Worried about paying huge taxes every year? Know these deductions that can reduce your tax payable. Section 80C – Investment deductions from taxable income Some of your investments offer more than just expected returns. You can also save on taxes. Section 80C investments are important examples of such investments. This deduction is eligible for the individual and Hindu undivided family (HUF). Deductions are available for some large investments such as: Therefore, Investments in the state pension fund (NPF) Unit Linked Investment Plans (ULIP) Equity Savings Schemes (ELSS) Participation of employees in contributions to…
Tag: Automatic Income Tax Form 16 for the F.Y.2021-22
Check the calculation of income tax for employees | With Excel-based automatic income tax preparation software for Non-Government employees for fiscal years 2022-23
Find out about the calculation of income tax 2022-23 for employees. Know the income tax rules for taxing all components of a CTC or gross salary. Similarly, The remuneration components mainly consist of: 1) Basic salary The base salary is always fully taxed. 2) Therefore, the Calculation of income tax – HRA If a taxpayer receives the Rental Allowance (HRA) and pays the rent for a dwelling, then he can apply for an exemption under section 10 [13A] subject to the lesser of the following limitations mentioned, or he can be claimed…
Standard deduction from salary and pensions| With Automated Income Tax Preparation Excel-Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23
Standard deduction from salary and pensions| Accordingly, A standard deduction means a fixed deduction for people who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the default deduction limit is Rs 50,000. In this guide, we’ll cover what deductions are available from a person’s wages and retirement income. Above all, The standard deduction for employees Additionally, Standard Income Tax Deduction – 2019 Provisional Budget After that, The standard deduction replaced travel and medical expenses. This gives…
Tips to save on taxes| With Automated Income Tax Preparation Software in Excel for the Non-Government Employees for the F.Y.2022-23
Tips to save on taxes| 1. Rent paid but HRA not received: You typically receive an HRA as part of your paycheck and treat the HRA as a primary tax-saving plan while you file taxes. However, there may also be a situation where it is not part of the employee’s salary. In such a situation, the standard HRA deduction cannot be claimed and the taxpayer will not be able to claim benefits even if they are paying rent. Also, in such cases, the taxpayer must claim a tax benefit under Section 80GG. To…
Download all-in-one income tax preparation software in Excel for government employees and private-sector employees for the tax year 2022-23 with Form 10 E
Download all-in-one income tax preparation software in Excel for government employees and private- sector employees for the tax year 2022-23 with Form 10 E The article contains an automatic income tax calculator in Excel format for the tax year 2022-23, that is the determination of income tax for the year 2023-24. The income tax calculator is useful for salaried government and private sector employees. Therefore, I wish you a life free of financial stress and wise tax planning! Good luck and God bless you. A common question salaried employees ask is: What are…
Tax Saving Tips | With Universal Automated Income Tax Software in Excel for Government and Non-Governmental Employees for Tax Year 2022-23 with Form 10 E
Tax Saving Tips | 1. Sukanya Samridhi Yojana (SSY) Has become one of the most important tax-saving schemes is Sukanya Samriddhi Yojana. It was launched in 2015 by the Government of India as part of the Beti Bachao Beti Padhao campaign. This had a great impact on the general public. The scheme allows fixed-income investments, through which the taxpayer can invest regular deposits and at the same time earn interest on them. An investment in Sukanya Samriddhi Yojana is also considered an eligible deduction under section 80C of the Income Tax…
Obligatory presentation of the personal income tax return | With all-in-one automated income tax software in Excel for Non-Government employees for the tax year 2022-23
Obligatory presentation of the personal income tax return | If you are not sure if you are required to file an income tax return, this article will help you clarify it. Therefore, Cases in which the presentation of the personal income tax return is mandatory 1. The gross income before any deduction is allowed under Section 80C to 80U exceeds Rs. 2.5 lakhs in the fiscal year 2021-22. However, for seniors, over 60 years of age but under 80, the limit is Rs 3 lakhs and for seniors, i.e. people over 80 years of…
How to save on salary taxes | With Autofill Income Tax Software All in One in Excel for the Govt. and Non-Govt Employees for the F.Y.2022-23 with Form 10 E
How to save on salary taxes | You enter the ninth cloud as your bank balance grows. But you know who else is excited to see their money grow? No, not to mention your family. This is the Department of Income Tax. Whether it’s payroll tax or corporate income, no one likes to give away a portion of their income to the government, not even us. We found something interesting in this and today we shared it with you. So, there are many cool ways to save on taxes on your income. After all,…
Income Tax Section 80GG | With Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government employees for the F.Y. 2022-23
Income Tax Section 80GG of the Income Tax Act provides for home rental deductions, subject to certain conditions. Some of them imply that you are an individual or a single Hindu family (HUF), self-employed or salaried, etc. Therefore, One of the most important tax deductions available to us is the rental of a house. This is provided for in section 80GG of the Income Tax Law. This is especially helpful for employees who do not receive rental housing allowance (HRA) from their employer. In other words, Section 80GG tax exemption is based on your…
The standard deduction for employees | With Automated Income Tax Arrears Relief Calculator U/s 89(1) for the F.Y.2022-23 and A.Y.2023-24
The deductions in the Income Tax Law give taxpayers a reason to smile because they help reduce tax liability. One of those fun provisions for salaried people in IT law is the “standard deduction.” As its name implies, a standard deduction allows you to deduct a certain amount from your gross wages so that your total taxable income is reduced. The most important point to note is that the standard deduction feature is not available to those who opt for the new tax system, which comes with lower tax rates than previous…