• 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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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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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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Deduction under Chapter VI-A of the Income Tax Act| With Automated Income Tax Preparation Software All in One for the Govt and Non-Govt Employees for the F.Y.2021-22 as per Budget 2021

Deduction under Chapter VI-A of the Income-tax Act contains various sub-sections of section 80, Therefore,  which allow an assessor to claim a deduction from the total income due to various tax-saving In other words, investments, approved expenditures, grants, etc. Reduce taxes payable. Chapter VI of the Income Tax Act has the following sections: However, 80C: Deduction limit for life…

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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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Home Loan Tax Benefits U/s Sections 24, 80EEA and 80C| With Automated Income Tax Form 16 for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

Home Loan Tax Benefits U/s Sections 24, 80EEA and 80C. There are two components to home payment: Principal means principal’s payment and repayment of interest. Since there are two separate components to the 2nd payment, the tax benefits on home loans are governed by different sections of the Income-tax Act and are subject to tax exemptions under different sections when filing…

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If you are filing a tax return? You can claim the deduction you can afford

If you are filing a tax return? You can claim the deduction you can afford An income tax return (ITR) is basically a document that is filed under the provisions of the Income Tax Act, detailing one’s income, profit and loss and other exemptions, In other words, tax refunds or tax liability. Chapter VI-A of the Income-tax Act contains various sub-sections of section…

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Understanding salary breakdown, salary structure and salary components! With Form 16 for the F.Y.2020-21

Understanding salary breakdown, salary structure and salary components! Terms like CTC, basic salary, total salary, allowance, remuneration, tax deduction, provident fund, and insurance often lead to confusion for employees. In this article, we have tried to explain all the salary-related terms to make the salary easier for you.  CTC CTC or Cost to Company means that a…

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