Budget 2020 has introduced a new section 115BAC income tax law Along with Automated Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

NEW TAX PICTURE AY 21-22

Budget 2020 has introduced a new section 115BAC income tax law, where an individual has the option to choose between the old tax rate and the new tax-deductible rate regardless of the prescribed deduction or deduction. Therefore, To address such questions, the Central Board of Direct Taxes (CBDT) has issued a clarification through Circular No. C1 of 2020 stating that an employer, based on the information received from an individual employee, considers the source tax deduction (TDS) calculation. Should be. The provisions of section 115BAC, as applicable. Section 115BAC of the Income-tax Act The new section 115BAC of…

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Taking a home loan can help you save tax| With Automated Income Tax Preparation Excel Based Software All in One for the All Government & Non-Government Employees for F.Y.2021-22

1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises two different components, the tax benefit on a home loan is governed by different sections of the Income Tax Act.  Therefore, the following are the benefits available on loans taken on House Property which can be claimed as deductions in the Income Tax Return:  1. Deduction on Principal Repayment (U/s 80C): The amount paid as Repayment of Principal of Home Loan taken by an Individual/HUF is allowed as deduction u/s 80C.  In other words, the maximum deduction allowed u/s 80C is…

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Tax Exemption from Salary Arrears – Filing Form 10E in the new tax portal| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22 (Updated Version)

Tax Exemption from Salary Arrears | How to file Form 10E in the new tax portal Let’s try to  understand the calculation of arrears, relief dated 21.06.2021 on Sec 89 and how to file Form 10E to  New Income Tax Portal? 2. Illustration: Mr Pabir Mahato received arrears of salary in the financial year 2011-2012. The arrears are related to the salaries of FY 2017-18, FY 2018-19, FY 2019-20. The details are as follows: Sl Particulars Financial Year Assessment Year Amount (Rs.) Amount( Rs.) a Taxable Salary 2020-21 2021-22       8,00,000 b Arrears…

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Income Tax Deductions F.Y 2021-22 / A.Y 2022-23 with automated Income Tax Calculator All in One for the Govt and Non-Govt Employees for the F.Y.2020-21

In F.Y 2021-22, there are two types of Tax Regime for Individual and HUF as previous F.Y. 2020-21. A taxpayer may choose either the Old Tax Regime or the New Tax regime. If we talk about exemptions and deductions, then it can be said that most of the common exemptions and deductions are not available in the New Tax Regime. But deductions u/s 80CCD (2), 80JJAA etc. are eligible in the New Tax regime. The list of deductions available in the Old Tax regime is given below, who are opt-in as Old…

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Automated Income Tax Software All in One for the Govt and Private Employees for the F.Y.2020-21 With Deduction U/s 16

Deduction Section 16 of the Income-tax Act, 1961, provides for exemption from income-to-income tax under the heading ‘salary’. It provides standard discounts, entertainment allowances and discounts for professional taxes. With this discount, a salaried taxpayer can deduct his taxable salary income from the tax. Furthermore, with the recent revisions to the standard discount, the benefits of this category have been further expanded. Moreover, there is no hassle of providing bills to make it absolutely easy to claim for travel and treatment. In this article, we will cover each cut of the…

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Old Vs New Income Tax Regime| with Automated income Tax Software in Excel for F.Y.2020-21

Old Vs New Income Tax Regime. A new income tax system was introduced by our qualified Finance Minister. Nirmala Sitharaman in the 2020 budget with more tax slabs and lower tax rates. It was introduced to remove citizen dependence on tax advisors and to simplify the tax structure. The new tax system is separate and has reduced the tax slab for HUF taxpayers with some duty waivers or waiver conditions. Taxpayers will have a choice to choose in the new prescribed Form 10-IE the old or new tax discipline. Although the option must be applied at…

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If you do not file ITR- double TDS- effect from 1st April 2021. With Automated Income Tax Preparation Software in Excel for the F.Y.2020-21

If you do not file Income Tax Return for the F.Y.2021-22 you should pay double TDS which effect from the 1st of April 2021 as per Budget 2021. In this Budget 2021, a few changes have been made in the income tax rules the Budget 2021. Therefore, these changes will produce results on April 1, 2021 Union Finance Minister Nirmala Sitharaman has presented the budget for the financial year 2021 to 2022 in Parliament. Everybody was trusting that the Union Finance Minister would attempt to conciliate people in general by changing the individual income…

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Taxability of ULIP U/s 80C| with Automated Income Tax Preparations Excel Based Excel Utility for the F.Y.2020-21 as per the New and Old Tax Regime U/s 115 BAC for the F.Y.2020-21

Unit linked insurance plans had gotten one of the top picks of high-total assets People in the previous few years. With their EEE include (i..e qualified for 80C derivations, the exception of reward received, no duty on the amount received at maturity) and returns linked with interest in Value and obligation alongside life cover was everything necessary to draw in financial backers. In any case, this in some way or another additionally affected the Mutual Funds AMC as they felt that there was not a reasonable play at the ground level. Though LTCG…

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Tax Refund Failed – What to do? With Auto Income Tax Preparation Software in Excel for the F.Y.2020-21

‘Your tax refund has failed, kindly raise a Refund Reissue Request’, in the event that you get this kind of email or SMS after getting Income Tax Return Preparing Insinuationu/s 143(1) at that point you need to follow only 2 basic strides to get you Income Tax refund. 1) Pre-approve your Bank A/c – This is the main advance to get your Income Tax refund easily. Sign in to your Income Tax e-documenting profile > Profile Settings > Pre-approve your Bank A/c. Your PAN ought to be connected with the…

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Exemption from Interest from Bank/Post Office U/s 80TTA, with automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21

Section 80TTA exemption from Bank/Post Office Savings Interest. The provisions of Section 80TTA of the Income Tax Act might be perused as under:- Exemption i.e. interest on deposits in the investment accounts according to the provisions of Section 80TTA. #          Where the gross all out income of an assessee (other than the assessee alluded to in Section 80TTB for Senior residents), being an individual or a Hindu unified family, remembers any income via interest for deposits (not being time deposits) in a bank account with— # 1. Banking Company: Interest…

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