How to save your tax for the A.Y.2022-23 as per Budget 2021.

Almost everyone has to count income tax. But I also pay taxes on other purchases from the month's market, even restaurants. Then why pay income tax? Some of it has to be paid for their own negligence. However, if you are aware of the whole year, you can easily get rid of income tax! Find out how— 

 There are two ways to get a tax deduction on the EMI of a home loan. EMI has two parts principal and interest. This is a tax deduction in the 80C sector. The 'interest' part of the EI has also discounted up to Rs 2 lakh per annum.

 

EPF, PPF, tax-exempt mutual funds or equity-linked savings schemes, tax-saving FDs, national savings certificates, senior citizen savings schemes investing in these sectors save taxes.

 

Capital gains tax is levied on salaried employees. This tax is charged on the purchase of shares, property and gold. The way to avoid this is to pay as much tax for a certain capital gain, to save as much of that tax as possible by showing the capital loss in another sector. This complex calculation must be done by a chartered accountant.

 

Tax deductions are also available on Travel Allowance and Medical Expenses. In addition, children live tax on school tuition fees. If the fee is through the bank then it is better. If you deposit in cash, you must keep the receipt.

 

Several allowances in the salary package are tax-free. Such as - Convenience, Driver, Newspaper-Books-Magazine, Uniform, Telephone & Mobile, Personality Development & Office Entertainment.

 

Life insurance and health insurance U/s 80 D, tax premiums are available on the premiums of both. However, not all policies have this facility. When insuring, take a good look at what sectors tax breaks are available.

 

Let the Office Accounts Department know at the beginning of the financial year what investments you have made so far and what other plans you have for the current year. If the calculation shows that you have to pay some tax even after deducting all the sectors, then you will have time to save tax by making some new investment.

Download & Prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

OR

Download & Prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 with the new and old tax regime U/s 115 BAC. 

OR

 Download & Prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

OR

 Download & Prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

On March 31, 2021 by www.taxexcel.net

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Leave Travel Exemption (LTC / LTA) [U/s 10 (5)].The employee is entitled to a waiver under section 10 (5) in respect of the value or honour of the travel waiver or assistance received by or from his own employer or ex-employer as relating to his activities—

A. Holidays anywhere in India.

B. Anywhere in India after retirement or termination of service.

You may also, like- Prepare at a time 50 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC 

The benefit can be allowed subject to the following:

 

i. Where the aircraft is flown - the maximum discount is not the amount the national carrier's air economy fare exceeds on the shortest route to the destination;

 

ii. Where the source of the journey and the destination are connected by rail and the journey is performed by a mode of transport other than by air - the maximum discount is not the amount of air-conditioned first-class rail fare on the shortest route shall be the destination; And

 

iii. Where the source of the trip and the destination or parts of it are not connected by rail and travel within these places - the amount eligible for the discount is:

 

A. Where there is a recognized public transport system, first-class or deluxe class fares will not be higher for the shortest route to the destination; And

 

B. Where there is no recognized public transport system, the air-conditioned first-class rail fare for the shortest route is the same as if the journey had been performed by rail.

You may also, like- Prepare at a time 100 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC 

The exemption, will not exceed in any case, the actual cost will be on the performance of the ride.

 

How many times can a discount be claimed?

 

a) The appraiser can claim a discount on any two trips in the 4-year block. In this regard, the first block of 4 years was the calendar year 1986-89, the second block was 1990-93, the third block was 1994-97, the fourth block was 1998-2001, the fifth block was 2002-05, the sixth block was 2006-09, the seventh block was 2010. From 2013, the eight-block will be 2014-2017 and the ninth block will be 2018-2021

 

b) If the appraiser does not take advantage of LTC discounts on a particular block, for both trips or on one trip, he can claim that the first trip discount in the calendar year can immediately complete the completion of four calendar blocks. In other words, a maximum of one trip can be taken forward.

You may also, like- Prepare at a time 50 Employees Automated Income Tax Form 16 Part B for the F.Y.2020-21 asper the new and old tax regime U/s 115 BAC

 

And also only for the first trip in the next calendar year if the deadline is not extended otherwise. In the extended period, such journeys will not be considered for determining the tax exemption of two journeys for successful blocks.

 

Discounts are only available for two children

 

Download Automated Pan Card New Form 49A in Excel

On March 29, 2021 by www.taxexcel.net

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Salary Income Plan 2021: Tax planning is one of the most important aspects of financial planning for those who are on salary income. However, many employees are not aware of the scope of tax-saving opportunities available to them 

 

Salary Income Planning: Gone are the days when there was no financial plan and became casual with salaried employees, especially with taxes for millennia. The Covid-1p epidemic and subsequent job loss and pay cut tsunami have strictly taught us that every penny counts and needs to be saved for the worst days

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21 which can prepare One by One as per new and the old tax regime

Tax planning is one of the most important aspects of financial planning for those who earn a living. However, many employees are not aware of the scope of tax-saving opportunities available to them. A number of industry experts online to find out what 10 employees should know to save taxes and make the most out of their salary.

 

Since Section 80C investments are the most popular, there are many other ways where an employee can save the maximum amount of taxes. Since a penny saved is a penny earned, the saving tax gives you more funds to invest and reaches your financial goals faster.

Some key points to earn the most from salary income

 

1. Invest in Employee Provident Fund (EPF): EPF is the most popular tax saving option for salaried individuals. Under this, both the employee and the employer contribute to the fund. On their contribution, the employee receives interest at a certain rate. Contributions made under this scheme are eligible for exemption under Section80. On the basis of uninterrupted service (not less than 5 years), EPF balance is duty-free for revoked employees.

You may also, like- Automated Income Tax Revised Form 16 PartB for the F.Y.2020-21 which can prepare One by One as per new and old tax regime

 

2. Deposit in PPF:  is a unique tax-saving option U/s 80 C. In this regard, it can help in tax planning for salaried employees.

 

3. Understand taxable and non-taxable income: The first step to maximizing your tax benefits is to understand how taxable your income is. This is important because the government defines the non-income tax department. Therefore, before you start planning your tax, spend some time studying your Pay Slip. Get a clear idea of which departments your employer is paying you under and which of them are exempt from tax GetPelip usually carries all such information and shows you how taxable income was calculated. You can also ask your organization's HR team for help.

 

4. Claim Submission House Rent Allowance (HRA) Benefit: The government allows individuals to claim a tax deduction on the amount paid for rent for the places they live in. This means that if you claim this discount, the amount of rent will be deducted from your total taxable income, which reduces your tax liability.

You may also, like- Prepare at a time 50 Employees Revised Form 16 Part B for F.Y.2020-21 as per new and old tax regime

 

However, it is important to remember that there is a limit to the amount you can claim as HRA. This is usually specified on the payslip or the information is available from your organization's HR team. If you are a renter, this can be a great way to reduce your tax liability. However, to get this benefit, make sure you have all the documents related to your rent

 

5. Understand the different sections of the Income Tax Act that provide tax benefits: It is important to understand the different categories that provide toss benefits. The 80C section is quite popular among the people for tax-saving investment options. However, there are other categories like 80D, 80EE, 80G etc. which also offer tax benefits. It is important to maximize your tax benefits to understand all of these categories as it can help you create a tax-saving plan to reduce your tax amount.

 

6. Also offers some spending tax benefits: The government offers tax benefits on your child's pre-approved list like tuition fees, insurance premiums, grants from approved charities etc. So, it is important to make sure you are aware of all these discounts.

You may also, like- Prepare at a time 50 Employees Revised Form 16 Part A&B for F.Y.2020-21 as per new and old tax regime

 7. Start a small investment in tax-saving instruments: You have just started earning, you can start a SIP saying Rs 1000 per month on any ELSS project. That way, by the end of the year, you'll be investing some tax savings. 

 

9. Leave Travel Allowance: (LTA) is often the first brush of tax savings for salaried individuals. The LTA gives salaried individuals the right to claim expenses for domestic leave. Note that this is mostly travelling expenses and travel time miscellaneous expenses LTA is available for two trips over a period of four years. There is also a provision to carry a trip if you are not able to claim the previous block.

 

10. Leave Encashment: Another way to save tax for salaried people is to Leave Encashment. Organizations (depending on whether they are private or state-owned) will compensate you for those days if you do not use the pages you own. The amount of money you receive is taxable.

Download and Prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

On March 28, 2021 by www.taxexcel.net

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Income Tax Exemption for the F.Y 2021-22 as per Budget 2021.

If you want to maintain existing or outdated tax discipline while filing your Income Tax Return (ITR) for F.Y 2021-22, you can avail several exemptions under the Income Tax Act, 1961. However, before doing so, be sure to Assume that you have compared the taxes payable under the old and new tax systems.

Initially, the old tax regime includes 4 basic income tax exemptions for the taxpayer to assume tax liability and earnings for the assessment year 2022-23. including Section 80C, the taxpayer has got a few more exemptions

Tax benefits under section 80C

There are some deposit and expenses U/s 80C of the Income Tax Act helps the taxpayer to low the tax payable. The Max. limit Rs 1.5 lakh. Such as 5 Years FD, LIC premiums, EPF, PPF, NSC, Equity Linked Savings Scheme. (ELSS). 

U/s 80D exemption below 60 years of age Rs.25000/- and above 60 years of age Rs.50,000/- 

National pension system tax savings

U/s 80 CCD (1):, both salary and self-employment can save tax by contributing to NPS. The Exemption Max Rs. 1,50,000/-U/s 80 CCD (1) of the Income Tax Act, 

U/s  80CCD (1B): New Pension Scheme Max. Rs. 50,000/- 

U/s  80CCD (2): Salary employees also get tax benefit on the employer's contribution to his NPS account. Contribution of ten per cent of the employer's salary (Basic Plus D.A.) may be claimed as exemption from taxable income under Section 80CCD (2) of the Income Tax Act, 1961. 

When an education loan is repaid for higher education, the interest earned on an educational loan qualifies for an income tax deduction. As per the Income Tax Act,

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

 

On March 28, 2021 by www.taxexcel.net

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 What is Income Tax Form 16?

 

Form 16 is nothing more than a certificate issued by your organization that provides information about the salary you received during the financial year and the amount of TDS deducted from your salary.

 

In the case, income from your annual salary exceeds the limit of the original tax deduction; then, your employer is asked to deduct TDS from your salary and pay it to the Government of India. Employers provide their employees with 16 forms as proof of filing an income tax return. If your annual income is less than the discount limit, no TDS is deducted from your salary.

 

Form 16 Part B

 

Form 16 Part B  is issued annually by the Employer containing information on other income, allowance of exemption, arrears of salary, duty payable, etc., which is usually before 15th June of the following year. This immediately follows the fiscal year where the tax is deducted. No need to worry if you lose your 16 forms, you can get a duplicate issued by your employer without any hiring hassle.

 

Form 16 Part A

 

Listed below are the critical elements of Form 16 Part A:

 

Employer information such as Collection Account Number (TAN), Name, Permanent Account Number (PAN), Tax Exemption etc.

 

Employee Returns to the employee (if any), or the balance of duties payable by the employee.

 

Name Personal details of the employee, such as full name, permanent account number (PAN), etc.

 

All information related to payment of tax such as quantity, invoice number, demand draft number, check number etc.

 

The tax has been deducted as per Section 191A.

 

Recognition of the total number of taxes paid by the employer.

 

• Other information such as salary, total salary, net salary, parks, deductions etc.

 

• Receipt of TDS has been provided.

If you are employed with only one employer in a financial year, that particular employer will publish Form 16 for the entire fiscal year. If you change jobs and are employed with more than one company in a financial year, Formal 16 will be issued to all employers individually for the period for which they were working.

Download and prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21

Main Feature of this Excel Utility is:-

1) This Excel Utility Calculation of your Income Tax as per new and old tax regime U/s 115 BAC.

2) This Excel Utility can prepare at a time 100 Employees Form 16 Part B in a revised format.

3) Automatic Convert the amount into the In-Words without any Excel Formula

4) This Excel utility Prevent the double-entry of employee’s Pan Number automatically.

5) All the Income Tax Section available as per the Budget 2020 as well as the Income Tax Act 1961

6) This Excel Utility has an Option to choose a New or Old tax regime

 

On March 26, 2021 by www.taxexcel.net

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