Income tax Section 80GG for House Rent Paid. With Automatic Income Tax Preparation Software in Excel for the Non-Govt Employees for the F.Y.21-22

 For most employees, home rent allowance (HRA) as part of their salary income. However, some small and medium-sized companies can pay a single amount of money to employees without separation. For a hired employee, in order to claim deductions, HRA should be part of his salary income. However, the Income Tax Act 1961 provides for a deduction in respect of the rent paid to workers, even if the HRA is not part of their salary. Therefore, Such workers may claim a deduction in respect of house rent paid under section 80GG of the Income-tax Act.…

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Save tax for salaried people Includes automatic income tax preparation software in Excel for government and private employees for F.Y.2021-22

NEW TAX PICTURE AY 21-22

Save tax for salaried people, Central Budget 2021 results Therefore, Exemption from ITR filing for senior citizens aged 75 years and above, only pension and interest income. B. Therefore, The Income Tax Department has introduced a pre-filled ITR with additional details to facilitate the return filing process. C. In other words, The deadline for submission of delayed and amended returns have been reduced to 3 months. This means that the IT department has to process the returns and send a notice under section 143 (1) by 31st December.  In other words,…

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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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How to save income tax For F.Y.2021-22 with automatic income tax preparation software in Excel for Govt and Non-Govt employees for F.Y.2021-22

How to save income tax for F.Y 2021-22. We all want to save as much money as possible if it is legally correct. How to save income tax when saving money for taxpayers is probably one of the most searched phrases. Here are some top options every taxpayer should explore to save income tax: Therefore, Get the maximum benefit of 80C: If you are planning to save income tax, you must get a maximum benefit under 80C (Rs. 1.5 lakh per annum till now). One can freely choose the savings instruments of their choice,…

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Automatic Income Tax Preparation Software All in One in Excel for the Govt and Non-Govt Employees for the F.Y.2021-22| Along with Medical Benefits of Income Tax Section 80 D

80D

Automatic Income Tax Preparation Software All in One in Excel for the F.Y.2021-22 Understanding 80D To address rising medical and hospitalization costs, insurance companies offer a number of health plans. Therefore, To encourage more citizens to insure properly, the Income Tax Act provides various tax exemptions for medical insurance under section 80D. Having adequate medical insurance is essential for a stress-free life. In other words, It provides financial assistance in times of medical emergency. Medical insurance that provides adequate coverage will help you protect yourself from financial crisis during a medical emergency…

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Income Tax Deductions U/S 16 – Standard Deduction, Entertainment Allowance and Professional Tax along with All-State Govt and All Non-Govt Employees Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

NPS

Income Tax Deduction U/s 16 of the Income-tax Act, 1961 Section 16 of the Income-tax Act, 1961 provides deduction from taxable income under the heading ‘Salary’. Therefore, It offers discounts for standard deductions, entertainment allowances and professional taxes. Through this deduction, a salaried taxpayer can reduce his taxable salary income applicable to tax. Furthermore, with the recent revision of the standard deduction, the advantage of this section has been extended to a greater extent. Also, there is no hassle of paying bills for travel and treatment which makes it quite…

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Deduction U/s Section 80: Income tax exemption With Automatic Income Tax Preparation Software All in One for the West Bengal State Employees for the F.Y.2021-22

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

Deduction U/s Section 80: Income tax exemption. It sounds a lot more complicated, but it doesn’t have to be. Therefore, The government has offered many exemptions under various sections of the Income Tax Act which you can take for your benefit. But to do that, you need to understand what multiple sections of the Income Tax Act offers. One of these is section 80 of the Income-tax Act, 1961  The exemption U/s 80 includes so many options like deposited, premium payable, loan repayment etc. These options can significantly reduce your tax…

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Rebate and Reliefs under income tax along with Auto Calculate Income tax Preparation Software All in One for the Govt and Non-Govt Employees for F.Y.2021-22

Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. Therefore, This section is available to the person whose income does not exceed Rs. 5 Lakhs. Above all, The tax liability of a person becomes nil if he claims a rebate under section 87A. HOW TO CALCULATE TAX REBATE UNDER SECTION 87A In addition, Step 1: Calculate your gross total income for the financial year. Step 2: After that decrease your tax deduction for investment or tax savings etc.  Step 3: Get your…

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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

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

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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Income Tax Deductions U/S 16 – Standard Deduction, Entertainment Allowance and Professional Tax along with All-State Govt and All Non-Govt Employees Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

87a

Income Tax Deduction U/s 16 of the Income-tax Act, 1961 Section 16 of the Income-tax Act, 1961 provides deduction from taxable income under the heading ‘Salary’. Therefore, It offers discounts for standard deductions, entertainment allowances and professional taxes. Through this deduction, a salaried taxpayer can reduce his taxable salary income applicable to tax. Furthermore, with the recent revision of the standard deduction, the advantage of this section has been extended to a greater extent. Also, there is no hassle of paying bills for travel and treatment which makes it quite…

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