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October 2, 2022

Itax Software

Income Tax Software

Master of Form 16 Part A and B (Prepare at a time 100 Employees Form 16 Part A and B for F.Y.2015-16),With Income Tax Deductions under section 80 As per Budget 2015

Download Master of Form 16 Part A&B which can prepare at a time 100 employees Form 16 Part A&B for Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Utility can use both of Govt and Non-Govt Concerned and this utility have prepared as per the Budget 2015 with all amended Income Tax Section ]

Some of the Concerned can not able to download the Form 16 Part A from the Traces Portal, they can use this Form 16 Part A&B both in a single file] uunder section 80 As per New Budget 2015, with Arrears Relief Calculator with Form 10E and HRA Exemption Calculator

Section 80C (Individual & HUF)

In all, total deductions under section 80C, 80CCC and 80CCD (1) cannot exceed Rs 1.50 lakh for the current assessment year. Which means total investments, expenses and payments up to a limit of Rs 1.50 lakh are eligible for tax deductions mentioned in the above mentioned sections. These sections cover many savings schemes like National savings certificates (NSCs), Public Provident Fund (PPF) and other pension plans, life insurance premiums, government bond investments. Here’s a section-wise breakup of deductions and exemptions available under the above mentioned codes:

Section 80CCC (Individual)

This section provides tax deductions under any investments made in an annuity plan or Life Insurance Corporation (LIC) or pension received under funds mentioned in Section 10(23AAB).

Section 80CCD (1) (Individual)

The deductions under this section are aimed at encouraging people to save. These deductions are allowed to people who avail the National Pensions savings scheme (NPS). Under this an individual can avail a deduction of up to 10 percent of his/her salary or Rs 1.50 lakh whichever is lower, if the person is employed or the lower of Rs 1.50 lakhs or 10 percent of gross income, if the individual is self employed.

Section 80CCD (2) (Individual)

This is applicable in case of employer’s contribution. Maximum deduction of 10% of salary.

Section 80CCD (1B) (Individual)

For financial year 2015-16 or assessment year 2016-17, this new section provides for additional tax deduction for amount contributed to NPS of up to Rs 50,000. So for AY2016-17, total deductions under Section 80 are available up to Rs 200,000.

Section 80D (Individual & HUF)

Download Arrears Relief Calculator U/s 89(1) with Form 10E

Deduction up to Rs.25,000 for self, spouse and dependent children and separate deduction of Rs.30,000 for parents is allowed for premium paid towards medical insurance.

Section 80DD (Individual & HUF)

Deduction of expenses incurred on medical treatment of Dependent Relative is fixed at   Rs.75,000 for 40% disability and Rs.1,25,000 for severe i.e. 80% disability. Claimant is required to furnish certificate of disability from prescribed authority.

Section 80DDB (Individual & HUF)

Deduction in respect of specified disease for self or dependent relatives is allowed lower of Rs.60,000 or actual amount paid. This deduction amount increases to Rs.80,000 in case of senior citizen.

Section 80E (Individual)

Deduction is also available on interest outgo on education loan for higher studies. This loan could be taken by the assessee, spouse or children or a student for whom the assessee is a legal guardian.

Section 80G (All Assessee)

Donations given to various specified institutions and organizations are allowed to be deducted from your income. The deductions are segregated under two categories i.e. 100% or 50% but cash donations exceeding Rs.10,000 is not allowed to claim.

Section 80GG (Individual)

Download House Rent Exemption Calculator U/s 10(13A)

A deduction on house rent paid is available to those who are not paid house rent allowance (HRA) by the employer. An individual, spouse or minor children shouldn’t own a home at the place of employment of the assessee to claim this deduction.  Neither the assessee should have a self-occupied residence at any other place. The deduction available is limited to: rent minus 10% of total income or 25% of total income or Rs 2000 (whichever is lower).

Section 80TTA (Individual & HUF)

Any interest earned (up to Rs 10,000) on your deposits in a savings bank account, co-operative society or post office is tax deductible.  This excludes fixed deposit interest income.

Section 80U (Individual & HUF)

Physically Disabled persons can claim deductions under 80U of Rs.75000/- for General and Rs. 1,00.000/- for Sever Disable Persons, Assessee is required to obtain certificate from Government Doctor.

                        Tax Rebate under section 87A

While tabling Union Budget 2013, Finance Minister had introduced a new section 87A to help individual taxpayers in lowering the tax outflow from their pocket.
However, the tax rebate benefit had not been made available to all taxpayers but restricted to only Individual Taxpayers and that too for only Indian citizens irrespective of being male or female.
Further, the tax rebate could be cherished only by individual taxpayers having the Net Total Income below Rs.5 lakhs. Since there are no proposed changes to tax rebate available under section 87A in the budget 2015, it will continue giving benefit to the medium class taxpayers post budget. Thus, tax rebate under section 87A is available for Assessment Year 20161-7 i.e. Financial Year 2015-16

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