Know you’re Tax Burden for the F.Y.2022-23 and A.Y.2023-24 | As the Financial Year 2021-22 has already gone and the New Financial Year 2022-23 has started from the 1^st April 2022 which will end on the month of 31^st March 2023. So we called the Financial Year 2022-23 and Assessment Year 2023-24.

 

Now it is indispensable as well as necessary to calculate your Income Tax liability for the Financial Year 2022-23 as per the Finance Budget 2022. The New and Old Tax Regime U/s 115 has continued for this present financial year. You can change your opinion from Old to New or New to Old Tax Regime this year. Hope all of the Tax Payers are well known about this New and Old Tax Regime U/s 115 BAC.

 

However, we prepare an Excel Based Software for calculating your Income Tax liability for the Financial Year 2022-23 and Assessment Year 2023-24 as per the Finance Budget 2022. This Excel Based software can use by both Government and Private Employees or Concerned also. This Excel Utility is easy to generate just like an Excel File. No need for any calculation of tax which will calculate automatically as per the Income Tax Law. No need to calculate for House Rent Exemption U/s 10(13A as the software can calculate it automatically.

 

Most of the advantage of this Excel Software All in One is that the Salary Arrears Received from the previous years, you can calculate the Arrears Relief by this software as the Automated Income Tax Arrears Relief Calculator has built in this software U/s 89(1) along with Form 10 E.

 

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

 

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 employees 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.2022-23 (Update Version)

 

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

On August 11, 2022 by www.taxexcel.net

Share It

No Comments

Read More

 

 Worried about paying huge taxes every year? Know these deductions that can reduce your tax payable.

 

Section 80C - Investment deductions from taxable income

 

Some of your investments offer more than just expected returns. You can also save on taxes. Section 80C investments are important examples of such investments. This deduction is eligible for the individual and Hindu undivided family (HUF). Deductions are available for some large investments such as:

 

Investments in the state pension fund (NPF)

 

Unit Linked Investment Plans (ULIP)

 

Equity Savings Schemes (ELSS)

 

Participation of employees in contributions to the Pension Fund

 

National Savings Certificates (NSCs)

 

Life insurance premium payment

 

Child education

 

Home loan repayment

 

Senior Savings Scheme (SCSS)

 

Maximum deduction: `1,50,000*

 

*The maximum deduction shown here only applies to the specific section. Also note that, in the aggregate, the maximum deduction that can be claimed under Section 80C, Section 80CC and 80CCD(1) is $1,50,000. In addition, an additional 50,000 may be claimed as a tax credit for investments in the National Pension Scheme (NPS) account pursuant to section 80CCD (1B).

 

Section 80 CCD - Withholding a contribution to a pension fund

 

It is designed to reduce the tax liability of pension plans offered by various public and private sector insurance companies. It provides a deduction to an individual who has paid or contributed an amount to any insurer's annuity plan to receive a pension (income) from a fund created by the insurer. The deduction of premium paid during the year may be claimed as a deduction from taxable income.

Maximum deduction: `1,50,000*

*The maximum deduction shown here only applies to the specific section. In addition, please note that the cumulative maximum deduction that can be claimed under Section 80C, Section 80CC and 80CCD(1) is $1,50,000.

 

In addition, an additional Rs.50,000 may be claimed as a tax credit for investing in an NPS account pursuant to section 80CCD (1B).

 

Section 80CCD. Deduction of contribution to the central government pension system.

A Section 80CCD deduction is permitted for individuals who make deposits into their retirement accounts.

 

The maximum deduction allowed is 10% of wages (in the case of employees) and 20% of gross income (in the case of self-employed persons) or £150,000, whichever is less. Under subsection 1B, there is an additional deduction of up to $50,000 for individual contributions to the NPS.

Maximum deduction: Rs.2,00,000*

 

* The maximum deduction shown here only applies to the specific section. Also note that, in the aggregate, the maximum deduction that can be claimed under Section 80C, Section 80CC and 80CCD(1) is Rs.1,50,000.

 

In addition, an additional Rs.50,000 may be claimed as a tax credit for investing in an NPS account pursuant to section 80CCD (1B).

 

Both of the sections mentioned above are related to pension plans and annuity plans. But there is a difference between them.

 

While Section 80CCD covers a deduction from the amount paid into an annuity plan by any insurer, Section 80CCD provides for a deduction from the amount paid into pension plans: NPS and Atal Pension Yojana.

Download Automated Income Tax Preparation Software All in One for the West Bengal Govt Employees for the F.Y.2022-23

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 as per the West Bengal Govt Employee’s Salary Structure.

 

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

 

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

 

7) Individual Salary Sheet

 

Section 80D - Deduction of premium paid for health insurance

Section 80D allows a taxpayer to deduct up to $25,000 for insurance for self, spouse, and dependent children. If the insured is aged 60 or over, the deduction is available for up to EUR 30,000. An additional insurance deduction for parents (parent or both) is allowed in the amount of 25,000 (30,000 if the parents are 60 years of age or older). You can also claim a preventive health check-up to Rs.5,000 up to the limit above.

Maximum deduction: Rs.60,000

 

Section 80E - Deduction of Interest on an Educational Loan Taken for Higher Education

If you took out a student loan for higher education, you can claim a tax credit under Section 80E. It applies even if the loan may be to a spouse, children, or student for whom the taxpayer is legally responsible. A deduction is permitted from the amount of interest on the loan and is available for a maximum period of 8 years or until interest is paid, whichever comes first.

Download Automated Income Tax Preparation Software All in One for the Non-GovtEmployees for the F.Y.2022-23

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 as per the West Non-Govt Employee’s Salary Structure.

 

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

 

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

 

7) Automated Income Tax Form 12 BA

 

You can even claim a deduction if the loan is made to fund study abroad.

Maximum deduction: no limits. The deduction is granted for 8 years.

Section 80GG - Tax deductions for paid rent for housing.

 

Under Section 80GG, you may claim a deduction for housing rent you paid if you did not receive Home Rent Assistance (HRA) from your wages. The taxpayer, spouse, or minor child must not have accommodation at the place of work. The taxpayer must live on rent and pay rent. In addition, the taxpayer must not have their own housing anywhere else.

 

The deduction under this section is available at least:

Rent paid minus 10% of the total rent

5000 per month

25% of total income

Maximum deduction: `60,000

 

Savings Account Interest Deduction - Section 80TTA

A deduction may be claimed under section 80TTA on interest income received from a bank savings account. Savings bank account interest must first be included in the Miscellaneous Income section when it is calculated, and the deduction may be deducted from the total interest earned or "10,000" whichever is less. Interest income on time deposits, regular deposits or interest income on corporate bonds cannot be reported under this section.

Maximum deduction: Rs.10,000

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

 

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 employees 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.2022-23 (Update Version)

 

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

On August 03, 2022 by www.taxexcel.net

Share It

No Comments

Read More

 

 Section 80 U - Disability Tax Deduction | Check eligibility, discount amount, how to claim, documents,

 and definitions, for the fiscal year 2022-23

 

The Income Tax Law has defined several qualifying deductions in Chapter VIA. Deductions help reduce tax liability, specific deductions for expenses can be understood as deductions, which the Government of India promotes by providing tax relief on expenses such as those at 80C. etc., while other types of deductions are those granted by the government when certain conditions are met to reduce the tax burden. One of these deductions is provided in Section 80U.

 

Download Automated Income Tax Form 16 Part A&B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

 

 

These deductions are tax deductible in nature and are therefore reduced from your total income. One of these deductions is available under Section 80U. If the taxpayer is a disabled person, he may claim a deduction under this section and may reduce the total tax payment. Let's understand what this section is about and what discounts it offers:

Section 80U Disability Deductions

Section 80U income tax is a disability deduction. This section provides a lump sum discount for a disabled person based on the severity of the disability, regardless of the amount of the expense.

The conditions to claim this discount are:

Taxpayers must be residents.

Have a disability of at least 40%.

The disability must also be certified by recognized medical authorities.

 

Tax deduction under Section 80U?

Category of discounts allowed

Severely disabled person * One hundred twenty-five thousand rupees ie Rs. 1,25,000/-

Disabled person** Seventy-five thousand rupees, ie Rs. 75000/-

 

 

* Severe disability" -

(1) A person with eighty per cent or more of one or more disabilities, as referred to in Subsection (4) of Section 56 of the Persons with Disabilities (Equal Opportunity, Prevention of Rights and Full Participation) as per Act, 1995 (No. 1 of 1996)); either

(2) The severely disabled person referred to in clause (o) of Section 2 of the Law of the National Fund for the Care of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities of 1999 (44 of 1999).

 

Download Automated Income Tax Form 16 Part B for the  F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

  

** means "person with a disability": the person mentioned in Clause (t) of Section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act 1995 (1 of 1996), or Clause ( j) of Article 2 of the Law of the National Fund for the Care of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities of 1999 (44 of 1999); 

80U Eligibility - Who can claim this discount?

Residents who are approved at any time during the fiscal year by medical authority to be disabled person/can claim this discount for themselves only. Residential status determines eligibility for this discount. NRIs are not eligible for this discount. 

How much discount is available u/s 80U?

As mentioned above, the amount of the discount depends on the severity of the disability. Thus, taxpayers with less than 80% disability get a deduction of Rs 75,000, and taxpayers with 80% or more severe disability get a deduction of Rs. 1,25,000 lakhs. A deduction is a fixed amount allowed as a deduction from taxable income.

Download Automated Income Tax Form 16 Part B for the F.Y.2021-22[This Excel Utility can prepare at a time 100 Employees Form 16 Part B]

 

What disabilities does Section 80U cover?

Section 80U is entitled to the following types of disabilities:

Locomotor disability: - This refers to disabilities in the muscles of the joints or bones that lead to severe limitations in the movements of the extremities.

 

Vision impairment: - People with an impaired visual function that cannot be completely corrected by surgery or standard refractive correction. People with this disability can still use their vision with the help of other devices.

Blindness: - Blindness means the total absence of vision or when the field of vision is restricted to an angle of 20 degrees or worse, or visual acuity is less than 6160 Snellen after corrective lenses.

 

 

Leprosy recovery: - People who have been cured of leprosy but still suffer from a disability where they have lost feeling in their feet or hands and partial paralysis of the eyelid and eye. It also includes elderly people or those with severe deformities that prevent them from performing any useful occupation.

 

 

Mental retardation: - People who have incomplete or stunted development of mental abilities resulting in abnormal levels of intelligence.

Hearing loss of fewer than 60 decibels

Autism: Autism Spectrum Disorder is associated with brain development that affects the way a person perceives and communicates with others, causing problems in social interaction and communication.

 

Download Automated Income Tax Form 16 Part A&B for the F.Y.2021-22[This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B] 

 

A taxpayer is considered not severely disabled if they are 40% or more but less than 80% disabled. However, if the taxpayer is 80% or more disabled, it is called severe disability. The discount limit varies depending on the severity of the disability. 

How to claim a deduction under Section 80U?

The person claiming the deduction is required to submit a copy of the certificate issued by the medical authority in the prescribed form together with the ITR. In practice, it is not required to attach any document to the ITR, it is advisable to have the document at hand.

Keep in mind that you must present a medical certificate that proves the disability you have suffered. The certificate must be prepared by a recognized medical body in a specific format provided in Form 10-IA and the form can be found on the Income Tax India website

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) along with Form 10Efrom the Financial the Year 2000-01 to Financial Year 2022-23 (Up-to- dateVersion)

On July 25, 2022 by www.taxexcel.net

Share It

No Comments

Read More