Exemption under section 87A. What is an exemption as well as deduction under Section 87A and who

 are eligible for it? A person who is a resident of India and whose total income does not exceed Rs.

 5.00.000 is entitled to claim an exemption under section 87A after deduction.

 

The exemption under section 87A is available as a tax liability deduction. Exemption under Section 87A 100% Income Tax. if the tax liability exceeds Rs. 5,000, the discount will not be available.

Download and Prepare At a time 50 Employees Form 16 Part A&B for the F.Y.2021-22 as per new and old tax regime

However, in the case of a taxpayer being a resident of India, the exemption under section 87A of Rs. 12,500 or 100% tax, whichever is less, will be provided if your total income does not exceed Rs. 5.00.000.

 

What is a deduction U/s 87A?

 

Exemption. U/s 87A Conditions:

Must be a resident natural person and,

A resident individual with a total income of Rs. 5.00 lakh will benefit from a relaxation of Rs. 12,500 is limited to the amount of tax due by him.

 

The exemption under section 87A is not available to any other evaluator.

 

This exemption is available before the tuition fee is charged.

Section 87A provides income tax exemption for resident individuals whose total income does not exceed Rs 5.00,000. The exemption amount is Rs 12,500 or 100% income tax whichever is less. It is deductible from income tax before calculating the Cess for health and education. [Amendment of the Finance Law (No. 2), 2019]

 

Calculation exemption under section 87A in the following cases:

 

In order to provide tax relief to individual taxpayers, who are in the 5% tax bracket, Section 87A provides for exemption from the tax payable by a valuer,

 

(1) The exemption is equal to the amount of income tax payable on the total income for any valuation year or the amount of Rs.12,500, whichever is less.

 

(2) If the total income of up to Rs. 5.00.000 he has not required to pay any tax. In fact, the exemption will be tax payable or Rs 12,500, whichever is less.

 

(3) In addition, the aggregate amount of the exemption under section 87A must not exceed the amount of income tax (calculated prior to allowing such exemption) on the total income of the appraiser to whom it is charged for any year of valuation.

Download And Prepare At a time 50 Employees Form 16 Part B for the F.Y.2021-22 as per new and old tax regime

On February 03, 2022 by www.taxexcel.net

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 Budget 2022 did not provide for any change in the standard deduction amount available to employees

 and retirees. This will effectively mean that salaried individuals and retirees (whose pension is taxed

 below the head salary) will continue to claim the same standard deduction amount in fiscal 2022-23 as

 they did in fiscal 2021-22. They can claim Rs 50,000 as a standard deduction if they opt for the old tax

 regime in the financial year 2022-23. 

The amount available to apply for the standard deduction had to increase due to the high cost of working from home for employees due to the COVID-19 pandemic. The higher costs include higher internet connectivity, higher mobile / phone bills, mobile etc.

 

A standard deduction of Rs 40,000 was introduced by 2018. Union Budget in place of the Rs 19,200 transportation allowance and Rs 15,000 medical reimbursement to facilitate compliance and reduce employee documentation. It offers direct deduction from gross salary up to a maximum of Rs 50,000 and does not require the employer to submit an invoice to claim it. Starting in fiscal 2019-20, the standard deduction has been increased to Rs 50,000. 

No change in income tax slab for the Financial Year 2022-23 and the Assessment  year 2023-24

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 February 02, 2022 by www.taxexcel.net

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 Deduction for house rent paid U/s 80GG, the deduction for rent paid under section 80GG,

 section 80GG rent payment deduction, deduction under section 80GG in relation to rent paid for some

 sections in the income tax law that most of the people don't pay much attention to as they are useful in

 very few cases. Section 80GG of the IncomeTax Act can be said to be one of these sections.

 

Section 80GG Brief information

Deduction of the rent paid for the house and only applicable to those who are self-employed or for whom HRA is not part of the salary

 

At least of the following is allowed as a deduction

 

Note: Form 10BA must be completed to request this deduction.

Download and prepare one by one Automatic Income Tax Form 16 Part B in Excel for the Financial Year 2021-22

 

Deduction for rent paid under section 80GG

Under the Income Tax Act of 1961, if a person has not claimed any deductions for the rent paid for his residence in any other section, he can claim it using 80GG. For this, some other conditions must be met such as:

 

(1) If the person does not receive the house rental allowance from his employer or his salary does not include the house rental allowance that is eligible for exemption under section 10 (13A ) of the law, will be subject to tax on the cost of renting your home Eligible to claim the deduction. That was spent on their life in the previous year.

 

(2) The person submits a declaration on form no. 10BA.

 

(3) He himself or his spouse or minor child or HUF does not own any accommodation in the place where he habitually resides or performs the functions of his office or pursues his business or profession for which there is no residential accommodation.

 

(4) Anywhere else

Any residential accommodation that is a residence in a person's business, the value of which is to be determined under section 23 (2) (a) or section 23 (4) (a), as the case may be.

 

Deduction under section 80G:

 

The minimum of the following are permitted as a deduction under section 80GG of the Income Tax Act, 1961:

(1) Fee paid over 10% of total income *

(2) 25% of total income *

(3) Rs.5000 per month.

If the value owns a house in another city and uses that house for his residence and has not rented it, he cannot claim the deduction under section 80G even if he lives in a rented house. He lives and pays the rent in the place where he performs his official duties.

Download and prepare one by one Automatic Income Tax Form 16 Part A&B and Part B in Excel for the Financial Year 2021-22

On February 01, 2022 by www.taxexcel.net

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 The Income Tax Administration has provided taxpayers with various deductions and benefits that can

 be deducted from taxable income in accordance with Section 80 of Chapter VIA to reduce the tax

burden.

 

In all of this, there are some deductions that you get through investing, but there are some deductions that you get without investing, but some deductions that you make through daily expenses.

 

The most popular is the deduction below 80C; there are several other deductions that can reduce taxpayer tax liability even without solely saving on tax savings instruments. Some of them are as follows

Download Automated Income Tax Preparation Excel Based Software All in One for the Private Employees for the F.Y.2021-22 and A.Y.2022-23

The main 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 Private Employee’s Salary Structure.

 

4) Automated Income Tax Form 12 BA

 

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

 

7) Individual Salary Sheet

 

1. Child education fee

You can pay a maximum of Rs. For the education for a maximum of two children. 1.5 lakh In accordance with Section 80C of Income Tax, 1961 You can save up for interest on a loan for your child's education for 8 consecutive years under Section 80E.

 

2. Interest paid on a home loan

For first time home buyers up to Rs reduction. 50,000 EMI on the interest rate for interest paid on home loan under 80EE. However, the advance amount can not exceed Rs. 35 lakhs, while the value of the residential property should not exceed 50 lakhs

 

3. House rent allowance

Self-employed salaried people who do not own a home can benefit from an HRA deduction of at least 40-50% of the total amount under the HRA deduction under Section 10 (13A) of the Income Tax Act. Salary Amount (50% in the case of metropolitan areas) Actual amount received as HRA Amount of rent minus 10% of an employee's salary.

 

4. Medical expenses of senior citizen parents

If your parents are over the age of 60 and are not covered by any health insurance policy, you can claim a deduction from their medical expenses. You can request the maximum reduction limit. 50,000 In accordance with Section 80D of the Income Tax Act.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Private Employees for the F.Y.2021-22 and A.Y.2022-23

The main 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 Private 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

 

7) Individual Salary Sheet

On January 31, 2022 by www.taxexcel.net

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 Download Automatic Income Tax Form 16 Preparation Software In Excel which can prepare at a time

 50 and 100 Employees form 16 for F.Y.2021-22 |An income tax deduction is a reduction in taxable

 income that reduces a person's tax liability. It is also important to note that a significant portion of a

 person's income falls into the tax bracket. Section 80 deduction is divided into several categories

 according to the type of investment.

 

What is Section 80C Deduction?

We all expect good returns when we invest, but did you know that some of your investments pay you more than that and help you save on taxes?

One such investment is Section 80C. It is considered as one of the most preferred categories of taxpayers as it reduces taxable income through tax-exempt investments.

 

We all as Indian taxpayers look for different ways to save money and reduce our tax deductions. A taxpayer who uses a tax-saving investment and claims a deduction under section 80C is entitled to a rebate of up to Rs. 1,50,000 on their taxable income. The following different investment possibilities are available:

Download Automatic Income Tax Form 16 Preparation Excel Based Software for the Financial Year 2021-22 [This Excel Utility can prepare At a time 50 Employees Form 16 Part A&B as per Budget 2021

1. Employee provident fund: Under this investment, both the employer and the employee can contribute equally (12% of the basic salary).

 

2. Premium for health insurance: If you pay a premium for health insurance, you may be eligible for tax benefits.

 

3. Public Provident Fund (PPF): The government of India offers long-term investment in PPF. Any amount deposited in a PPF account in one year is eligible for a rebate starting from Rs.500 to a maximum of Rs.1.5 lakhs. 15 years later.

 

4. Premium for life insurance: If you pay the life insurance premium, you are eligible for tax benefits.

 

5. Sukanya Samrudhi Account Investment: For a girl child in India, you can open a Sukanya Samrudhi account with a minimum of Rs.1000 and a maximum of Rs.1.5 lakhs. The scheme currently has an interest rate of 8.1% and is tax-deductible.

 

6. National Savings Certificate: It is a safe way to save. Also, even if the NSC has a 5-year term, you can claim a discount for interest in the year you bought them. Because it is a government-sponsored program, it protects the security of your money.

 

7. Children's tuition fees: It covers the cost of tuition at a university in India. This is a good option for kids up to two.

 

8. Housing Loan: The principal repayment of a home loan, as well as the cost of registration, may be eligible for tax relief under section 80C.

 

9. Post Office Fixed Deposit: Fixed deposit at the post office is like a bank fixed deposit, however, only a 5-year deposit is eligible for a tax deduction.

Download Automatic Income Tax Form 16 Preparation Excel Based Software for the Financial Year 2021-22 [This Excel Utility can prepare One by One Form 16 Part A&B and Part B as per Budget 2021

 

What is Section 80CCC?

Single contributions to pension plans are eligible for an income tax credit under section 80CCC. Payment in annual pension schemes may be deducted under section 80CCC. Tax benefits on expenses for purchasing or continuing a retirement plan are defined under section 80CCC. 

 

What is Section 80CCD?

It relates to the individual's contribution to the following schemes:

National Pension System (NPS) 

Section 80CCD (1): It deals with tax deduction for self-employed / central government / other employers. Salary employees are entitled to a maximum deduction of 10% of their salary, whereas self-employed taxpayers can deduct 10% of their total income.

 

Section 80CCD (2): This section discusses the NPS contribution of the employer. Individuals who deposit in their pension account are eligible for deductions under section 80CCD. If an employer contributes to an employee's NPS account, the employee can claim a tax deduction. The threshold is 10% of an employee's salary.

 

Section 80CCD (1B): For the capital invested in NPS, the total tax savings can be up to Rs. 2,00,000, an additional tax benefit of Rs.50,000/-

 

What is 80D?

A tax deduction under section 80D is available for premiums paid for health insurance coverage. A taxpayer can deduct up to Rs 25,000 for insurance for themselves, their spouses, and their dependent children under section 80D. If your parents are under 60, you can get an additional discount of up to Rs 25,000 for their insurance. However, if they are over 60 years of age, they can deduct Rs 50,000 under this section.

 

What is Section 80DD?

Rehabilitation of disabled dependent relatives is included in section 80DD. An individual or a HUF department can take advantage of the 80DD discount:

খরচ Cost of medical services, training, and rehabilitation of a disabled dependent relative.

Payment or contribution to a designated scheme to assist disabled dependent relatives. If the disability is 40% or more but less than 80% then there is a set deduction of Rs. 75,000. There is a set deduction of Rs. 1,25,000 for 80% or more severe disability.

 

Conclusion

As an investor, having the right information can help you save a lot of tax money. Now that you are aware of all the tax-saving options like 80C, 80D, 80CCD, and others, you need to make sure that you use them properly to save money.

Download Automatic Income Tax Form 16 Preparation Excel Based Software for the Financial Year 2021-22 [This Excel Utility can prepare At a time 100 Employees Form 16 Part A&B as per Budget 2021

 

On January 30, 2022 by www.taxexcel.net

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

22|Taxes are the biggest concern for most of us. Like me, there are many who do not understand the

 process and are worried about how to get through it at this time of year. We either hire a specialist or

 rely on our CA to file for us. However, it is good to know at least some basic facts about taxes. When

 filing your income tax return, you will come across various sections under which you have to declare

 your income, investment and expenses., You must first understand the basic concepts of tax deduction,

 tax deduction and tax rebate. You may be surprised to know that these three will help you reduce your

 tax outgo.

 

Tax exemption

Most taxpayers are entitled to a rebate to reduce their tax liability. In other words, no tax is levied on expenses, income or investment to reduce the overall taxable income. Here are some of the many items that are eligible for tax exemption:

Home Rent Allowance (HRA)

Holiday Travel for perquisites like mobile phones and laptops.

Company accommodation Allowance (LTA)

Money has been received

Agricultural income

Capital gains under Sections 54, 54CE and 54F

Tax exemption should be claimed only from a certain source of income and not from total income. For example, it is not permissible to claim a waiver from any other head under the salary heading.

You may also, like- Automatic Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the Financial Year 201-22

Tax deduction

Claims for tax deduction are allowed only if the taxpayer has incurred a certain expense or made a tax-exempt investment. This is a deduction from the total income due to expenses like medical, education, transportation etc. The goal is to reduce the amount of income that is being taxed. Some of the taxpayer discounts available are:

Section 80C for certain types of investments like Provident Fund, Public Provident Fund, National Savings Certificate, Equity Linked Savings Scheme etc.

Section 80D for medical insurance premium.

U/s 80E education loan Interest

Section 80G for grants.

 

Section80TTA for interest on a savings account.

The range of each cut is different. Read our blog post for a complete list of saving options. Therefore, by making some investment you will be able to reduce the total amount of tax payable.

 

Tax exemption

A tax rebate is a tax refund when a person has less tax liability than the tax paid. In other words, it refunds the tax received in the previous year. According to the Interim Budget 2019, persons with taxable income up to Rs 5 lakh will get full tax exemption under Section 87A of the Income Tax Act. Under Section 87A of the Income-tax Act, it has been to increase the maximum tax rebate from Rs 2,500 to Rs 12,500. This proposed tax rebate will be acceptable to taxpayers with a taxable income of up to Rs 5 lakh.

 

Therefore, tax deductions and tax deductions help save money by paying lower taxes, while tax rebates refund the extra money paid for additional taxes in the previous year. These are allowed by the Income Tax Department to reduce a person's tax liability. Therefore, take full advantage of these benefits to maximize your savings.

Download Automatic Income Tax Salary arrears Relief Calculator U/s 89(1) with Form 10 E from the Financial Year 2000-01 to Financial Year2021-22(Updated Version)

On January 29, 2022 by www.taxexcel.net

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