• October 18, 2021
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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Is it possible to get both of the Income-tax Exemptions from HRA and Home Loan Interest? With Tax Software in Excel

Is it possible to get both of the Income-tax Exemptions from HRA and Home Loan? Interest? The answer is yes if you do not “live” in your own home. In other words, if you work in “one city” and live in a rented house there and your own  house is in “another city” and it can be occupied or…

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Income Tax Exemption Under Section 80. With Auto-fill Income Tax Form 10 E for the F.Y.2021-22

 Income Tax Exemption Under Section 80. This is the most popular income tax deduction. Fighting under this section is private and HUF is allowed. The Limit under 80C is Rs. 1.5 Lakh. • Life insurance premium payment Annual plan of LIC or any other advertised insurer (life loan, life loss etc.) Therefore, the Contribution of UTI’s Unit Linked Insurance…

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Tax-exemption from income from the F.Y.2021-22| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22

Tax-exemption from income as per Income Tax Act. Is there any section of income that is tax-free in  India? If so, please provide a general definition of this section. Some of the following items of compensation are not taxable: It may be noted that in the case where the person chooses the new tax system, Therefore, the person does…

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Income tax exemption is available for F.Y.2021-22. With Tax Software in Excel for F.Y.2021-22

Income tax exemption is available for F.Y.2021-22. The relief is given to the taxpayers by the government are reduced through which they can legally save their taxes through various platforms such as investing their money. Which are all the exemptions that can help us save our taxes? 1. Deduction U/s  80C Exemption from the 80 C is one of the most…

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Arrears of Salary and Relief Calculator in Excel U/s 89 (1) with Form 10 E for the F.Y.2021-22

Arrears of Salary and Relief  Calculator in Excel U/s 89 (1) with Form 10 E for the F.Y.2021-22.In   the section on salary, we discuss Section 89 (1) which provides relief in tax for those receiving salary for  earlier years. In cases where this happens, the Government has provided relief if there is an increase in  your tax liability in…

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New and Old Tax Regime U/s 115 BAC and Options form 10-IE for the F.Y.2021-22

New and Old Tax Regime U/s 115 BAC and Options form 10-IE for the F.Y.2021-22. The Finance Act,  2020 introduces a new tax regime. Therefore, The finance minister has declared the Income new tax slab for the  F.Y.2021-22. Therefore, the Ministry has proposed two sections for the new tax slab: Section 115BAC: New tax rate for individual and HUF income…

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Income tax benefits are available on home loans| With Automated Income Tax Preparation Software in Excel All in One for the F.Y.2021

 Income tax benefits are available on home loans. Taking out a home loan can help you save tax under  the provisions of the Income Tax Act, 1961. See the tax benefits available under the Act. There are 2 components to paying a home loan: 1. Principal and 2. Pay interest Since there are two different components to paying a…

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What is tax exemption under section 87A? With Automated Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

What is tax rebate U/s 87 A as per Income Tax Act 1961? The government of a country imposes income tax on its citizens. The tax system for this purpose varies from country to country. In India, the system is progressive, Therefore, which means your income tax liability increases according to your annual income. The higher a person’s…

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