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Thursday, 18 November 2021

How to save income tax for F.Y 2021-22. We all want to save as much money as possible if it is legally

correct. How to save income tax when saving money for taxpayers is probably one of the most

searched phrases.

Here are some top options every taxpayer should explore to save income tax:

Get the maximum benefit of 80C: If you are planning to save income tax, you must get a maximum benefit under 80C (Rs. 1.5 lakh per annum till now).

One can freely choose the savings instruments of their choice, such as those willing to take financial risk, go for 5-year tax saver FD, life insurance policy or other investment products offering fixed returns.

Those who are not ashamed to take risks can invest in mutual funds under ELSS. There is no difference between the performance of ELSS and a general mutual fund except that the ELSS category fund has a lock-in period of 3 years.

Never ignore the 80CCD: Consider using the maximum limit under the 80CCD

You can compare the performance of all the funds under this section and choose the fund of your choice. 50% of your funds are invested in these market-linked products and 50% in debt instruments such as government bonds.

This ratio is changed each year by the fund manager and 100% of your funds are parked in the debt market until retirement. As an assessor, you are already saving 15,000 tax so what you are earning is actually earning 35,000, so if you save under this category then your actual income is much higher.

However, products under 80CCD are only pension funds, so there are some restrictions on raising funds, you must consider this before investing.

Triple Home Benefits: Owning a home offers three times the benefits of home rent savings, long-term property valuation and tax benefits. If you live in a rental property, your rental costs continue to rise every year, where your EMI is almost constant (unless interest rates change).

Finance Minister Nirmala Sitharaman in her 2021 budget has extended the deadline for additional tax benefits of Rs 1.5 lakh under section 80EEA.

In the 'Housing for All', the government is offering tax exemption of up to Rupees Three Lakh and Fifty Thousand (Rs 2 lakh under section 24(b)), which cannot be ignored.

In addition, if you purchase a residential property, you can save tax under multiple categories according to the following schedule: -

Section Maximum Tax Benefits Tax Saving Component Conditions Section 24 Rs.

80EEA Rs.1,50,000 interest on home loan "- Property stamp duty value should be up to Rs. The amount is under 80EE.

80C Rs.1,50,000 Home Loan Principal - Property should not be sold within 5 years of occupation.

So if you claim all taxes on all the above components, you can claim a maximum income tax exemption of Rs. 5 lakhs In addition, let's take a look at a summary of other income tax protection options: -

In addition, let's look at a summary of other income tax protection options:

Department Details Annual Deduction Limit (in Rupees)

80C comes with the following instruments

150,000 under it

80CCD investment in the national pension system

(NPS), Atal Pension Yojana (APY). 50000

80D "premium for Medical insurance

Yourself, spouse and children. 25,000 (50k if over 60)

80E Interest paid on education loan for oneself, wife or children. Deposit interest

For 8 years only. Unlimited

80EE interest for first-time homeowners.

The price of the house should be 50000

80G grants to various governments. Authorized Charities,

Social and government organizations (can be up to 50% amount

Will be claimed for some companies) Maximum 10% of total revenue

80GG house rented, not private

HRA found and does not own any property.

Rent minus 10% of total income, 25%

Total income or 5000 / month whichever is less.

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

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-22 (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.2020-21

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-22

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

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Monday, 15 November 2021

Automated Income Tax Preparation Software in Excel for the All Govt and All Non-Govt Employees

Taxpayers are entitled to get the benefit of tax deduction U/s 80C as per the Income Tax Act for a LIC

policy, fixed deposit, superannuation / PF, tuition fee.

Taxes are an integral part of our country, accounting for a large portion of the revenue earned by the government, the income that is used to provide certain basic provisions to citizens. According to the existing tax slab, people earning more than a certain amount are expected to pay tax. Although these taxes can be strict on a taxpayer's bank balance, the government also provides some provisions where one can save taxes. Tax cuts can help a person reduce their taxable income, reduce their overall tax liability and, in turn, help them save tax. The deduction that one is eligible for depends on many factors, different limits are set for different purposes.

Tax deduction under section 80C

Maximum limit Rs. 1.5 Lakh with 80C,80CCD,80CCC(1) additional deduction U/s 80 CCD(1B) Rs.50,000/- and 80CCD(2) Employers Contribution to the Employees Pension Fund.

You can also, like- Automated Income Tax Preparation Software in Excel for the Private Employees for the F.Y.2021-22

Tax deduction under section 80D

Section 80D of the Income Tax Act allows deduction on the amount spent by an individual for the premium of a health insurance policy. This includes payments made by the spouse, children, parents or on behalf of the central government's health plan. An amount of Rs 15,000 can be claimed as a deduction when paying for insurance for spouse, dependent child or oneself, while this amount is Rs 30,000 if the person is over 60 years of age (Union Budget 2017).

On February 1, 2018, Finance Minister Arun Jaitley presented the Union Budget 2018 with some changes in the tax cuts applicable to senior citizens. Under Section 80D, the limit of the income tax deduction for senior citizens has been fixed at Rs 50,000 for medical expenses.

Both the individual and the Hindu undivided family are eligible for this deduction, subject to payment in a manner other than cash.

Subsection under section 80D

Section 80D is further divided into two sub-sections, providing clarity on the benefits available to taxpayers.

You can also, like- Automated Income Tax Preparation Software in Excel for the Assam State Employees for the F.Y.2021-22

80 Section 80DD: Section 80DD provides a tax deduction in two cases, Rs. 75,000 for general disability and Rs. 1.25 lakh for severe disability. This discount can be claimed for the following expenses.

On the money made for the treatment of dependents with disabilities

The amount paid as a premium for purchasing or maintaining an insurance policy for such dependents

75,000 for general disability and Rs. 1.25 lakh for severe disability Both Hindu undivided families and residents are eligible for this exemption. Dependents, in this case, can be either a spouse, siblings, parents or children.

Section 80DDB may be used by HUFs and residential persons and provides for deduction on expenses incurred by the individual/family for the treatment of certain diseases. The approved deduction is limited to Rs 40,000, which can be increased to Rs 60,000.

Tax deduction under section 80E

Section 80E of the Income Tax Act is designed so that educating oneself does not become an additional tax burden. Under this provision, taxpayers are eligible for a tax deduction on interest payments on loans taken for higher education. This loan can be sponsored by the taxpayer himself or his ward/child for education. Only individuals with approved loans for tax benefits from approved charities and financial institutions are eligible for this deduction.

You can also, like- Automated Income Tax Preparation Software in Excel for the Jharkhand State Employees for the F.Y.2021-22

Tax deduction under section 80G

Section 80G encourages taxpayers to donate funds and charities, providing tax benefits on financial contributions. All appraisers are eligible for this deduction, subject to the provision of proof of payment, including the deduction limit set based on certain factors.

100 % without any limit: Debt: Grants donated to funds like National Defense Fund, Prime Minister's Relief Fund, National Illness Assistance Fund, etc. are eligible for 100 % remission.

100 with qualification limit: Grant to local authorities, associations or organizations for the development of family planning and sports 100 াক qualification for the post, subject to certain qualification limits.

You can also, like- Automated Income Tax Preparation Software in Excel for the Andhra Pradesh State Employees for the F.Y.2021-22

Salary Structure of Andhra Pradesh State

50% deduction without eligibility limit: Grants to funds like PMs Drought Relief Fund, Rajiv Gandhi Foundation, etc. are eligible for 50 %Diction.

Eligibility limit 50 % deduction: Donation to a religious organization, family planning and other charities in addition to donations to local authorities for the purpose 50 % Eligible for voting, subject to certain eligibility limits.

The eligibility limit refers to 10 % of a taxpayer's total income.

Tax deduction under section 80TTA

The deduction under Section 80TTA can be claimed by Hindu undivided families and private taxpayers. This allows the department to deduct Rs 10,000 per annum on interest earned on money invested in bank savings accounts in the country.

Tax deduction under section 80U

Tax deductions under section 80U can only be claimed by resident individual taxpayers who are a disability. Persons certified by the relevant medical authority as persons can claim a maximum discount of Rs 75,000 per annum. Individuals whose disability is above 80 % maximum exemption of Rs 1.25 lakh,

Tax deduction under section 87A

Maximum discount allowed Rs. 12,500 / - Those whose taxable income is below Rs. 5 lakhs can avail of this facility.

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 2022-23 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 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 into the in-words without any Excel Formula

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Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees. Income

tax rebate under section 87A for income up to Rs.5 lakh - has been explained

Section 87A was first started in the Finance Act 2003 which was changed from time to time.

Tax rebate is available for those whose income is not more than Rs 5 lakh at present

The Income Tax Slab Rate has not changed by the Finance Budget 2021 At the same time, however, subsequent governments have proposed tax breaks for taxpayers up to a certain income limit. Currently, tax rebates are available for those whose income is not more than Rs.5 lakh U/s 87A.

What is the correct provision?

Section 87A was intimated in the Finance Act 2003 which was changed from time to time. Currently, an independent taxpayer, who is a resident of India for the purpose of income tax, has Rs. Entitled to claim tax exemption till. 12,500 against your tax liability if your income does not exceed Rs 5 million. However, if the income exceeds this limit, your entitlement to claim a rebate under section 87A is completely lost.

Not everyone is entitled to this discount Although the original discount limit is Rs. Rs 2.50 lakh is applicable to all persons and HUF whether residential or non-resident but the rebate under section 87A is available to one person only and also if he is a resident for the purpose of income tax. Therefore, not all HUFs and non-residents are entitled to this exemption

The eligibility of any income should be taken into consideration

Taxpayers are always confused about which income will be considered to be eligible for this concession. So to begin with, the income that will be considered for this purpose is the income that came after setting all the progress old losses against the current year's income.

Similarly, from the net income after the set-off of such loss, you will have to reduce all the discounts available under different sections of the VIA chapter. Section VIA includes Section 80C (for LIP, EPF, PPF, ELSS, Tuition Fee, Home Loan Repayment, etc.), Section 80 CCD (NPS), Section 80D (Health Insurance), 80 G (Grants) and 80 TTA and 80 TTB. (Bank interest).

Please note that you do not have the right to set a tax liability for long-term capital gains under section 112A arising out of the sale of listed equity shares as well as mutual fund equity-based schemes, which is payable at 10% of the initial discount. Rs 1 lakh. How rebates actually work

Taxpayers are commonly assumed that if their income is not more than the magic number of Rs. 5 lakhs, they will not have to pay any tax.

This is because the tax rate for general income ranges from Rs 2.50 lakh to Rs 5 lakh at 5% and the tax liability of 5% on Rs 2.50 lakh comes to exactly Rs 12,500. However, your income includes income that is taxed at a higher rate of 15% (short-term capital gains) or 20% (other long-term capital gains), even if your income is taxable.

Not more than five lakhs. One lakh listed shares have one lakh short-term capital gains for your income of Rs 5 lakh and the rest is your regular income. Your tax liability will be Rs. 22,500, inclusive of Rs. 7,500 (5% per 1.50 lakh) + 15,000 (15% per 1 lakh of short-term capital gains). 12500 / - after rebate you have to pay. Rupees Ten Thousand and get benefits as when your income does not cover the threshold of five lakhs.

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23 U/s 115BAC