Download Automated 100 employees Form 16 Part A&B For FY 2016-17
[ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B with updated Tax Slab and Section]
( Who are not able to download the Form 16 Part B from the TRACES Portal, they can use this Form 16 Part A&B for Financial Year 2016-17)
Rebate u/s 87A of the Income Tax Act 1961
As per the Finance Budget 2016 amended the87A that the Tax Rebate Rs. 5,000/- U/s 87A is entitled in this financial year 2016-17
REBATE OF RS 5000 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO RS 5 LAKH [SECTION 87A]
Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-
the amount of rebate is Rs 5000/- or the amount of tax payable, whichever is lower. This rebate is available for A.Y. 2016-17 .
Finance Act 2013, has introduced a new section, namely Section 87A. This newly inserted section gives rebate up to a maximum of Rs. 5000/- to the assessee having Net Total Income Less than Rs. 5,00,000/-(Rs. Five lacs only). The rebate under this section is available to the resident Individuals w.e.f. A.Y. 2016-17.
“87A An assessee, being an individual resident in India, whose total income does not exceed five Lacs rupees, shall be entitled to a deduction, from the amount of income tax (as computed before allowing the deduction under this chapter i.e. Chaper VIA) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred percent of income-tax or an amount of two thousand rupees, whichever is less.”
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Conditions required to be fulfilled:
· The rebate is allowed only to the individual assesses (not to HUF/Firm/AOP/BOI)
· The individual should be resident in India
· Total income should be up to or less than Rs. 5,00,000/-. Total Income here means Income under all heads of Income (Salary, House property, Business & Profession, Capital Gain and Other sources) after deducting the deduction under chapter VI i.e. deduction from 80C to 80U.
·No deduction is available to Super Senior Citizens whose age is more than 80 years.
Quantum of Rebate:
The rebate will be the lower of
· 100% of the tax payable on Total Income; or
· Rs.5,000/-