• October 18, 2021
87 A deduction

Income tax benefits are available for education. With Auto-Fill Income Tax Preparation Software in Excel All in One for the Govt and Non-Govt Employees for the F.Y.2021-22

Income tax benefits are available for education. The pace of geometric progress in education has the potential to improve the quality of life of individuals. The government provides some relief to the taxpayers in this case. Let’s discuss with education the benefits available under the Income Tax Act of India. Exemption under Section 80C for the cost of full-time…

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80C

Automated Income Tax Preparation Software in Excel for Non-Government (Private) Employees for the F.Y.2021-22 with 80GG – Deduction in paid House Rent.

80GG – Deduction in paid House Rent. Deduction under Chapter VI-A of the 80GG as per the Income-tax Act, 1961. It has been introduced to provide relief to people who do not receive any house rent allowance but are paying rent for living. Thus, a person can claim a discount for the rent paid even if he does not…

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Tax Exemption Chapter VI-A of the Income Tax Act: With Tax Software in Excel

Chapter VI -A of the Income Tax Act have the following sections: 80C: LIC Primum, provident fund (PF), equity shares or debentures, etc., the exemption limit is not more than Rs 1.5 lakh, including section 80CCC and section 80CCD(1). Is any rule like deductions should not be more than 2/3rd of salary?  Chapter V-A has various sub-sections…

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Section 80C Exemptions| With Automated Income Tax Preparation Software In Excel for the All Government and Private Employees for the F.Y.2021-22

Section 80C Exemptions | To persuade citizens to invest in various ways, the government allows  exemptions during the calculation of income tax. Therefore, the most popular ones fall under Section 80C.  Here is a guide.  In other words, A person’s total income is calculated by adding the income he earns from different sources. Excluding names is a specific…

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Some top benefits in the income tax | With Automated Income Tax Preparation Software All in One fo the Govt. and Non-Govt (Private) Employees for F.Y.2021-22

Some top benefits in the income tax |Section 80C – Exemption on Investment The Customs 80C is one of the most popular and favorite categories among taxpayers, as it allows you to reduce taxable income by investing tax savings or bearing expenses. This allows a maximum deduction of Rs 1.5 lakh per annum from the total income of…

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Section 80 CCD: Deduction for NPS Contribution (Updated)| Automated Income Tax Calculator All in One for the Govt & Non-Govt Employees for the F.Y.2021-22

Section 80 CCD: Deduction for NPS Contribution |Chapter-A of the Income-tax Act provides for various exemptions for contributions to pension schemes. These exemptions are available under Section 80C, Section 80CCC, and Section 80CCD and can be claimed at the time of filing an income tax return. This article focuses primarily on exemptions approved under Section 80…

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Income Tax Exemption Under Chapter VI-A for the F.Y.2021-22| With Automated Income Tax Preparation Software in Excel All in One for the Govt and Non-Govt Employees for the F.Y.2021-22 as per Budget 2021

Income Tax Exemption Under ChapterVI A for Tax Saving for the F.Y.2021-22. Budget 2021: Significant income tax exemptions and rebates  What is the income tax exemption according to the income tax law? An exemption from an income tax perspective is an investment/expense that helps reduce the tax payable. Therefore, as a result of income tax deduction, your total income…

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NPS tax benefit F.Y.2021-22 as per old and new tax regime| with Automated Income Tax Software All in One in Excel for the Govt and Private Employees for the F.Y.2021-22 as per Budget 2021

NPS  tax benefit F.Y.2021-22 as per old and new tax regime | Effective from the fiscal year 2020-21, separate tax assessors will have the option to avail new tax slab rates by retaining existing income tax exemptions and exemptions such as HRA, Section 80C, home loan tax, etc. Thus, in order to take the new tariff measures…

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The new tax regime for the fiscal year 2020-21: Can you go back to the old tax system when filing ITR? – With Auto Fill Income Tax Preparation Software All in One in Excel for the Govt and Private Employees for the F.Y.2021-22 and A.Y.2022-23 as per Budget 2021

The new tax regime for the fiscal year 2020-21: Can you go back to the old tax system when filing ITR?  The CBDT has clarified that the option when filing an ITR may differ from the information given to the employer by such an employee. TR Filing: The new tax regime will apply for income earned during the 2020-21 fiscal year or for those…

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Home loan grant – principal interest Exemption – with Automated Income Tax Preparation Excel Based Software All in One for the Govt and Private Employees for the F.Y.2021-22

Home loan grant – principal interest exemption. There are basically two components to a home loan installment payment. The principal amount and part of interest. An assessing principal may deduct the maximum amount of Rs.1,50,000.  In the eyes of the income tax house, the property is divided into two parts let’s go outside the property (rented property)…

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