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 H.R.A.Exemption Calculator U/s 10(13A)
Save tax for salaried people Includes automatic income tax preparation software in Excel for government and private employees for F.Y.2021-22
Save tax for salaried people, Central Budget 2021 results Therefore, Exemption from ITR filing for senior citizens aged 75 years and above, only pension and interest income. B. Therefore, The Income Tax Department has introduced a pre-filled ITR with additional details to facilitate the return filing process. C. In other words, The deadline for submission of delayed and amended returns have been reduced to 3 months. This means that the IT department has to process the returns and send a notice under section 143 (1) by 31st December. In other words,…