Tax collection assumes a significant job in the profits created by your venture thus you should know how the speculation is saddled before you pick one. We list down the most widely recognized speculations and how they are saddled?

• Interest earned in Saving financial balance up to Rs 40,000 is absolved from charge u/s 80TTA. Any intrigue more than Rs 40,000 is added to your salary and exhausted at personal assessment chunk rates.

• Senior resident can guarantee charge exception up to Rs 50,000 on premium pay from bank/post office fixed store, investment account up to Rs 50,000 u/s 80TTA

• This is additionally appropriate for Post Office Savings Account

On January 21, 2020 by www.taxexcel.net

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The CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks claimed by them. In the previous format allowed the companies to give consolidated figures or break-up in different formats for both, thereby leaving some ambiguity regarding their individual composition.

Several changes have been made in the format of the TDS certificate for the Assessment Year 2019-20, the new format of Form 16 will allow the Income Tax Department get a detailed break-up of the income and tax breaks claimed by a salaried person at the first instance itself. Moreover, if there is any discrepancy between the income and deductions shown in TDS certificate and the ITR filed by the taxpayer, it will be quite easy to spot it. This new format is likely to help the department digitize cross checking of figures too, as it takes away the leeway that companies earlier had in providing the break-up of income and deductions and fixes the format for providing necessary details.

On January 20, 2020 by www.taxexcel.net

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Section 80E allows deduction in respect of payment of interest on loan taken from any the financial institution or any approved charitable institution for higher education for the purpose of pursuing his higher education or for the purpose of higher education of his spouse or his children or the student for whom he is the legal guardian.

On January 19, 2020 by www.taxexcel.net

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 As per the West Bengal Finance Department has changed the Pension Form Single Comprehensive Form in a new modified format vide Notification No. 416-F, Dated 09/08/2019. Some of the particulars added in this New Form, which will be more transparent.

On January 18, 2020 by www.taxexcel.net

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Automated Section 89(1) Income Tax Arrears Relief Calculator with Form 10E From F.Y.2000-01 to Financial Year 2019-20 [Updated Version)

On January 17, 2020 by www.taxexcel.net

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The CBDT has changed the format of Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May  2019.

On January 16, 2020 by www.taxexcel.net

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As per the Finance Budget 2019, some Important Income Tax Section and Income Tax Rebate has changed.

1) Income Tax Slab for the Financial Year 2019-20 is Same as Previous F.Y.2018-19

2) Raised the Income Tax Rebate U/s 87A up to Rs. 12,500/- who's Taxable Income less than 5 Lakh.

3) Raised the Income Tax Standard Deduction U/s16(ia) from Rs. 40,000/- to  50,000/-

4) Raised the Tax Exemption from the Bank/Post Office Savings Interest from 10,000/- to 50,000/-

5) Introduce New Section 80EEA for New Home Loan Interest Rs.1.5 Lakh.

On January 15, 2020 by www.taxexcel.net

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