Finance Minister Nirmala Sitharaman announced the inclusion of a new clause in the 2020 Union budget,Therefore, known as 115BAC, in the income tax law. The second 115 BAC, following fiscal year 2020-21, identifies a new discretionary income tax structure for Hindu individuals and undivided households (HUF). In other words, Let us understand the new slab tariff, the eligibility measures for the new system and the concessions allowed or denied under section 115 BAC. Furthermore, we will help you compare the two frameworks, so that you can choose the most appropriate one. However,…
Tag: #Automated Income Tax Calculator All in One for the Govt and Non-Govt Employees for F.Y.2021-22
Income tax deduction under Sec 80 CCD (1B) Along with Automatic Income Tax Preparation Software in Excel for the Government and Non-Government Employees for the F.Y.2021-22
Income tax deduction under Sec 80 CCD (1B). According to the rules and regulations of the Income Tax Act 1961, payment of income tax is mandatory for every citizen of India. But that doesn’t mean you have to pay tax on the income you make. In a given financial year. Therefore, there are several provisions under the Income Tax Act that allows you to claim exemptions against certain investments and expenses. Plan your taxes to save your income In other words, by planning your taxes carefully, you can save a significant amount for your taxation obligations and…
Income Tax Preparation Excel Based Software for the Govt and Non-Govt employees for F.Y.2021-22 and everything about income tax medical facilities for F.Y.2021-22
Automatic Income Tax Preparation Excel Based Software for the Govt and Non-Govt employees. Income tax deduction for payment of health insurance premium is defined under 80D Therefore, Section 80D of the IT Act provides a rebate of Rs 25,000 on premiums paid for insurance for the health of self, spouse and dependent children. The Income Tax Act commends people for buying health insurance by allowing them to deduct premiums on their insurance policies. In other words, Section 80D of the IT Act provides a rebate of Rs 25,000 on premiums paid for insurance for the…
Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-22 and Tax Benefits on Home Loans: Sections 24, 80EEA and 80C
Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E. There are 2 components to a home loan repayment such as principal repayment and interest repayment. Since there are 2 different components to debt repayment, the tax benefits of a home loan are regulated by different sections of the Income Tax Act and are claimed as tax deductions under different sections when filing an income tax return. Home loan tax benefits Approved for paragraph cuts Section 24 Rs 2,00,000 interest payable Section 80C Rs.1,50,000 principal payment Section 80EEA Rs.1,50,000 pays interest Section 80EE …
Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for F.Y.2021-22, with details of Income Tax Rebate 87 A
Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees. Income tax rebate under section 87A for income up to Rs.5 lakh – has been explained Section 87A was first started in the Finance Act 2003 which was changed from time to time. Tax rebate is available for those whose income is not more than Rs 5 lakh at present The Income Tax Slab Rate has not changed by the Finance Budget 2021 At the same time, however, subsequent governments have proposed tax breaks for taxpayers up to a certain income limit.…
Download Auto-fill Income Tax Preparation Software All in One in Excel for the Govt and Private Employees for the F.Y.2021-22 with Section 80C – Deduction on Investment
Download Auto-fill Income Tax Preparation Software All in One in Excel for the Govt and Private Employees. Section 80C is the most preferred category of all income taxpayers because it allows the taxpayer to reduce tax liability by making tax-saving investments and collecting eligible expenses. This allows a maximum of Rs 1,50,000 per year to be deducted from the total income. Therefore, this section can be beneficial for an individual and HUF. In other words, Companies, LLPs, firms and partnerships are not eligible to take advantage of this discount. Section 80C also includes…
Automated Income Tax Preparation Software in Excel for the All Govt and All Non-Govt Employees for the F.Y.2021-22 with details of deduction under chapter VI A
Automated Income Tax Preparation Software in Excel for the All Govt and All Non-Govt Employees Taxpayers are entitled to get the benefit of tax deduction U/s 80C as per the Income Tax Act for a LIC policy, fixed deposit, superannuation / PF, tuition fee. Taxes are an integral part of our country, accounting for a large portion of the revenue earned by the government, the income that is used to provide certain basic provisions to citizens. According to the existing tax slab, people earning more than a certain amount are expected to…
Don’t get rent a house? But you can claim a house rent discount from Income Tax U / s 80 GG with Automated Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt Employees for F.Y.2021-22
Don’t get rent a house? But you can claim a house rent discount from Income Tax U / s 80 GG. Renting a house can be a real burden, mainly in cosmic cities where renting a house is difficult to arrange. The amount of rent is also increasing day by day as the demand for rental houses is relatively high. Generally, people create a tax saving checklist every financial year to understand how and where they can get tax benefits. People who have to rent a house but do not maintain HRA…
Download Excel based tax preparation software for Assam, Bihar, Andhra Pradesh, West Bengal, Jharkhand government. Employees of F.Y.2021-22 including Chapter VI-A of the Income Tax Act
Download Excel based tax preparation software. Chapter VI of the Income-tax Act contains various sub-sections of section 80 which allow an assessor to claim deduction from the total income due to various tax-savings investments, approved expenditures, grants, etc. Payable. Chapter VI A of the Income-tax Act contains the following sections: 80C: Deduction in case of subscription of life insurance premium, deferred annuity, contribution to provident fund (PF), fixed equity share or debenture etc. The deduction limit including Section 80CCC and Section 80CCD (1) is Rs 1.5 lakh. Download Automated Income Tax Preparation Excel Based Software…
Download Auto-fill Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E for F.Y. 2021-22 and details of U/s 80TTA
Download Auto-fill Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E for F.Y. 2021-22 and details of U/s 80TTA What is Section 80TTA? Section 80TTA of the Income Tax Act provides a rebate for interest income. Discounts are available with some limitations and restrictions. In this article, we have covered everything related to claiming tax exemption due to interest earned Tax exemption on interest income Where a taxpayer’s total income includes any income through interest on the deposit, that income is tax-free. The taxpayer must be a separate taxpayer, a…