Income Tax Planning Salaried Persons for F.Y.2021-22.No change in income tax slab or rate has been

 proposed. Also, no additional tax exemptions or exemptions were introduced. The standard deduction

 for U/s 16(ia) salaried and pensioners remains the same.

 

Without any change in income tax slab and rate and basic exemption limit. An individual taxpayer will continue to pay taxes at the same rate as in the fiscal year 2020-21. Read more at: 

In addition, to 80C, there are many ways to save tax, which gives exemptions and tax benefits-

1. Section 80D: Medical Insurance Premium Section 80D of the Income Tax Act Helps to claim a tax deduction from total taxable income Payment of medical insurance premium.

You can get a maximum discount of Rs. 25,000 per year you pay for medical purposes for yourself, your wife or your children. The max limit for senior citizens is Rs. 50,000. Also, if you spend money on behalf of your parents, you will get a maximum tax deduction of up to Rs 10,000. 25,000

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2. Section 80G: Charitable Donations You can claim 50% or 100% of the amount, which is donated to a charitable trust. To claim a deduction you need to save the receipt of the organization after the financial year.

 

Income Tax Planning Salaried Persons for F.Y.2021-22.Make sure that whenever you donate, charities and trusts will be registered under the Section 12A post that they are eligible for the 80G Certificate.

 

3. Section 80GG: Rent towards housing Individuals living in a rented house can claim a tax exemption under section 80GG. However, this deduction is eligible for those who are not salaried and employees who do not receive House Rent Allowance (HRA) from their employers.

 

4. Section 80D: Health Insurance Nowadays, medical services are skyrocketing and buying health insurance has become a necessity for everyone. Because it helps you with your medical expenses in case of emergency. For example, if you pay a premium for your health insurance, you can save up to Rs 15,000 - Rs 20,000 under Section 80D.

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5. Section 80EEE: Education Under section E0E, interest on loans for higher education is tax-free for oneself, wife and children. An individual can claim the amount of interest discount not paid but the amount paid.

 

Section: 80EE: Home loan is one of the best ways to save tax in India. Under the new regime, home loans have helped reduce taxable income. Section 80 EE, for the first time home buyers can claim the maximum deduction. Fifty Thousand in a fiscal year.

 

7. Section 80TTA: Interest can be claimed as a deduction under 80TTA of Rs. 10,000/-.

 

Save income tax under section 80C. Read more at:

 

Under Section 80C you can find various options and ways to save income tax-

 

1. Life insurance not only provides full life coverage, but it is also the best way to save tax. In a life insurance policy, one has to pay a certain amount of money every year, which is instead refunded in a healthy single amount.

 

Endowment, ULIP, Term Life Life Insurance, an annual approved for tax savings. The maximum exemption eligible under section 80C is up to Rs.1,50,000.

 

2. ULIP's Unit Link Insurance Plan aka ULIP is a market-linked insurance plan. The advantages of this plan are that it provides flexibility, long-term goals, financial security after retirement and income tax benefits. Investments made in this scheme are tax-deductible under Income Tax Act 80C. In addition, it gives you the opportunity to grow your money.

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3. Mutual Funds, you can go for ELSS (Equity Linked Savings Scheme) where you can get a discount of up to Rs 1,50,000 under Section 80C. Being a combination of equity and tax savings, ELSS is an optimal gateway to equity. This means that with tax savings, your money grows as the stock market grows. Thus, the profit in ELSS is higher. This facility can be a minimum lock-in period of 3 years.

 

4. Tax Savings Fixed Deposit Provides tax exemption on investments up to Rs. 1,50,000 under section 80C.

 

5. SCSS or Senior Citizen Savings Scheme This scheme is formulated only for senior citizens who have retired at the age of 60 years or above 55 years. Under Section 80C, the maximum SCSS investment is liable for tax exemption. 1,50,000

 

6. Future funds (PF) are helping to create a goal with long-term returns. Deposits made in PF are Rs. Till the claimant of tax deduction. 1,50,000 under section 80C.

 

7. National Savings Certificate (NSC) starts with a minimum deposit of Rs.1000. 100. The term of investment of NSC is 5 years. Upon maturity, you can claim a full refund to their account. However, if not claimed, the entire amount will be reinvested in the scheme. You may get a tax exemption of Rs.. 1,50,000 under Section 80C of the Income Tax Act

Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.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 Exemption from House Rent U/s 10(13A)

 

5) 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)

 

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

 

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

On October 15, 2021 by www.taxexcel.net

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 Arrears Relief Calculator for Rule 21A.  Rule 21A and Income Tax Section 89 (1). In this post, if you 

are in arrears or paid, you need to find relief:

 

There are many instances where an employee may receive the current year’s salary arrears to correct the balance of the previous year. If other arrears are added to the current year's income, the tax payable for the current year is much higher. This is due to the shift from the income tax slab rate to a higher tax slab.

 

 

Thus the government has included Section 89 under the Income Tax Act which comes as an advantage in this context as the Act allows tax deductions for employees who are in arrears to understand other taxes.

 

Arrears Relief Calculator for Rule 21A. As mentioned in Section 89 (1), tax exemption/relief is provided with tax revision for the year in which the arrears salary are recovered and the year in which the arrears salary are recovered and the year in which the arrears salary are recovered. Moreover, if the nominee has to pay more tax for the year of receipt, “If he was supposed to receive the money in the year in which he was supposed to receive it, then the additional tax may actually be paid by him. Payable. "

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What is the procedure for the calculation of tax relief on salary arrears U / S 89 (1)?

You can follow the steps given below for mediation

 

Step 1: We need to calculate the tax liability on the total income, where the arrears of salary for the year are available.

 

Step 2: Calculate tax liability on total income which does not include salary arrears for the year received. If no arrears are collected in the current year, the measurement gives us the amount of tax payable.

 

Step 3: By calculating the difference between tax liability as in step 1 and step 2, it will be taxed on the additional salary associated with the total income.

 

Step 4: Calculates the tax liability on the total amount of arrears received Arrears Relief Calculator for Rule 21A . Rule 21A and Income Tax Section 89 (1). In this post, if you are in arrears or paid, you need to find relief:

 

There are many instances where an employee may receive the current year’s salary arrears to correct the balance of the previous year. If other arrears are added to the current year's income, the tax payable for the current year is much higher. This is due to the shift from the income tax slab rate to a higher tax slab. 

Thus the government has included Section 89 under the Income Tax Act which comes as an advantage in this context as the Act allows tax deductions for employees who are in arrears to understand other taxes.

 

Arrears Relief Calculator for Rule 21A. As mentioned in Section 89 (1), tax exemption/relief is provided with tax revision for the year in which the arrears salary are recovered and the year in which the arrears salary are recovered and the year in which the arrears salary are recovered. Moreover, if the nominee has to pay more tax for the year of receipt, “If he was supposed to receive the money in the year in which he was supposed to receive it, then the additional tax may actually be paid by him. Payable. "

What is the procedure for the calculation of tax relief on salary arrears U / S 89 (1)?

You can follow the steps given below for mediation

 

Step 1: We need to calculate the tax liability on the total income, where the arrears of salary for the year are available.

 

Step 2: Calculate tax liability on total income which does not include salary arrears for the year received. If no arrears are collected in the current year, the measurement gives us the amount of tax payable.

 

Step 3: By calculating the difference between tax liability as in step 1 and step 2, it will be taxed on the additional salary associated with the total income. 

Step 4: Calculates the tax liability on the total amount of arrears received 

Step 5: Calculate the tax liability on the total income which does not include the amount due for receipt of arrears. 

Step 6: Calculate the difference between the amount calculated according to step 4 and step 5 This gives us the principal tax liability of the previous year which is due for the current year.

 

Step 6: Exemption of tax in excess of the amount of step under section approved under the Act. In this case, there is no additional requirement that if the tax calculated under step 3 is less than the calculation under step 6, relief is not required for the employee under section 89 because no relief is allowed.

 

For calculation of relief under section 89 you can go to the income tax website, there is a link- https://www.incometaxindia.gov.in/Pages/tools/relief-under-section-89.aspx#

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Which section 89 is applicable?

Relief is available under section 89 (1) in the following cases: 

Salary arrears or advance available [Rule 21A (2)]

Gratuity received for previous service [Rule 21A (3)]

Compensation after the termination of employment [Rule 21A (4)]

Payment of pension conversion [Rule 21A (5)];

 

How to claim tax relief under section 89. To get relief under the section, 89 people have to submit Form 10E available for the income tax portal in the new e-filing portal, log in and go to the dashboard, e-file> income tax form> file income tax form Submit Form 10.E. Equipped before ITR.

 

Although let us know the calculation with the help of exemption. Let us know the exemption table. We know that Mr Arum has got the money. 1,10,700 tax on income. However, after adding Rs. 1.5 lakh arrears, his tax liability increased to Rs. 10,000.154,440.

 

Did he get Rs 1.5 lakh in arrears of Rs 1,06,600 as they have arrears for the year? This information calculates the tax relief available to Mr Arun. The tax payable under 3 (arranged in the year of receipt) is less than the tax payable under step 6, indicating that no relief is given if there is no additional tax.

 

Download Auto-Fill Income Tax Form 10 E in Excel U/s 89 (1) E from F.Y.2000-01 to F.Y.2021-22 (Updated Version).

On October 14, 2021 by www.taxexcel.net

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Provision and explanation of Section 115 BAC and Options Form 10-IE. In this article, we will mainly understand Article 115BAC and Form 10-IE. Finance Budget, 2020 introduces a new tax regime. The F.M. has declared a new tax slab for individuals, HUFs.

 

However, the Government has proposed two sections for the new tax slab:

115BAC: Section has  modified the  tax slab for individual and HUF income

This Section 115BAC: New tax rate on income of cooperative society.

In this article, we will discuss Sec 115BAC. These sections are implemented from. F.Y 2020-21.

Some key points in this section: -

Provision and explanation of Section 115 BAC and Options Form 10-IE. The new tax system continues from A.Y. after 2021-22.

The new income tax method implements to each and every person as per their age, meaning the tax slab also applies to senior citizens and super senior citizens.

The new tax system is in place.

The discount is available for those whose total income is less than 5 lakh rupees.

The exemption is not allowed when choosing a new tax regime: -

Standard deductions for salaried taxpayers;

Discount Travel Allowance (LTA);

• House Rent Allowance (HRA);

Children's education allowance;

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Other special allowances [Article 10 (14)];

Family Depreciation from family pension income;

Interest on housing loan in self-occupied property or vacant property (Article 24);

Chapter VI-A deductions;

Other Discounts or discounts for any other grant or allowance;

Carried forward without any loss or uncovered devaluation of the previous year;

32 Not permitted except in section (iia) of sub-section (1);

Deduction for SEZ  u / s 10AA;

Reduction between 32 32AD, 33AB, 33ABA, 35, 35AD, 35CCC;

You are not entitled In the case of self-occupied property deduction U/s 24 B,

If you choose the new tax regime some Deductions are allowed as given below

Deduction under CC 80CCD (2) (employer's contribution to your pension account);

J 80JJAA (Additional Staff Cost)

Transport allowance (Dibang) for various eligible employees;

Transport allowance for government duties;

Any allowance for travel/travel/transfer costs;

The daily allowance is given to employees under certain conditions.

you can change your option and back to your suitable tax regime :

Personal business income: - People who have business income have the option of moving to a new regime once in a lifetime. If any person chooses a new tax system and after that is willing to revert to the old system, such a person cannot choose a new tax slab without having any business income.

 

Who are salaried person and has no business income: - A person who has only salary income other than personal income can choose an option to choose within the old tax regime and the new tax regime every year,

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It is mandatory of the Taxpayers give 'Form 10-IE' electronically from the Income Tax e-filing portal. You can submit the form under digital signature or through Electronic Verification Code (EVC). 

Last date for submission of Form 10IE

If you have any business income: then submit of IRR Before the due date.

Form 10IE Submission Frequency: -

A person who is salaried and has no business income: - Every year, he has the option to file a 10IE form every year. 

Form 10-IE Content: -

Given below are the common details required for the newly introduced Form 10IE:

Person Name / HUF

Confirmation of whether there is any income or profit from the person or business and profession under the HUF.

• PAN number

• Address

Date of birth/date of inclusion

Type of Business / Occupation (Mandatory in case of business income)

Confirmation in 'Yes / No' of whether the taxpayer referred to in sub-section (1A) of LA 80LA has any unit in IFSC (International Financial Services Center).

Details of any previous Form 10IE filed.

• Announcement

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2020-21 and  Assessment Year 2021-22 U/s 115BAC

 

Feature of this Excel Utility:-

 

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.

 

2) This Excel Utility has all amended Income Tax Section as per Budget 2020

 

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

 

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

 

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

 

6) Individual Salary Sheet

 

7) Individual Tax Computed Sheet

On October 13, 2021 by www.taxexcel.net

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