Deductions under Section 80TTA will not be allowed for the interest earned amount on fixed deposits and it is taxable as per the normal slab rates as indicated by the Union Budget. The tax deducted at source will also be applicable if the interest earned amount exceeds Rs 10,000 per annum (The interim budget 2019 has upped the interest earned amount to Rs 40,000 per annum). As deduction for any income amount earned through fixed deposits is not allowed in the same way, the deduction under Section 80TTA cannot be claimed against the interest amount earned from recurring deposits. Individuals and Hindu Undivided Family (HUF) are allowed to claim for deductions under this section. Others including firms, corporates, entities, artificial juridical person, the body of individuals, association of persons either domestic or foreign-based ones are not allowed to claim a deduction as per Section 80TTA. Maximum Deduction

On January 29, 2020 by www.taxexcel.net

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Would I able to guarantee Tax Benefit for both HRA and Home Loan? – An inquiry which is frequently posed by many citizens. This is for the most part on the grounds that numerous businesses don't permit both tax cuts together in specific circumstances. Tragically this isn't the correct activity.

On January 26, 2020 by www.taxexcel.net

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The Income-charge Act, 1961 has different areas citizens can use to decrease their assessment outgo each year. Also, the most well-known areas in the Act that individuals use to save money on charge are 80C, 80D, 80CCD (1B), and 24 (b).

On January 25, 2020 by www.taxexcel.net

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 Part B is an annexure to Form 16 which incorporates subtleties and segments of pay paid, charge due and charge paid. It is a gritty calculation and an efficient record of your assessable pay after permitted reasoning’s and exclusions. Structure 16 Part B incorporates the accompanying data:

On January 24, 2020 by www.taxexcel.net

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Form 12ba is an explanation that insights about the perquisites and other incidental advantages alongside benefits in lieu of a worker's compensation. Perquisites, or advantages as they are called, are allowed to representatives for their administration.

On January 23, 2020 by www.taxexcel.net

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Did you receive any advance salary or arrears of salary? If yes, you might be worried about the tax implications of the same. Do I have to pay taxes on the total amount? What about the tax calculations of the previous year and so on? Taxpayers who have such questions in their mind, here is all that you need to know. 

On January 22, 2020 by www.taxexcel.net

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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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