Leave Travel Allowance [Sec. 10(5) AND RULE 2B] | LTA is compensation paid by an employer for an employee’s domestic travel while on family or personal holiday. LTA waiver can be claimed when the employer grants LTA to the employees for leave to any place in India taken by the employee and their family. Such deductions are limited to the amount of travel expenses actually incurred by the employee. Total holiday costs are not covered, only travel costs are covered. Required to travel within India and overseas destinations are not included in this exemption. For example, if the…
Arrears Salary Relief Calculator A.Y 2023-24 for claiming relief u/s 89(1) in Excel
Arrears Salary Relief Calculator A.Y 2023-24 for claiming relief u/s 89(1) in Excel|A.Y 2023-24 (F.Y 2022-23) Calculator of arrears of pay for claiming deduction under section 89(1) of the Income Tax Act 1961-Download Therefore, In accordance with Section 89(1) of the Income Tax Act, a reduction in income tax was granted in 1961 when an employee receives an overdue or prepaid salary during the financial year. UnderRule 21AA of the Income Tax Rules, 1962, Form 10-E is filed for claiming the deduction. According to the Act, if the employee is a government employee or is…
How to get max Home Loan Tax Benefit in 2022? With Automated Income Tax Preparation Software All in One in Excel for the Financial Year 2022-23
How to use Max Home Loan Tax Benefit in 2022? The maximum benefit of a home loan which can be claimed as a deduction as follows:- Section Exclusion allowed for 1. Section 24 Rs. 2,000,000 of interest 2. Section 80C Rs. 1,50,000 Special payment 3. Section 80EEA Rs. 1,50,000 Payment of Interest For example, as can be seen in the table above, various sections of the Income TaxAct can be said to be exempt from interest and principal. These categories, along with allowable deductions, are discussed in more detail in this article. Section 80C: Tax Benefit…
Section 16 of the Income Tax Act 1961| With Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23
Section 16 of the Income-tax Act, 1961 provides for the deduction of taxable income under the head ‘salaries’. Provides deductions for the standard deduction, entertainment allowance and employment tax. With this deduction, an employee can reduce his taxable income from his taxable salary. Therefore, Also, with the recent changes in the standard deduction, the benefit of this section is extended to a higher amount. There is also no hassle in submitting travel and medical bills, making them easy to claim. In this article, we will discuss each part of the 16 subtraction. Normal payroll deduction…
Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E for the F.Y.2022-23
Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E | What if they pay you late? If really, you may be worried about the tax consequences of it. Do you have to pay taxes on the total tax base? Shouldn’t something be said about last year’s tax checks and such? For taxpayers with these requests in mind here’s everything you need to know. Therefore, Now, you would have recently resolved that income tax is calculated on a taxpayer’s total income for a given year. Income can be a salary or family annuity or…
LTA – Tax benefits| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23
LTA – Tax benefits| Leave Travel Allowance is one of the best tax-saving tools available to an employee. It’s a tax exemption that employers offer their employees. Therefore, Leave Travel Allowance, as the name suggests, is an allowance paid by an employer to an employee when the primary travel with the family or on their own. The amount paid as Leave Travel Allowance is tax-free. What is a leave travel allowance? In other words, Leave Travel Allowance or LTA is a form of subsidy provided by employers to an employee to travel. Covers domestic travel…
Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? With Automated Income Tax Preparation Software in Excel All in One for the Government and Non-Government Employees for F.Y.2022-23
Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? If you want a relaxed lifestyle without the hassle of earning money in retirement, public provident funds and fixed deposits maybe the right option for you. Therefore, Financial planning for the future is very important. Especially when we start earning money at a young age. If you don’t earn from a young age, the responsibilities and expenses will increase with age. Naturally, one would have to work harder and not be able to retire early. The good news is that there…
Is the tax due for one year more than Rs.10,000? You are responsible for paying taxes in advance
Is the tax due for one year more than Rs.10,000? Where the tax payable by a person exceeds Rs 10,000 after deducting the original TDS it comes into play. Challan280 has been cleared by the IT department for early payment of taxes. It can be paid online using the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and click on Challan no./ITNS 280 tab. Download the Automated Income Tax Challan 280 in Excel Therefore, Advance taxes are paid by those who have a source of income other than their salary. Individuals who earn from rentals, capital gains from shares, fixed income, lottery…
What is Section 80TTA? With Automated Income Tax Preparation Software in Excel for the Government and Non-Government Employees for the F.Y.2022-23
Under the Indian Income Tax Act, several deductions are provided to the Indian taxpayer to reduce his tax liability and thus reduce his tax bill. These deductions can be through salary, investment or payment. Therefore, Under Section 80TTA of the Income Tax Act, tax exemption is provided to eligible taxpayers on interest earned in a savings account. The savings account in question may be held in a bank, a cooperative society or a post office. In other words, Section 80TTA became part of the Finance Act in 2013 and has…
Housing Loan Interest Deduction – Section 24B | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23
Housing Loan Interest Deduction – Section 24B| Section 24b of the Income Tax Act allows for the deduction of interest on mortgage loans from taxable income. The said loan must be taken for the purchase or construction or repair or reconstruction of residential property. Therefore, This deduction is allowed on an accrual basis, not the payment. In other words, interest due for the year is allowed as a deduction whether or not it is paid. The deduction may be claimed for two or more home loans. The deduction may also be claimed for…