What is income Tax Form 16?

 

Consistently your employer will give this archive. It is quite possibly the main income tax form16 for the salaried people. Form 16 comes u/s 203 of the Income Tax Act,1961 and is an authentication given by your employer which affirms details in regards to the salary you have acquired between the financial year and the amount of TDS has been deducted.

 

How to Download Form 16?

 

The Form can't be downloaded by a worker; it must be given by your employer. Form 16 is a TDS Declaration and it is to be given by your employer as it were. Individuals by and large have this confusion that the Form can be downloaded from the Follows site. Yet, that doesn't remain constant. What's Form 16 Part A and Part B? Understanding the substance of Form 16 empowers you to smooth out the cycles for recording your ITR(Income Tax Return).

 

You might have the option to do it without anyone else's help if your income comes totally from your salary, and you have no other type of revenue. The Form has two parts—Part A and Part B.

 

You may also, like- Automated Income Tax Salary Certificate 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 as per new and old tax regime]

 

Part A and its segments: Part A involves Worker and employer fundamental details, for example,

 

• Employer's Name and address

 

• Employer's name and address

 

• Lasting Record Number (Container) of both

 

• Employer's Tax Deduction Account Number (TAN) and others. Part A likewise gives details in regards to Appraisal Year (A.Y.), tax deducted and the dates when the sum was deposited with the Focal Government and details of a challan gave by the public authority consequently.

 

This segment of the form likewise gives details of your time off work with the current employer. Part B and its Segments: Part B is a significant part of Form 16 since it gives a large portion of the details that you should record an Income Tax Return (ITR), for example, salary paid, other income, tax deducted, and then some. It is the separation of how your tax was processed considering the speculation presentation you made toward the start of the

 

Monetary Year and the confirmation of speculation submitted immediately. It additionally has the details of other recompenses that your employer-gave to you that might be fundamental for tax calculation purposes; and any other details –, for example, house lease, hospital expenses, home credits and gifts excluded from taxation that you may have outfitted to the employer.

 

You may also, like- Automated Income Tax Salary Certificate 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 as per new and old tax regime]

 

The details include:

 

• Gross salary

 

• Salary according to arrangements contained u/s 17(1)

 

• Estimation of perquisites acquired u/s 17(2)

 

• Benefit in lieu of salary u/s 17(3)

 

• Recompenses to the degree absolved u/s 10

 

• Tax on work

 

• Any other income detailed by the worker, assuming any

 

• Definite separation of allowances under Chapter VI-A, for example, 80C, 80CCC and 80CCD which incorporate (the rundown isn't thorough) details like Opportune Asset (EPF/PPF) Lodging Advance, Public Saving Declaration, Disaster protection Plans, tax-saving shared assets (ELSS), and any other interests in tax saving plans

 

• Allowance u/s 80D (medical coverage charge) • Derivations under Other sections of Chapter VI-A

 

• Tax on all-out income

 

• Any cess required

 

• Any rebate on tax

 

• Any additional charges On the off chance that you have been utilized under more than one employer during the year, every one of your employers will furnish you with a Form 16.

 

How to utilize Form 16 to record ITR (Income Tax Return)?

 

• It is perhaps the most basic records that you need to keep helpful when documenting your ITR. You can either record your return yourself or look for help from your Sanctioned Bookkeeper or any other skilled individual to document returns online for your benefit.

 

• As perhaps the main tax forms, it contains the majority of the information expected to set up your income tax returns in India.

 

• While all details identified with allowances are referenced in the Form, you should cross-check the sums with your venture and other records. On the off chance that there is a mistake in your Form, you should request that your employer correct it since the employer has produced it for you.

You may also, like- Automated Income Tax Salary Certificate Form 16 Part A&B and Part B for the F.Y.2020-21[This Excel utility One by One  Form 16 Part A&B and Part B as per new and old tax regime]

 

 

Is Form 16 mandatory?

 

Indeed, it is mandatory for employers to give the Form if TDS has been deducted from the representative's salary. On the off chance that no TDS has been deducted by the employer, they may not issue you a Form 16. It is likewise gainful for you to have the Form, so you can:

 

• Check for any discrepancies

 

• Figure taxes

 

• Check on the off chance that you have satisfied all your tax liabilities

 

• Post for any discounts for overpaid taxes while it's the obligation of the employer to deduct tax at source, the onus to make good on the tax and recording return is on you.

 

Can documenting of Income Tax Return (ITR) be managed without Form 16?

 

Indeed, you can document your Income-tax returns without the Form gave you realize the details referenced in Part An and Part B of the Form. You may likewise allude to your salary slips and Form 26AS.

You may also, like- Automated Income Tax Salary Certificate Form16 Part B for the F.Y.2020-21[This Excel utility One by One  Form 16 Part B as per new and old tax regime]

 

What to do if TDS is deducted by the employer yet Form 16 has not been given?

 

• In the event that you have not gotten From 16 from your employer, you can allude to your Form 26AS are accessible on the web. Form 26AS contains the details about the tax deducted from your salary and deposited with the public authority. Notwithstanding, you ought to likewise demand your employer to give the Form.

 

For thoroughly understanding Form 26AS do look at what is Form 26AS?

 

• On the off chance that the employer hasn't deposited the tax since the tax trouble is on you, you should pay the tax on the web/disconnected and guarantee it later from your employer.

 

• An employer might be at risk to take care of punishment for non-issuance of the Form where TDS was deducted.
Download Automated Income Tax Salary Certificate Form 16 Part B for the F.Y.2020-21[This Excel Utility can prepare at a time 50 Employees Form 16 Part B as per new and old tax regime]

 

On February 21, 2021 by www.taxexcel.net

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Excel Form 10E-Salary Arrears Relief Calculator A.Y 2021-22 to claim an exemption under Section 89 (1) of the Income Tax Act 1961

 

Pursuant to Section 99 (1) of the Income-tax Act, relief is provided for income-tax in the financial year 1961 when an employee receives arrears or advance payment. Pursuant to Rule 21AA of the Income-tax Rules, 1962, Form 10-E is prescribed for claiming relief.

 

Pursuant to the said rule, while the employee is a government employee or an employee of any the organization, co-operative society, local authority, university, organization or agency, he/she may submit Form 10E to his / her employer for a claim of relief under sub-section 196 of the Income-tax Act, 1961. Responsible for payment of salary mentioned under (1)

 

In all other cases, the assessee must submit an application as Form 10E to the Income Tax Assessing Officer to claim relief. Relief under section 89 (1) is approved in the assessment year where arrears or advance employees receive in salary revisions have become commonplace, especially in the public sector

 

Since independence, the government has set up six pay commissions. As a result of arrears of salary as a result of the recommendations of each commission with revocable effect. The rationale behind this relief under section 99 is that due to payment of arrears or advance payments received in the prescribed financial year, the income of the employee for that financial year increases due to the amount of arrears or advance. As a result, in the absence of such arrears or advance progress, the employee's income attracts higher tax collection than his rate.

 

This calculator is a simple, automated and user-friendly utility for making relief work that calls for minimal effort and data input. Users only need to fill in the datasheet and it automatically calculates the relief and prepares attachment-1 in Form 10E, Table-1. For example, built-in instructions and auto checks are provided inside. Macros need to be enabled to use this utility. 

 

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

 

On February 18, 2021 by www.taxexcel.net

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 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.

You may also, like- Automated Income Preparation Excel Based Software All in One for the Government and Non-Government Employees for the F.Y.2020-21[This Excel Utility can prepare at a time Tax Computed Sheet + Individual Salary Structure as per both of Govt & Non-Govt Concerned Salary Pattern + Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2020-21 + Automated Income Tax Revised Form 16 Part A&B and Part B + Automated H.R.A. Exemption Calculation U/s 10(13A)]

 

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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