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…
Section 80 TTB deduction | With Automated Income Tax Preparation Software in Excel for the Non-Govt Employees for the F.Y.2022-23
Section 80 TTB deduction | With Automated Income Tax Preparation Software in Excel for the Non- Govt Employees for the F.Y.2022-23 Section 80 TTB deduction | In Budget 2018, the new Section 80 TTB has been introduced into the Income Tax Act. The new section provides tax exemption to appraisers in place of the existing 80TTA exemption section. Under section 80TTB exemption, senior citizens can claim income tax exemption of up to Rs. 50,000/- on interest income earned. Therefore, the introduction of Section 80 TTB makes it possible to claim…
What is Section 80TTA? With Automated Income Tax Preparation Software in Excel for the Non-Govt Employees for the F.Y.2022-23
What is Section 80TTA? Under the Income Tax Act of India, the Indian taxpayer is granted several deductions to reduce his tax liability and thus reduce his tax expense. These deductions may be based on wages, investments or payments. Therefore, In other words, under section 80TTA of the Income Tax Act, tax credits are available to eligible taxpayers on interest earned in a savings account. The savings account in question may exist at a bank, cooperative, or post office. However, Section 80TTA became part of the Treasury Act in 2013…
80EEA deduction for income tax on home loans| With Automated Income Tax preparation Software All in One in Excel for the Govt & Non-Govt Employees for the F.Y.2022-23
80EEA deduction for income tax on home loans| In India, the provision of 80EEA helps first-time home buyers with an additional relaxation facility at the Department of Income Tax. As per Section 80 of the EEA Income Tax Act, any first-time home buyer in India can get an additional tax deduction of up to Rs. 1.5 lakhs Buying a property that is affordable and needs to be backed by a mortgage loan, buyers can get benefits and deductions in two departments viz. Deductions 80EE and 80EEA. In this article, we…
Section 80E deduction of study loan interest | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23
Section 80E deduction of study loan interest | Section 80E gives you a tax deduction on an “interest item” charged on a loan taken out for the higher education of an individual valued. Educational credits earned for higher studies in India or abroad are both eligible for deduction under this section. Therefore, What is Section 80E of Income Tax? Section 80E is an income tax exemption that applies to the deduction of an “interest item” paid by higher education borrowers to notified financial or charitable organisations. Interest paid on student loans taken out…
80GG – deduction on house rent paid| With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23
80GG – deduction on rent paid | 80GG is a deduction under Chapter VI-A of the Income-tax Act, 1961. It was introduced to accommodate persons who do not receive housing assistance, but who pay rent for their accommodation. For example, a person can claim a rent deduction, even if they have not received a mortgage. Therefore, a person wishing to claim deductions under this section must be a self-employed person or employee. 80GG allows people to claim a deduction relating to rent paid. The rent paid is for personal occupancy. In other words, …
Section 80U – Tax Exemption for Persons with Disabilities| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23
Section 80U – Check Eligibility, Amount of Deduction, How to Claim, Documents, Definitions, For F.Y 2022-23 (A.Y 2023-24), Diagnosed Disease Section 80U Exclusion of Disability Section 80U of income tax is deductible for those who are unable to work. This section provides a lump sum exemption for a person with a disability based on the severity of the disability, regardless of the amount of the income. Therefore,The criteria for entitled this deduction are -. Taxpayers must be residents. Must be at least 40% disabled for work. The disability must also be…