Income Tax Deduction U/s 80 |Section 80 deduction for the fiscal year 2020-21, A.Y 2021-22 (with budget 2021 amendment) The Income Tax Department has made various deductions from taxable income under Chapter VI A deduction to encourage savings and investment among the taxpayers. As 80C is the most famous, there are other deductions that help taxpayers reduce their tax liability. Let’s understand these deductions in detail: Section 80C – Deduction on investment Section 80C is one of the most popular and preferred categories among taxpayers because it allows them to…
Tag: Automatic Income Tax Calculator Arrears Relief Calculator U/s 89(1) for the F.Y.2021-22
Tax benefits on home loans| With Automatic Salary Arrears Relief Calculator U/s 89(1) with Form 10 E from F.Y.2000-01 to F.Y.2021-22 (Up-to-date Version)
Tax benefits on home loans. Union Finance Minister Nirmala Sitharaman in her budget speech proposed to extend the deadline for getting additional concessions for repaying interest on home loans till March 31, 2022. This comes after the government extended the deadline to March 31, 2021, in the previous budget. While a housing loan can help you get a home for yourself, it can also be a costly affair. But the various tax benefits that come with this type of loan help you save money every year. See how you can make the most of these benefits.…
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…
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 …