Book Identification Number) can collect from Online and also have the direct Link of NSDL in this Utility.
  • Automatic Convert the Amount in Words without install any Excel Ad-Ins or any formula
  • Download from
  • Only FORM 16 with 12BA for FY 2012-13 & Ass Y 13-14

Automatic Form 16 For the financial year 2012-13 and Assessment Year 2013-14


Automatic Form 16 For the Financial Year 2012-13 and Assessment Year 2013-14

Excel Based Income Tax Form 16 preparation Software

Feature of this Utility:- This Utility can prepare the Form 16 with the all Income Tax Section have in this utility. Automatic convert the Amount to in words. Automatic Calculate the Taxable Income. This utility can use the both of Govt and Non-Govt employees as well as Concerned. You can also prepare the Form 16 with 12 BA for value of perquisite. Download the same from below:-

(One)Automatic Form 16 for FY 2012-13 & AY 2013-14 (One)Automatic Form 16 for FY 2012-13 & AY 2013-14 (One)Automatic Form 16 with 12 BAfor FY 2012-13 & AY 2013-14

Arrears Relief Calculator U/s 89(1) since Fy 2000 to 2013-14


The New Financial Year coming soon and the New Finance Budget has also published for the Financial Year 2013-14. The Income Tax Slab is fixed as previous year. But One extra benefits of Income Tax Rebate Rs. 2,000/- U/s 87 A can get for the Financial Year 2013-14 and Assessment Year 2014-15. Some of the Govt and Non-Govt employees may be receive the Arrears Salary from the previous year as Arrears. The 6th pay commission Arrears has clear in the Financial year 2012-13 and Assessment Year 2013-14. Although some employees have need the arrears calculator U/s 89(1) for Tax Relief as Arrears Salary received from previous year.
This Excel Based Software can Calculate and Prepare the Form 10E which can calculate From the Financial Year 2000-01 and Assessment Year 2001-02 to Financial Year 2012-13 and Assessment Year 2014-15.
Download the Arrears Relief Calculator from the attachment below:-