What are the tax benefits of a home loan? Did you know that the most common form of tax benefit is a tax deduction? Tax laws that allow you to deduct taxes to meet certain eligibility requirements are tax benefits. Therefore, As a professional, you need to do tax planning every year. You should make wise investments as your income increases to reduce your tax burden. There are many tax-saving investments, and among them, home loans are long-term purchases, which attract a tax deduction for the interest earned on them. Get a…
Tag: Automatic Income Tax Form 16 for the F.Y.2021-22
New G.P.F/EPF/VPF Income Tax Rules You Should Know| With Automatic Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for F.Y.2022-23
New G.P.F / EPF / VPF Income Tax Rules You Should Know | New Pension Fund Income Tax Rule: The CBDT has notified entities to maintain two separate PF accounts. One of the accounts will be for taxable contributions and the other for non-taxable contributions starting April 1, 2021. Therefore, • New income tax rules for the GPF: following the pension fund rationalization announced in the 2021 budget, the Central Board of Direct Taxes (CBDT) introduced rule 9D of the income tax rules, 1962 In other words, New Income Tax Rules for the GPF:…
Income Tax Deductions U/s 80 CCD (1B)| With Automatic Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt Employees for F.Y.2022-23
Income Tax Deductions U/s 80 CCD (1B)| Payment of income tax is required for every Indian citizen who has an income tax, in accordance with the rules and regulations of the Income Tax Act1961. But this does not mean that you have to pay tax on all the income you earn. . in this financial year. There are several provisions in the Income Tax Act that allow you to claim deductions for certain investments and expenses. Therefore, Plan your taxes to save on your income In other words, By carefully planning your taxes, you can save a significant amount on your tax…
The five most important sections of income tax| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10-E from the F.Y.2000-01 to 2022-23
The five most important sections of income tax| Anyone who earns income in the state is responsible for paying income tax. The Income Tax Law consists of different articles that deal separately with various aspects of taxation in the country. In addition, this law also provides taxpayers with several income tax deductions that they can claim when filing their Income Tax Returns (ITR). Once the deductions have been made, the tax will be charged on the total tax base according to the rates of the taxpayer’s income tax bracket. Income Tax Act has 23 chapters in total and 298 sections, according to the official…
What is Form 16: Meaning of Part A and Part B with Autofill Income Tax Form 16 in Excel for the F.Y.2021-22
What is Form 16 – Meaning of Part A and Part B | Form 16 is an indispensable certificate issued by employers to their employees. Provides confirmation that the TDS has been deducted and filed with government agencies on behalf of the employee. Provides a detailed report of the compensation paid to the employee and the number of TDS deducted from the employee. Therefore, What is Form 16? – Basics In other words, Form 16 contains the information you need to prepare and file your tax return. Shows a breakdown of payroll income and the number of TDS deducted by…
Section 80EE Income Tax Deduction for Interest on Home Loan with Automatic Income Tax Form 16 Preparation Excel Based Utility for the F.Y.2021-22
Section 80EE Income Tax Deduction for Interest on Home Loan | Section 80EE allows for income tax credits on a percentage of a home loan that is used by any financial institution. You may request a deduction of up to Rs 50,000 per fiscal year in accordance with this section. You can continue to claim this deduction until you repay the loan in full. Characteristics of the 80EE deduction Therefore, Eligibility Criteria: The deduction in this section is only available to individuals. This means that if you are a HUF, AOP, corporation, or any other type of taxpayer, you cannot claim any benefits under…
Income Tax Section 80CCD With Autofill Income Tax Form 16 for the F.Y.2021-22
Income Tax Section 80CCD | The government imposes mandatory fiscal taxes or fees on the income of taxpayers, which is the source of government income for financing various government expenditures. This fee or financial charge is known as a tax. There are two types of taxes. The tax levied on corporate or individual income is a direct tax, while the tax levied on prices of goods and services is an indirect tax. Punishable for non-payment or tax evasion. Every citizen has a moral responsibility to pay taxes on time. Therefore The Government of India has enacted several…
Standard Deduction U/s 16(ia) | With Automated Income Tax Form 16 Preparation Excel Based Software for the F.Y.2021-22
Standard Deduction U/s 16(ia) | Section 16 of the Income Tax Act 1961 provides for a deduction from income charged to tax under the heading “salaries”. Provides deductions for the standard deduction, leisure allowance, and occupational tax. Through this deduction, a salaried taxpayer can reduce his or her taxable salary income. Moreover, with recent modifications to the standard deduction, the interest of this section has been extended to a higher amount. Moreover, there is no hassle in submitting bills for travel and medical treatment which makes it easy to claim them. Therefore, Download and Preparation One by One…
Tax Exemption on Interest U/s 80TTA | With Automatic Income Tax Form 16 for the F.Y.2021-22
Tax Exemption on Interest U/s 80TTA | We all have a tendency to check the amount of interest earned on savings accounts during the year, but do we know how this interest is calculated and the tax on interest on savings accounts that is due? In this article, we will try to give you an idea of such points and interest tax deductions under section 80TTA. Savings account interest rate Previously, the RBI set interest rates on savings accounts at 4% per year. These interest rates were controlled by the RBI and all banks…
Section 80DD Tax Exemption for the People with Disabilities as per Budget 2022 | With AutoFill Tax Form 16 for the F.Y.2021-22
Section 80DD Tax Exemption for the People with Disabilities as per Budget 2022 | The Finance Act 2022 proposes an amendment to section 80DD to specify that the deduction will also be allowed when the scheme pays an annuity or lump-sum payment to a beneficiary who is a disabled dependent of the person during the life of the person upon reaching the age of 60. the individual and the individual stop paying the fee or premium under the scheme. Section 80DD allows a deduction to be made to a resident individual for filing an amount with an insurance…