Automatic Master of Form 16 Part B with 12 BA for the Financial Year 2014-15 and Assessment Year 2015-16( Prepare at a time 50 employees Form 16 Part B with 12 BA)
Prepare at a time 50 employees Form 16 with 12 BA for the Ass Year 2014-15 by this one Excel Based Software. You can prepare more than 1000 employees Form 16 with 12 BA. First you can prepare 50 employees form 16 with 12 BA and Save the Same in another Name and Location. After Saved the 50 employees Form 16, prepare another 50 employees Form 16 with 12 BA and save the same as before.
Understanding Perquisites ( Require for Form 12 BA U/s 17(2)
For person earning income from Salary , documents Form 16, and Form12BA provided by employer are needed. Form 12BA give details of Perquisites given by the employer to employee in the financial year. Before we look at Form 12BA lets try to understand Perquisites, also known as perks.
What are Value of Perquisites?
Perquisites are benefits provided by the employers in addition to the normal salary at a free of cost or concession rates. Income tax act defines Perquisite as any casual emolument or benefit attached to an office or position in addition to salary or wages. Value of these perquisites is added to the income of employees. Hence Perquisites are taxable. There are rules for valuation of perquisites. Some of the perquisites are given below:
1
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Accommodation
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2
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Cars/Other automotive
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3
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Sweeper, gardener, watchman or personal attendant
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4
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Gas, electricity, water
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5
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Interest free or concessional loans
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6
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Holiday expenses
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7
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Free or concessional travel
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8
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Free meals
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9
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Free Education
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10
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Gifts, vouchers etc.
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11
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Credit card expenses
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12
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Club expenses
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13
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Use of movable assets by employees
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14
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Transfer of assets to employees
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15
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Value of any other benefit/amenity/service/privilege
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16
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Stock options (non-qualified options)
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17
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Other benefits or amenities
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A perquisite can be provided both by way of a
- Monetary payment : Employer either reimburses the expenses incurred by the employee for such facilities or pays on behalf of the employee. Ex:personal gas bills of the employee are in the name of employee and the employer reimburses the amount of such gas bills to him or pays on his behalf to the gas agency, it is in monetary terms and taxable in case of all employees; on the other hand, if such bills are in the name of employer, it will be perquisite in case of specified employee only.
OR
- Non-monetary payment/benefit : Payments which can be called non-monetary payments are car facility, benefit on account of interest-free loans, rent-free accommodation, furniture provided to employees etc.
As defined earlier, Perquisite as any casual emolument or benefit attached to an office or position in addition to salary or wages, Mostly perquisites are associated with position or office. Often distinition is made between employees and specified employees. A Specified employee is the one who satisfies any of the following cases:
- He is a director of the company,
- He has a substantial interest in the company, ie he is the beneficial owner of equity shares carrying 20% of voting power in the employer company.
- His monetary income under the head “Salaries” for the year exceeds Rs.24,000. The amount considered here includes amounts due from, paid or allowed by one or more employers. It excludes all non-monetary benefits.
Snapshot of Form 12 BA in Excel
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- It is most easy to prepare more than 1000 employees Form 16 with 12 BA by this One Software (Excel Based).
- Automatic Calculate the each employees Income Tax Liability
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- Easy to generate, as this Software based only on the Excel
- Prepare at a time 50 employees Form 16 Part B with 12 BA
