October 23, 2020

Itax Software

Income Tax Software

Form 12BB – New Form to claim Tax Exemptions by Salaried Employees, With Automated Income Tax Preparation Excel Based Software All in One for Private Employees for F.Y. 2019-20

Each
December to February, employers request that their employees submit
annual deductions proofs alongside LTA/HRA proofs. The issue there is no
standard deduction for the equivalent. Every business has a distinctive
arrangement of structures and requests diverse speculation proofs. To
conquer this and to give uniform configuration crosswise over
associations, Income Tax Department has advised another Form 12BB
powerful June 1, 2016
.
The structure covers the accompanying duty exceptions:
1.         House Rent Allowance (HRA)
2.         LTA (Leave Travel Allowance)/LTC (Leave Travel Concession)
3.         Interest payable on Home Loan u/s 24
4.         All Tax Deductions under Chapter VI A which spreads areas like 80C, 80CCC, 80D, and so forth
How to Fill Form 12BB?
Luckily
the structure 12BB is straightforward and requests subtleties you were
at that point giving to your managers consistently. Here is a short rule
on the best way to fill it.
For HRA Exemption:
House
Rent Allowance is excluded under Section 10(13A) of the annual duty Act
subject to specific conditions. The structure requests measure of Rent
paid name and address of the proprietor and PAN number of the landowner
on the off chance that the yearly lease paid is more than Rs one lakh.
You have to outfit lease receipts as narrative proof.
Intrigue payable on Home Loan:
You
have to give Name, Address and PAN number of the bank alongside the
premium paid for the year. The advance suppliers are part into 3
classifications Financial Institutions, Employer and others. Here others
spread credit from companions/family or people. For proof, you can
submit credit authentication from loan specialist and culmination
endorsement of the house.
Reasoning under Chapter VI-A
This
is part of two sections. Section A requests sum and report proof for
Section 80C, 80CCC, and 80CCD. Part B covers every single other area
like 80E, 80G, 80TTA, and so forth.
Structure 12BB: Some Pointers
The
structure is pertinent when you would present your verifications to
your manager for FY 2016-17. Last monetary year isn’t affected in any
capacity
.
This structure is possibly required when you guarantee charge exceptions through your manager.
Aside from LTA/LTC,

all
other previously mentioned expense exceptions can be guaranteed
straightforwardly while documenting personal government form. The
structure 12BB would not be required for the equivalent. All you need is
to enter the right speculation sum under various Section


Download
Automated All in One TDS on Salary for The Non-Govt (Private) Employees
for the Financial Year 2019-2020 and Assessment Year 20120-2021 With
New Format of Form 16 Part B.

The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the  All Non-Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee 
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2019-20
7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 

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