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…
Tag: Free download Tax Form 16
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…