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 “”.

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
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