Form 16 A and B- the two sides you need to know| With Auto Calculate and Auto Prepare Form 16 Part B and Part A&B both for the F.Y.2022-23 in Excel

 Form 16 A and B- the two sides you need to know| Attention all salaried employees in India! Are you

 ready to discover the mystery behind the Salary?

 Certificate Form 16? This important document not only summarises your income but also contains the

 key to your tax deduction. But wait, did you know that there are two TDS certificates, Form 16A, and

 Form 16B? Each section provides unique information about your finances that you need to learn to

 accurately prepare your tax returns. So get ready to dive into the exciting world of Form 16 and check

 out the exciting features of Form 16 A and Form 16 B.

 

What is Form 16A?

 

Form 16A is an important document in the Indian income tax system. It works as documents supplied by the employer to the employees as documents of taxes deducted at source (TDS) on payments other than salary, such as rent, professional fees, commissions, interest, and more.

Download and Prepare at a time 100 Employees Form 16 Part B for the Financial Year 2022-23amd Assessment Year 2023-24

 

This certificate contains important information, including the name of the deductor and drawee and PAN, method of payment, the amount paid, and TDS deducted and deposited with the government.

 

Form 16A is very useful as a franchise as it allows you to claim TDS credit while filing your tax returns. Without this certificate, you could end up paying more tax than you should.

 

Who issues form 16A?

 

Form 16A is not issued to employers but to financial institutions, entities, or individuals who have deducted tax at source on their non-salary income. For example, if you have received interest income from fixed deposits, mutual fund appreciation, insurance commission, or self-employment, you may receive a Form 16A from the deductor.

Download and Prepare at a time 100 Employees Form 16 Part A&B for the Financial Year 2022-23amd Assessment Year 2023-24

 

What are the features of Form 16A?

 

Form 16A is the reference document for anyone looking to get a clear picture of their Tax Deduction at Source (TDS) in India. This TOS statement is an inexhaustible source of information including the following details:

Name and address of deductor (entity deducting tax at source).

Permanent Account Number  (PAN) of Assee

TAN(Tax Deduction Account Number) of the Employee

Name and address of deductible (income tax deductible).

Franchise PAN of the franchise.

Type of payment for which TDS is deducted (for example, rent, commission, interest, etc.).

The amount paid by the franchise

Amount of TDS deducted

Date of deduction of TDS

Date of filing of TDS with the government.

Assessment year for which TDS is deducted.

Download and Prepare at a time 50 Employees Form 16 Part B for the Financial Year 2022-23amd Assessment Year 2023-24

 

What is Form 16B?

 

Form 16B is an important document in the Indian income tax system. It serves as a certificate issued by the drawer to the drawee as proof of tax deducted at source (TDS) on the sale of real property, such as land, buildings, or real estate.

This certificate contains important information, including the name and PAN of the deductor and deductible, the address of the property, the amount paid for the property, and the TDS deducted and deposited with the government.

 

Form 16B is very important for a franchisee as it allows you to claim TDS credit while filing your tax returns. Without the document, they could end up paying more taxes than they should.

 

Thus, Form 16B serves as proof that TDS has been deducted and credited to the government and allows you to claim TDS credit, which reduces your tax.

Who issues form 16B?

 

Form 16B is issued to the home buyer or the person responsible for deducting TDS on behalf of the buyer. The buyer has to deduct TDS at the rate of 1% and submit Form 16B to the seller.

Download and Prepare at a time 50 Employees Form 16 Part A&B for the Financial Year 2022-23amd Assessment Year 2023-24

 

When is Form 16B filed?

 

Form 16B must be issued within 15 days after the completion of source-linked tax declaration verification. Buyers can download Form 16B from the TRACES website after submitting the TDS return in Form 26QB.

What information is contained in Form 16B?

 

Form 16B is the reference document for anyone looking to get a clear picture of their Tax Deducted at Source (TDS) on the sale of real estate in India. This TOS statement is an inexhaustible source of information including the following details:

Name and address of the deductor (purchaser of real estate).

PAN (Permanent Account Number) of the deductor

French name and address (actual real estate seller).

Revocable PAN

The address of the property sold

The amount paid for the property

Amount of TDS deducted

Date of deduction of TDS

Date of filing of TDS with the government

Reference year for n an it

Download and Prepare One by One Form 16 Part B for the Financial Year 2022-23 and Assessment Year 2023-24

 

TDS is deducted

Form 16B Benefits

Here are some of the benefits of Form 16B:

1. Proof of TDS: Form 16 B is the proof of taxes deducted at source (TDS) on the sale of the property. It serves as a document for the buyer to prove that TDS has been deducted and deposited with the government.

 

2. Tax compliance: According to the Income Tax Act, TDS is to be deducted on the sale of real estate. By issuing Form 16B, the deductor complies with the tax laws and avoids any legal penalties or judgments.

 

3. Simple Property Transaction Processing – Buyer can act efficiently

on property transaction by submitting form 16B to the registrar’s office while the property is being registered. This helps avoid any delay or inconvenience in the registration process.

 

4. Help in filing income tax returns: Form 16B provides all the necessary details required for the buyer to claim credit of TDS deducted while filing his income tax returns.

 

5. Similar to Valid Document: Form 16B is a valid document containing all necessary details of TDS deducted and deposited. It can be used as proof of payment in the event of a dispute or legal proceedings.

 

Download and Prepare One by One Form 16 Part A&B and Form 16 Part B for the Financial Year 2022-23amd Assessment Year 2023-24

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All employees get a tax exemption of Rs 50 thousand U/s 16(ia) in any tax regime.| With Auto Calculate Income Tax Preparation Software in Excel All in One for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023

 All employees get a tax exemption of Rs 50 thousand U/s 16(ia) in any tax regime.| If you are also a

 taxpayer, then this information will be very useful to you. As everyone knows, this time the

 government gave a big relief to the taxpayer in the budget. The government announced that those

 earning less than Rs 7 lakhs will not have to pay income tax. However, this benefit will only be

 available to those who opt for the new tax regime. The Finance Minister has increased the income tax

 exemption limit to Rs 7 lakh in the new tax regime, which was earlier Rs 5 lakh. While under the

 previous tax regime, income up to Rs 2.5 lakh was tax-free.

You may also like- Master of Form 16 PartB in Excel for the Financial Year 2022-23 and Assessment Year 2023-24[This Excel Utility can prepare at a time 50 Employees form 16 Part B]

 

However, under the old tax regime, there is a provision for several standard deductions and exemptions on certain items. These benefits were not provided under the new tax regime. But let us tell you that this time the standard deduction has also been included in the new tax system. That is, regardless of the new or old tax regime, all taxpayers can benefit from the Rs 50,000 tax credit.

He gets a tax exemption of 50 thousand

 

Explain that a taxpayer can claim up to Rs 50,000 for a standard deduction whereas any employee with an income of Rs 15.5 lakh or more will get a benefit of Rs 52,500 as a standard deduction. Under the new tax regime,

You may also like- Master of Form 16 Part A&B in Excel for the Financial Year 2022-23 and Assessment Year 2023-24[This Excel Utility can prepare at a time 50 Employees form 16 Part A&B]

 

What is the standard deduction?

 

The standard deduction was introduced in the budget for the year 2018. Earlier, the limit was Rs 40,000 which was increased to Rs 50,000 the following year. The purpose of this is to maximize income to employees by giving them tax exemption. The standard deduction is a deduction taken from an income taxpayer’s income and then tax is calculated on the remaining income.

 

Employees and retirees are already being given the opportunity to enjoy tax exemption through standard deductions. Suppose the annual income of an employed person is Rs 8 lakh. In such a situation, if a standard deduction benefit up to Rs 50,000 is available in the total package, their tax will be calculated at Rs 7,50,000 instead of Rs 8 lakh.

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as a New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employees Salary Structure.

 

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2023-24 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2023-24

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2023-24

 

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Which is better- the old or new tax regime? With Auto Calculate Income Tax Preparation Excel Based Software All in One for the Non Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25

  Which is better- the old or the new tax regime? The Budget 2023 for the current financial year brought

 a major change for the assessee by introducing the new tax regime as voluntary compliance for all

 taxpayers.

 Although a private individual can choose to switch to the old tax regime if he/she wishes. There are

 advantages and disadvantages to both the old tax regime and the new tax regime, but it can be

 confusing for taxpayers to choose the most appropriate regime for themselves. Let us examine the

 various aspects to be considered in the old tax regime and the new tax regime in F.Y 2023-24.

You may also like- At a time 50 Employees Auto Calculate and automatic Preparation Income Tax Form 16 Part B for the Financial Year 2022-23 and Assessment Year 2023-24

Under the new tax regime

 

The new tax regime has increased the range of tax rates from 0% to 30% with a minimum exemption of up to Rs 3 lakhs and the maximum tax rate of 30% applicable from Rs.15 lakhs. The new income tax rates are listed below:

 

INCOME TAX SLAB RATES IN THE NEW TAX REGIME 2023-24

ANNUAL INCOME	NEW TAX REGIME
0-3 Lakhs	Nil
3-6 Lakhs	5%
6-9 Lakhs	10%
9-12 Lakhs	15%
12-15 Lakhs	20%
Above 15 Lakhs	30%

 

Highlights of the New Tax Regime 2023-24

 

1. The new tax regime is voluntary compliance for the year 2023-24.

2. A person earning Rs. 7 without annual entitlement to abatement.

3. Higher rate of surcharge on income above Rs. 5 crores reduced from 37% to 25%.

4. In order to simplify complicated paperwork and reduce the burden of compliance and administration on the taxpayer and tax authorities regarding tax deductions and exemptions, fewer deductions were made.

5. Some tax deductions not allowed under the new tax regime are available

A. Waiver of Travel Allowance

B. Rental Assistance

C. Educational Assistance for Children

D. Exemption for employment taxes

E. Interest on home loans

F. Deduction for specified

6. No stringent rules and regulations for your investments under the new tax regime.

You may also like- At a time 50 Employees Auto Calculate and automatic Preparation Income Tax Form 16 Part A&B for the Financial Year 2022-23 and Assessment Year 2023-24

 Comparison between the old tax regime and new tax regime

As announced in the 2023-24 investment budget, the new tax regime has been imposed by default, but still an individual can choose between the old tax regime and the new tax regime if he/she wishes. If you want to claim deductions and exemptions, the old tax regime is more favorable, otherwise, the new tax regime has multiple levels of income brackets and rates.

 

The key point to understand here is which tax regime allows you to take home more money.

 

Let us take an example to understand the situation in both lights, Mr. Suresh earns Rs. 50,00,000 per annum. He is claiming a deduction under section 80C against LIC and EPF for Rs. 1,50,0 He has taken out health insurance for which he pays a premium of Rs 25,000 which he claims as tax deductible under section 80 D. He also claims a tax-free traveling allowance of Rs.38,000 and rent allowance of Rs. 1,60,0 Let’s calculate the tax due in both cases.

 

Understand with the help of illustration 1 of New and old tax regimes for taxpayers:-

Illustration	Old Tax Regime	New Tax Regime
Income From Salary	50,00,000	50,00,000
Less:- Exemptions House Rent Allowance Leave Travel Allowance	(1,60,000) (38,000)	Not Allowed Not Allowed
Gross Total Income	48,02,000	50,00,000
Less:- Standard Deduction	(50,000)	(50,000)
Less Deduction U/s Chapter VI-A (EPF +LIC+ Tuition Fees, etc)	(1,50,000)	Not Allowed
Less:- Deduction U/s 80D If Senior Citizen -Rs 50000 otherwise Rs. 25000 Maximum Allowed.	(25,000)	Not Allowed
Less:- Other Deduction If any	Allowed	Not Allowed
Net Taxable Income	45,77,000	49,50,000

 

Note: - Assume that the taxpayer is less than 60 years of age.

 

 

B. Total taxes payable under the new and old tax regimes

 

Tax Calculation Slab	Old Tax Regime Rates	Tax (Old) Amount	Tax Calculation Slab	New Tax Regime Rates	Tax (New) Amount
0 – 2,50,000	0%	Nil	0 – 3,00,000	Nil	Nil
2,50,000 - 5,00,000	5%	12,500	3,00,000 - 6,00,000	5%	15,000
5,00,000 -10,00,000	20%	1,00,000	6,00,000 - 9,00,000	10%	30,000
Above 10,00,000	30%	10,73,100	9,00,000 - 12,00,000	15%	45,000
			12,00,000-15,00,000	20%	60,000
			Above 15,00,000	30%	10,35,000
Total Tax		11,85,600	Total Tax		11,85,000
Add: Higher Education Cess @4%		47,424	Add: Higher Education Cess @4%		47,400
Total Tax payable		12,33,024	Total Tax payable		12,32,400

 

As the example above shows, people take home more money under the new tax system, but the situation will be different if the amount of additional payments and deductions are higher. It is therefore advisable to calculate your tax due under both regimes. 

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

 

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as a New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Non-Government Employees Salary Structure.

 

4) Automated Income Tax Form 12 BA

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2023-24

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2023-24

7) Automated House Rent Exemption Calculation U/s 10(13A)

Read more »

Budget 2023- Key points of taxation- Old vs. New tax regime | With automatic calculation all-in-one self-preparation Excel-based software for government and non-government employees for F.Y.2023-24 and A.Y.2024-25

Budget 2023- Key points of taxation- Old vs. New tax regime | The Union budget for 2023 was

 presented in Parliament today, on February 1, 2023, the Finance Minister proposed five important

 announcements for taxpayers: 

1. Zero taxes, up to Rs of income. 7 lakhs (after U/S 87A discount)

2. Six rental plates and new tax rates

3. Standard deduction of Rs. 52,500/- for salary earners of Rs. 15.5 lakhs or more.

4. Surcharge on Income greater than 2 Cr 25% instead of 37%

5. The discount for paid leave of up to 10 months of average salary, at the time of retirement in the case of an employee (who is not an employee of the Central Government or the State Government), is exempt in accordance with subsection (ii) of clause (10AA) of article 10 of the Income Tax Law in the notified measure.

 

Note: ALL THE PREVIOUS CHANGES (Sr. 1 TO Sr.4) ONLY APPLY TO THE NEW INCOME TAX REGIME, THERE ARE NO CHANGES TO THE OLD INCOME TAX REGIME. This means that you can benefit from the above changes if you select the new tax regime. Zero tax under the old tax regime, up to Rs. 5 lakhs (after U/S 87A discount).

 

Non-alteration of the table and rate of Income Tax in the old tax regime. No change in the standard deduction for a salaried person with an income of Rs. 15.5 lakhs or more if you select the old tax regime.

 

Some more important changes: the standard deduction of Rs.50,000/- for salaried persons, and the family pension deduction of up to Rs.15,000/- is currently only allowed under the old regime.

 

New personal income tax regime as a standard tax regime. However, citizens will continue to have the option of benefiting from the old tax regime.

 

New Tax Regime as an alternative to the Old Tax Regime for Individuals and HUFs. Since the Old Tax Regime is optional by all means, the taxpayer now has the option to choose between the New and the Old Tax Regime after a careful comparison supported by facts and figures.

 

Income tax rates in the new tax regime and in the old tax regime: 

The above table clearly shows that the new tax regime has proposed lower tax rates, for income segments up to Rs 15 lakh, but you should remember that the proposed lower tax rates will apply only if you are willing to forgo exemptions and deductions. provided. in various provisions of the Income Tax Law of 1961. This means that, by opting for the New Tax Regime, you must waive some exemptions and deductions provided for in Chapter VI A of the Law that grants deductions under art. . 80. Even the deduction of interest on the mortgage loan, under the terms of art. 24(b) will be rejected.

Some of the deductions and exemptions that you will not have in the new regime

 

The Ministry of Finance expects that four out of five Income Tax payers will switch to the new tax regime. It analyzed the income and investment data of 57.8 million taxpayers and found that 69% would prefer to save on taxes under the new system.

 

Another 20% may want to switch to avoid the hassle and red tape involved in tax planning. A taxpayer who takes various exemptions and deductions, such as the housing allowance and Section 80C deductions, will not be able to benefit from the change to the new system.

 

The taxpayer may make the choice based on his economic situation and what is most appropriate from the point of view of tax planning. The budget tried to put more money in the hands of taxpayers by reducing incentives to save. Section 80C forces people to save, and they will be withdrawn from saving if there is no tax incentive.

 

The momentum appears to be geared towards spending rather than focusing on long-term financial security for taxpayers. A taxpayer who opts for the new tax regime and forgoes tax breaks may end up spending money instead of using it for financial security.

 

He doesn't really need to do an elaborate calculation to know which regimen to choose. The answer is quite yes.

 

Anyone who claims tax exemptions and deductions is more than ceded under the old and new tax regime

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25 

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as a New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employees Salary Structure.

 

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2023-24 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2023-24

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2023-24

 

Read more »

Section 16 of the Income Tax Act| With Auto Calculate Income Tax Preparation Software All in One in Excel for the for the Non-Govt Employees for the F.Y.2023-24 & A.Y.2024-25

  Section 16 of the Income Tax Act| Section 16 deductions help revise your taxable income to reduce

 your tax liability.

 

Standard deduction 

Deduction from entertainment allowance paid by your employer

Deduction at the professional rate from salary income

The standard deduction under Section 16(ia) – Under Section 16(ia), the standard deduction is the fixed deduction allowed from your salary income. It replaced transport allowance and medical treatment deductibles and was introduced by the Government in the Union Budget 2018. The amount of standard deduction allowed was Rs.50,000. You can deduct this amount from your wage income for taxable income.

You may also like: - Prepare at a 50 Employees Form 16 Part B for the Financial Year 2022-23 and Assessment Year2023-24(This Excel Utility can prepare at a time 50 Employees Form 16 Part B)

In the 2019 interim budget, the standard deduction threshold has been raised to Rs.50,000 to provide better tax relief. Thus, from the tax year 2021-22 and subsequent years, the standard deduction is capped at Rs.50,000 until there is a change. The standard deduction will apply if you choose the new scheme slab rates as set out in Budget 2023.

 

The standard deduction under Section 16(ia) also applies to retirees with retirement income. Since the pension is taxable under the head – Salary Income, a standard deduction of Rs.50,000 from this pension is allowed in any financial year.

 

However, if the salary income is less than Rs.50,000, the normal deduction allowed is equal to the salary income. Therefore, the standard deduction is Rs.50,000 or salary income, whichever is lower. It is important to note that the ordinary tax exemption does not affect or conflict with other tax exemption provisions under the Income Tax Act. 1961. 

You may also like: - Prepare at a 50 Employees Form 16 Part A&B for the Financial Year 2022-23 and Assessment Year 2023-24(This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B) 

Illustration of standard deduction calculation:

 

Other Taxable Deductions – Rs. 50,000

Gross salary - Rs 6,50,000

Standard deduction – Rs 50,000

Total Cost - Rs 6,00,000

Other Deductions – Rs 1,50,000

Taxable income - Rs 4,50,000

2. Deduction of entertainment allowance Under Section 16(ii) – If your employer provides entertainment allowance, it will be included in your gross pay and will be added to your wage income. However, the Section 16(ii) deduction allows you to claim the same gaming tax deduction.

And the amount you deduct depends on the nature of your project.

If you are a government servant belonging to the Central or State Government, the deduction of entertainment subsidy under Section 16(ii) is the lowest of the following:

Rs. 5,000

20% of the basic salary

A true entertainment subsidy is obtained

It’s a deduction allowed when your pay doesn’t include any other allowances, benefits, or privileges offered by your employer. Also, it treats income as an entertainment subsidy and not spending on entertainment.

You may also like: - Prepare at a 100 Employees Form 16 Part B for the Financial Year 2022-23 and Assessment Year 2023-24(This Excel Utility can prepare at a time 100 Employees Form 16 Part B) 

2. If you are not a government employee, there is no deduction allowed on entertainment allowance related to your salary income. So if your employer gives you an entertainment allowance, it will be added to your taxable income.

 

Example of calculating the entertainment subsidy deduction:

 

Salary excluding allowances, benefits, and bonus - Rs 4,00,000

Monthly entertainment allowance – Rs 3000

Entertainment allowance for the year – Rs 36000

Deductible:

Rs. 5,000

20% of salary – Rs 80,000

Actual value – Rs 36,000

The smallest of the above items is Rs.5,000. So the allowable deduction on entertainment allowance is Rs 5,000. 

3. Business tax deduction under Section 16(iii) – Business tax applies to your salary income and becomes part of your tax liability. However, Section 16(iii) of the Income Tax Act, 1961 provides for tax deduction subject to the following conditions:

You may also like: - Prepare at a 100 Employees Form 16 Part A&B for the Financial Year 2022-23 and Assessment Year 2023-24(This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B)

 The deduction is taken from the salary income of the year you paid professional tax.

If your employer pays employment taxes, it will be part of the prerequisites when calculating gross pay. You can then claim the business tax paid by your employer under Section 16(iii) of the Income Tax Act, 1961.

 

There is no defined limit on service tax deductions. As a result, the amount of business tax you pay will be fully deductible, regardless of the amount.

If you are liable for a penalty or business tax interest, that amount is not eligible for deduction.

 

Conclusion

As a responsible taxpayer, you need to be aware of the tax implications of your salary income in order to make the most of your benefits. Section of 16 of the Income Tax Act 1961 provides for customary deductions and other exemptions from gaming royalties and business taxes. However, certain factors must be considered in particular in determining the applicability of a specific tax rule.

Download Auto Calculate And Auto Preparation Excel BasedSoftware All in One for the Non-Govt Employees for the Financial Year 2023-24 and Assessment Year 2024-25 as per Budget 2023

The Main Feature of this Excel Utility is:-

+This Excel Utility can prepare at a time Tax Computed sheet

+ Auto Calculate H.R.A. Exemption U/s 10(13A)

+ Inbuilt Salary Structure as per the Non-Govt Employee's Salary Structure

+ Auto Calculate Form 12 BA

+ Automated Form 16 Part A&B and Form 16 Part B)

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