Download Auto-fill Income Tax Preparation Software All in One in Excel for the Govt and Private Employees .Section 80C is the most preferred category of all income tax payers because it allows the taxpayer to reduce tax liability by making tax saving investments and collecting eligible expenses. This allows a maximum of Rs 1,50,000 per year to be deducted from the total income.

 

This section can be beneficial for an individual and HUF. Companies, LLPs, firms and partnerships are not eligible to take advantage of this discount.

 

Section 80C also includes subsections like 80CCC, 80CCD (1), 80CCD (1B), 80CCD (2).

 

All these sections together allow deduction of Rs.1, 50,000, but section 80CCD (1B) allows additional deduction of Rs.50,000.

 Section 80TTA - Interest on Savings Account:

The benefits of this department are available only to one person and HUF, they can claim deduction of Rs.10,000 against interest income from the savings bank account, the account is in the bank, co-operative society or post office. This section does not apply to interest earned from a fixed deposit account or a recurring deposit account.

You may also, like- Automated Income Tax Preparation Excel Based Software for the Non-Government (Private)Employees for the Financial Year 2021-22[As per New and Old Tax Regime U/s 115BAC]

Section 80GG - House for Rent:

 Deductions under this section are only available to the taxpayer if the house rent allowance is not available. The taxpayer or the taxpayer's spouse or minor child shall not own any residential premises in the place of employment. The taxpayer shall not own any self-acquired property elsewhere. The taxpayer will be staying at the renter's residence. This discount applies to everyone.

 The amount of cut may be the lowest of the following:

1. Consistent minus 10% of total income is rented;

2. 5,000 per month;

3. Consistent 25% of total income.

 

Section 80E - Interest on educational loans:

A deduction can be claimed under this section on the interest on loans taken for higher education. This loan can be taken for the taxpayer himself or for his wife or child or for the person on whose behalf the taxpayer is the guardian.

 

The deduction under this section can be claimed up to 8 years or up to the date of payment of interest, whichever is earlier.

 Section 80EE - Home Loan Interest:

A discount is available under this section in FY 2017-2018 only if the loan is taken in FY 2016-2017. The deduction is only available to homeowners who have only one home property on the date of the loan. The value of the property should be less than Rs 50 lakh and the loan amount should be less than Rs 35 lakh. They can claim a discount of up to Rs 50,000 per year under this category.

Section 80D - Medical Insurance:

 An individual and HUF can claim deduction under this section, if the medical insurance is taken for oneself, spouse and dependent children, you can claim a discount of Rs 25,000. An additional deduction of Rs 25,000 is available for insurance taken for parents below 60 years of age, and if the age is over 60, the deduction amount can be Rs 50,000, an amount increased from Rs 30,000 in the 2018 budget.

 Section 80U - Physical Disability:

A resident with a physical disability or mental disability is entitled to a rebate of Rs 75,000 under this section. A discount of Rs 1,25,000 can be claimed in case of severe disability.

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

 

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

On October 29, 2021 by www.taxexcel.net

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 Automatic Income Tax Preparation Software in Excel All in One for the F.Y.2021-22.It is known that

 the House Rent Allowances is not treated as the salary income As per the Income Tax Act,

 

For most employees, the house rent allowance (HRA) is part of their salary income. However, some small, and medium-sized companies can pay employees a single amount without any break-up. For a hired employee to claim a deduction, the HRA should be part of his or her salary income. However, In the Income Tax Act, 1961 needed exemption against the rent paid to employees, Indeed if the House Rent Allowances is not a Salary Income. Such employees may claim a rebate against the house rent paid under Section 80GG of the Income-tax Act. The rules also apply to self-employed individuals. Now make out the eligibility of amount and conditions under which anyone can claim tax exemption under section 80GG.

You may also, like- Automatic House Rent Exemption Calculator U/s 10(13A)

Terms & Conditions

 

To claim deduction under section 80GG, you should not have received HRA in any part of the financial year. "Both exemption H.R.A. U/s 10(13A) and U/s 80 GG can not claim HRA, who are not get HRA from their employer, they can claim U/s  80 GG. They can not be entitled as well as claim the HRA Exemption U/s 10(13A)

 

Under section 80GG, a person claiming deduction should not own any home in the city of residence. In fact, there should be no house in the name of wife, minor child or Hindu Undivided Family (HUF) in which the person is a member, in which town the office is located or business is conducted. So, if you have a family home in your town where you work, you cannot claim this discount.

 

The taxpayer must submit 10 BA forms; Only then can he claim this discount. It is a declaration made by the person that all the conditions of the section have been fulfilled.

The taxpayer who has chosen the alternative, or the new tax system, cannot claim this exemption.

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

 

This is how it is calculated

The deduction has to be calculated on the basis of a formula. The amount cut under this section shall be less than three:

(a) rent paid in over 10% of the total income,

(b) 25% of the total income,

(c) a maximum of Rs. 5,000 per month.

However, the maximum deduction or exemption allowed in a year is Rs 60,000/- After claiming all deductions from the total income of the taxpayer, the total income has to be considered for the purpose of calculation.

 

So, for example, if a person's total income is Rs 15 lakh for one year and the person claims to deduct about Rs 2 lakh under various other sections including 80C, then Rs 13 lakh will be considered as total income. Thus, if a person pays a rent of  Rs.325,000 Therefore, the minimum amount is Rs.60,000 which an individual can claim under section 80GG.

 

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

 

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

On October 26, 2021 by www.taxexcel.net

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 Auto-Fill Income Tax Preparation Software in Excel for the Govt and Non- Govt Employees.Section

 10 for salaried employees under the Income-tax Act includes various allowances ranging from house

 rent and travel allowance to research / academic allowance and uniform allowance.

 

Salary employees receive a certain amount of money or other allowances in addition to their salary for the specific needs of the employees. Most allowances are a fraction of the total income unless they are subject to certain exemptions under the Income Tax Act. Employees are paid allowances for their services or for working in unusual circumstances.

 

As per Income Tax Act U/s 10 many allowances include.

 

Section 10 (14)

Under the Special Allowance Act of Section 10 (14), an exemption is given on the basis of the amount used by the employee for a specific purpose. Exemption depends on the following factors:

 

Amount of allowance.

The actual amount used for the purpose for which the allowance was granted.

Section 10 (14) (i)

Under section 10 (14) (i), a waiver is given in the amount received as allowance or in the amount spent on certain duties, which may be the figure below.

Allowances under this category are:

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Non-Government Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax computed Sheet + Salary Structure as per the Non-Govt Employees Salary Pattern + Automatic Calculation House Rent Exemption U/s 10(13A) + Automatic Income Tax Form 16 Part A&B and Part B + Automatic Form 12 B.A. as per new and old tax regime] 

• Daily Allowance: Employees are paid daily allowance during travel or transfer time. Such allowances are paid when the employee is not in a place of normal responsibility.

Travel Allowance: Travel Allowance bears the costs related to travel or transfer while on duty. This allowance includes travel expenses when moving to another location, including packaging or transportation of a private building.

 

Transport Allowance: Allowance for transportation is paid to the employees in case of spending time travelling for office duties. However, the employer does not pay for travel from home to work because it is not considered an official responsibility. This allowance comes under a different category called ‘Transportation Allowance’ and it is not tax-free.

 

• Uniform Allowance: When the allowance is paid for the purchase or maintenance of a uniform, it must be worn while on duty. This allowance can be chosen only when the office responsibilities determine a certain uniform.

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

 

Generally, it is not necessary to submit a statement of expenditure under this category of allowance unless the expenditure is inappropriate or unreasonable in respect of the responsibilities performed by the employee. Most of the time, you don't need to keep documentary evidence and a general declaration meets the purpose.

 

Section 10 (14) (ii):

Under this section, allowances are paid to employees for working under a certain condition during their tenure. The amount of discount is the amount received as allowance or the mentioned limit, whichever is less.

 

The types of allowances and discounts given in this section are listed below:

1. Compensation allowance for working in high altitude or hilly areas Rs.800/- p.m.

Siachen area of J&K - 7000 rupees per month

Ordinary place 1000 mtr or above - 300 rupees

 

2. Scheduled or Tribal or Agency Area Allowance: Rs.200 p.m.

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Andhra Pradesh State Government Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax computed Sheet + Salary Structure as per the Andhra Pradesh State Govt Employees Salary Pattern + Automatic Calculation House Rent Exemption U/s 10(13A) + Automatic Income Tax Form 16 Part A&B and Part B + Automatic Form 12 B.A. as per new and old tax regime] 

For duty in the border area or remotest area or any difficult/turbulent area:

Allowance from Rs.200 to Rs.1300 is exempted under Rule 2BB. 

4. Allowance for children's education:

100 for each child and a maximum of two children. 

5. Allowance for working in a transport system for personal expenses while performing duties:

70% of allowance up to Rs.10,000/- 

6. Area allowance:

Area of Nagaland, J&K, HP, UP, UP, Sikkim and Manipur - Rs.2,200 per night 

7. Allowance for hostel expenses of employee's children:

Rs.100/- in the education for each child up to two children. 

8. Allowance paid to the Armed Forces for anti-militant cases:

3900 per month. 

9. Travel allowance for physically disabled employees:

1600 per month. 

10. Transportation allowance for travel between work and accommodation:

1600 in the afternoon. 

11. Specific areas of West Bengal, North-East, Rajasthan, J&K, UP and HP - Rs.800/-

12. Island duty allowance has been provided to the Armed Forces in Andaman and Nicobar and Lakshadweep:

3250 per month. 

13. Allowance for working in underground mines:

800 per month. 

14. Special Compensatory Highly Active Area Allowance:

200200 in the afternoon. 

15. Allowance for Armed Forces at High Altitude:

9000 - 15,000ft - Rs.1060 pm

15,000 feet above - 1600 pm

Download Automated Income Tax Preparation Excel Based Software All in One for the Government and Non-Government(Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23U/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 2021

 

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (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

 

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

 

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

 

10) Automatic Convert the amount in to the in-words without any Excel Formula

On October 25, 2021 by www.taxexcel.net

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