The government has not changed the basic exemption limit of 2.50 lakhs for a while as the government

 does not want people to step out of the tax net and be exempt from filing the ITR. However, at the

 same time, successive governments have proposed tax exemptions for taxpayers up to certain income

 limits. Tax exemption is currently available for those whose income does not exceed Rs. 5 lakh. This

 exemption is available in section 87A.

 

Section 87A was introduced into the Finance Act 2003 which was amended from time to time. Currently, an individual taxpayer, resident in India for income tax purposes, is entitled to claim tax exemption up to Rs. 12,500 up to his tax liability and his income does not exceed Rs.5 lakh. However, once your income exceeds this limit, your right to claim an exemption under section 87A ceases completely.

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

 

No one and everyone can take advantage of this exemption. Although the basic exemption limit of Rs. 2.50 lakh is applicable to all natural persons and HUF, resident or non-resident, but the exemption under section 87A is only available to a natural person and also only if a resident is for income tax purposes. Therefore not all HUF and non-resident persons are entitled to this exemption.

 

What income must be considered for the eligibility criteria

There is always this confusion in the minds of taxpayers as to what income should be considered in order to qualify for this exemption. In the first place, the income to be considered for this purpose is the income that is received after deducting all the old anticipated losses with the current year's income. Likewise, from the net profit after such loss adjustment, you must deduct all available deductions under the various sections of chapter VI A. Chapter VI A includes the deduction for various items such as Section 80C (for LIP, EPF, PPF, ELSS, tuition, home loan repayment etc.), Section 80 CCD (NPS), Section 80D (Health Insurance), 80 G (donations) and 80 TTA and 80 TTB (bank interest).

YOU MAY REQUIRE THE BELOW GIVEN FORM 16 FOR THE FINANCIAL YEAR 2021-22

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

Or

 

Download and Get ready at a time 50 Employees Annual Tax Revised Form 16 Part B for the Financial Year 2021-22 with new and old tax regime U/s115 BAC. 

Or

 

Download and Get ready at a time 100 Employees Revised Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC.

 

Or

 

Download and Plan at a time 100 Employees Revised Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

On February 15, 2022 by www.taxexcel.net

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 Deduction under Chapter VI A of the Income Tax Act| Income Tax Chapter VI A of the Income Tax Act

 available different subsections of section 80 which allows a taxpayer to claim a deduction from total

 gross income. 

Income Tax Chapter VI A of the Income Tax Act bear carry subsections of section 80 which allows a valuer to claim a deduction from total gross income due to various tax savings investments, permitted expenses, donations etc. This deduction allows the assessor for the allowance to substantially reduce the tax due.

 

Chapter VI A of the Income Tax Act bears the following sections:

80C: Deduction relating to the life insurance premium, deferred annuity, contribution to the retirement fund (PF), subscription of certain shares or bonds, etc. The deduction limit is Rs 1,5 lakh with the 80CCC section and the 80CCD section (1).

Download and prepare at a time 50 Employees form 16 Part A&B for the F.Y.2021-22

80CCC: Exemption for contribution to some pension funds.

With section 80C and section 80CCD (1) the deduction limit is Rs 1,5 lakh.

80CCD (1): Deduction related to the contribution to the central government pension scheme - In the case of an employee, 10 % of the salary (Base + DA) and in any other case 20 % of the total gross income of a financial year will be tax-free. The total limit is Rs 1.5 lakh including 80C and 80CCC.

 

80CCD (1B): Deduction of up to Rs. 50,000 in relation to the contribution to the central government pension scheme (NPS).

 

80CCD (2): Deduction related to the contribution paid by the employer to the pension scheme of the central government. The tax relief is granted on the employer's contribution to the extent of 14 per cent where this contribution is made by the central government and where the contribution is paid by any other employer, the tax reduction is granted in the amount of 10 per one hundred.

Download and prepare at a time 50 Employees form 16 Part B for the F.Y.2021-22 

80D: Deduction on the health insurance premium. The premium paid up to Rs 25,000 is eligible for deduction for people other than the elderly. For seniors, the limit is Rs 50,000 and the total limit under section 80D is Rs 1 lakh.

 

80DD: Deduction for alimony including medical treatment of a dependent person who is a disabled person. The maximum deduction limit in this section is Rs 75,000.

 

80DDB: Deduction in relation to the expense of up to Rs. 40,000 for the medical treatment of a specific disease by a neurologist, oncologist, urologist, haematologist, immunologist or any other specialist, as may be prescribed.

 

80E: Deduction for interest on the loan granted for higher education without any upper limit.

Download and prepare at a time 100 Employees form 16 Part B for the F.Y.2021-22

 

80EE: Interest deduction of up to Rs. 50,000 on the loan taken for residential homeownership.

 

80EEA: Interest deduction of up to Rs.1.5 lakh on loan taken for certain homeownership (on affordable housing).

 

80EEB: Deduction for interest up to Rs.1.5 lakh on the loan taken for the purchase of an electric vehicle.

 

80G: Donations to certain funds, charities, etc. Depending on the nature of the donee, the limit ranges from 50 % of the donation to a limit of 100 % of the total donation, 50 % of the total donation, or 10 % of gross income.

Download and prepare at a time 100 Employees form 16 Part A&B for the F.Y.2021-22

 

80GG: Deduction relating to the rent paid by non-salaried people who do not receive the HRA benefit. The deduction limit is Rs 5,000 per month or 25% of total income in a year, whichever is lower.

 

80TTA: Deduction for interest on savings current accounts up to Rs 10,000 in the case of experts other than elderly residents.

 

80TTB: Deduction for interest on deposits up to Rs. 50,000 in the case of elderly residents.

 

80U: Deduction in case of a disabled person. The maximum allowance allowed in this section is Rs 1.25 lakh, depending on the type and extent of the disability.

 

87A: The exemption under section 87A helps taxpayers reduce their income tax. You can apply for the above exemption if your total income, i.e. after deduction of the VIA chapter, does not exceed Rs 5 lakh in a financial year. Income tax liability becomes void after applying for an exemption under section 87A.

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

 

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

On February 14, 2022 by www.taxexcel.net

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The Central Direct Tax Board has notified the changes to Form 16 (TDS Deduction Certificate) issued by the employer. The new changes will come into force starting from May 12, ie before the deadline for the issuance of Form 16.

Download Automated Income Tax Revised Form 16 Part A&B and Part B which can prepare One by One Form 16 Part A&B and Part B both in single Excel Utility

 

The new certificate requires a detailed description of all tax exemption benefits paid to employees under Section 10 of the Income Tax Act, including vacation collection, medical benefit, and rental allowance. Home, retirement and gratuity, etc. The employer must specify the nature. Even the amount of allowances that are exempt from tax. Similar details were also sought in ITR-1 this year.

 

The new format will help the taxman to verify the claimed details and also prevent the possibility of tax evasion. The older format does not require a specific list of exempt benefits. Previously, consolidated disclosures were required for various deductions. In addition to the changes to Form 16 and ITR-1, changes were also made to the TDS declaration (Form 24Q) submitted by the employer for tax deduction.

Download Automated Income Tax Form 16 Part B which can prepare One by One Form 16 Part B in Excel

 

Previous Form 24Q, Form 16 and ITR had different details, so it was difficult to track down tax evaders. This move will help the department cross-check the information received from the ITR filed by the taxpayer. In addition, provision of the Lender's PAN on Form 24Q is mandatory if a deduction is required in connection with the home loan taken by someone other than a financial institution or employer.

 

The above changes will result in greater responsibility in processing returns with the help of the IT infrastructure. The Revenue Agency has notified the new ITR forms for the salaried class for the financial year 2021-22, whose deadline is July 31, 2022.

Download Automated Income Tax Form 16 Part B which can prepare at a time 50 Employees Form 16 Part B in Excel

 

On February 12, 2022 by www.taxexcel.net

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