Thursday, 16 December 2021

How to save tax through NPS| With Automatic Income Tax Preparation Excel Based Software All in

One for the West Bengal Govt Employees for the F.Y.2021-22

How to save tax by NPS investing an additional Rs 50, 000,.Investment in the National Pension System (NPS) is a hot topic of discussion from the perspective of tax protection for individual taxpayers considering various changes in the Income Tax Act in recent years. The NPS Tier 1 account provides tax benefits to the employer as well as the employee / self-employed person for their contribution to the NPS.

The tax benefits at the contribution stage are summarized below:

A person who has deposited any amount in his NPS account in a financial year can claim a rebate from his total income which is limited to 10% of the basic salary of salaried persons and 20% of the total income of self-employed persons. . This discount is for contributions made directly or in person by the employer.

Section 80CCE specifies the total amount of exemption permitted under sections 80C and 80 CCD (1) of the Income-tax Act., However, deposit in Section 80C baskets (EPF, PPF contributions, etc.),80CCD (1) also.

You may also, like-Automatic Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-22

Recently, U/s 80CCE permitted a person to an exemption up to Rs 1.5 lakh from the gross income if this Rs 1.5 lakh is invested in a specific way (including NPS). Certain expenditures are also eligible for exemption under the limit of Rs 1.5 lakh U/s 80CCE.

The maximum amount that can be deposited in NPS to claim deduction under section 80CCD (1) does not exceed 10% of a person's basic salary. After that, if 10% of the basic salary is below Rs. 1.5 lakhs, say Rs 1.40. deposit such as P.F., Tax-Saving F.D etc. Rs. 50,000 / - can be deposited in NPS in addition to Rs. 90,000 mentioned under 80CCD (1b). This rebate of Rs.50,000/-

Additional discount on NPS

To encourage investment in NPS, Section 80CCD (1B) of the Income-tax Act allows an additional rebate of Rs 1.5 lakh and above Rs 50,000 available under Section 80CCE.

Thus, where the individual taxpayer has exceeded the limit of Rs. 50,000 under Section 80CCD (1B) can be used to claim an additional rebate.

Employer's contribution

Employer's Contributions to the NPS account it is going to 80CCD(2)of an employee are governed by Section 17 (1) (viii) of the Income Tax Act applicable).

In Conclusion, Section 1 ((2) (vii) of the Finance Act, 2020 has been amended

Further, under section 17 (2) (viia), any interest, dividends, etc. earned by the employer on contributions above Rs. 7.5 lakhs and above will be taxable. The provision states that annual contributions will be calculated "in the prescribed manner" due to additional contributions. However, calculation guidelines are still pending.

Download Automated IncomeTax Preparation Excel Based Software All in One for the West Bengal Government 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 Calculation Income Tax House Rent Exemption U/s 10(13A)

5) Individual Salary Structure as per the West Bengal State Govt Employees 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

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Sunday, 12 December 2021

What is Income Tax Form 16? Form 16 is nothing more than a salary certificate issued by your company that provides information about the salary you received in the financial year and the amount of TDS deducted from your salary.

In that case, the income from your annual salary exceeds the basic tax deduction limit; Then, your employer will be asked to deduct TDS from your salary and pay it to the Government of India. Employers provide 16 forms to their employees as proof of filing an income tax return. If your annual income is less than the discount limit, no TDS will be deducted from your salary.

Form 16 Part B

Form 16 Part B is issued by the annual employer, containing information on other income, discount allowance, arrears of salary, duty payable, etc., usually before June 15 of the following year. It immediately follows the fiscal year where the tax is deducted. No worries if you lose your 16 forms, you can get a duplicate issued by your employer without any hassle of hiring.

Form 16 Part A

The following is a list of important components of Form 16 Part A:

Dedicator’s information such as Tax Collection Account Number (TAN), Name, Permanent Account Number (PAN), Tax Exemption as well as deduction etc.

The employee returns to the employee (if any), or the balance paid by the employee.

Employee name Personal details such as full name, Permanent Account Number (PAN) etc.

All tax-related information like quantity, invoice number, demand draft number, check number etc.

The tax has been cut as per section 191A.

Recognition of the total number of taxes paid by the employer.

• Other information such as salary, total salary, net salary, park, deduction etc.

• Receipt of TDS has been given. If your employer only has one in a financial year, that particular employer will publish Form 16 for the entire fiscal year. If you change jobs and are employed by more than one company in a financial year, all employers will be issued a separate Form 16 for the period for which they are working.

Download and Prepare 50 Employees Form 16 Part B for F.Y.2020-21 at once The main features of this Excel utility are: -

1) This Excel utility is your income tax account 115 BAC according to new and old tax rules.

2) This Excel utility can prepare 50 employees at a time in Form 16 Part B in a revised format.

3) Convert quantity to in-word automatically without any excel formula

4) This Excel utility automatically prevents double-entry of an employee's PAN number.

5) All income tax departments are available under Budget 2020 as well as Income Tax Act 1961

6) This Excel utility has the option of choosing a new or old tax system

Download and Get ready at a time 50 Employees Computerized Annual Tax Revised Form 16 Part A&B for the Financial Year 2021-22 and Assessment Year 2022-23 with new and old tax regime U/s 115 BAC.

Main Feature of this Excel Utility:-

$ This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B

$ Prevent double entry of Pan or Tax Number

$ All amended Income Tax Section as per Budget 2021 has in this Excel Utility.

$ Automatic Convert amount to the In-Words without any Excel Formula.

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Saturday, 11 December 2021

Common Deduction of Income Tax Chapter VIA, At a Glance Chapter VIA Deduction, List of all

income tax deductions from 80C to 80U. Chapter VIA List of all cuts at a glance, cut under Chapter

VI-A. Here we provide a list of all deductions covered under section VIA of the Income Tax Act. In

this article, we provide a complete list of cuts, including the name of the section, a brief description of

the section, a list of evaluators who may receive this discount, the amount of the cut, and so on.

Chapter VIA Deduction at a Glance

Common deduction of Income Tax Chapter VI A

In this article, we provide a list of all deductions available under the Income Tax Chapter VIA. In this article, we provide a list of all the cuts by chapter under section VIA. Now take a look at the table below for a VIA chapter listing all the cuts.

Quantum allowed cutting paragraph descriptions

80C discount on life insurance premium, contribution to provident fund etc.

Deduction in case of a maximum contribution of fixed pension fund person and HUF. 1,50,000

80CCC exemption is only maximum for individuals contributing to the fixed pension fund. 1,50,000

The contribution of salaried employees or self-employed persons and employees of the Central Government is not more than 10% of the salary in each case, 80CCD deduction in case of contribution to the advertised pension scheme. Maximum discount to an employee or self-employed person for limited contribution up to Rs.1,00,000

80CCE Limits 80C, 80CCC and 80CCD (1) N.A. 1,50,000

80CCG discount on investments made in an equity savings scheme

80D

Medical insurance premium deduction in case of individual or HUF whether residential or non-resident - in case of a person - maximum Rs. 25,000 & Senior Citizen Rs. 50,000/-

80DD deduction for maintenance including medical treatment of a disabled person for senior citizen

Individual or HUF resident extra in India. 5,000

Rs.50,000 or Rs.1,00,000 in case of severe disability

80DDB deduction in case of medical treatment etc. India has the highest number of private or HUF residents. 40,000

80E deduction for loan interest for senior citizens

Extra-person or not. 20,000

Actual payment has been made

80EE Deduction only for personal maximum Rs. 50,000

80G discount on grants to certain funds, charities etc.

In case of paid rent 80GG deduction only individually (b) 100% or 50% of the eligible grant, after application - 10% eligibility limit of compatible GTI, maximum Rs.2,000 p.m.

80GGA discount on specific grants for scientific research or rural development

In case of interest on deposit in savings account 80TTA deduction person or HUF maximum Rs.10,000/-

80U deduction in case of disabled person Rs. 75,000 in case of residential person disabled and Rs.1.5 Lakh

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

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Friday, 10 December 2021

Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22|

a pay structure that can help you reduce your tax burden. Although some of these components are fully

or partially taxable, some may be completely tax-exempt. Therefore, how your salary is structured is

crucial; As such you will always try to maximize the salary taken in your house by reducing the tax

burden.

Note that from 1st April 2021, a salaried person has the option to opt for a new income tax regime that comes with tax deductions and exemptions such as house rent allowance, deducted under sections 80C, 80D, etc. If an individual opts for the new tax system, the individual will not be able to claim any of the following components from the salary to reduce the tax burden.

Here are Ten deductions an employee can use to reduce their tax burden and plan their pay structure accordingly.

1. Employees Provident Fund (EPF)

Under the EPF Act, an employee is required to invest 12% of the basic salary and allowance in the EPF and the employer is required to invest an equal amount. Contributions deducted from the employee's account up to Rs 1.5 lakh are exempt from tax. This exemption has been granted under Section 80C of the Income Tax Act. Interest earned on EPF is also tax-free subject to certain conditions

You may also, like- AutomatedIncome Tax Preparation Excel Based Software All in One for the West Bengal GovtEmployees for the F.Y. 2021-22 as per Budget 2021

Automated Income Tax Arrears Relief Calculator U/s 89(1)

2. Leave Travel Allowance (LTA)

An employer provides LTA to employees to help them pay for travel with their families anywhere in India. This tax deduction is only for the equivalent of the cost of short-distance travel to the destination by air, rail or a recognized public transport system. An employee can get this material by submitting a travel bill/ticket to his employer.

3. Home Rent Allowance (HRA)

This component of pay helps an employee take care of the rent paid for the premises. In order to be able to claim this deduction, it is essential that it constitutes a portion of one's salary. The amount paid as HRA can be claimed as tax-free subject to certain limits, conditions.

The minimum amount will be tax-free in the following amounts:

Received actual HRA;

More than 10% of salary is rented

In metro cities (Mumbai, Kolkata, Delhi or Chennai); If the house is located in a non-metro town 40% of salary and expense allowance.

Download automatic H.R.A. Calculator U/s 10(13A) in Excel Format

4. Children's education allowance

Rs.100 / - per month as education allowance or Rs.1,200 / - per annum paid by an employer to an employee is allowed as a deduction for child employees from taxable income. This discount is granted to employees up to a maximum of 2 children. In addition, you can claim deductions for tuition fees paid to your children under Section 80C of the Income Tax Act.

5. Hostel cost allowance

Hostel Expenditure Allowance of Rs. 300 per month or Rs. This discount is granted to employees up to a maximum of 2 children.

6. Uniform allowance

It covers the allowance paid by the employer to the employer to cover the cost of purchase and/or maintenance of uniforms worn during employment duties.