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 )

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Who have not get House Rent Allowances,they can also get HRA benefits U/s 80GG,with Automatic Master of Form 16 Part B for FY 2014-15


Click here to Download Automated All in One TDS Master of Form 16 Part B with Section 80GG+ Individual Salary Structure + Individual Salary Sheet for Govt &Private(Non-Govt) Employees Income Tax preparation Excel Based Software for Financial Year 2013-14

Click here to Download Form 10BA

Under Section 80GG

Do you pay rent but don’t get a house rent allowance (HRA)? Don’t think you can not get any income tax benefit. You can qualify to save tax under section 80GG of the Income Tax (IT) Act if you satisfy certain conditions

But what if you are not salaried? What if you are a businessman paying rent? Or, what if you are salaried but do not get any HRA? Can you get any income tax benefit?

Yes, you can. You can claim deduction of the rent paid if you satisfy certain conditions.

Who can claim deduction?

Any individual can claim the deduction u/s 80GG. Irrespective of whether you are a salaried individual, or a business person, you can claim deduction under Sec 80GG.

Of course, you need to be paying rent, and for your own accommodation.

Thus, if you are paying rent for a house where your parents live, you can not claim deduction u/s 80GG. Similarly, if you are staying in a house but your spouse is paying the rent, you can not claim any deduction.

You can claim deduction for either furnished or unfurnished accommodation

Maximum Amount of deduction under section 80GG

So, how much can you claim as deductible u/s 80GG?

The amount allowed as deduction is the minimum of the following:

1.Rent / lease amount paid less 10% of your total income

2.Rs. 2,000 per month

3.25% of your total income

For Claim this Tax Exemption you must fill the Form No 10BA

( Download 10BA)

Download Below link the 100 employees Form 16 Part B for the FY  2014-15 

(100 Employees) Master of Form 16 Part B for AY 2015-16

Download

Who is responsible to issuing the Salary Certificate Form 16 with Automated Form 16 for FY 2013-14


This is the common demand regarding issuing of Form-16 by Employer to Employee, even if Employer not deduct any Tax from drawn salary.  What shall happen when Employee want’s his Salary Certificate Form-16 for the same year.  In such situation Employer is liable to issue Form-16 to each and every who have already hold the PAN Card.

However your employer must issue a salary Certificate Form 16 who are already hold the PAN Card as per the Income Tax Instruction. Income Tax  Certificate (Form-16) is  applicable to such employee who have submit his Income like as salary or other income (any amount) not deducted or not  during current Financial Year.  If the Employee deduct any amount of Tax during Financial Year, Form-16 must be issued to Employee u/s. 203 of Income Tax Act.

This Salary Certificate is most important to PAN Holder who have working in any sector, like as when any employee who’s Tax not Payable or not fall in to the Income Tax Slab, but he is get the Form 16 as his/her proof of Income, which is need for various requirements.

When any employee willing to get the Bank Loan from any Bank of Branch, the respective Bank asking the Salary Certificate Form 16 as he fall the Tax Slab or not. But the Bank’s requirement the Salary Certificate for giving the Bank Loan either he/she can not be able to get the Bank’s Loan.

Download the Automatic Form 16 for the Financial Year 2013-14 from the below given link:-

1)    (Part B 1 ) Automatic Form 16 Part B for FY 2013-14 & AY 2014-15(Automated One by One Preparation Form 16 Part B for FY 2013-14)

2)    Automated Form 16 Part A&B and Part B For AY 2014-15(Automated One by One Preparation Form 16 Part B and A&B for Fy 13-14)

3)    (Part B ) Master of only Form 16 Part B for AY 2014-15 (Automated Master of Form 16 Part B ( Which can prepare at a time)

50 employees Form 16 Part B)

4) Master of Form 16 Part A&B for AY 2014-15 ( Automated Master of Form 16 Part A&B (Which can prepare at a time

50 employees Form 16 Part A&B)

5)  (Part B ) Master of only Form 16 Part B for AY 2014-15Automated Master of Form 16 Part B with Form 12 BA ( Which can

Prepare at a time 50 employees Form 16 Part B with 12 BA)

6) Master of Form 16 Part A&B for AY 2014-15 Automated Master of Form 16 Part A&B with Form 12 BA ( Which can

Prepare at a time 50 employees Form 16 Part A&B with Form 12 BA)

7) (50 employees)24Q & 26Q with Master of Form 16 Part B for AY 2014-15 Automated Master of Form 16 Part B with 24Q & 26Q ( Which can

Prepare at a time 50 employees Form 16 Part B + 24Q & 26Q)

Automatic Form 16 Part B with 24Q & 26Q for Assessment year 2014-15


Automatic 24Q and 26Q with Form 16 Part B for the Assessment Year 2014-15. This Excel Based Software can prepare the all quarters of 24 Q and 26 Q and also prepare at a time the Form 16 Part B for the Financial Year 2013-14 and Assessment Year 2014-15. Download the utility from below link

(50 employees)24Q & 26Q with Master of Form 16 Part B for AY 2014-15

All in One Income Tax preparation Excel Software for Assessment Year 2014-15


Most popular the All in One Income Tax preparation Excel based Software for the Assessment Year 2014-15. This Excel Based Software can prepare at a time the Salary Sheet + Income Tax Compute Sheet + Automatic House Rent Calculation + Automatic Arrears Relief Calculation with Form 10E + Form 16 Part B for the Financial Year 2013-14 and Assessment Year 2014-15. This Excel utility can use both of Govt and Non Govt Concerned.

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TDS+HRA Calculation + Arrears Relief + Form 10E + Form 16 For AY 2014-15

 

Automatic Form 16 Part B with 24Q and 26Q for Assessment Year 2014-15


Download automatic Income Tax 24Q and 26 Q with Form 16 Part B for the Assessment Year 2014-15. This utility can use both of Govt and Non Govt Employees as well as Concerned.

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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.

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