• October 18, 2021
Income Tax Deductions

Tax benefits for F.Y.2021-22 as per Budget 2021. With Automatic Income Tax Preparation Software All in One in Excel for the Non-Govt (PSU) Employees for F.Y.201-22

Tax benefits for the F.Y2021-22 as per Budget 2021. Therefore, Income Tax Reduction for A.Y 2022-23: See the list of tax deductions below that you can claim for various payments, income and investments. The following exemption is available for opting for the Old Tax Regime only. 1. Income from home property  In other words, Exemption from house building loan Interest…

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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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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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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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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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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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Tax Planning for F.Y.2021-22| With Automated Income Tax Preparation Software In Excel All in One Govt & Non-Govt Employees for the F.Y.2021-22

 Tax Planning for F.Y.2021-22| According to the Finance Act,2020, when a person favours the new tax, no specific exemption (such as Section 80C, Section 80D, Section 80G, etc.) can be claimed under Chapter VI-A of the Act. It may be claimed that only deductions can be made  under sub-section (2) of section 80CCD (notice the pension scheme employer contributes to the employee’s account. You may also,…

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