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…
Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23 with Section 80 CCD
Income Tax Arrears Relief Calculator U/s 89(1) | Paying taxes is part of adult life. Any citizen, who earns income above a certain threshold, whether through employment, a self-employed person or a the businessman will be liable for tax. But the schemes were announced by the Government of India. Not only does this help save taxes, but these pension plans also encourage saving for retirement Therefore, 1. What is Section 80CCD? In other words, Section 80CCD of the Income Tax Act, 1961 allows individuals to get tax relief by investing in National Pension System…
File income tax return by the last date otherwise you may get notice
[ad_1] House , do , Income tax , File income tax return by the last date otherwise you may get notice File Income Tax Return by 31st July for the current financial year. If you have not filed ITR yet, do so as soon as possible. According to tax experts, you should take some important precautions while filing ITR. Because if you do any mistake then you may have to face trouble. Today we are telling you about 8 such things that you should keep in mind while filing income…
Cutting through misinformation about the IRS’s plan to spend $80 billion
[ad_1] Understanding how the Inflation Reduction Act (IRA) will affect the operations of the Internal Revenue Service requires wading through the quagmire of misinformation, misinformation, and no information. But to cut down most of the political noise, here are the facts we do know and some important questions about how the IRS will spend the substantial new funding provided by the new law. About the big picture. Here’s what we know for sure: Law provides nearly $80 billion in new IRS funding in the next decade. Congress wants $46 billion…
Congress may end tax breaks for gifts to nonprofits with political agenda
[ad_1] new York Times informed of Chicago businessman Barre Seid donated his entire business, tax-exempt, to the Marble Freedom Trust, a tax-exempt advocacy organization run by conservative activist Leonard Leo. A few months later, the trust sold the stock for more than $1.6 billion. And now it can use the tax savings to help fuel its political agenda. Democrats and Republicans have become more aggressive with both tax and campaign finance laws since the US Supreme Court of 2010 Citizen United decision, But the $1.6 billion gift is the largest…