Leave Travel Allowance [Sec. 10(5) AND RULE 2B] | LTA is compensation paid by an employer for an employee’s domestic travel while on family or personal holiday. LTA waiver can be claimed when the employer grants LTA to the employees for leave to any place in India taken by the employee and their family. Such deductions are limited to the amount of travel expenses actually incurred by the employee. Total holiday costs are not covered, only travel costs are covered. Required to travel within India and overseas destinations are not included in this exemption. For example, if the…
Tag: Income Tax Preparation software in excel for the Govt and Non-Govt Employees
80EEA deduction for income tax on home loans| With Automated Income Tax preparation Software All in One in Excel for the Govt & Non-Govt Employees for the F.Y.2022-23
80EEA deduction for income tax on home loans| In India, the provision of 80EEA helps first-time home buyers with an additional relaxation facility at the Department of Income Tax. As per Section 80 of the EEA Income Tax Act, any first-time home buyer in India can get an additional tax deduction of up to Rs. 1.5 lakhs Buying a property that is affordable and needs to be backed by a mortgage loan, buyers can get benefits and deductions in two departments viz. Deductions 80EE and 80EEA. In this article, we…
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…
80GG – deduction on house rent paid| With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23
80GG – deduction on rent paid | 80GG is a deduction under Chapter VI-A of the Income-tax Act, 1961. It was introduced to accommodate persons who do not receive housing assistance, but who pay rent for their accommodation. For example, a person can claim a rent deduction, even if they have not received a mortgage. Therefore, a person wishing to claim deductions under this section must be a self-employed person or employee. 80GG allows people to claim a deduction relating to rent paid. The rent paid is for personal occupancy. In other words, …
Section 80U – Tax Exemption for Persons with Disabilities| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23
Section 80U – Check Eligibility, Amount of Deduction, How to Claim, Documents, Definitions, For F.Y 2022-23 (A.Y 2023-24), Diagnosed Disease Section 80U Exclusion of Disability Section 80U of income tax is deductible for those who are unable to work. This section provides a lump sum exemption for a person with a disability based on the severity of the disability, regardless of the amount of the income. Therefore,The criteria for entitled this deduction are -. Taxpayers must be residents. Must be at least 40% disabled for work. The disability must also be…
Automatic Income Tax Preparation Excel-based All-in-one software for F.Y.2022-23 as per U/s 115 BAC
Automatic Income Tax Preparation Excel-based All-in-one software for F.Y.2022-23 as per U/s 115 BAC Above all, The financial project is finally here, we have been waiting for this for a long time. On the one hand, we expected some big steps to love the economy and at the same time, we expect a big reduction in the tax rate for individuals. Therefore, If yes, as soon as the finance minister started reading his budget speech in Parliament we all started ringing and in no time the news of personal income tax was all…
Download Automated Income Tax Preparation Software in Excel. for the Non-Government (Private) Employees for the F.Y.2022-23
Download Automated Income Tax Preparation Software in Excel | Calculation of income tax for employees of a private company in 2022: The annual CTC of a person working in a private company consists of several components. These include LTA, HRA, pension fund contributions and tips, entertainment reimbursements, phone bills, transportation, books and periodicals, and more. While the names of CTC components may vary from company to company, the applicable tax rules remain the same. For proper tax planning, it is important to understand the tax implications of the various components of the…
Download Automated All in One Salary TDS for Government and Non-Government Employees for F.Y. 2022-23 and A.Y.2023-24 with income tax benefits on joint home loan
What is a joint home loan? Download Automated All in One Salary TDS for Government and Non-Government Employees for F.Y. 2022-23| A home loan where there is more than one borrower is called a joint home loan. Two friends cannot be co-borrowers. In fact, banks sometimes refrain from lending to siblings unless they co-own the property. This also happens in the case where the loan is made with the parents as co-borrowers. It is only in the case of spouses that banks do not require co-ownership of the said property from…