Tax Benefits on Home Loan| With Autofill Income Tax Preparation Software All in One in Excel for the Government & Non-Government Employees for the F.Y.2022-23

Tax Benefits on Home Loan| While purchasing a property through a home loan, one can save tax under Section 24, Section 80C, Section 80EE, and Section 80EEA of the Income Tax Act. We are regularly asked how we can save tax on purchasing a home with a home loan. That’s why we’ve created this blog in which we focus on tax saving schemes when buying a property through a home loan. While purchasing homes through a home loan, tax savings are available under Section 24, Section 80C, Section 80EE, and Section 80EEA of the Income…

Exemption U/s 80C | With All-in-One Automated Income Tax Preparation Software in Excel for Non-Government Employees for Financial Year 2022-23

Exemption U/s 80C | Investment under Section 80C has two purposes: first, to make investments, and  second, to save tax. Thus, the tax thus saved and the investments thus made can be used in the future. Miscellaneous funds under section 80C There are several investments under section 80C which allows the assessee to reduce his tax liability to Rs. 1.5 lac. These investments are as follows: Public Provident Fund Public Provident Fund or PPF Scheme is a long-term investment scheme backed by the Government of India. Also, one can invest in PPF by…

Arrears Salary Relief Calculator A.Y 2023-24 for claiming relief u/s 89(1) in Excel

 Arrears Salary Relief Calculator A.Y 2023-24 for claiming relief u/s 89(1) in Excel|A.Y 2023-24 (F.Y  2022-23) Calculator of arrears of pay for claiming deduction under section 89(1) of the Income Tax  Act 1961-Download Therefore, In accordance with Section 89(1) of the Income Tax Act, a reduction in income tax was granted in 1961 when an employee receives an overdue or prepaid salary during the financial year. UnderRule 21AA of the Income Tax Rules, 1962, Form 10-E is filed for claiming the deduction. According to the Act, if the employee is a government employee or is…

Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E for the F.Y.2022-23

Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E | What if they pay you late? If really,  you may be worried about the tax consequences of it. Do you have to pay taxes on the total tax base?  Shouldn’t something be said about last year’s tax checks and such? For taxpayers with these requests in  mind here’s everything you need to know. Therefore, Now, you would have recently resolved that income tax is calculated on a taxpayer’s total income for a given year. Income can be a salary or family annuity or…

LTA – Tax benefits| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23

LTA – Tax benefits| Leave Travel Allowance is one of the best tax-saving tools available to an employee. It’s a tax exemption that employers offer their employees. Therefore, Leave Travel Allowance, as the name suggests, is an allowance paid by an employer to an employee when the primary travel with the family or on their own. The amount paid as Leave Travel Allowance is tax-free. What is a leave travel allowance? In other words, Leave Travel Allowance or LTA is a form of subsidy provided by employers to an employee to travel. Covers domestic travel…

Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? With Automated Income Tax Preparation Software in Excel All in One for the Government and Non-Government Employees for F.Y.2022-23

 Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? If you want a relaxed  lifestyle without the hassle of earning money in retirement, public provident funds and fixed deposits  maybe the right option for you. Therefore, Financial planning for the future is very important. Especially when we start earning money at a young age. If you don’t earn from a young age, the responsibilities and expenses will increase with age. Naturally, one would have to work harder and not be able to retire early. The good news is that there…

Is the tax due for one year more than Rs.10,000? You are responsible for paying taxes in advance

Is the tax due for one year more than Rs.10,000? Where the tax payable by a person exceeds Rs 10,000 after deducting the original TDS it comes into  play. Challan280 has been cleared by the IT department for early payment of taxes. It can be paid  online using the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and click on  Challan no./ITNS 280 tab. Download the Automated Income Tax Challan 280 in Excel  Therefore, Advance taxes are paid by those who have a source of income other than their salary. Individuals who earn from rentals, capital gains from shares, fixed income, lottery…

Housing Loan Interest Deduction – Section 24B | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23

Housing Loan Interest Deduction – Section 24B| Section 24b of the Income Tax Act allows for the  deduction of interest on mortgage loans from taxable income. The said loan must be taken for the  purchase or construction or repair or reconstruction of residential property. Therefore, This deduction is allowed on an accrual basis, not the payment. In other words, interest due for the year is allowed as a deduction whether or not it is paid. The deduction may be claimed for two or more home loans. The deduction may also be claimed for…

Section 80E deduction of study loan interest | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23

 Section 80E deduction of study loan interest | Section 80E gives you a tax deduction on an “interest  item” charged on a loan taken out for the higher education of an individual valued. Educational credits  earned for higher studies in India or abroad are both eligible for deduction under this section. Therefore, What is Section 80E of Income Tax? Section 80E is an income tax exemption that applies to the deduction of an “interest item” paid by higher education borrowers to notified financial or charitable organisations. Interest paid on student loans taken out…

Exemption on rent paid U / s 80GG| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23

 80GG is an exemption under chapter VI-A of the Income Tax Act of 1961. It was introduced to help  those individuals who do not receive any rental allowance but pay rent for their stay. Thus, a person  can claim a deduction from the rent paid, even if they do not receive a housing allowance. Therefore, A person to qualify for a deduction under this section must be self-employed or earning a wage. 80GG allows individuals to claim a deduction from paid housing rent. This paid house rental will be for your own…