Download One by One Preparation Excel Based Income Tax Form16 Part A&B and Part B for the Financial Year 2016-17 and Assessment Year 2017-18.( This Excel Based Software can prepare one by one Form 16 for FY 2016-17 with the all Amended Income Tax section as per the Finance Bill 2016-17)
Feature of this Excel Based Automatic Form 16 Part A&B and Part B :-
1) Automatic Prepare at a time Form 16 Part A&B and Form 16 Part B for F.Y.2016-17
2) All amended Income Tax Section have in this Excel utility as per Finance Bill 2016.
3) You can prepare More Than 100 employees Form 16 as One by One
4) Automatic Calculation the H.R.A. Exemption Calculation U/s 10(13A)
5) Automatic Convert the Amount in to the In-Words
First time individual home buyers can get the tax deduction on interest of the home loan, under newly inserted section 80EE of the Income Tax Act, applicable for the assessment year 2014-15. This is in addition to tax rebate on interest payment of the home loan, under section 24.
Eligibility for 80EE rebate :- Max Rs. 1.5 Lakh as additional deductionof U/s 24B
This rebate on home loan interest is applicable only for home loans satisfying the following conditions:
i. The loan is sanctioned by a financial institution or housing finance company between 1st April 2013 and 31st March 2014.
ii. Loan amount is Rs 25 lakhs or less and cost of residential house is Rs 40 lakhs or less
This should be the only house owned by the taxpayer at the time of sanction.
Maximum deduction limit under 80EE
Up to Rs, 1 lakh can be claimed towards interest payable on the home loan in the financial year 2013-14. If interest payable in this year is less than Rs 1 lakh then the balance can be claimed in the following year.
For instance, if interest payable in FY 2013-14 is Rs 75,000 then tax rebate on remaining Rs 25,000 can be claimed in FY 2014-15.
The amount claimed under 80EE cannot be claimed for tax rebate under any other sections in any year.
How to get 80EE tax benefit
You can either produce a certificate from your lender to the HR and get a deduction on salary TDS or you can deduct the amount from total income while filing income tax return.