Taxexcel

Tuesday, 11 January 2022

Automatic income tax calculator all in one

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

Understanding 80D

To address rising medical and hospitalization costs, insurance companies offer a number of health plans. To encourage more citizens to insure properly, the Income Tax Act provides various tax exemptions for medical insurance under section 80D. Having adequate medical insurance is essential for a stress-free life. It provides financial assistance in times of medical emergency. Medical insurance that provides adequate coverage will help you protect yourself from financial crisis during a medical emergency such as a serious illness or serious accident.

What is Section 80D?

If your insurance portfolio is to be considered consolidated, adequate medical coverage is essential. If the cost of your insurance premium is too high for you to bear, you need to find out how to manage the medical expenses when you are hospitalized. Hospitalization can be a huge headache for anyone. The government also encourages you to take benefits of medical coverage. In the Income Tax Act, Section 80D deduction is a tax deduction based on the health insurance premium you pay.

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

A health insurance policy that has a single premium

Section 80D of the 2018 Budget introduced a new provision for a tax deduction for a single premium health insurance policy. Suppose a taxpayer pays a single amount in a year for a plan whose validity is more than one year. The exact fraction that will be applied is calculated by dividing the amount of one month paid as a premium by the number of years of the policy. However, it is subject to an upper limit of Rs 25,000 and Rs 50,000 depending on the case.

Scenario	Premium paid	Deduction under Section 80D
Individual + parents below 60 years	25,000	25,000	50,000
Individual and family below 60 years but senior citizen parents	25,000	50,000	75,000
individual and parents above 60 years	50,000	50,000	1,00,000
Members of Hindu Undivided Family	25,000	25,000	25,000
Non-resident individual	25,000	25,000	25,000

The type of payment eligible for benefits under section 80D

Payment for the medical insurance you have chosen should be made through online banking, debit card, credit card, demand draft, check and other similar methods. If the premium instalment is made using cash, no tax exemption will be available under section 80D. However, the preventive health tests you pay in cash are still eligible for tax deduction under section 80D.

How do you get Section 80D deduction?

If you are a salaried person who wants to get an 80D tax deduction, then you need to submit policy documents along with a premium payment slip to your employer.

This will allow you to get your health insurance section 80D income tax return. Merchants can file their tax returns online. One of the most frequently asked questions regarding Section 80D deduction is: Is a person eligible for tax deduction when the employer pays medical insurance to the employee for which he deducts salary? The answer can be given in the following ways: Whenever individuals pay for insurance themselves, even after providing medical insurance to the employer and his family, 80D is eligible for a tax deduction.

Conclusion

We hope this detailed article answers all your questions regarding Section 80D discounts. It is necessary to Medical insurance is a must for each and every person. It provides a wealth of security and stability.

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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Monday, 10 January 2022

Download Automated Income Tax Form 16 Part A and B and Part B for F.Y 2021-22. Form 16 is one of the most important tax documents for both employees and employers. In this guide we have covered every aspect related to Form 16. This Form 16 is divided into two sections-Forms 16 Part A for Employees, Form 16 Part B for Employers

What is Form 16?

Form 16 is a certificate issued to employees by their employer when deducting the tax from the employee's salary. Put simply, it is an acknowledgment that your deducted tax has been filed with the Income Tax Office.

Form 16 is a most indispensable document that is issued under the provisions of the Income Tax Act, 1961. Form 16 details the amount of withholding tax (TDS) on your employer's salary along with the salary break for the financial year.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2021-22 which can prepare at a time 50 Employees Form 16 Part B

Why is Form 16 required?

Form 16 is a very important document because:

• Form 16 as a proof that the government has received the tax deducted from your employer or deductor.

• Assist in the tax return filing process with the Income Tax Department.

• Many banks and financial institutions require Form 16 to check the creditworthiness of the person when applying for the loan.

Who issues form 16?

The Income Tax Department as well as Income Tax Act guided an employer holding a TAN number and deducting employee salary tax to issue Form 16. If your tax is not deducted, your employer may refuse you to issue form 16.

When should form 16 be issued?

It should be released by June 15 of the year for which it was released. For example, F.Y. 2021-22, the deadline for issuing Form 16 was June 15, 2022. If an employer delays or fails to issue Form 16 by the stipulated period, they are required to pay a fine of Rs 100 per day up to that date. The default continues.

The new modified form 16 is divided into two sections: part A and part B.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2021-22 which can prepare at a time 100 Employees Form 16 Part B

Module 16 Part A:

This part of Income Tax Form 16 covers the employer, employee and TDS payment details. Show quarterly details of your government filed tax. Some details are as follows:

• Name and address of the employer.

• PAN and TAN of the employer.

• Name and address of the employee

• PAN of the employee

• Details of the taxes paid by the employer.

Module 16 Part B

This part shows the detailed income calculation, according to which the tax is calculated and deducted by your employer. This includes the salary you earned, various deductions, exemptions (if any) and tax calculations after considering all items under current tax rates.

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2021-22 which can prepare at a time 50 Employees Form 16 Part B

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Sunday, 9 January 2022

Exemption from Section 87A for the F.Y.2021-22| Pursuant to the 2019 Finance Act, the tax exemption limit under Article 87A has been revised to Rs 12,500 for the 2019-20 fiscal years. This tax exemption applies when the taxable income of an individual (including the elderly) is less than or equal to Rs 5 lakh.

The F.Y. 2020-21 financial year also kept this section 87A tax exemption unchanged for 2021-22.

Download & Prepare One by one Automated Form 16 Part A&B and Part B for the F.Y.2021-22

The 2020 Finance Act introduced a new tax system, offering an alternative lower rate of income tax for individuals with fixed rates of 10%, 20% and 30%, as well as fixed rates of 15% and 25%.

Under the recently proposed lower income tax system, people who want to pay their taxes will have to forgo almost all the tax breaks that are required in the old tax structure.

Therefore, all the exceptions for the VIA chapter (for example, sections 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGIA, 80-GIA, 80-80-IB , 80- IBA, etc.) Whoever chooses a new tax regime cannot be claimed.

But what about the income tax exemption of 12,500 under 87A? Can you apply for an exemption from Section 87A under the new tax regime for AH 2021-22?

Download & Prepare One by one Automated Form 16 Part B for the F.Y.2021-22

Let's first understand what tax exemption means?

What is the tax exemption?

A tax exemption is a tax refund when the tax liability is less than the tax paid or payable, which is called a person's income tax exemption.

Section 87A 2021-22. The modalities and applicability of the exemption pursuant to art

Now that you understand what a tax exemption is, let's move on to our "core question" of whether you can qualify for the Section 87A exemption of Rs 12,500 in the old as well as the new tax systems.

The U/s 87A threshold limit for fiscal year 2020-21 / fiscal year 2021-22 is Rs 12,500. This means that if the total tax payable is less than Rs 12,500, that amount will be deducted in accordance with section 87A. This exemption applies to the total amount of tax before adding the Cess on Education (4%).

Download & Prepare at a time 50 Employees Automated Form 16 Part A&B for the F.Y.2021-22

Only individual taxpayers earning a net taxable income of up to 5 lakhs are eligible for tax exemption under 87A.

The tax exemption under Article 87A is limited to a maximum of Rs 12,500. If the calculated tax payable is less than Rs 12,500, which is Rs 10,000, the tax exemption will be limited to that lower amount, which is Rs 10,000.

The taxpayer must first add up all income, such as wages, family income, capital gains, business or corporate income and income from other sources, then deduct the amount of tax deducted under sections 80C to 80U and the section 24 (b). Will Mortgage Interest) come with net taxable income. (If you opt for the new tax system, you will not be able to claim income tax deductions below 80c, 80d, etc.)

Tax exemption of Rs 12,500 if the above net taxable income is less than 5 lakh.

Download & Prepare at a time 50 Employees Automated Form 16 Part B for the F.Y.2021-22

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Saturday, 8 January 2022

New Form-16 generator with automatic tax calculator and salary declaration|The Income Tax Department has notified a new format for Form 16.The Income Tax Department has made many new changes to the format of Form 16: the TDS Salary Certificate, which requires a detailed salary breakdown, the tax-exempt benefits paid to the employee, and also all the breakdowns of deductions required by the employee.

In addition, concurrent changes were made to the format of the TDS (24Q) declaration submitted by the employer to the tax office and Form-16. This will allow the taxman to cross-check the ITR, Form 16 and TDS of the employee's employer.

Due to the latest change made by the income tax department in the form-16 format. w.e.f 12/05/2022, from AY 2021-22 each employer must deliver form 16 part B to their employee in a new format.

It is noted that, the Form-16 generator in a new format with automatic tax calculator and salary declaration at your disposal in excel format.

Now with less time, you can easily generate and print the Form 16.

Download & Generate 50 Employees Master of Form 16 Part B for the Financial Year 2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part B as per Section 115 BAC]

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Friday, 7 January 2022

Section 89 comes into play when salary / annuity or other parts are paid late or early. As outlined in Section 89, on the off chance that you simply receive financially or prepaid salary during a budget year due to which your total income for the year expands, which then builds up your taxable income, you will secure it. relief under Section 89. You should fill out Form 10E with these subtleties and then send it to your current manager to ensure relief. The 10E structure must be submitted online and no duplicate is required to be attached to the tax return.

This is how relief u / s 89 is decided

Step 1: ascertain the tax for the current year (counting termination and termination of education) on income by remembering the salary for arrears / advance / pay.

Step 2: Establish tax for the current year (counting the cessation and cessation of education) on income, unless wages are less than financial wages.

Step 3: Step 1 short Step 2

Step 4: Ascertain the tax for the year during which the salary (cees and cess education count) should be received on income by remembering the salary for arrears.

Step 5: Calculate the tax for the year during which the salary / salary should be obtained (counting the cessation and cessation of education) on income, save for the financially overdue salary

Step 6: Step 4 short Step 5

Phase 7: Deduction for arrears u / s 89 = Phase 3 short Phase 6 (if positive, in any case null)

Step 8: Tax Purchased Current Evaluation Year = Step 1 Short Step 7

Download Automated Excel Based Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E from the Financial Year 2000-01 to the Financial Year 2021-22 (Updated Version)