Standard Deduction U/s 16(ia) first introduced in Budget from 2018, Advantage of Standard Deduction is just for Salaried Individuals. [This Standard Deduction is not allowed to the New Tax Regime U/ 115 BAC for the F.Y.2020-21, who are opt-in the New Tax Regime but who are opt-in the Old Tax Regime they can get this benefits.] Exemption from Income Tax U/s 16(ia) states that a taxpayer having pay chargeable under the head ‘Salaries’ shall be allowed a deduction of Rs. 50,000/- or the amount of salary, whichever is less, for…
Category: Exempted Slab
Automated Income Tax Calculator All in One for the Non-Govt (Private) Employees for the F.Y.2020-21 With New Tax Regime Under Section 115BAC introduced in Union Budget 2020
New tax regime under Section 115BAC The Finance Minister Smt. Nirmala Sitharaman has introduced her second Budget on first February, 2020. A new optional individual tax conspire has been proposed to vide a recently embedded section i.e., 115BAC for the Individuals and HUF. From the evaluation the year 2021-22 (FY 2020-21), individual and HUF taxpayers have an option to select taxation under the section 115BAC of the Act gave them choose to forego the predefined deductions and exceptions. The option to pay tax at lower rates will be accessible just…
Download Automated Income Tax Calculator All in One for the West Bengal Govt Employees for the F.Y.2020-21 and A.Y.2021-22 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…
Automated Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E For the F.Y.2020-21 ( Amended Version)
Did you get any development salary or arrears of salary? In the event that truly, you may be stressed over the tax ramifications of the equivalent. Do I need to pay taxes on the total amount? Shouldn’t something be said about the tax counts of the earlier year, etc? Taxpayers who have such inquiries in their brain here is all that you have to know At this point, you would have just made sense of that income tax is calculated on the total income of a taxpayer for a specific year. The…
New personal concessional tax regime – Is it a smart option? With Automated Income Tax Calculator All in One for the F.Y.2020-21 as per New and Old Tax Regime U/s 115BAC
The year 2020 has brought a totally new experience to the humankind and made us realized our true status against nature. All inventions and developments made by mankind are useless against nature and its power. Everyone in the world has suffered, directly or indirectly, due to COVID -19 pandemic. Due to Lockdown and interruption in the economic cycle, the financial budget of every household in the country especially the middle class has affected badly. Under this situation, the majority of taxpayers are struggling to manage their finances and taxes. Download…
Income Tax Calculator All in One for the Govt and Non-Govt Employees for the F.Y.2020-21 with Tax Benefit on both HRA & Home Loan?
Would I be able to claim Tax Benefit for both HRA and Home Loan? – An inquiry which is frequently posed by numerous taxpayers. This is essentially in light of the fact that numerous businesses don’t permit both tax benefits together in specific circumstances. Tragically, this isn’t the best activity. Both HRA and Home Loan Interest tax sections are unrelated. You claim tax benefit on HRA (House Rent Allowance) under section 10(13A) while the tax benefit on payment of interest on home loan comes under section 24(b). However, there can…
Automated Income Tax Calculator All in One for the Govt and Non-Govt Employees for the F.Y.2020-21 with Tax Benefit on both HRA & Home Loan?
Would I be able to claim Tax Benefit for both HRA and Home Loan? – An inquiry which is frequently posed by numerous taxpayers. This is essentially in light of the fact that numerous businesses don’t permit both tax benefits together in specific circumstances. Tragically, this isn’t the best activity. Both HRA and Home Loan Interest tax sections are unrelated. You claim tax benefit on HRA (House Rent Allowance) under section 10(13A) while the tax benefit on payment of interest on home loan comes under section 24(b). However, there can…
Income tax Arrears Relief Calculator U/s 89(1) From the F.Y.2000-01 to F.Y.2020-2021 With U/s 115BAC in the Budget 2020 With New Tax Regime or Old – What should you pick?
Introduce new Section 115BAC in 2020 budget In the 2020 budget, Finance Minister Nirmala Sitraman announced a new tax system to further reduce tariffs and tax rates. It has long been claimed by most taxpayers, but it took up the issue of removing all available exemptions and exemptions. To add to this confusion, the finance minister gave taxpayers a choice between the new system of government and the existing government and left it up to them to decide which one to choose. Instead of simplifying tax laws by combining all…
Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2020-21 with Income Tax Section 80TTA – Details about Claiming Exemption on Interest
This article is tied in with asserting deduction on interest under Section 8oTTA. On the whole, what is 80TTA? Section 80TTA gives a deduction of Rs 10,000 on interest income. This deduction is accessible to an Individual and HUF. This deduction is allowed on interest earned – • From an investment account with a bank • From an investment account with a co-usable society carrying on the matter of banking • From an investment account with a mail station This deduction isn’t allowed on interest earned on time deposits. As…
Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 With Deductions under Chapter VI A of Income Tax Act
Chapter VI of the Income-tax Act contains various sub-sections of Article 70 which allow an assessor to claim exemption from total income. Section VI of the Income-tax Act contains various sub-sections of section 80 which allow an appraiser to claim exemption from gross total income as a result of various tax-saving investments, approved expenditures, grants, etc. Chapter VI of the Income Tax Act contains the following sections: 80C: Exemption in case of life insurance premium, deferred annuity, the contribution of Provident Fund (PF), subscription of certain equity shares or debentures…