How to opt for a new tax system according to section 115BAC? The Finance Act 2020, has presented a new section 115BAC, according to this arrangement the assessee has an option whether to pay tax according to new chunk rates or the old piece rates. In the event that the assessee opts for the new tax system, at that point the assessee needs to renounce a portion of the tax concessions under the current income tax act. How to opt for new or old plan under the Income Tax Act?…
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Automated Income Tax Calculator for the F.Y.2020-21 With Investments to save tax U / s 80C For the F.Y.2020-21
The tax season is here and I started getting emails and comments asking “best tax-saving investments”. Unfortunately, there is no direct answer to this. The best investments are different for different people and combine with their return expectations, risk-taking ability, personal situation and alignment with their financial goals in other matters. Download Automated Income Tax Revised Form 16 Part A&B for the F.Y.2019-20 and A.Y.2020-21 [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B ] You can invest up to Rs 1.5 lakh in instalments…
Download Automated Income Tax Preparation Excel Based Software All in One for Govt and Non-Govt Employees for the F.Y.2020-21 with Section 80TTB: Senior Citizens can Save Tax on their Interest Income
Finathence Budget 2018 alongside numerous progressions to tax laws also presented another Section 80TTB. As per this Senior citizens can guarantee tax exemption up to Rs 50,000 on the interest income from bank/post office fixed store, repeating store, or investment account. Also, if a senior citizen picks to exploit Section 80TTB, he can’t guarantee further tax advantage U/s 80TTA. Download Automated Income Tax Revised Form 16 Part B for theA.Y.2020-21 [ This Excel Utility Prepare at a time 50 Employees Form 16 Part B for F.Y.2019-20] Non-senior citizens and HUFs…
DOWNLOAD AUTOMATED INCOME TAX 89(1) ARREARS RELIEF CALCULATOR WITH FORM 10E FROM THE F.Y.2000-01 TO FY 2020-21
If you have received arrears of salary/pension in the Financial year 2020-21 related to the previous year(s) then your tax liability will be on the higher side due to arrears but do you know that you can bifurcate your income from arrears in respective years on notional basis and can avail relief u/s 89(1) of Income-tax Act,1961. We have prepared an Automated Excel Based Calculator with Form 10E From the Financial The year 2000-01 to Financial Year 2020-21 ( Update Version) which will be helpful in calculating the relief under…
Deduction for Medical Insurance Premium Under Section 80D With Automated Income Tax Calculator All in One TDS on Salary for Non-Govt Employees for F.Y. 2019-20 ( Including Old and New Tax Regime as per Budget 2020]
Deduction for Medical Insurance Premium Under Section 80D. Section 80D gives deduction to an individual or a Hindu unified family towards medical insurance premium and preventive health registration or commitment to Focal Government Health Plan (CGHS) or any plan told by the Focal Government on the health of the assessee, his family, guardians or individuals from the HUF. Deduction For Medical Insurance Premium U/Sec 80d Where the assessee is an individual after uses are qualified for deduction: • (a) the entire of the amount paid to impact or to keep…
Convert Numbers to Words/Text in Excel WITHOUT pasting macros again! – INWORD Excel Addin
This has been long overdue and I am happy that an Excel add-in that helps convert numbers to words or text is finally here. Just install this add-in and you can easily convert numbers to words in several popular currencies using relevant type of function INWORD. Unlike a painful process of pasting macros to do this job every time you open a new Excel workbook, once this add-in is installed on the computer user will never have to worry about the tedious coding job. Therefore, Have a glance yourself what I…
Income Tax, Arrears Relief Calculator U/s 89(1), Income Tax Form 10E,Income Tax Form 16 Part B , Income Tax Automated House Rent Exemption Calculator U/s 10913A) :
Did you receive any advance salary or arrears of salary? If yes, you might be worried about the tax implications of the same. Do I have to pay taxes on the total amount? What about the tax calculations of the previous year and so on? Taxpayers who have such questions in their mind, here is all that you need to know. Download Automated Income Tax House Rent Exemption Calculator U/s 10(13A) in Excel Format By now, you would have already figured out that income tax is calculated on the total income of a…
Exception Savings Bank Interest U/s 80TTA raised Rs. 40,00/- as per Budget 2019 With Automated Income Tax Master of Form 16 Part A&B in Revised Format For the F.Y. 2019-20
Deductions under Section 80TTA will not be allowed for the interest earned amount on fixed deposits and it is taxable as per the normal slab rates as indicated by the Union Budget. The tax deducted at source will also be applicable if the interest earned amount exceeds Rs 10,000 per annum (The interim budget 2019 has upped the interest earned amount to Rs 40,000 per annum). As deduction for any income amount earned through fixed deposits is not allowed in the same way, the deduction under Section 80TTA cannot be…
চন্দননগরের জগদ্ধাত্রী পুজোর বিভিন্ন দিক / Various Sides of the Jagadhatri Puja of Chandannagar
দুর্গাপুজো শেষ হবার পর সারা পশ্চিমবঙ্গবাসীর মন খারাপ হলেও চন্দননগরবাসীরা তখন মা’কে জগদ্ধাত্রীরূপে ফিরিয়ে আনতে ব্যস্ত থাকেন। নদীয়ার কৃষ্ণনগরে জগদ্ধাত্রী পুজো প্রথম শুরু হলেও আড়ম্বর, জাঁকজমক ও নিত্যনতুন চিন্তাভাবনার মিশেলে ভরপুর চন্দননগরের জগদ্ধাত্রী পুজো বর্তমানে জনপ্রিয়তায় প্রথম স্থান অধিকার করেছে, আর বিসর্জন শোভাযাত্রাকে তো অনায়াসেই আন্তর্জাতিক তকমা দেওয়া যেতে পারে। চন্দননগরের জগদ্ধাত্রী পুজো সংক্রান্ত কিছু তথ্য: সবচেয়ে পুরোনো পুজো: আদি মা, চাউলপট্টি (আনুমানিক ৩০০ বছরের পুরোনো পুজো) অন্যতম পুরোনো পুজো: ১) মেজো মা, কাপড়েপট্টি (বর্ষ- ২৫২), ২) বুড়ি মা, ভদ্রেশ্বর তেঁতুলতলা (বর্ষ- ২২৭), ৩) ছোট মা, ভদ্রেশ্বর গঞ্জ (বর্ষ-…
Tax Audit (sec 44AB) limit for Businesses is 1 Crore or 2 Crore in FY 2018-19 / AY 2019-20? Here is the answer
What is Audit ? Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view. Types of Audit There are two types of audit, namely Statutory audit and Tax audit. What is Statutory Audit ? Statutory audit is a compulsory audit for a Company governed by Companies Act, a Trust governed by Trust Act, Bank by RBI Act etc. by an external auditor to examine full accounting records of…