New G.P.F / EPF / VPF Income Tax Rules You Should Know | New Pension Fund Income Tax Rule: The CBDT has notified entities to maintain two separate PF accounts. One of the accounts will be for taxable contributions and the other for non-taxable contributions starting April 1, 2021. Therefore, • New income tax rules for the GPF: following the pension fund rationalization announced in the 2021 budget, the Central Board of Direct Taxes (CBDT) introduced rule 9D of the income tax rules, 1962 In other words, New Income Tax Rules for the GPF:…
Category: Income Tax Rebate U/s 87A
Section 80EE Income Tax Deduction for Interest on Home Loan with Automatic Income Tax Form 16 Preparation Excel Based Utility for the F.Y.2021-22
Section 80EE Income Tax Deduction for Interest on Home Loan | Section 80EE allows for income tax credits on a percentage of a home loan that is used by any financial institution. You may request a deduction of up to Rs 50,000 per fiscal year in accordance with this section. You can continue to claim this deduction until you repay the loan in full. Characteristics of the 80EE deduction Therefore, Eligibility Criteria: The deduction in this section is only available to individuals. This means that if you are a HUF, AOP, corporation, or any other type of taxpayer, you cannot claim any benefits under…
U/s 89 (1) Income Tax Exemption Calculator with Form 10E for F.Y 2022-23 (based on Budget 2022)
U/s 89 (1) Income Tax Exemption Calculator with Form 10E |How can income tax arrears be exempted from wage arrears from the previous tax year? If we really assume you might be nervous about the tax consequences of the equivalent. Would it be okay for me to have to pay taxes on the total taxable amount? Shouldn’t something be said about the previous year’s tax checks etc? For taxpayers with such demands in mind, here’s all you need to know. Therefore, For now, I recently found out that income tax is determined by the taxpayer’s total income for a specific year. Income can be a salary,…
Tax Exemption on Interest U/s 80TTA | With Automatic Income Tax Form 16 for the F.Y.2021-22
Tax Exemption on Interest U/s 80TTA | We all have a tendency to check the amount of interest earned on savings accounts during the year, but do we know how this interest is calculated and the tax on interest on savings accounts that is due? In this article, we will try to give you an idea of such points and interest tax deductions under section 80TTA. Savings account interest rate Previously, the RBI set interest rates on savings accounts at 4% per year. These interest rates were controlled by the RBI and all banks…
Section 80D Deductions|With Automatic Form 16 F.Y.2021-22
Section 80D – Health Insurance – Applicability, Deductions and Rules.| Medical emergencies always take us by surprise. It’s always better to be safe than sorry, and this is no exception when it comes to health insurance. Therefore, Most of the Indian population is not covered by health insurance and depends on their savings or loans for medical emergencies. A mandatory element of your investment portfolio is that the government encourages everyone to purchase health insurance and allows you to take advantage of the section 80D tax deductions. What is Section 80D? In other…
Highlights of Budget 2022 | With Automatic Income Tax Form 16 + Arrears Relief U/S 89(1) + Automatic Income Tax Preparation software All in One in Excel for the F.Y.2021-22
Highlights of Budget 2022. No change latest income tax slab rates for F.Y 2022-23 & A.Y 2023-24 after Budget 2022. There are any changes in the income tax rates applicable to individuals? Let’s see the details. In this post, my focus is to share with you the latest Income Tax Slab Rates and applicable Security Transaction Tax (STT) for FY 2022-23 / the Year 2023-24. Highlights of Budget 2022 #No change in tax slab No change in tax slab # Revised tax filing if you have missed some information If you…
PPF Investment | With Automatic Income Tax Arrears Relief Calculator U/s 89(1) with form 10 E for the F.Y.2021-22
PPF Investment | The public provident fund is one of these excellent schemes that you can consider as a long-term savings option. The special thing about this plan is that in addition to investing in it, you can invest as a Systematic Investment Plan (SIP). By the way, there have been many new ways to save and invest these days. But even today much of the country deposits its money in post office schemes. At the same time, the post office also courts its customers with various schemes. Here you will get many types of savings…
Income Tax benefits from Medical Insurance U/s 80 D | With Automatic Income Tax Preparation Software in Excel for the Govt & Non-Govt Employees and Master of Form 16 Part B for the F.Y.2021-22
Income Tax benefits from Medical Insurance U/s 80 D | The Income Tax Act, 1961, allows personal income tax deduction by reducing the amount of tax payable. It is important to know the relevant sections to make the most of these deductions. Therefore, What is section 80D? In other words, Section 80D of the Income Tax Act provides for tax deduction relating to medical insurance premiums paid for you and your family members. You can claim a tax deduction for health insurance premiums paid for yourself, your parents, your children and…
Deductions U/s 10| With Automatic Income Tax Form 16 Part B for the F.Y.2021-22 as per Old and New Tax Regime
Deductions U/s 10|As per the Income Tax Act, 1961, each tax payers Indian citizen who’s Income above a certain limit of income is liable to pay tax. So, with each financial year falling, taxpayers look for ways to reduce their tax liability. In other words, you’re fired. To reduce the burden on taxpayers, to encourage them to save, invest and pay taxes, the law lists some incomes as exemptions. Benefits U/s 10 of the Income-tax Act Salaried Persons are given many benefits in addition to regular income. However, too many of these deductions…
Significant changes in income tax for the F.Y.2021-22| With Autofill Income Tax Preparation Software All in One in Excel for the Government and Non-Government Employees for the F.Y.2021-22
Significant changes in income tax which will be effective from 1st April 2021 The new financial year is going to start from 1st April The government has planned some major changes for this financial year (2021). In the 2021 budget, Therefore, Finance Minister Nirmala Sitharaman did not provide any relief to the middle class and paid the class in terms of income tax. But those who are over 65 years of age are exempted from filing income tax returns this time. In other words, Note this, this has been already decided to take major action against…