Now you can get higher gratuity without paying taxes. The Government is going to increase the limit for tax-free gratuity. The union cabinet has decided to increase the tax-free gratuity limit to Rs.20 lakhs. As of now, it is Rs.10 lakhs. Therefore, this decision would benefit the employees of the private sector and PSUs. The central government employees have already got this relaxation through the Seventh Pay Commission. In other words, the decision to increase the tax-free gratuity limit is taken by the union cabinet. But the government can’t implement it immediately.…
Category: Budget 2020
Amount to Word Converter in Excel
Most of the Professionals mainly in Accounts related persons and who are working in computers mainly used in Excel, Therefore, they have needed these Excel Tools, which can easily Convert the Amount to In Words automatically. In other words, this Excel Tolls mainly valuable for those, who are working in Accounts and where frequently need the Amount to in word manually typing in Computer. However, hope this Utility can help and reduce the time and errors of the spelling of in word typing. For Download the Same first you must…
Income Tax deduction for medical treatment U/s Section 80DDB With Automated Income Tax Preparation Software in Excel for the West Bengal Govt Employees for the F.Y.2020-21 ( New and Old Tax Regime U/s 115 BAC)
Who can Claim Deductions under Section 80DDB? Under Section 80DDB of the tax Act, 1961, taxpayers can claim a deduction for medical treatment of certain specified ailments for self or dependent. this sort of deduction is roofed in Chapter VIA of the tax Act, 1961. The citizen of India can claim deduction under this section. so as words, this suggests that tax deductions are often claimed, as long as the concerned entity has been living within the country for that tax year and therefore the expenses concerning medical treatment are…
When senior citizens are not required to file their ITR? With Automated Income Tax Software All in One for the Andhra Pradesh State Employees for F.Y.2020-21 as per U/s 115 BAC.
In India, the bulk of Senior Citizen faces financial hardship in adulthood as most of them aren’t during a position to earn their livelihood. Their savings, if any, aren’t enough to satisfy their day to day, particularly the medical expenses. Senior Citizen with good net-worth value is in search of excellent short-term financial getting to earn an honest income from their finance. The tax law provides various benefits to senior citizens in India with the view to mitigating their issues. Who is taken into account an oldster in India? According…
What is the Interest Income is Exempt for Senior Citizens and Individuals in Income Tax? With Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)
IntroductionThe Savings Bank Interest earns is the amount paid to an entity for lending its money or letting another entity use its funds. On a bigger scale, interest income is the amount earned by an investor’s money that he places in an investment or project. Such income is usually taxable, however, the Income Tax gives surely rebate on such income. Such exemption is distinguished for people and senior citizens separately. How can the senior citizens in India have increased rebate from income tax?In India, the bulk of older persons face…
What is the deduction under section 80TTA? With Automated Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2020-21
It is noted that this Exemption entitled to the taxpayers who are opt-in the Old Tax Regime U/s 115BAC Introduced in Budget 2020 The Unique Section 80TTA provides a deduction of Rs 10,000/- on the interest income from Savings Bank Interest Max Rs. Ten Thousand. This deduction is out there to a private and HUF. This deduction is allowed on interest earned: • From a savings bank account with a bank or Post Office • From a bank/post office account with a co-operative society carrying on the business of banking…
Download Automated Income Tax Calculator All in One for the Bihar State Govt Employees for the F.Y.2020-21 as per the Budget 2020 with New and Old Tax Regime U/s 115BAC
In the Budget 2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt-in the New Tax Regime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC. As per the Budget, the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020. Also, it is clear…
Download Automated Income Tax Calculator All in One for the Andhra Pradesh State Govt Employees for the F.Y.2020-21 as per the Budget 2020 with New and Old Tax Regime U/s 115BAC
In the Budget 2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt-in the New Tax Regime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC. As per the Budget, the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020. Also it is clear…
Income Tax Section 80TTA Rebate from Savings Bank Interest Including Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) for the F.Y.2020-21
The provisions of Section 80 TTA of the Income Tax Act may read as follows: – Discounts in a deposit on savings account in accordance with the provisions of Chapter 80 TTA • Account where the total income of an appraiser (excluding the assessment prescribed in the 80TTB section for senior residents) is included in the savings (not the time deposit) as an individual or a Hindu integrated family. 1. Banking Institutions: Interest earned from any banking institution (including any bank or banking institution referred to in Section 51 of…
The CBDT has issued a notification approving the exemption of Section 115BAC for F.Y 20-21, including automated income tax preparation excel based software for private employees for F.Y.2020-21
CBDT has issued a notice for giving exclusion under section 115 BAC: CBDT has issued a notice No.G.S.R.415E dated.26.06.2020 (Download Notification) for endorsement of certain exceptions under section 115 (14) of the Income-tax Act, 19 61 of. Appraisal of the license to any salaried individual who has picked the alternative under section 115 BAC (5) for refusal of exception. Under the Tax Provision (Revision) Act, 2012, the Income-tax Act, 1991 for lower-obligation options, in accordance with the choices provided to homegrown organizations. So as to exploit the excluded tax framework,…