Monday, 30 November 2020

Section 80GG is an uncommon arrangement under Chapter VI-A of the Income Tax Act, 1961, which gives tax respite to the individuals who don't benefit house rent stipend. To get qualified for tax derivation under this section, an individual must dwell in a rented property. Besides, his/her manager ought not to give home rent recompense (HRA) as a component of the month to month pay.

Section 80GG allowance is material to qualified salaried and independently employed experts. Hence, if an individual works a business, he/she is similarly as fit for claiming this specific tax allowance as the salaried partners may be.

Tax payers to Eligible to Claim Tax Deductions under Section 80GG?

As expressed beforehand, one must meet certain essentials to benefit tax derivations under this particular section of the ITA. Recorded beneath are a portion of the components that an individual must satisfy to claim Section 80GG allowance.

I. Only individuals and Hindu Undivided Family (HUF) are qualified to claim these tax allowances. Organizations or different undertakings can't benefit a similar tax limits after paying rent in a given monetary year.

II. Individuals who are either salaried experts or independently employed can exploit this arrangement. In the event that one has no income to talk about, he/she is excluded from looking for Section 80GG income tax benefits, regardless of whether he/she pays the rent.

III. Those looking to profit this tax refund need to present a properly filled Form 10BA to the public authority already. This Form is an affirmation that the individual recording it doesn't claim profit by a self-involved property in any area.

IV. Section 80GG of Income Tax Act is explicitly intended for who don't get home rent remittance from their managers. On the off chance that an individual's compensation incorporates HRA installment, he/she is ineligible to claim income tax discounts identified with lodging rent.

V. If the yearly rent sum surpasses Rs.1 lakh, the taxpayer should present a duplicate of the mortgage holder's PAN card to claim tax benefits under Section 80GG of Income Tax Act. Remember that this PAN card must have a place with the property proprietor where one lives on rent.

VI. An individual must not have claimed HRA whenever during the financial year for which he/she is claiming the tax advantage under Section 80GG. This is a vital point for the individuals who have changed managers in the most recent year. Regardless of whether one didn't get HRA for a significant bit of the year, getting the equivalent for simply a month excludes his/her from claiming this yearly relief.

Individuals dwelling with their parents in a property possessed by their parents are likewise qualified to claim Section 80GG advantages. To do this, one would need to consent to a rental arrangement with his/her parents. Also, the sum appeared as rent will be taxable when the parents document their yearly taxes.

How are Deductions Under Section 80GG Calculated?

Tax derivations under this section depend on Tax Rule 2A. According to Section 10(13A), minimal sum from the accompanying counts is viewed as a non-taxable income.

 Rs.5000 every month or Rs.60000 per year.

 The yearly rent sum short 10% of the taxpayer's changed all out income.

 25% of the changed all out income for a year.

least from them is viewed as the Section 80GG allowance material. Allude to the accompanying table to learn two particular instances of tax derivations dependent on different income and rent installments –

Form 10BA: How to Do It Correctly?

The Form 10 BA is basic for anyone hoping to get Section 80GG tax benefits. Here are a portion of the subtleties that one must fill in Form 10BA before accommodation –

 Full address with postal code

 Name and PAN of the assessee

 Mode of installment

 Tenure of residency in months

 Rental sum

 Address and name of the property proprietor

 Declaration expressing that the assessee, his/her life partner or minor kid don't possess some other private property

 PAN number of the rented property's proprietor is required if the measure of rent surpasses Rs.1 lakh in some random monetary year.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Govt (Private) Employees for the F.Y.2020-21 and A.Y.2021-22

Feature of this Excel Utility:-

1) This Excel utility prepares and calculate your income tax as per the New Section 115 BAC (New and Old Tax Regime)

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3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

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Did you get any advancement salary or arrears of salary? If genuinely, you might be worried about the tax consequences of the same. Should I have to pay taxes on the total taxable amount? Shouldn't something be said about the tax checks of the prior year, and so forth? Taxpayers who have such requests in their cerebrum here is all that you need to know.

Now, you would have quite recently sorted out that income tax is calculated on the total income of a taxpayer for a particular year. The income can either be as salary or family annuity or various wellsprings of income. Regardless, there might be circumstances where you have gotten arrears of family benefits or forthcoming salary during the current financial year. It can happen that an income taxpayer gets a bit of his advantage or salary early or as arrears in any cash related year, which assembles his total income in like manner increase the payable taxes. In such a case, an application can be made and the reviewing authority can permit relief to the taxpayer. To sum up it, the Income Tax Act ensures there is equity in the income tax lump rates, and thus, when a touch of the income got doesn't identify with the current year, a relief is surrendered with the objective that the taxable income doesn't augment.

To ensure that you are not messed with following through on extra taxes, the income tax office gives Relief U/s 89(1). If you get any annuity or portions for the previous year, you won't be taxed on the total amount for the current year. Essentially getting you a long way from settling extra taxes, considering the way that there was a deferment in portion.

To benefit the preferences under Section 89(1) you would need to submit Form 10E. What is Form 10E would be the most apparent request. The nuances of Form 10E, close by how and why to introduce the comparable is given in detail underneath.

What is relief under section 89(1)?

Exactly when the taxpayer gets:

1. Arrears of salary or

2. Advance salary or

3. Arrears of family annuity

By then, such amount is taxable in the Monetary Year in which it is gotten.

Nevertheless, relief under section 89(1) is given to decrease additional tax inconvenience due to deferral in getting such income.

How to calculate relief under section 89(1)?

Here is the way to calculate relief under section 89(1) of Income Tax Act, 1961:

1. Calculate tax payable on total income recalling arrears for the year in which it is gotten.

2. Calculate tax payable on total income excepting arrears in the year in which it is gotten.

3. Calculate differentiation some place in the scope of (1) and (2).

4. Tax payable on total taxable income of the year to which arrears are related , including arrears.

5. Calculate differentiation some place in the scope of (4) and (5).

6. The amount of relief will be the excess amount of (3) more than (6). No relief will be allowed if the amount of (6) is more than the amount in (3).

What is Form 10E?

For ensuring relief under section 89(1) for arrears of salary got, it is needed to record Form 10E with the Income Tax division. In the occasion that Form 10E isn't recorded and relief is ensured, by then the taxpayer is well en route to get a notification from Income Tax office for not archiving Form 10E.

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) along with Form 10E from the Financialthe Year 2000-01 to Financial Year 2020-21 (Up-to-date Version)

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Tuesday, 24 November 2020

All the taxpayers are known that the new system introduced in Budget 2020 U/s 115 BAC For the F.Y.2020-21. In this method you'll choose your option as Old Tax Slab or New Tax Slab U/s 115 BAC.

In this regard, you want to know your Tax that you simply shall be paid to the government for the fiscal year 2020-21 and Assessment Year 2021-22. As per the Section 115 BAC you'll choose your option within the PRESCRIBED FORM 10-IE as New or Old tax Regime. When you submit your tax Details to your Employer or Dedicator, you want to mention your Option as New or Old Tax Regime.

Look about the new section 115 BAC:-

1) If you select A New Tax Regime then you'll not entitle any tax Benefits as per tax Act 1961 and also, you'll not get the Old Tax Slab as before the F.Y.2019-20. But you will get only one Tax Benefits for NPS (Pension Scheme) U/s 80CCD. Follow the below the New tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime.

2) If you select A Old Tax Regime then you'll get the all tax Benefits as per the tax Act 1961,and you'll avail the Old Income Tax Slab Rate as per the F.Y.2019-20. You can get all the tax Sections benefits if you select the Old Tax Regime. Follow the below the New tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime.

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This Unique Software All in One prepare at a time your

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

2) Individual Salary Structure as per the Andhra Pradesh State Employee’s Salary Pattern

3) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

5) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

6) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

7) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

8) Individual Salary Sheet

9) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)

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Sunday, 22 November 2020

In the Budget 2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt in the New Tax Regime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC.

As per the Budget the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020.

New and Old Tax Slab U/s 115 BAC for F.Y.2020-21

Also it is clear that no relaxation to the Senior Citizen in the New Tax Slab as per U/s 115BAC ( New Tax Regime). We Prepared a Unique Income Tax Preparation Excel Based Software only for the Govt and Private Employees for the F.Y.2020-21 as per the new Budget 2020 with New and Old Tax Regime U/s 115BAC introduced in the Budget 2020.

As per the New Income Tax Section 115 BAC introduced in Budget 2020. As per the Section 115 BAC you should give your option as you opt-in as New Tax Regime or Old Tax Regime in the newly prescribed Form 10-IE. If you choose the New Tax Regime you can not avail this exemption U/s 80 TTA or if you choose the Old Tax Regime then you can avail this Exemption U/s 80 TTA.

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Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

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As per the Budget the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020.

Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

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Saturday, 21 November 2020

As per the Budget the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020.

PICTURE OF NEW TAX SLAB

Also it is clear that no relaxation to the Senior Citizen in the New Tax Slab as per U/s 115BAC ( New Tax Regime). We Prepared a Unique Income Tax Preparation Excel Based Software only for the Non-Govt Employees for the F.Y.2020-21 as per the new Budget 2020 with New and Old Tax Regime U/s 115BAC introduced in the Budget 2020.

DownloadAutomated Income Tax Preparation Excel Based Software All in One for theNon-Government (Private) Employees for the Financial Year 2020-21 andAssessment Year 2021-22 U/s 115BAC

Feature of this Excel Utility:-

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115 BAC perfectly.

2) This Excel Utility has the all amended Income Tax Section as per Budget 2020

3) Automated Income Tax Form 12 BA

4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

6) Individual Salary Sheet

7) Individual Tax Computed Sheet

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

10) Automatic Convert the amount in to the in-words without any Excel Formula

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Wednesday, 11 November 2020

The provisions of Section 80TTA of the tax Act could also be read as under:-

Also it is noted that as per the New Income Tax Section 115BAC introduced in Budget 2020. As per the Section 115 BAC you should give your option as you opt-in as New Tax Regime or Old Tax Regime in the newly prescribed Form 10-IE. If you choose the New Tax Regime you can not avail this exemption U/s 80 TTA or if you choose the Old Tax Regime then you can avail this Exemption U/s 80 TTA.

Exemption interest on deposits within the savings accounts as per the provisions of Section 80TTA.

Where the gross total income of an assessee (other than the assessee mentioned in section 80TTB for Senior citizens), being a private or a Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) during a bank account with—

1. Banking Concerned: Interest earned from a Savings Bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution mentioned in section 51 of that Act);

2. Co-operative Society: Savings Interest earned from a co-operative society (including a co-operative land mortgage bank or a co-operative exploitation bank); or

3. Post Office: Savings Interest earned from a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),

If the above conditions are satisfied the subsequent deductions are going to be allowed as per Section 80TTA:

A. during a case where the quantity of such income doesn't exceed within the aggregate Rs.10,000/- the entire of such amount; and

B. in any other case, Rs.10,000/-

Further where the income mentioned during this section springs from any deposit during a bank account held by, or on behalf of, a firm, an association of persons or a body of individuals.

No deduction shall be allowed under this section in respect of such income in computing the entire income of any partner of the firm or any member of the association or any individual of the body.

Income Tax H.R.A. Exemption Calculator U/s 10(13A)

Applicability of deduction under section 80TTA?

Section 80TTA Exemption from tax on saving account interest up to an amount of Rs.10,000/- (Ten Thousand) only. So, it's considerably clear that Section 80TTA allows saving of tax on interest income earned from “Savings Accounts” only.

Thus, Section 80TTA does not allow other interest income received from Banks, financial organization’s from other deposit such as Recurring Deposits, Fixed Deposits, Company Deposits are not eligible for getting the benefits of Section 80TTA deduction.

A private or a member of HUF can claim deduction of tax on interest income up to Rs.10,000/– received from the following:

From a saving account maintained in a Bank;

From savings account maintained in a Post office;

From a saving account maintained with a Co-operative Society completing banking business.

But interest earned from Fixed Deposits, Recurring Deposits, Term Deposits maintained with Banks, financial organization’s, Co-operative Societies, Post office, are not eligible for tax deduction under this section.

Who can claim 80TTA Deduction?

As per the provisions of Section 80TTA only individual and members of Hindu Undivided Family can claim deductions of Rs.10,000/- for interests earned on deposits held within the savings accounts only.

Further, it should be kept in mind that 80TTA deduction is allowed for a maximum amount of Rs.10,000 for interest income earned from all the bank account altogether maintained in the name of the assesses.

Is 80TTA applicable for non residents?

As per Section 80TTA, there are not any restrictions on Non-residents to say tax exemption on interest income earned from bank account . However, the utmost amount of deduction is restricted to Rs.10,000 only combining all bank account together.

Can we claim both 80TTA and 80TTB?

The answer is simply No. U/s 80TTB is applicable only for the Senior Citizens only. As per Section 80TTB, a senior citizen is allowed to claim deduction Under Section 80TTB up to a maximum amount of Rs.50,000 in a year,

So, in simple words, the tax Act doesn't allow one to availed exemption of both under Section 80TTA and 80TTB respectively. Senior citizens claiming deduction only U/S 80TTB can't enjoy the advantages given under section 80TTA.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC

Feature of this Excel Utility:-

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.

2) This Excel Utility has the all amended Income Tax Section as per Budget 2020

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)

4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

6) Individual Salary Sheet

7) Individual Tax Computed Sheet

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

10) Automatic Convert the amount in to the in-words without any Excel Formula

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Taxexcel

Monday, 30 November 2020

Sunday, 29 November 2020

To benefit the preferences under Section 89(1) you would need to submit Form 10E. What is Form 10E would be the most apparent request. The nuances of Form 10E, close by how and why to introduce the comparable is given in detail underneath.

What is relief under section 89(1)?

Exactly when the taxpayer gets:

1. Arrears of salary or

2. Advance salary or

3. Arrears of family annuity

By then, such amount is taxable in the Monetary Year in which it is gotten.

Nevertheless, relief under section 89(1) is given to decrease additional tax inconvenience due to deferral in getting such income.

How to calculate relief under section 89(1)?

Here is the way to calculate relief under section 89(1) of Income Tax Act, 1961:

1. Calculate tax payable on total income recalling arrears for the year in which it is gotten.

2. Calculate tax payable on total income excepting arrears in the year in which it is gotten.

3. Calculate differentiation some place in the scope of (1) and (2).

4. Tax payable on total taxable income of the year to which arrears are related , including arrears.

5. Calculate differentiation some place in the scope of (4) and (5).

6. The amount of relief will be the excess amount of (3) more than (6). No relief will be allowed if the amount of (6) is more than the amount in (3).

What is Form 10E?

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) along with Form 10E from the Financialthe Year 2000-01 to Financial Year 2020-21 (Up-to-date Version)

Tuesday, 24 November 2020

Sunday, 22 November 2020

Saturday, 21 November 2020

Wednesday, 11 November 2020

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