Why is PPF still the best investment / savings? There are many savings investments such as Bank FDR, Postal Deposit, PPF, Gold, Silver, Real Estate, NPS etc. But if we analyze the advantages of the PPF, it is Number One in Savings Schemes / Investments / Tax Savings Instruments.

 

GPF or General Provident Fund is a savings scheme available to government employees. The EPF or Employees' Provident Fund is a savings scheme available to employees of private organizations. The PPF or Public Provident Fund is available to everyone, whether they are employees, self-employed or dependent.

Download One by One Preparation Automated Income Tax Form 16 Part A&B and Part B in Excel for the F.Y.2021-22

It is important that the Indian government supports the PPF scheme. Hence, it is one of the safest investment plans available for individuals. The Public Provident Fund program offers guaranteed and risk-free returns.

 

The Public Provident Fund (PPF) is one of the most preferred long-term investment vehicles for investors who have a zero risk appetite. In this investment, the investor not only manages an insured yield but also gets exemption from income tax on investments of up to Rs 1.5 lakh in a particular financial year.

 

However, if the investor has run out of his Rs.1.5 Lakh Investment limit of 1.5 lakh PPF and he still has excess money, he can open a PPF account in his wife's name and contribute to his he PPF account. Therefore, he can double his PPF investment limit, although he will be entitled to an income tax exemption of Rs. 1.5 lakh only under section 80C of the Income Tax Act.  PPF interest income is completely exempt from income tax under Section 10 (11) of the Income Tax Act and therefore has no effect on tax liability. Husband.

Download One by One Preparation Automated Income Tax Form 16 Part B in Excel for the F.Y.2021-22

 

Parents can open a separate PPF account in the name of the minor child in addition to the account in their own name. HUF is not authorized to open a PPF account. No one may open more than one PPF account in their own name. If a depositor opens more than one PPF account, the second and subsequent open accounts are considered irregular / unpredictable.

 

Public Provident fund (PPF) matures in 15 years. PPF allows the investment of a minimum of Rs 500 and a maximum of Rs 1,5 lakh for each financial year. Therefore, there is a minimum investment flexibility of only Rs. 500 / - per year. The investment can be made in a single installment or in a maximum of 12 installments. It is not mandatory for the depositor to close the PPF account after the expiration of 15 years. It can be extended indefinitely in blocks of five years. If a PPF account holder decides to continue with new contributions, he can withdraw up to 60% of the account balance at the start of any extended period - a five-year block.

Download and prepare at a time 50 Employees Automated Income Tax Form 16 Part B in Excel for the F.Y.2021-22

 

It is important that in the event of the death of the subscriber the PPF account is automatically closed and any amount deposited in that PPF account after the death no other person subscriber will not received to any interest.

 

It is important that the partial withdrawal is allowed from the sixth financial year following the opening of the PPF account. There are no fees on partial / premature withdrawal from the PPF account. You can withdraw 50% of the amount deposited into your account.

 

It is relevant to refer to Section 9 of the Public Provident Fund Act, 1968, which states that any court order or order for the recovery of any debt or liability incurred by any person's account cannot be attached under. holder.

Download and prepare at a time 100 Employees Automated Income Tax Form 16 Part B in Excel for the F.Y.2021-22 

So far the Public Provident Fund (PPF) earns 7.10% interest, which is higher than the fixed deposits of post offices, which earn 5.5-6.7%. The interest on the public pension fund is compounded annually. The savings bank's interest is around 4% while FD's earnings are around 5-5.5%. The 5-year national savings certificate offers an interest rate of around 6.8% while the Kisan Vikas Patra offers an interest rate of 6.9%. So we see that the PPF interest is high and safe.

Download and prepare at a time 50 Employees Automated Income Tax Form 16 Part A&B in Excel for the F.Y.2021-22 

Some people want to compare PPF with LIC. The two are not comparable as they are two different investments and meet different needs. LIC Life takes care of risk and savings while PPF is a pure investment with high returns. Insurance is for protection against risk, while investment is for a secure future. Both are eligible for the deduction under section 80C of the Income Tax Act. The maturity amount is tax free in both PPF and LIC.

 PPF is a safe option for long-term investors. PPF is an exempt-exempt investment

Download and prepare at a time 100 Employees Automated Income Tax Form 16 Part A&B in Excel for the F.Y.2021-22

On January 20, 2022 by www.taxexcel.net

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 Download Excel Form 10E-Salary Arrears Relief Calculator U/s 89(1) for  A.Y 2022-23 |

Under Section 89 (1) of the Income Tax Act, an income tax exemption is granted in 1961 when an employee receives arrears or prepayments in a financial year. Form 10-E is required to apply for relief under Rule 21A of the Income Tax Rules, 1962. 

According to the rules, if the employee is a civil servant or an employee of a company, cooperative, local authority, university, institution or organization, he can present him with Form 10E to request the exemption. / Your employer who is required to pay the salary referred to in subsection (1) of section 192 of the Income Tax Act, 1961

 

In all other cases, the assessor must submit an application on Form 10E to the Income Tax Assessment Officer to claim relief. The assessment of the exemption under section 89 (1) is acceptable in the year that the employee receives arrears or advances.

 

Salary revision has become common, especially in the public sector. Since independence, the government has set up six wage commissions. Salary arrears following the recommendations of each commission with prior effect. The rationale behind granting this relief under section 89 is that due to the payment of arrears or advances received in a particular financial year, the employee's income  increases due to the amount of arrears or 'advance. Consequently, the employee's income is taxed at a rate higher than that at which his income would have been taxed had there been no arrears or advances.

 

The steps involved in calculating the exemption under section 89 (1) basically include the following steps:

First: split the amount of arrears or advances received in the specified fiscal year to which they are related and recalculate income tax for each year if arrears are received in the corresponding fiscal year.

Calculate income tax separately for each year without taking into account arrears or anticipated income.

Third: deduct the total income tax from step 1 to step 2.

Fourth - Calculate the income tax for the year in arrears including the arrears / advances received.

Fifth - Calculate the income tax for the year for which arrears were received, excluding arrears / advances received.

Sixth: The income tax deduction has come to step 5 from income tax to step 4

The seventh income tax deduction came in step 3 from income tax in step 6

This figure is the amount of the relief under section 89 (1).

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

On January 18, 2022 by www.taxexcel.net

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Section 80U - Tax Exemption for Disable Person | There are certain sections of the Income Tax Act of India that offer tax advantages to individuals if they or any member of their family has a disability.

 

Section 80U provides tax benefits if a person is a victim of a disability. This article focuses on discussing the tax benefits available in section 80U.

 

Who can apply for an exemption under section 80U?

A taxpayer who has been certified that he is a disabled person by any medical authorities can claim tax benefits under section 80U. For the purposes of this section, a disabled person is defined as having at least 40 percent of the disability certified by the health authorities.

 

For the purposes of this section, a disability is defined as any of the following:

blindness

low vision

leprosy treatment

Hearing problem

motor disability

mental delay

mental disease 

This section provides a definition of severe disability which refers to a condition in which the disability is 80% or more. Severe disabilities include multiple disabilities, autism, and cerebral palsy. 

Amount of exemption under 80U

The 75,000 exemption is allowed for people with disabilities and Rs. 1.25,000 exemption for people with severe disabilities. 

Obligation to Apply for Exemption Under Section 80U

Form 10-IA does not require any documents other than a certificate of disability attested by a recognized medical authority. There is no need to invoice for subsequent treatment or other similar expenses. 

To submit an application under this section, you must submit a medical certificate certifying your disability along with your section 139 income tax return for the relevant A.Y.

Download Automated Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2021-22 with New andOld Tax Regime U/s 115 BAC

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

 

Once the Invalidity Assessment Certificate has expired, this deduction can be requested in the year the certificate expires. However, to apply for the benefit under 80U, a new certificate will be required from next year onwards.

 

The certificate can be obtained from medical authorities, either a neurologist with a Doctor of Medicine (MD) in neurology (in children, equivalent to a pediatric neurologist) or a civil surgeon

 

Note: If the invalidity is temporary and requires re-evaluation after a certain period, the validity of the certificate starts from the year of assessment with the year in which it was issued and the related year of assessment ends with the year of expiry. of the Certificate.

 

Difference between section 80U and section 80DD

Section 80DD provides for the tax deduction for disabled people and the relatives of taxpayers, while section 80U provides for the tax deduction for the disabled person himself.

 

Section 80DD is applicable if a taxpayer pays a certain amount as an insurance premium for the assistance of his or her dependent disabled person. In section 80DD, the deduction limit is the same as in section 80U. Here, dependent refers to siblings, parents, spouses, children, or members of a Hindu family.

Frequent questions

 

What certificate do I need to provide to apply for a deduction under section 80U?

The person must provide a copy of a medical certificate under section 80U along with the tax return.

 

What is the amount of the deduction under section 80U?

The amount of the exemption available for a disabled person is Rs 75,000. In case of 80% disability, the exemption is Rs 1.25.000.

Download Automated Income Tax Preparation Excel Based Software All in One for the 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 the all amended Income Tax Section as per Budget 2021

 

3) Automated Income Tax Form 12 BA

 

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

 

5) Individual Salary Structure as per the Non-Govt(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 January 17, 2022 by www.taxexcel.net

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Before you can file a tax return, you must have Form 16 - if you are an employee of a company, or Form 16A - if you have income from a source other than your salary. Form 16 Part B and Form Part 16 A are tax deducted at source (TDS) certificates used by income earners when filing tax returns. Both the forms were issued under section 203 of the Income-tax Act, 1961. In addition to being important documents for tax compliance, they also serve as proof of TDS. 

If no TDS is deducted, there is no need to issue the form 16

Download Automatic Income Tax Form 16 Part A&B for the Financial Year 2021-22 [This Excel Utility can prepare at a time 50 Employees]

What is Form 16?

Form 16 is a Salary TDS Certificate, which is issued annually to salaried employees. Section 203 of the Income Tax Act, 1961 has made it mandatory for employers to issue Form 16 to their employees, showing TDS of their total income. This serves as proof to employees that their tax has been deducted at source.

 

If the income you earn is above the discount limit. 2.50,000, then according to the Income Tax Act, your employer will have to deduct TDS from your salary and submit it to the government. If you change jobs within a year, you will be issued multiple Form 16s (depending on the company you worked for).

 

What is included in Module 16?

Part A of Form 16 contains basic details of the employer and the employee. This will include, among other things, a unique TDS certificate number, the employer's PAN and TAN, the employee's PAN and the employment period with the employer. Form 16 will also contain details of payments made to the employee and deductions at source year.

Part B of Form 16 contains the elements of your salary and the deductions you have requested. Some of the items you will see in Part B of Form 16 are income under "Salary", Chapter VI-A (Sections 80C, 80CCC, 80CCCD), Total Income, Taxes and Taxes on Total Income.

Download Automatic Income Tax Form 16 Part B for the Financial Year 2021-22 [This Excel Utility can prepare at a time 50 Employees]

 

On January 13, 2022 by www.taxexcel.net

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