• October 18, 2021
Income Tax Deductions

Income Tax Planning Salaried Persons for F.Y.2021-22.With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non-Govt Employees for F.Y.2021-22

Income Tax Planning Salaried Persons for F.Y.2021-22.No change in income tax slab or rate has been proposed. Also, no additional tax exemptions or exemptions were introduced. The standard deduction for U/s 16(ia) salaried and pensioners remains the same. Without any change in income tax slab and rate and basic exemption limit. An individual taxpayer will continue to pay taxes at the same…

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Form 80 E Data Input Sheet

Download Arrears Relief Calculator for Rule 21A and Income Tax Section 89 (1) F.Y.2021-22

 Arrears Relief Calculator for Rule 21A.  Rule 21A and Income Tax Section 89 (1). In this post, if you are in arrears or paid, you need to find relief: There are many instances where an employee may receive the current year’s salary arrears to correct the balance of the previous year. If other arrears are added to the…

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Form 10 E

Under Section 80D Health Insurance Tax Benefit. With Auto Fill Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

Under Section 80D Health Insurance Tax Benefit. Although people in their 20s and 30s now understand the importance of health insurance, many of them remain ignorant about it. They believe that health insurance is for the elderly and that it is an unnecessary investment. But young people as young as 20 are now suffering from serious health…

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Income Tax New Slab Rate for F.Y.2022-23

NPS Tax Benefit F.Y 2021-22. With Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22

NPS Tax Benefit F.Y 2020-21. Effective from F.Y 2020-21, a separate tax assessor will have the option to take a new tax slab rate excluding existing income tax deductions and exemptions, such as HRA, Section 80C, home loan tax benefits, etc. So, to get the benefit of the new tax system below, which are optional, taxpayers have…

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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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GPF

Download Auto-Fill Income Tax Preparation Software All in One in Excel for all State Govt and all Non-Govt Employees for the F.Y 2021-22 (A.Y 2022-23)

Download Auto-Fill Income Tax Preparation Software All in One in Excel for all State Govt and all Non-Govt Employees for the F.Y 2021-22 (A.Y 2022-23)  Every year taxpayers, especially salaried individuals, wait for the budget in the hope that some tax relief, additional tax deductions or income tax slabs will increase to reduce their total tax expense. You…

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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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