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…
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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…
Download Form 16
Download Form 16 1. Fundamentals of Form-16 As we discussed above, Form-16 is a certificate that is issued by the employer until June 15, after the end of the financial year. Form-16 has two parts: part A and part B. Note. If an employee loses the Form-16, he may request a duplicate of the Form-16. 2. Part A of form 16 Using the TRACES Portal (https://www.tdscpc.gov.in/app/login.xhtml), an employer can create and upload a TRACES Form-16. Before issuing a certificate, the employer must cross-check the contents of Form-16. Please note that if…
Income Tax Form 16 Download
Income Tax Form 16 Download | In accordance with the Income Tax Act, each employer is required to withhold tax (or TDS – deductible at source) at the time of payment of the salary, which is calculated on the basis of the income tax rates in effect for that financial year. Therefore, Companies usually calculate the tax payable by an employee based on the expected profits and investment returns made by the employee at the beginning or during the year. In other words, The TDS deducted in this way by the organization or employer is…
Tax savings the right way | With Form 16 Download F.Y.2021-22
Tax savings the right way | This is the time of year when you need to invest in a variety of investment products to secure your tax savings in the fiscal year 2021-22. Or after March, regretting not taking advantage of the various deductions available to you. Therefore, Nowadays, no one wants to invest just for tax savings, everyone needs investment products that not only help us save on taxes but also meet our long-term investment needs. In other words, Here is a list of 10 such investment products that will help…