Tax Saving Tips|

 

1. Tuition fees:

The Income Tax Act of 1961 provides for a deduction under section 80C of the Income Tax Act for the payment of children's schooling. This tax savings option is available in Section 80C as well as other investments such as PPF, NSC, ELSS, etc. Tuition fees paid to any registered university, college, school or educational institution are deductible up to Rs. 1.5 thousand.

 

In addition, only tuition fees are deductible under the Income Tax Act. Any other fee such as a donation, development fee, etc., even if paid to such an institution, is non-deductible.

The income tax law allows both parents to claim a deduction up to the amount they paid. Thus, if the total amount paid by the parents is 1 Lakh rupees, of which the father paid 40,000 rupees and the mother paid 60,000 rupees, then both of them can claim this amount individually as they pay.

You may also like- Prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22

2. National Pension Scheme (NPS)

The NPS or National Pension Scheme has become a popular investment product for income tax savings. This is a tax-saving option that is available to both public and private employees. This allows the contributor to building retirement housing along with a regular monthly income. The amount invested by the depositor is invested in various schemes, including stock markets.

 

There are two types of NPS accounts: level 1 and level 2. A level 1 account has a lockout period until the subscriber reaches the age of 60. Contributions made by a Tier 1 subscriber are deductible in accordance with sections 80CCD(1) and 80CCD(1B). Level 2 accounts are voluntary, allowing the subscriber to withdraw money at any time. However, contributions to Tier 2 accounts are not tax-deductible.

 

Under the provision of Section 80CCD, an individual may claim a deduction of up to Rs. 1.5 Lakh investment in NPS. In addition, a new section 80CCD(1B) was introduced which offered an additional deduction of up to Rs. 50,000/- for contributions made by individual contributors to the NPS.

 

3. Section 80D health insurance premiums:

You can claim a tax deduction of up to 10,000,000 rubles. 25,000 in respect of the following contributions:

The premium is paid to maintain health insurance covering yourself, your spouse, or dependent children.

You may also like- Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22

 

Any contribution to central government health programs.

Any other scheme may be notified by the central government as eligible for the deduction.

To take care of emergency medical care, health insurance is considered the safest investment option. This allows the taxpayer to enjoy benefits on two fronts. First, have an insurance policy in case of a medical emergency. Secondly, the tax relief is in accordance with the income tax law for investing in an investment product.

 

In addition to the above, an additional deduction for parents' insurance of Rs. 25,000 if under 60 or Rs. 50,000 if they are over 60. If an individual and their parents are over 60 years of age, the maximum deduction available under this section will be Rs. 100000.

 

4. Student loan repayment

The Income Tax Act provides a tax credit for repaying a loan as a tax deduction under section 80E of the Act. You must remember that this tax savings option is available to the payer of the loan. After using the student loan, the interest paid on the student loan is tax-deductible for a maximum period of 8 years or the interest is refunded, whichever comes first.

 

Depending on who pays the EMI for student loans, the parent or child may qualify for the deduction. The Section 80C deduction is only available if you take out a loan from a financial institution and not from family members. You can claim a tax deduction from the year the return began.

 

The tax authorities grant the borrower a moratorium for up to one year from the date of completion to start repaying the loan. This gives the taxpayer enough time to manage their finances and claim the deduction once they start paying off the loan.

 

For example, if a taxpayer repays their student loan within 5 years of the due date, the tax credit will only be available during that 5-year period. Under section 80E, this relief must be claimed for 8 years before taxpayers can take advantage of it. Borrowers should note that their repayment may exceed 8 years, but in such cases, they will not receive a Section 80E tax credit after the 8th year.

Download Automated Income Tax Preparation Excel-Based Software All in One for the West Bengal Government Employees for the F.Y.2022-23As per New Section 115 BAC (New and Old Tax Regime)

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 W.B.Govt Employee’s Salary Structure.

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

 

7) Individual Salary Sheet

On July 11, 2022 by www.taxexcel.net

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 Tax Saving Tips|

 

1. Tuition fees:

The Income Tax Act of 1961 provides for a deduction under section 80C of the Income Tax Act for the payment of children's schooling. This tax savings option is available in Section 80C as well as other investments such as PPF, NSC, ELSS, etc. Tuition fees paid to any registered university, college, school or educational institution are deductible up to Rs. 1.5 thousand.

 

In addition, only tuition fees are deductible under the Income Tax Act. Any other fee such as a donation, development fee, etc., even if paid to such an institution, is non-deductible.

The income tax law allows both parents to claim a deduction up to the amount they paid. Thus, if the total amount paid by the parents is 1 Lakh rupees, of which the father paid 40,000 rupees and the mother paid 60,000 rupees, then both of them can claim this amount individually as they pay.

You may also like- Prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22

2. National Pension Scheme (NPS)

The NPS or National Pension Scheme has become a popular investment product for income tax savings. This is a tax-saving option that is available to both public and private employees. This allows the contributor to building retirement housing along with a regular monthly income. The amount invested by the depositor is invested in various schemes, including stock markets.

 

There are two types of NPS accounts: level 1 and level 2. A level 1 account has a lockout period until the subscriber reaches the age of 60. Contributions made by a Tier 1 subscriber are deductible in accordance with sections 80CCD(1) and 80CCD(1B). Level 2 accounts are voluntary, allowing the subscriber to withdraw money at any time. However, contributions to Tier 2 accounts are not tax-deductible.

 

Under the provision of Section 80CCD, an individual may claim a deduction of up to Rs. 1.5 Lakh investment in NPS. In addition, a new section 80CCD(1B) was introduced which offered an additional deduction of up to Rs. 50,000/- for contributions made by individual contributors to the NPS.

 

3. Section 80D health insurance premiums:

You can claim a tax deduction of up to 10,000,000 rubles. 25,000 in respect of the following contributions:

The premium is paid to maintain health insurance covering yourself, your spouse, or dependent children.

You may also like- Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22

 

Any contribution to central government health programs.

Any other scheme may be notified by the central government as eligible for the deduction.

To take care of emergency medical care, health insurance is considered the safest investment option. This allows the taxpayer to enjoy benefits on two fronts. First, have an insurance policy in case of a medical emergency. Secondly, the tax relief is in accordance with the income tax law for investing in an investment product.

 

In addition to the above, an additional deduction for parents' insurance of Rs. 25,000 if under 60 or Rs. 50,000 if they are over 60. If an individual and their parents are over 60 years of age, the maximum deduction available under this section will be Rs. 100000.

 

4. Student loan repayment

The Income Tax Act provides a tax credit for repaying a loan as a tax deduction under section 80E of the Act. You must remember that this tax savings option is available to the payer of the loan. After using the student loan, the interest paid on the student loan is tax-deductible for a maximum period of 8 years or the interest is refunded, whichever comes first.

 

Depending on who pays the EMI for student loans, the parent or child may qualify for the deduction. The Section 80C deduction is only available if you take out a loan from a financial institution and not from family members. You can claim a tax deduction from the year the return began.

 

The tax authorities grant the borrower a moratorium for up to one year from the date of completion to start repaying the loan. This gives the taxpayer enough time to manage their finances and claim the deduction once they start paying off the loan.

 

For example, if a taxpayer repays their student loan within 5 years of the due date, the tax credit will only be available during that 5-year period. Under section 80E, this relief must be claimed for 8 years before taxpayers can take advantage of it. Borrowers should note that their repayment may exceed 8 years, but in such cases, they will not receive a Section 80E tax credit after the 8th year.

Download Automated Income Tax Preparation Excel-Based Software All in One for the West Bengal Government Employees for the F.Y.2022-23As per New Section 115 BAC (New and Old Tax Regime)

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 W.B.Govt Employee’s Salary Structure.

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

 

7) Individual Salary Sheet

On July 05, 2022 by www.taxexcel.net

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 Obligatory presentation of the personal income tax return | If you are not sure if you are required to file

 an income tax return, this article will help you clarify it.

 

Cases in which the presentation of the personal income tax return is mandatory

 

1. The gross income before any deduction is allowed under Section 80C to 80U exceeds Rs. 2.5 lakhs in the fiscal year 2021-22. However, for seniors, over 60 years of age but under 80, the limit is Rs 3 lakhs and for seniors, i.e. people over 80 years of age is Rs 3 lakhs. 5 lakhs.

 

2. For a business or enterprise, the return must be filed regardless of whether the business or enterprise made a profit or a loss in the previous year.

 

3. In order to carry the loss.

 

4. To claim an income tax refund.

5. If a resident person has an asset or a financial interest in an entity located outside of India.

6. Whether the resident has the authority to log into a foreign account.

7. If you receive a receipt, you will have income from property held in trust for charitable or religious purposes, a political party, a research association, a news agency, an educational or medical institution, a hospital, a debt fund of infrastructure, or any authority, body or trust. 

8. If a foreign company obtains the benefits of a treaty in a transaction in India. 

8. If a foreign company obtains the benefits of a treaty in a transaction in India.

9. The following persons other than a business or corporation are required to file a return: 

Depositing an amount or total amounts in excess of one crore into one or more checking accounts with a banking company or cooperative bank; either 

incur expenses in an amount or total sums exceeding two lakh rupees for himself or for any other person to travel to a foreign country; either 

Charges may be incurred in total amount(s) exceeding one lakh rupees for electricity consumption. 

10. Also in accordance with notification No. 37/2022 on April 21, 2022, the following persons are required to file their income tax returns- 

If your total sales, turnover or total receipts, as the case may be, in the business exceeds Rs. 60 lakh during the previous year; either 

If your total income in the profession exceeds Rs. 10 lakh during the previous year; either

If the total tax deducted at source and tax collected at source during the previous year, in the case of one person, is Rs. 25,000 or more, however, in the case of a person 60 years of age or above the maximum limit of Rs. 25,000 rupees to Rs. 50000 or 

The deposit in one or more bank savings accounts of a person, in total, is Rs 50 lakh or more during the previous year

Download Automated IncomeTax Preparation Excel-Based Software All in One for the Non-Government(Private) Employees for the Financial Year 2022-23 and Assessment Year 2023-24U/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 into the in-words without any Excel Formula

On June 28, 2022 by www.taxexcel.net

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