Friday, 12 December 2014

CBDT latest Circular on Calculation for TDS on salary

CBDT has released a latest circular to explain all the rules related to TDS on Salary for the Financial year 2014-15, Assessment Year 2015-16 under section 192 of the income tax Act 1961. This circular generally issued in the month of September, October but this year the circular has been issued in the month of December as the new govt has passed the Finance Bill in second quarter of the Fy 2014-15.
·         Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head ‘Salaries’ during the financial year 2014-15 and explains certain related provisions of the Act
·         Circular helps employer to correctly deduct TDS on Salary of its employees for Financial year 2014-15 or Assessment Year 2015-16 and it also held Salaried Assessee to Correctly calculate his/her tax liability.
·         Circular explain Provision related to all component of Salary and their Taxability- which includes allowances, perquisites, retirement benefits and other benefits.

Download complete circular no 17/2014 with illustration and examples from MATTERS.

Monday, 1 December 2014

Revised Income Tax Calculator & Form - 16 for Dec 2014

Download Revised Auto Tax Calculator & Form 16 Calculator for FY 2014-15 AY 2015-16 for December 2014.
Download tax calculator for tax calculation and tax planning with TDS and form-16 utility for preparation of form-16 and other related forms.
You can download from CALCULATORS & FORMS page


Sunday, 7 September 2014

Automated Form-16 preparation utility for FY 2014-15 & AY 2015-16 with TDS calculator, Annexure1 & 12BA

Employer have to give final form-16 to his employee by the end of June 2015. But if any employee left the job in middle of the year or any employee required provisional form-16 to know his TDS deducted or balance payable liability. It is very difficult to issue the form-16.

But now you can prepare form-16 for your employee or If you are an individual you can prepare it for yourself every month or at last after FY or keep the record of TDS and balance tax payable liability any time with this automated form-16 preparation utility on excel sheet.  

Enter the data & information in calculator and annexure, which will calculate Tax, TDS and automatically data will be transfer in form-16 and your form-16 will be ready for print easily.  

All cells are self explanatory. Calculator have inbuilt capability to compute Tax, Balance payable tax, House Rent exemption, Allowance and Income from House property etc. and Prepares Form -16 with Annexure and Form 12BA automatically.

Links to connect with tutorial for download of form-16 Part A and latest format of form-16 by Income Tax Department is also there to help you.


This calculator is available for download on the Calculator & Forms tab.

Friday, 5 September 2014

Find any forms used for Income tax purposes in India

An initiation to get awareness about forms or forms no. used for Indian Income Tax purposes.

There are 194 forms issued by Income Tax departments and being used for Income Tax Purposes. It is very difficult to remember that which form should be use for any particular purpose.

This modified form finder utility will help you to find out the No. of forms or Detail of forms used for particular purpose and link to see the available forms for download on official site of Income tax department “incometaxindia.gov.in”.

Click to download

Thursday, 4 September 2014

Relief U/s 89(1) Calculator


If an employee received an amount of arrear/advance for salary in any financila year related to previous year. There is always a big question.
Whether employee has to pay the tax on whole the income in current assessment year?
Ans: No
Why?
Because "section 89(1)" of Indian Income Tax Act 1961 provides relief to salaried employee.

If any employee received arrears advance of salary in financial year 2014-15 related to previous years then his tax liability will be on higher side due to arrears amount received in FY 2014-15. For reducing his tax Liability. He has to bifurcate his income from arrears in respective years on notional basis to avail relief u/s 89(1).

Method of calculating the Relief u/s 89(1)
     1.    Calculate the tax payable on the total income including the additional salary (arrears) of          relevant previous year in which the same is received.(Receipt Basis)
     2.    Calculate the tax payable on the total income, excluding the additional salary of the relevant previous year in which the same is received. (Receipt Basis)
      3.    Find out the difference in tax between (1) and (2) as calculated above.
    4.    Compute tax on total income after excluding the additional salary in the previous year to which such salary relates. (Accrual Basis)
      5.    Compute the Tax on the total income after including the additional salary in the previous year      to which such salary relates. (Accrual Basis)
      6.    Find out the difference in tax between (4) and (5) as calculated above.
      7.    The excess of the tax computed at (3) over the tax computed at (6) is the amount of relief            admissible u/s 89(1).



I tried to prepare an easy calculator for calculation of relief under section 89(1) with Table A, Annexure 1 and form 10E. 

Click here to download

Thursday, 28 August 2014

Cost of Inflation finder upto 2014-15 for computation of Capital Gain

What is Cost Inflation Index - The cost of inflation index (CII) is notified by the government every year, commencing from the base financial year 1981-82.This index gradually increase every year due to inflation. Cost Inflation is required to calculate Long term capital gain under Income Tax Act -1961.Under indexation you are allowed to inflate the cost of your Assets by a government notified inflation factor.

For computation of capital Gain this CII finder will help you to find out CII.  Select year of purchase or Sale up to FY 2014-15 and find out the cost of inflation.

Wednesday, 27 August 2014

Taxationseva Blog starts today with the aim to provide taxation related services and  matters from Tax professional.
Today I am publishing my famous Auto Tax Calculators. These calculators are very simple on excel sheet to use and compute tax liabilities, Print Computation sheet, Prepare form-16 and other related forms like Annexures.
These calculators were appreciated and used by CA,CS etc. Since 2005 9 versions have been published and now they all are available for download.
As soon as we will publish more Taxation related Calculators, matters and services.