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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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 not have the scope of the prescribed exemption and deduction. You may also, like- AutomatedIncome Tax Preparation Excel Based Software All in One for the Non-Government Employees for the F.Y.2021-22[This Excel Utility can prepare at a…

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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 In other words, Section 115BAC: New tax rate on income of cooperative society. New Tax Slab Rate for the F.Y.2021-22 However, Some key points in this section: – Tax The new tax system is applicable/available from A.Y.…

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Income tax benefits are available on home loans| With Automated Income Tax Preparation Software in Excel All in One for the F.Y.2021

 Income tax benefits are available on home loans. Taking out a home loan can help you save tax under  the provisions of the Income Tax Act, 1961. See the tax benefits available under the Act. There are 2 components to paying a home loan: 1. Principal and 2. Pay interest Since there are two different components to paying a loan, the tax benefit on a home loan is regulated by different sections of the Income Tax Act. Therefore, The following are some of the benefits of taking a home property loan: You may also, like- Automated Income…

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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, like- Automated Income Tax Preparation Excel Based Software All in One for the Assam State Employees for the F.Y.2021-22 [This Excel Utility can prepare at a time Tax computed sheet as per new and old tax regime…

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Learn all about the rented 80GG tax benefits| With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non- Govt employees for the F.Y.2021-22

Learn all about the rented 80GG tax benefits. Home rent allowance, or commonly known as HRA, is an amount that employers pay as part of their employees’ salaries. Therefore, this is mainly done because it helps to provide tax benefits to the workers in case of payment for housing every year. As per the provisions of Income Tax Section 10 (13A) of the IT Act, H.R.A. can be quite beneficial for taxpayers. As per Income Tax law, only salaried persons can get  HRA and self-employed people are also exempt from the same. You are also,…

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Significant changes in the income tax rules for the financial year 2021-22 | With Income Tax Preparation Software All in One in Excel for all Govt and all Non-Govt Employees for the F.Y.2021-22 as per Budget 2021

Significant changes in the Income Tax Rules for FY 2021-22| The public authority for the most part changes the tax rules during the financial plan introduced in February 2021. Therefore, these changes are successful from the accompanying financial year starting in April. Observe the changes and plan your taxes better. Choosing your tax Regime New of Old In other words, last year’s financial plan gave taxpayers the alternative to pick between two tax frameworks. This is the second year when you need to settle on a decision| However, what is the contrast between the two? The…

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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 expense that can be deducted from the total income. However, the main purpose of granting tax exemptions is to reduce a person’s tax liability. In addition, certain discounts are provided to encourage one to save…

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List of different derivations under Section 80C | With Automated Income Tax Preparation Software for all State Govt Employee All in One in Excel for the F.Y.2021-22

List of different exceptions under section 80C. The exception under Section 80C Leaves U/S 80C for  Life Insurance Premium, Commitment to PF, and so forth (Individual/HUF as it were). Discover the  list of personal expense exclusions under section 80C. (A) Makes concessions; (B) A Hindu unified family is dependent upon a limit of one lakh and 50,000 rupees for interest in explicit resources. In this article, Therefore, you can get a list of discounts accessible just to Individuals, a list of discounts accessible to Individuals and HFF, other uncommon focuses for quite a long time. 80C. presently…

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Best Tax Savings Plans for the F.Y.2021-22 as per Budget 2021- With Automated Income Tax Revised Form 16 for the F.Y.2020-21 as per U/s 115 BAC

Best Tax Savings Plans for the F.Y.2021-22 as per Budget 2021 If you are a person with a net salary of Rs 5 lakh to Rs 15 lakh per annum, you must first know about your existing tax liability. Once you have determined the amount of tax you have to pay, you must plan to save tax with the benefit of tax exemption under the relevant provisions of the Income Tax Act. For the best tax savings, you can invest in tax-saving options, make voluntary grants, take out a home loan or ask your employer to restructure your salary.…

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