In F.Y 2021-22, there are two types of Tax Regime for Individual and HUF as previous F.Y. 2020-21. A taxpayer may choose either the Old Tax Regime or the New Tax regime. If we talk about exemptions and deductions, then it can be said that most of the common exemptions and deductions are not available in the New Tax Regime. But deductions u/s 80CCD (2), 80JJAA etc. are eligible in the New Tax regime.

 

The list of deductions available in the Old Tax regime is given below, who are opt-in as Old Tax 

Regime U/s 115 BAC.

 

80 C-  Max Rs. 150,000 / -(80C, 80CCC and 80CCD (1) together)

  

1.Life insurance premium

 

2.PPF (Public Provident Fund) Investment

 

3.EPF (Employee Provident Fund)

 

4.NSC. (National Savings Certificate) Investment and interest earned

 

5.ELSS Mutual Fund (Equity Linked Savings Scheme)

 

6. Five-year tax deposit in a bank or post office

 

7.Post Office Senior Citizen Savings Scheme

 

8.Home Basic Principles of Payment

 

9. Children’s tuition fees

 

10. Deposit scheme in Sukanya Samridhi account

 

11.80CCC- LIC Any other life insurance company is considered for tax benefits to contributing to its anniversary plan or to receive a pension from the fund.

 

12.80CCD (1)- Approved to any person who deposits in his pension account (like NPS). The maximum allowable discount rate is 10% of salary (in case of taxpayer employees) or 10% of total income (in case of taxpayer self-employment).

 

13.80CCD(1b)-Additional deduction Up to Rs. 50,000/-  NPS account. Contributions to Pension Fund are also eligible.

You may also, like- Automated Pan Card Application Form 49 A in Excel (Revised Format)

 

80D- Up to Rs. 25,000/- & Rs. 50,000/- for Senior citizens.  Mediclaim / Health Insurance Premium

 

 

80E- Interest on Loan taken for Higher Education shall be deducted under this section.

 

 80EE- Max Rs. Up to Rs. 50,000/-can claim an additional Tax Exemption from newly constructed or purchased deduction of up to Rs 50,000 on home loan interest payments.

  

 80G- 100% (usually in case of government funds) or 50% (usually in case of private funds) Contribute to specific relief funds and charities. This discount can only be claimed if the contribution has been made by check or draft or in cash. 

 

80GG-  Up to Rs. 60,000/-who are not getting or have not received House Rent Allowance u/s 10(13A) at any time during the same financial year.

 

 

 80 GGC- The discount amount should not exceed the taxable value. Political Any person can claim a waiver under this section if he makes a grant for a political party or electoral trust.

 

• Political parties must be registered with the Election Commission. Electoral trust must be registered.

 

Check Grants should be for bank checks, debit/credit cards, demand drafts, net banking etc. and should not be in cash.         

  

80TTA - Exemption from Bank/Post Office Savings Account Interest Max Rs.10,000/-

 

80TTB- Max Rs. 50,000 / - Interest on a savings bank account, fixed bank account or post office deposit. Senior citizens can also enjoy this facility.

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 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

 

On April 24, 2021 by www.taxexcel.net

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The annual union budget is like packaged candy for a crying baby. And unless it’s very obvious, wrapped candy is the expected budget reform, and the crying baby is the economy. This year, the baby was crying quite loudly, and while the whole nation was already expecting candy, it was expecting it to be bigger in size and sweeter in taste. 

The cove-hit economy, which was already in full swing, was waiting to see a ray of hope with the budget. Markets were delighted with the record-breaking opening as well as some were dissatisfied.

 

The budget has implemented a number of plans for various sectors, including health, agriculture and taxes. And so it’s important to understand how it will affect you and your finances. 

As a taxpayer, investor and consumer, are you not interested in knowing what budget you have? 

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

 

What the budget contains for taxpayers, investors and consumers:

For taxpayers: 

Below are some IT things to keep in mind when filing your IT return.

Senior Citizens - 2021-22 the budget has come as a relief for senior citizens. Anyone above the age of 65 years on the basis of pension and interest is not required to file an income tax return. However, any other source of income including mutual fund, equity, etc. must file a return.

 

Starting  2021-22, those who have PAN card but do not file ITR will have to pay a higher tax deduction from the source. Earlier, only those who did not have a PAN card were asked to make such payments.

 

If the employee's contribution as EPF is more than two and a half lakhs, interest will be levied on his interest. It has been introduced to protect rich people from going away from paying taxes. This applies to both statutory and voluntary PF.

 

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

  

File ITR 

The following are some of the points or pointers that were discussed in this session on ITR filing:

Those who are filing later than scheduled or want to correct errors should be careful. This is mainly because the time allotted for it has been reduced to F.Y 2020-21. Thus, exceeding the stipulated time may invite fines or additional payments.

 

IT tax authorities and budgets like this are taking important steps to make the entire ITR filing easier and hassle-free. One such effort to promote hassle-free tax filing is the introduction of pre-filled income tax forms. These forms will contain details of your capital gains, interest earnings, dividends, investment details, etc. This is a big step in preventing tax evasion.

 

In order to assist the tax authorities in resolving the Authorities tax expeditiously, the period during which you can re-open the assessment under the income tax return has been reduced from 6 years to 3 years. However, 10 years will be when the income is concealed 50 lakhs or more.

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 new and old tax regime U/s 115 BAC

 

For investors:

Here are some things investors should be aware of:

An investment charter is expected to be drafted to reduce se-misalignment and the government can further explain the details.

 

Infrastructure The government is keen to improve various infrastructure-based projects. For this, they have planned to raise the necessary funds from the debt market. As a result, about Rs 12 lakh crore will be taken. It has attracted the attention of many investors for its short-term debt fund. Also, tax-efficient zero-coupon bonds will remain open for investment from 2021.

 

The budget avenue that is seen as a good prospect with this budget is a gold-based investment. FM said tariffs on gold and silver would be reduced from 12.5 per cent to 7.5 per cent.

 

 In Ulips or unit-linked insurance policies, where you exceed the annual premium of 2.5 million, you will now be taxable under Long Term Capital Gains (LTCG). This taxation will apply to any purchases made on or after February 1, 2021. This measure is expected to affect HNIs or high-value individuals. However, the money received by the dependents of the deceased will be waived.

 

The new system enacted in the 2021-22 budget will enable not only liquidity of banks but also increased deposit insurance facility when banks face problems.

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 new and old tax regime U/s 115 BAC

 

For customers: 

For consumers, the budget has put various things on the table with the aim of encouraging the “Make in India” movement. To this end, the 2021 budget proposes to increase tariffs on a number of items. However, some items have been exempted from this. 

In addition, among other things, the budget has extended the term of about one and a half lakh additional discount claimants for loans taken to buy a house. 

Prepare One by One Income Tax Form 16 Part A&B and Part B for the F.Y.2020-21 as per the New and Old Tax Regime U/s 115 BAC

On April 23, 2021 by www.taxexcel.net

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Top 8 Key Issues for 2021 Tax Law Changes

 

1. EPF Contribution-

From the 1st April 2021, earn the interest on the employee's deposition to the Provident Fund above Rs 2.5 lakh per year will be taxable. The change was intended to tax high-income earners who contribute to the Employees ’Provident Fund (EPF), but the government argued that it would affect contributors less than 1%.

 

The benefit of EPF employees and those receiving below Rs 2 lakh per month will not be harmed by this move. 

2. Pre-filed income tax returns-

Individual taxpayers will receive pre-filled ITR forms. The move is aimed at making it easier to file returns. The department will introduce pre-filled Income Tax Return (ITR) forms for taxpayers with information on taxpayers' mutual funds, shares, dividend income and interest earned from banks.

Also, withholding tax (TDS) on dividend income above Rs 5,000 will be levied in 26 AS forms and will help in filling up the return forms in advance.

If you need this Excel Utility- Prepare at a time 50 Employees Income Tax Form 16 Part A&B Preparation in Excel for the F.Y.2020-21 as per new and old tax regime.

3. LTC Voucher:

The Holiday Travel Concession (LTC) The cash voucher scheme was announced by the central government in the 2021 budget. The scheme was launched last year to improve market demand and provide tax benefits to those who are unable to seek a standard LTC tax credit due to travel. Limitations in COVID-19.

 

Employees will still be able to get one-third of the cost set for the 2018-21 block on holiday travel discount (LTC) or less than 36,000 if they spend on goods purchased for GST @ 12%. Or more, the condition is paid through no cash mode and is spent between October 12, 2020, and March 31, 2021.

 4. Higher TDS:

Higher TDS for income tax return non-filers:

Non-filers with income tax returns will face higher TDS rates under the proposed section 206 AB of the Income Tax Act.

The relevant provision of the proposed TDS rate law in this section shall be the amount of double the fixed-rate, or double the rate of ball or rate, or 5%.

If you need this Excel Utility- Prepare at a time 100 Employees Income Tax Form 16 Part A&B Preparation in Excel for the F.Y.2020-21 as per new and old tax regime

5. Senior citizens over the age of 755 are not required to file a tax return:

People over 75 years of age with pension income and interest on fixed deposits of the same bank and pension income and interest with interest on fixed deposits of the same bank People over 75 years of age do not have pension income and interest rate

.

6. Unit Linked Insurance Plans (ULIPs)

The government has brought unit-linked insurance plans (ULIPs) under taxation. The redemption of ULIPs issued on or after February 1, 2021, where the individual premium exceeds Rs. 2.5 lakh will be brought under the equivalent capital gain of an equity-based mutual fund.

 

7. Delayed ITR timeline

Late ITR filing deadline reduced:

The last date for filing revised income tax returns or built-in returns on a voluntary basis will now be 31 December after the end of the financial year instead of 31 March 2022.

If you need this Excel Utility- Prepare at a time 50 Employees Income TaxForm 16 Part B Preparation in Excel for the F.Y.2020-21 as per new and old tax regime

8.. Extending interest tax break on home loan

To encourage first-time domestic workers, the interest rate on home loans of Rs 1.5 million for loans taken up to March 31, 2021, has now been increased by one year to March 31, 2022.

 

Claim denied:

Every effort has been made to avoid errors or deviations in these elements. However, errors may be miserly. Any errors, omissions or implications mentioned may come to our notice which will be taken care of in the next edition. In no event shall the author be liable for any direct, indirect, special or incidental damages relating to or in connection with the use of this information.

Download and Prepare at a time 100 Employees Income Tax Form 16 Part B Preparation in Excel for the F.Y.2020-21 asper new and old tax regime

 

On April 22, 2021 by www.taxexcel.net

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