Section 80TTA exemption from Bank/Post Office Savings Interest. The provisions of Section 80TTA of the Income Tax Act might be perused as under:-

 

Exemption i.e. interest on deposits in the investment accounts according to the provisions of Section 80TTA.

 

#          Where the gross all out income of an assessee (other than the assessee alluded to in Section 80TTB for Senior residents), being an individual or a Hindu unified family remembers any income via interest for deposits (not being time deposits) in a bank account with—

 

# 1. Banking Company: Interest earned from a banking company to which the Banking Guideline Act, 1949 (10 of 1949), applies (counting any bank or banking foundation alluded to in section 51 of that Demonstration);

 

# 2. Co-operative Society: Interest earned from a co-operative society occupied with carrying on the matter of banking (counting a co-operative land contract bank or a co-operative land improvement bank); or

 

# 3. Post Office: Interest earned from a Post Office as characterized in condition (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898),

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B with all amended Income Tax Section]

In the event that the above conditions are fulfilled the accompanying exemption will be permitted according to Section 80TTA:

 

1.         # for a situation where the measure of such income doesn't surpass in the total Rs.10,000 the entire of such sum; and

 

2.         # in some other cases, Rs.10,000.

 

Further where the income alluded to in this section is gotten from any store in an investment an account held by, or for the benefit of, a firm, a relationship of people or an assortment of people,

 

No deduction will be permitted under this section in regard to such income in computing the all-out income of any accomplice of the firm or any individual from the affiliation or any person of the body.

You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 with new andold tax regime [This Excel Utility can prepare at a time 50 Employees Form 16 Part B with all amended Income Tax Section]

 

Here “Time Deposits " imply the deposits repayable on expiry of fixed periods for example Repeating Deposits and Fixed Deposits.

 

The relevance of exemption under section 80TTA?

 

Section 80TTA sets a few boundaries that choose exemption of tax on saving account interest up to a measure of Rs.10,000 (10,000) in particular. Along these lines, it is a lot of clear that Section 80TTA permits saving of tax on interest income earned from "Investment accounts" as it were.

 

Subsequently, Section 80TTA doesn't permit other interest income got from Banks, Monetary establishments from different instruments, for example, Repeating Deposits, Fixed Deposits, Company Deposits are not qualified for getting the advantages of Section 80TTA exemption.

 

In this way, an individual or an individual from HUF can guarantee a deduction of tax on interest income up to Rs.10,000/ – got from the accompanying:

 

# From a saving account kept up in a Bank;

 

# From investment account kept up in a Post office;

 

# From a saving, account kept up with a Co-operative Society doing banking business.

 You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21 with new and old tax regime [This Excel Utility prepare One by One Form 16 Part A&B  and Part B with all amended Income Tax Section]

 

Special cases: However interest earned from Fixed Deposits, Repeating Deposits, Time Deposits kept up with Banks, Monetary foundations, Co-operative Social orders, Post office, are not qualified for tax deduction under this section.

 

Who can guarantee 80TTA Deduction?

 

According to the provisions of Section 80TTA just individual and individuals from Hindu Unified Family can guarantee deductions of Rs.10,000 for interests earned on deposits held in the bank accounts as it were.

 

Further, it ought to be remembered that 80TTA deduction is taken into consideration the greatest measure of Rs.10,000 for interest income earned from all the bank account through and through kept up for the sake of the assessee.

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B with all amended Income Tax Section]

 

Is 80TTA material for non-occupants?

 

According to Section 80TTA, there are no limitations on Non-occupants to guarantee income tax exclusion on interest income earned from Investment account. Nonetheless, the most extreme measure of the deduction is restricted to Rs.10,000 just combining all investment account together.

 

Would we be able to guarantee both 80TTA and 80TTB?

 

The appropriate response is basically No. As Section 80TTB is appropriate for Senior Residents as it were. According to Section 80TTB, a senior resident is permitted to guarantee exemption Under Section 80TTB up to the greatest measure of Rs.50,000 in a year, for interest income( from R.Ds, F.Ds, Time Deposits) got from A Bank, Monetary foundation, Co-operative Banks however not from a Company's F.D.

 

Thus, in straightforward words, the Income Tax Act doesn't permit one to appreciate deduction both under Section 80TTA and 80TTB individually. Senior residents guaranteeing deduction U/S 80TTB can not appreciate the advantages given under section 80TTA.

Download Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 with new and old tax regime [This Excel Utility can prepare at a time 100 Employees Form 16 Part B with all amended Income Tax Section]

On February 09, 2021 by www.taxexcel.net

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Financial plan 2020 has presented the new tax regime for F.Y 2020-21 notwithstanding the old tax regime. F.Y 2020-21 onwards the taxpayer can pick the best tax regime dependent on the tax-sparing potential, reasonableness, and quick needs.

On February 09, 2021 by www.taxexcel.net

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 Exemption for LTC Money Plan Budget 2021| Under the current courses of action of the Act, stipulation (5) of section 10 of the Act obliges exemption in respect of the assessment of movement concession or help got by or due to a specialist from his chief or past administrator for himself and his family, with respect to his strategy on leave to any place in India. Considering the condition arising out of the erupt of COVID pandemic, it is proposed to give tax exemption to exchange stipend out lieu of LTC.

 

Subsequently, it is proposed to insert the second specification in stipulation 5 of section 10, to give that, for the evaluation year beginning the principal day of April 2021, the motivator in lieu of any movement concession or help got by, or due to, an individual shall in like manner be acquitted under this explanation subject to satisfaction of conditions to be prescribed.

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 [This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

 

It is in like manner proposed to clarify through a Clarification that where individual cases and is allowed exemption under the subsequent specification with respect to prescribed use, no exemption shall be allowed under this condition in respect of same prescribed utilization to some other.

 

The conditions, consequently, shall be prescribed in the Annual tax Rules in due course and shall, bury alia, be as under:

 

(a) The agent activities opportunities for the considered LTC confirmation in lieu of the proper LTC in the Square year 2018-21;

 

(b) Decided expenditure‖ infers utilize brought about by an individual or his relative during the predefined period on product or organizations which are committed to tax at an absolute speed of twelve percent or above under various GST laws and items are purchased or benefits acquired from GST enrolled dealers/expert associations;

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 [This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B]

 

(c) Decided period‖ infers the time span starting from the twelfth day of October 2020 and completing on 31st day of Walk 2021;

 

(d) the the proportion of exemption shall not outperform 36 thousand rupees for every individual or 33% of decided use, whichever is less;

 

(e) The portion to GST enrolled vendor/expert centre is made by an account payee check is drawn on a bank or records payee bank draft or use of electronic clearing structure through a record or through such other Electronic mode as prescribed under Standard Chapter V-I and a tax receipt is procured from such dealer/expert centre;

 

(f) If the whole got by, or due to an individual as per the arrangements of his work, from his supervisor tantamount to himself and his family, for the LTC, is more than what is reasonable to such individual under the above-discussed courses of action, the exemption under the proposed change would be open just to the level of exemption passable under above-recorded plans.

 

This correction will create results from first April 2021 and will, apply relating to the the appraisal year 2021-2022 specifically.

Download Automated IncomeTax Revised Form 16 Part B for the F.Y.2020-21 [This Excel Utility can prepare at a time 100 Employees Form 16 Part B]

Main Feature of this Excel Utility:-

# This Excel Utility Prepare at a time 100 Employees Form 16 Part B as per the New and Old Tax Regime U/s 115 BAC

 

# This Excel Utility can prevent the double-entry of  Employees Pan Number automatically.

 

# Automatic Convert the Amount to In-Words without any Excel Formula.

 

# All the Income Tax Amended Section has in this Excel Utility as per the Income Tax Act. 1961.

# This Excel Utility can use both of Government and Non-Government Concerned.

# Easy to generate just like as an Excel File.

 

On February 07, 2021 by www.taxexcel.net

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Income Tax Exemption U/s 80EEA interest on affordable housing loan U/s 80EEA |Finance minister Nirmala Sitharaman in her Association Budget 2019 reported that taxpayers can declare an extra deduction u/s 80EEA of the Personal Assessment Act, 1961 of up to Rs. 1,50,000/ - for interest paid on loans acquired up to 31st Walk 2020 for the acquisition of an affordable house esteemed up to Rs. 45 lakh. In this manner, a person buying an affordable house will presently get an upgraded interest deduction up to Rs. 3.5 lakh involving deduction u/s 80EEA up to Rs. 1.50 Lakh and existing deduction of Rs 2 Lacks u/s 24.

Statement 25 of the Finance (No. 2) Bill, 2019 presented another section for guaranteeing deduction under section 80EEA in an accompanying way 

After section 80EE of the Personal duty Act, the accompanying sections will be embedded with impact from the first day of April 2020, in particular:–

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21 [This Excel Utility prepare One by One Form 16 Part A&B and Part B]

80EEA. (1) In figuring the absolute pay of an assessee, being an individual not qualified to guarantee deduction under section 80EE, there will be deducted, as per and subject to the arrangements of this section, interest payable on loan taken by him from any monetary organization with the end goal of procurement of a private house property.

 (2) The deduction under sub-section (1) will not surpass one lakh and 50,000 rupees and will be permitted in figuring the complete pay off the person for the evaluation, the year starting on the first day of April 2020 and resulting in appraisal years.

 

(3) The deduction under sub-section (1) will be dependent upon the accompanying conditions, specifically:—

 (I) the loan has been endorsed by the monetary foundation during the time frame starting on the first day of April 2019 and finishing on the 31st day of Walk 2020;

 

(ii) the stamp obligation estimation of private house property doesn't surpass 45 lakh rupees;

 (iii) the assessee doesn't possess any private house property on the date of authorization of loan.

 (4) Where a deduction under this section is considered any interest alluded to in sub-section (1), the deduction will not be permitted in regard of such interest under any other arrangement of this Represent the equivalent or any other appraisal year.

 (5) For the reasons for this section,– –

 (a) the articulation "monetary foundation" will have the importance relegated to it in statement (a) of sub-section (5) of section 80EE; 

(b) the articulation "stamp obligation esteem" signifies esteem received or evaluated or assessable by any authority of the Focal Government or a State Government with the end goal of instalment of stamp obligation in the regard of the unfaltering property.

You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 [This Excel Utility prepare One by One Form 16 Part B]

 To give a driving force to the 'Lodging for all' objective of the Public authority and to empower the home purchaser to have minimal effort assets available to him, it is proposed to embed another section 80EEA in the Demonstration to give a deduction in regard to interest up to Rs. 1,50,000 on a loan taken for private house property from any monetary foundation subject to the accompanying conditions:

 (I) the loan has been authorized by a monetary foundation during the time frame starting on the first April 2019 to 31st Walk 2020; 

(ii) the stamp obligation estimation of house property doesn't surpass 45 lakh rupees;

 (iii) the assessee doesn't claim any private house property on the date of approval of the loan.

 It is likewise suggested that where a deduction under this section is taken into consideration any interest, the deduction will not be permitted in the regard of such interest under any different arrangements of the Represent the equivalent or any other evaluation year.

 This correction will produce results from first April 2020 and will as needs be applied compared to the evaluation year 2020-21 and ensuing appraisal years.

 On perusing the above the arrangement, the theoretical of section 80EEA is given underneath 

1.         The deduction u/s 80EEA is incorporated as a deduction under Section VI-A. 

2.         This deduction is notwithstanding the deduction of Rs. 2 Lakh accessible u/s 24 of the Personal Assessment Act, 1961. 

3.         This deduction is accessible just to an individual citizen. 

4.         The most extreme measure of deduction u/s 80EEA that can be guaranteed under this section in an appraisal year is Rs. 1,50,000. 

5.         The loan is taken from a monetary organization which implies a bank and a lodging finance company. 

6.         The loan is taken with the end goal of securing private house property as it were. 

7.         The loan is endorsed by the monetary foundation in F|Y 2019-20. 

8.         The stamp obligation estimation of the property will not surpass Rs. 45 Lakh. 

In the event that all the previously mentioned conditions are fulfilled, at that point, the individual can guarantee the deduction u/s 80EEA from AY 2020-21. 

Examination of the section 80EEA: The deduction is accessible just if the individual isn't the proprietor of any other private house property on the date of assent of the loan. After the approval, the person can purchase another private house property.

Download Automated Master of Form 16 Part B for the Financial Year 2020-21 & Assessment Year 2021-22 as per the New and Old Tax Regime U/s 115 BAC.[This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

 

On February 07, 2021 by www.taxexcel.net

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 Interest on EPF Contributing surpassing Rs 2.5 Lack| The budget proposition influencing salaried employees adding to Employee Provident Funds|

The money serves has proposed to incompletely burden the interest accumulated on the provident fund record of employees| Allow us to examine the arrangement.

 Present Provisions

 Presently, any instalment got by an employee from his provident fund account is completely tax-exempt| The equivalent might be gotten either as fractional withdrawal as allowed under the scheme or one got after retirement| The instalment got from the provident fund includes the contribution made by the employer and the employee just as the interest accumulated on the contributions|

 

A year ago, the government corrected the expense laws to set a limit for the greatest measure of the contribution made by an employer towards provident fund, National Pension Scheme and superannuation scheme to Rs. 7.50 lack past which the equivalent is burdened as perquisite in the possession of the employee| Additionally, the alteration gave that any interest owing to the overabundance contribution past Rs. 7.50 lacks were likewise to be treated as perquisite in the possession of the employee|

 You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 [This Excel Utility Prepare at a time 50 Employees Form 16 Part A&B as per new and old tax regime]

 An employee is needed to contribute 12% of his essential compensation and dearness remittance towards employee provident fund account which is needed to be coordinated by the employer by equivalent contribution| There is no such limitation on the employee contributing past 12% as a willful contribution| Since the interest rates have descended radically and the pace of interest announced by the government is appealing and which likewise comes tax-exempt in the possession of employees, employees are picking a higher intentional contribution| Since this is rather than the taxation of development continues of NPS of which just 60% comes tax-exempt and the equilibrium is by implication burdened as an annuity as the endorser needs to purchase an annuity of at least 40% of the corpus| So there was an interest for getting equality of taxation between these two retirement items which the government attempted to do previously however with no achievement.

 What is the proposition and what are its suggestions?

 Since the interest on the contribution made by an employee appreciates charge exemption without there being a maximum cutoff, the government has suggested that interest gathered in regard of employee's contribution in the overabundance of Rs. 2.50 lacks consistently will get available in the possession of the employee| So the interest in regard to the yearly contribution of Rs. 2.50 lakhs just will come tax-exempt and any interest accumulated on overabundance contribution will get available in the possession of the employee without fail|

 You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 [This Excel Utility Prepare at a time 50 Employees Form 16 Part B as per new and old tax regime]

 It isn't that the estimation of interest on abundance contribution must be done once just yet it must be made each year for the overabundance contribution made for every one of the previous years| As I would see it, to anticipate that the employee should make such estimation consistently is excessive | On the off chance that the government doesn't need the employees to procure tax-exempt interest for contribution past Rs. 2.50 lakhs, it should set a limit for top-level augmentation consistently toward a provident fund like the one which is pertinent in the event of Public Provident Fund (PPF) account| This is in inconsistency to the recommendations contained in the new work code where the employer and employee should make a contribution toward provident fund on the higher sum as the meaning of the compensation is proposed to be changed in the new work code.

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As I would like to think, since we don't have a government-managed retirement framework in our country for what reason should the government deter anybody from offering higher sum towards his retirement fund. The government should reexamine on this proposition.

 

There is one more proposition which will straightforwardly influence the employees who have Employees provident fund account| Since the employee gets the interest from the date when the employer stores the cash with provident fund specialists, the employees used to languish over no issue of theirs| This budget gives that on the off chance that the employer neglects to store the provident fund cash by the due date, he won't be permitted the deduction for such contribution which thusly power the employers to pay the contribution by the due date and subsequently, assist the employee with procuring interest for the authentic period.

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

 

On February 05, 2021 by www.taxexcel.net

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Income Tax Slabs unchanged for the F|Y 2021-22, but Budget 2021 has these some announcements to the tax payers| Government to expectations of the middle class, Finance Minister Nirmala Sitharaman did not tweak personal income tax in Budget 2021. However, the Union Budget did bring about certain changes as part of income tax compliance.

1. In a relief to senior citizens, the finance minister Nirmala Sitharaman announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021.

“We shall reduce the compliance the burden on our senior citizens who are 75 years of age & above – for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return,” said finance minister Nirmala Sitharaman.

2. Presenting the Budget, FM announced that the central government planned to reduce the timeline for reopening of tax cases to 3 years from 6 years.

3. To further ease of income tax filing, capital gains from listing securities and interest income to come pre-filled in ITRs, FM announced.

4. The central government also proposed to make income tax appellate tribunals faceless and set up national income tax appellate tribunal centre.

5. Exemption from tax, audit limit doubled to Rs 10 crore turnover for companies doing most of their business through digital modes, announced finance minister.

6. Serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years, the finance minister added.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

Feature of this Excel Utility are-

# This Excel Utility has compatibles to the Government and Non- Government Concerned.

# This Excel Utility can prepare at a time 100 Employees Form 16 Part B as per New and Old Tax Regime U/s 115 BAC

# This Excel Utility has all the Income Tax Section As per the Income Tax Act. 1961 along with the amended by the CBDT

# Compatibles the Salary Structure for the both of Government and Non-Government Concerned

# Easy to generate as this software is prepare in Excel. Any one can operate this Excel Utility.

# This Excel Utility can prevent your wrongly double entry of Name and Pan Number automatically.

# Amount to in-words Convert automatically, without any Excel Formula.

 

On February 04, 2021 by www.taxexcel.net

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 Latest Income Tax Slab F|Y 2021-22 (A|Y 2022-23) – Budget 2021 -22 Review| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget| The details about Income Tax Slab F|Y 2021-22 (A|Y 2022-23). Union budget 2021-22 and what are the main changes of Income Tax to the salaried persons|

Union Budget 2021-22 is released by Finance minister on 1st Feb 2021| Salaried people were expecting an Income tax slab change and other major reforms in the budget but this year also budget 2021-22 was a big disappointment for taxpayers| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget|

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part A&B and Part B]

# 1 not required Income Tax Filling in ITR for the Senior Citizens who are above 75 Years of age|

As per new rule Senior Citizen above 75 Years age and above need not file an Income tax return| This is only if the senior citizens have income only from pension and interest|

 

If senior citizens have other income such as rental income, business incomes etc. still they need to file an income tax return|

You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part B]

 

Please note that rule change is for not filing an Income tax return| This means senior citizen can avoid the process of filing return| But Income tax is applicable as per the actual tax slab rate to the Senior Citizen|

 

You must be aware that under section 80TTB, the senior citizen can claim up to Rs.50000 interest received from bank and post office as exemption from tax. It is a welcome to step for the senior citizen|

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part A&B]

 

# 2 No changes in the Tax Slab F|Y 2021-22 (A|Y 2022-23)

 

Income tax slab for F|Y 2021-22 is the same as that of F|Y 2020-21|This means there is no change in the income tax slab for F.Y 2021-22| The old tax slab will continue in F|Y 2021-22 (A|Y 2022-23)|

 

The new simplified tax regime will continue| If you have adopted a new tax regime last time where the tax rate is lower and flat you cannot claim any tax exemption such as 80C, 80D etc|

You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part B]

 

If you are willing to opting to the old tax slab, you can be entitled to exemption under section 80C, 80D etc. and pay tax at a higher rate| Two types of tax slabs announced last year will continue|

 

•           Tax regime at a lower tax rate without any IT deduction and exemptions

 

•           Tax regime at the higher tax rate with IT deduction and exemptions

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

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section115 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.

 

On February 02, 2021 by www.taxexcel.net

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