1. Tax Exemption from Salary Arrears | How to file Form 10E in the new tax portal Let's try to 

understand the calculation of arrears, relief dated 21.06.2021 on Sec 89 and how to file Form 10E to 

New Income Tax Portal?

2. Illustration: Mr Pabir Mahato received arrears of salary in the financial year 2011-2012. The arrears are related to the salaries of FY 2017-18, FY 2018-19, FY 2019-20. The details are as follows:

 

Sl	Particulars	Financial Year	Assessment Year	Amount (Rs.)	Amount( Rs.)
a	Taxable Salary	2020-21	2021-22		8,00,000
b	Arrears  for the year	2017-18	2018-19	75,000
c	Arrears  for the year	2018-19	2019-20	1,00,000
d	Arrears for the year	2019-20	2020-21	1,25,000
e	Total Arrears (b+c+d)				3,00,000
f	Total Salary (including Arrears (a+e)		2021-22		11,00,000
g.	Tax (including H&E Cess) on total salary including arrear ( Tax on income (f))		2021-22		1,48,200
h.	Tax (including H&E Cess) on total salary without considering  arrear ( Tax on (a))		2021-22		75,400
i	Additional Tax due to Arrears (g-h)		2021-22		72,800

 

3. Reliable calculations under section 89 (1) It is advisable to make the following calculations and keep the statistics ready before filing Form 10E in the new income tax portal. The new income tax portal is giving wrong tax calculations which can be edited and corrected according to the pre-calculated amount.

Sl	PARTICULARS	FY 2017-18           (AY 2018-19)		FY 2018-19 (AY 2019-20)		FY 2019-20 (AY 2020-21)
		Before Arrears	After Arrears	Before Arrears	After Arrears	Before Arrears	After Arrears
a	Total Income (Rs.)	575000	575000	600000	600000	675000	675000
b	Arrears		75000		100000		125000
c	Total Income (a+b)	575000	650000	600000	700000	675000	800000
d	Deductions	150000	150000	150000	150000	150000	150000
e	Net Taxable Income(c-d)	425000	500000	450000	550000	525000	650000
f	Tax Liability *	9013	12875	10400	23400	18200	44200
g	Taxon Arrear (tax after arrears- before arrears)	3862		13000		26000
h	Total Tax on Arrears in respective years	If the amount is received in respective years, the tax liability would be Rs 3862+13000+26000 = Rs 42,862
i	Relief U/S 89(1)	Additional Tax Liability due to late receipts of amount Rs. 72,800-42,862 = Rs. 29938/-

Download Automated Income TaxArrears Relief Calculator U/s 89(1) with Form 10-E in Excel from theF.Y.2000-01 to F.Y.2021-22 (Updated Version)

On July 19, 2021 by www.taxexcel.net

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 Is a joint home Loan can get an advantage? The girl who owns the dream house is on the bucket list. 

But with a fixed salary and rising inflation, it seems like a distant dream. Purchase a house should be 

one of the momentous events of your life.

 

Thanks to a great home loan project, the dream no longer seems to be enough. If you are willing to purchase a house you can get the money and pay through EMI every month. It's just like saving the opposite.

 

The bottom line, however, is that home loans are usually high-value and long-term, which ensures that banks work hard before giving loans, leaving a lot of people on screen.

You may also like- Automated Income Tax Preparation Excel Based Software All in One for the Andhra Pradesh State Employees for F.Y.2021-22 [ This Excel Utility can prepare at a time your Tax Computed Sheet + Individual Salary Structure as per Andhra Pradesh State Employees Salary Pattern + Automated H.R.A. Exemption Calculation U/s 10 (13 A) + Automated Income Tax Form 16 Part A&B and Part B for F.Y.2021-22]

Well, then what is the solution?

Try a shared home.

Here's what you need to know about mutual home loans:

 

What is a joint home?

 A joint house building loan is when 2 Family members are jointly applying for a loan for a single property. When 2 people jointly apply for a home loan, they agree to collectively take on the responsibility of repaying the loan.

 

For example, if you and your wife are planning to buy a new home, you can both jointly apply for a joint venture for your dream home and pay the same together.

 

Some banks insist that the co-owner should also be the co-owner of the property. However, this requirement differs from bank to bank because some banks allow joint home loans even if the co-owner or co-owner is not co-owner of the property.

You may also like- Automated Income TaxPreparation Excel Based Software All in One for the Non-Govt (Private) Employees for F.Y.2021-22 [ This Excel Utility can prepare at a time your Tax Computed Sheet + Individual Salary Structure as Non-Govt Concern’s Salary Pattern + Automated Income Tax Form 12 BA+ Automated H.R.A. Exemption Calculation U/s 10 (13 A) + Automated Income Tax Form 16 Part A&B and Part B for F.Y.2021-22] 

Why a joint home?

A joint home provides a solution to the limitations imposed by an individual home.

Let's take a look at its benefits.

 

Attractive interest rates

Most home loans provide discounted rates to female beneficiaries. So, if one of the applicants in the joint application is a woman, you can get faster processing:

 

Since two or more people are applying for the same loan, the guarantee of repayment increases. Even if a person defaults or is no longer available for payment, another person can do so.

 

Thus, joint home loans are processed faster than individual home loan applications.

Flexible Payment In joint home loans, since there are two or more people who will repay the loan, banks usually offer flexible repayment options.

You may also like- Automated Income TaxPreparation Excel Based Software All in One for the Jharkhand State Employees for F.Y.2021-22 [ This Excel Utility can prepare at a time your Tax Computed Sheet + Individual Salary Structure as per Jharkhand State Employees Salary Pattern + Automated H.R.A. Exemption Calculation U/s 10 (13 A) + Automated Income Tax Form 16 Part A&B and Part B for F.Y.2021-22]

 

Tax benefits

The IT Act also allows discounts on the principal amount and the amount of interest. Payment of principal is allowed under section 80C as exemption and payment of interest is allowed as deduction under section 80EE and U/s 24 B. Thus, by applying for a joint home loan, both applicants will be able to take advantage of the discounts in their respective tax calculations, which will result in more savings.

 

So, considering the various benefits of joint home loans, it is recommended that you choose a joint home loan if you are planning to buy a home.

 Download Automated Income Tax Preparation Excel Based Software All in One for the Bihar State Employees for F.Y.2021-22 [ This Excel Utility can prepare at a time your Tax Computed Sheet + Individual Salary Structure as per Bihar  State Employees Salary Pattern + Automated H.R.A. Exemption Calculation U/s 10 (13 A) + Automated Income Tax Form 16 Part A&B and Part B for F.Y.2021-22]

On July 16, 2021 by www.taxexcel.net

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 Tax benefits to the salaried persons as per Budget 2021| Here is the list of Tax benefit deductions 

available to Hindu Undivided Family (HUF) assessee in Income tax act on various  Investments / 

Payments / Incomes in Income tax return for F.Y 2020-21 A.Y 2021-22

 

Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. 

 

In the case of self-occupied property, the upper limit for deduction of interest paid on housing loans is Rs.2 lakh. However, this deduction is not available for a person opting for New Tax Regime.

You may also, like- Automated Income TaxPreparation of Excel Based Software All in One for the Non-Govt. Employees for the F.Y.2021-22 as per Budget 2021

Interest on loan u/s 24(b) allowable are tabulated below 

Nature of Property	When the loan was taken	Purpose of loan	Allowable (Maximum limit)
Self-Occupied	On or after 1/04/1999	Construction or purchase of house property	Rs 2,00,000
	On or after 1/04/1999	For Repairs of house property	Rs 30,000
	Before 1/04/1999	Construction or purchase of house property	Rs 30,000
	Before 1/04/1999	For Repairs of house property	Rs 30,000
Let Out	Any time	Construction or purchase of house property	Actual value without any limit

 

The amount of tax exemption specified under VIA in the chapter on income tax law

 

These exemptions will not allow any taxpayer to opt for the new tax regime U/s 115 BCA exemptions, except for the grant exemption U/s 80 CCD (2) which will be applicable for the new tax regime.

 

1. 80 C, 80 CC, 80 D (1) The combined discount limit is Rs.1,50,000

 

80C: Life Insurance Premium, Provident Fund, Subscription for Fixed Equity Shares, Tuition Fee, National Savings Certificate, Housing Loan.

  

2. Health insurance premium for any member for preventive health checks included above this limit and Rs. 250 for preventive health check-up (Rs. 50,000 if any person is a senior citizen)

 

2a. 80D discount for medical expenses for a senior citizen, Rs. 50,000 discount if no premium of health insurance coverage is paid for a member

 

80 DDB discount for payment of Rs. 4.04,000 for treatment of HUF member (Rs. 1, 00,000 if senior citizen)

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the West Bengal State Govt Employees for the F.Y.2021-22 as per Budget 2021

 

5. 80G Grants per grant to certain funds, charities, etc.

 

Grants are eligible for discounts under the following categories without any limit

 

Note: No concession will be allowed in case of grant in cash payment of Rs. 2000 / - under this section.

 

80. 60GGA discount for grants for scientific research or rural development grants.

Research associations or universities,

College or other institution for scientific research Sociology

 

Or statistical research associations or institutions for rural development

Conservation of natural resources or forest conservation

PSU or

 

Local authority or an association or

 

An institution approved by the National Committee to manage any eligible project

 

Forest Rural Development National Urban Poverty Alleviation Fund Notified as set up by Central Government and fund as notified by Central Government

 

Note: No concession will be allowed in case of cash grants of more than Rs.2000 / - under this section or if the total gross income includes profit / business / occupation.

 

80 TTA discount on interest on deposits in bank accounts of non-senior citizens

 

Download Automated Income Tax Preparation Excel Based SoftwareAll in One for the Government and Non-Government (Private) Employees for the F.Y.2021-22 as per Budget 2021

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.2021-22 (Update Version)

 

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

 

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

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

 

On July 14, 2021 by www.taxexcel.net

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