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Wednesday, 9 June 2021

Download Automated Income Tax Software in Excel for the Govt & Non-Govt Employees F.Y.2021-22 as per Budget 2021 with how to save income tax

Are you someone who likes Bollywood a lot? Do you think Bollywood life is glamorous? The lives of celebrities always seem exciting and full of glamour. They are always ahead when it comes to clothing, travel, or lifestyle. You must know that these actors are always given a jaw drop, they are paid a lot of money for everything they do, be it movies, music albums, commercials, or performances.

However, people are usually so blinded by these glamorous shows that they often forget that the higher the income, the higher the income tax.

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

Now, are you wondering how much land you will have to pay income tax this year? The following list shows the different tax rates for different categories of taxable income for the fiscal year 2020-2021.

Section 80C- Investments in PPF, PF, insurance, NPS, ELSS, etc. Max Rs.150,000

Section 80CCD-NPS investments 50,000

Section 80D- Investment in medical insurance for self or parents 25,000/50,000

Section 80EE- Interest on Home loan Rs. 50,000

Section 80EEA-Interest on Home loan Rs.1,50,000

Section 80EEB-Interest on electric vehicle loan 1,50,000

Section 80E-Interest on education loan Full amount

Section 24-Interest paid on the home loan 200,000

Section 10(13A)-House Rent Allowance (HRA) as per salary structures

Income tax-saving tips

The Government of India also provides certain ways to reduce the income tax of taxpayers. The Income Tax Act, 1961 covers some tax savers including mutual funds, insurance premiums, NPS, medical insurance, home loans, and many more.

There are some departments that act as relief for taxpayers, as under these main departments, they can save taxes. These categories are 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80CCG, 80G G

They can certainly be helpful for income tax by many taxpayers, especially salaried employees. Exemptions and allowances for income tax are of utmost importance in the financial planning of any person or entity.

Therefore, the following table shows the categories and discount limits for each.

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

How to save income tax under section 80C?

Under Section 80C, there are a various investment and expense options through which you can claim a discount within the rupee limit. One and a half lakh rupees in the financial year. These options are as follows:

Equity Linked Savings Scheme (ELSS)

The Equity Linked Savings Scheme is the only mutual fund division that provides tax exemption under the Income Tax Act.

ELSS returns are higher than other income tax saving schemes in the long run because investments are made in the equity market but two things to keep in mind with ELSS are that it cannot be withdrawn for 3 years before the lock-in period and there is high risk because the investment Is in the equity market.

You may also, like- 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

Certificate of National Conservation (NSC)

The NSC is another income tax protection strategy that comes with a 5-year term with the National Conservation Certificate providing a fixed rate of interest, which is currently 6.8% per annum.

The interest earned from this income tax protection strategy is a duty-saving option and under Section 80C, Rs. 1.5 lakh can be taken as a discount.

Public Provident Fund (PPF)

PPF One of the strategies to save income tax in India sought In PPF, long-term investment can be made with a term of 15 years. One can open a PPF account with minimum cash at banks and post offices.

PPF rates change quarterly, which is currently .1.1%. The funny thing about PPF is that PPF is interest-free.

Employees Provident Fund (EPF)

12% of the salaries of employees covered by the Employees Provident Fund are tax-free. So it is a beneficial income tax saving scheme for people in the service line.

Senior Citizens Protection Project (SCSS)

The current rate of interest is 7.4% (taxable). However, the discount limit is Rs 2,000. One and a half lakh rupees. This means that this limit can be taken under this scheme of tax exemption.

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

Tax exemptions do not depend on the child's class or level of education. This income tax saving scheme is for all types of parents including divorced, single parents, or those who have adopted children.

Home payment

In order not to hinder income tax in the process of buying their own house, Section 60 comes up with a scheme where these people, who are already paying EMI for their home loan, are exempted from paying income tax on interest.

They can claim tax exemption under section 80C.

What are the other income tax saving options?

Apart from Section 80C, there are other sections (mentioned earlier) that provide for income tax exemption. Here is some of the income tax saving options:

There are tax exemptions for contributions to the National Pension System (NPS). The discount limit is 1.5 lakh.

Exemption for medical insurance premiums U/s 80D. It's up to the rupee. 25,000, and Rs. 50,000 for senior citizens.

There is also a tax deduction on home loan interest; You have Rs. 60,000 under Section 80EE.

Download Autofill Income Tax Software in Excel for the Jharkhand State Employees for the F.Y.2021-22 & A.Y. 2022-23 as per Budget 2021

Feature of this Excel Utility are-

1) Auto Calculate your Income Tax liability as per the new system (New and Old Tax Regime) U/s 115 BAC

2) Auto calculate House Rent Exemption Calculation U/s 10(13A)

3) Automated Income Tax Computed Sheet

4) Salary Structure as per the Jharkhand State Employees Salary Pattern.

5) Automated Income Tax Revised Form 16 Part A&B

6) Automated Income Tax Revised Form 16 Part B

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Section 80 C of the Income Tax Act,1961 deals with tax exemption. Section 80C reduces direct taxable income because section 80C reduces tax liability. Most people directly or indirectly enjoy the fruits of Section 80.

The maximum tax exemption is up to Rs 1.5 lakh. At present, a person who is less than 60 years of age and has an income of Rs 2.5 lakh or less is exempted from paying tax, but the exemption can be increased up to Rs 4 lakh through Section 80C. However, Section 80C also has a number of conditions. Tax exemptions provide an incentive for an individual to invest in various government projects to improve his or her financial situation.

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

What is tax exemption?

Tax exemptions help reduce taxable income; This reduces your overall tax liability and helps you save tax, however, you claim that depending on the type of tax deduction, the amount of deduction varies. In other words, it can be said that it is deducting tax liabilities or increasing exemptions. However, these may be subject to the provisions of the law.

The maximum benefit of the Income-tax Act

Provident Fund (PF): These include the Public Provident Fund (PPF), the Voluntary Provident Fund (VPF), and the Employee Provident Fund (EPF). Provident funds have a tax exemption of up to Rs 1.5 lakh in a single financial year

Tax Saving Fixed Deposits: Investments made under Tax-Saving Fixed Deposits such as 5 years post office deposits, 5 years tax-saving bank deposits, etc. may be entitled to a rebate of up to Rs 1.5 lakh under the 60s of Income Tax Act, 1961.

National Pension System: This is a postal saving scheme. This is for a fixed period of time (5 or 10 years). Investments made in NPS are eligible for tax exemption of Rs 1.5 lakh under section 80C, in addition to these, one can invest an additional Rs 50,000 under sub-section 80CCD (1B).

Sukanya Samriddhi Project: This is an important initiative of the government under the "Save Betty, Read Betty Campaign", so the books under Sukanya Samridhi Project are exempt from tax under 80C of the Income Tax Act, 1919.

Senior Citizenship Savings Scheme (SCSS): Anyone over the age of 60 can avail of this scheme. Under this scheme, senior citizens have been exempted from tax up to Rs 1.5 lakh under Section 80S of the Indian Tax Act, 19191.

• Life Insurance Policy: Investments made in life insurance policies for you, your spouse, children are exempt from tax under 80C of the Income Tax Act, 1919. The maximum discount is 1.5 lakh rupees.

• Education: It is included in Section 80C of the Income Tax Act, 1961. Exemption from Higher Higher Education Fee Tax. Tuition fees may be for a person or his children. Pursuant to Act 19 of the Income Tax Act, children are exempted from any kind of tuition tax before or during admission or after admission.

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

The maximum discount is 2.5 lakh rupees. It is considered as one of the most beneficial discounts as it helps parents to save money and it also promotes education. However, grant cuts are not the basis for discounts.

Investment for Wealth Building and Goals: All Equity Linked Savings Schemes (ELSS), Unit Linked Savings Schemes (ULSS), etc. can be used to avail the benefits of 60 sec of Income Tax Act 19191.

Certificate of National Conservation: Investments under this section are included in section 80C of the Income-tax Act, 1861.

• Home Loan: Under Section 80 C of the Income Tax Act, 1961, a person can avail tax exemption on home loans. It can provide relief in EMI payments etc.

Download Automated Income Tax Preparation Excel Based Software All in One for the Andhra Pradesh State Employees for the F.Y.2021-22 as per Budget 2021

Feature of this Excel Utility:-

1) After enter employee’s data this software calculates the taxable Income Automatically.

2) In this Excel Utility have a Salary Structure as per the Andhra Pradesh State Employees Salary Pattern.

3) Automated Income Tax Form 16 Part A&B for the F.Y.2021-22

4) Automated Income Tax Form 16 Part B for the F.Y.2021-22

5) Automated Tax Computed Sheet

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

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Some top benefits in the income tax |Section 80C - Exemption on Investment

The Customs 80C is one of the most popular and favorite categories among taxpayers, as it allows you to reduce taxable income by investing tax savings or bearing expenses. This allows a maximum deduction of Rs 1.5 lakh per annum from the total income of the taxpayer.

Section 80 TTA - Interest on Savings Accounts

Deduction from total income for interest on the savings bank account

If you are a person or HUF, you can claim a maximum discount of Rs 10,000 from your savings account against interest income through banks, co-operative societies, or post offices. Do not include interest on other income from the savings account.

You may also, like- Automated Income Tax Revised Form 16 Part B which can prepare at a time of 50 Employees Form 16 Part B for the F.Y.2020-21

Section 80GG - House rent paid

Discount for home rent payment where HRA is not accepted

A. Available for payment of 80GG discount if HRA is not accepted. Taxpayers, spouses, or minor children should not have residential accommodation at the place of employment

B. The taxpayer should not have self-occupied residential property elsewhere

C. The taxpayer must live between paying rent and rent

d. The discount is available to all individuals

The lowest of the following discounts is available:

A. 10% of the total income paid for rent has been spent

B. 5000 / - per month

C. 25% of total gross income *

Section 80EE - Interest on Home On

Discount on home interest for first-time homeowners

Homeowners (individuals) who have only one home property on the 80th approval date will be eligible for the 80EE section discount. The cost of the property mandatory be less than Rs 50 lakh and the house loan must be less than Rs 35 lakh. Loans from any financial institution must be approved between 1 April 2011 and 31 March 2017. There is an additional rebate of Rs. 50,000 on the interest on your home loan. On top of the rebate of Rs.

201Y-1. The concession received under this section in FY and FY 2019-1 was the first time the house was valued at Rs 4 million or less. You can get it only when your loan amount is Rs 25 lakh or less at this time. April has to be sanctioned between 1st April 2013 to 31st March 2014. The total amount of exemption allowed under this section cannot be more than Rs. 1 lakh and 2011-14-1. And approved for FY 201-1Y.

You may also, like- Automated Income Tax Revised Form 16 Part B which can prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21

Section 80D - Medical Insurance

Discount on premiums paid for medical insurance

You can claim a rebate of Rs 25,000 under Section 80D on insurance for self, spouse, and dependent children (either individually or as HUF). Additional discounts of up to Rs 25,000 are available for parental insurance under the age of 60. If the parents are over 60 years of age, the amount of this exemption is Rs 50,000, which has been increased from Rs 30,000 in the budget in 2013-14.

Section 80 DD - Disable dependent

Exemption for rehabilitation of disabled dependents

The Section 80 DD discount is available to any resident or HUF and is available at:

A. The Cost of treatment (including nursing), training, and rehabilitation of disabled dependent relatives

B. Payment or deposit in the certain scheme for maintenance of disabled dependent relatives.

i. Where disability is 40% or more but less than 80% - a fixed discount of Rs. 75,000.

ii. Where there is a severe disability (disability 60% or more) - A fixed discount of Rs. 1,25,000.

You may also, like- Automated Income Tax Revised Form 16 Part A&B which can prepare at a time of 50 Employees Form 16 Part A&B for the F.Y.2020-21(Who are not able to download Form 16 Part A from the Income Tax TRACES PORTAL, Thy can use this Excel utility)

A certificate of incompetence is required from the designated medical authority to claim this waiver. 201 F-1. From the financial year - the discount limit of Rs. 50,000 has been increased to Rs. 755,000 and Rs. 1,00,000 to Rs. 1,25,000.

Section 80DDB - Medical Expenses

Discount for medical expenses for self or dependent relative

A. For persons under 60 years of age and for HUFs

Discounts of up to Rs 40,000 are available for residential persons or HUFs. It is readily available

B. Who's age above 60 years as senior citizens and super senior citizens

The person or HUF taxpayer on whose behalf such national expenditure is incurred on behalf of the senior citizen can claim a rebate of up to Rs one lakh.

C. For compensation claims

Any reimbursement of medical expenses by an insurer or employer will be deducted from the amount of the exemption that the taxpayer can claim under this section.

Section 80U - Discount for Persons with Physical Disabilities Exemption of Rs.5,000/- In case of severe disability, one can claim a rebate of Rs 1,25,000. Section 80 TTB - Interest Income Reduction in Interest on Deposits of Senior Citizens A new section 80TTB has been seated in Budget 2018 to allow discounts on the interest income from deposits by senior citizens. The limit of this discount is Rs. 50,000. The exemption will no longer be allowed under Section 80TTA.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2021-22 and A.Y.2022-23