• 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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Income Tax Deductions

Provision and explains of Section 115 BAC and Options Form 10-IE With Automated Income Tax Preparation Software all in one in Excel for the Govt and Non-Govt Employees for F.Y.2021-22

Provision and explanation of Section 115 BAC and Options Form 10-IE. In this article, we will mainly understand Article 115BAC and Form 10-IE. Finance Budget, 2020 introduces a new tax regime. The F.M. has declared a new tax slab for individuals, HUFs. Therefore,  the Government has proposed two sections for the new tax slab: 115BAC: Section has …

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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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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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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 Saving Fixed Deposit| With Automated Income Tax All in One for the Govt & Non-Govt Employees for the F.Y. 2021-22 as per Budget 2021

Tax Saving Fixed Deposit | To encourage retailers to reduce the interest on fixed deposits, the Ministry  of Finance announced in 2006 Therefore, that all fixed deposits with a term of fewer than 5 years would be eligible  for exemption under Section 80C of the Income Tax Act. This type of fixed deposit is popularly known  as tax saving fixed deposit. …

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