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…
Category: Income Tax Return filling for A.Y. 2020-21
House Rent Allowance U/s 10(13A) with Auto Calculate H.R.A. Exemption Calculator U/s 10(13A) in Excel.
House Rent Recompense (HRA) is a second Section which is found in every payslip after essential salary. This is the significant contributor in charge alleviation for the worker who dwells in the rented house during his/her business. By and large, a worker submits Rent receipt and rent deed to his manager to guarantee exemption of assessment by virtue of HRA anyway CBDT vide circular:08/2013 dated 10 Oct 2013 has made mandatory that If yearly rent paid by the representative to his/her proprietor surpasses Rs 1,00,000/- for each annum, he/she should…
Rebate Under Section 87A FY 2020-2021 can get the tax benefits who are opt-in Old Tax Regime U/s 115 BAC With Automated Income Tax Software All in One for F.Y.2020-21
You are eligible to claim tax rebate under this provision if you meet the following conditions: You must be a RESIDENT INDIVIDUAL; and Your Total Income, fewer Deductions, (under Section 80) is equal to or less than Rs 5,00,000. The rebate is limited to Rs 12,500. This means the total tax payable or Rs 12,500, whichever is lower, that amount will be the rebate under section 87A. [This rebate is applied to the total tax before adding the Education Cess (4%)] Download Automated Income Tax Preparation Excel Based Software All…
Employees need to inform employers about intention to opt for new tax regime, CBDT circular says
The new income tax regime announced in Budget, give an option to individuals and Hindu Unified Families (HUFs) to be taxed at lower rates on the off chance that they don’t profit determined exclusions and reasoning’s The income tax office on Monday said employees should advise their employers about their expectation to select the new optional tax regime to empower the last to deduct TDS while paying compensations. The new income tax regime announced in Budget, give an option to individuals and Hindu Unified Families (HUFs) to be taxed at lower rates in the…
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…
Is New Income Tax Slab Rate for Individuals after Budget 2020 Really Beneficial? With Automated Income Tax Calculator All in One for Govt. and Private Employees for the F.Y.2020-21 as Per New & Old Tax Regime U/s 115 BAC.
In Budget 2020 has introduced a new income tax slab and new tax rates for Individuals and a HUF. The new tax rate will apply with a condition that no exclusion and finding can be asserted. Be that as it may, the new tax regime for individuals and HUFs are discretionary. New income tax rate and new income tax slab for AY 2021-22 under the new tax regime for individuals and HUF presented by the Union Budget 2020. Concentrate of Finance Minister discourse during her spending introduction “So as to…
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…