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Tuesday, 13 September 2022

Income Tax Preparation Software in Excel All in One for the Non-Govt Employees for the F.Y.2022-23

Income tax tables and rates remain unchanged in the fiscal year 2022-2023. No changes to the Budget for Individual Taxpayers for 2022 have been announced. Taxpayers will be able to pay taxes under the old or new tax regime. Under the new Tax Regime, tax is levied on taxpayers at preferential rates, but significant tax deductions and exemptions are not allowed. However, income tax deductions and exemptions are available under the old tax system, but the tax rate is high. Individuals need to evaluate their tax liability under both tax systems in order to determine the ideal tax system for them. The old tax system can be beneficial for those interested in using most of the deductions and exemptions. Whereas, the new tax system could be ideal for middle-income groups with small, non-tax-oriented investments.

Budget 2022: key takeaways

The tax credit of up to Rs 12,500 under Section 87A is still available for individuals with taxable income up to Rs 5 lakh per annum. This means that individuals with an income of up to Rs 5 lacs will not incur any tax liability in the 2022-23 fiscal year and 2023-2024 valuation. A standard deduction of Rs 50,000 is also available under the old tax regime. Income tax deductions under sections 80C-80U are available under the old system for employees.

Employees can significantly reduce their tax liability by taking advantage of tax deductions under the old tax system for the fiscal year 2022-23. In fact, individuals with an income of up to Rs 13 lakh can qualify for full tax exemption by taking advantage of all eligible deductions for the 2022-23 financial year.

Income tax deduction and exemption up to Rs 1,50,000 is available for individuals under Section 80C. Section 80CCC and 80CCD (1) are included in Section 80C with an aggregate deductible ceiling of INR 1,50,000/-. Investments that qualify for deduction and exemption under Section 80C include investments in the Public Reserve Fund (PPF), the National Savings Certificate (NSC), the Equity Savings Scheme (mutual funds), Life Insurance and etc.

State Reserve Fund: One of the most popular small savings schemes among individuals. PPF offers guaranteed returns along with tax incentives. Interest is reported quarterly and interest accrues annually. Investments are provided with a fixed period of 15 years.

ELSS Funds: The equity savings scheme has the shortest lock-up period of 3 years. The investment is deductible under section 80C. Investments in mutual funds can bring higher returns than debt instruments. However, investments in the capital market are subject to volatility. Therefore, investors need to make an informed decision.

Best Equity Savings Scheme for Investment: EF 2022-23

National Savings Certificate (NSC): NSC has a 5-year blocking period. Investments are eligible for tax deductions. However, interest earned is taxable. Investment interest is announced quarterly.

Life insurance plans. Premiums paid on life insurance policies are also deductible under section 80C. The premium paid by self, spouse, dependent children and any member of an undivided Hindu family is eligible for a deduction. The post-maturity benefit is tax-free in most cases.

Senior Savings Scheme (SCSS): This scheme is designed specifically for seniors and offers the highest returns among small savings schemes. The duration of the program is 5 years with the possibility of extension up to 8 years. Under this scheme, persons over 60 years of age can make deposits.

Sukanya Samriddhi Yojana (SSY): The scheme aims at the welfare of the girl. A parent or guardian of a girl under the age of 10 is eligible to join the program. The regime applies to a maximum of 2 girls (3 in the case of twins). The maximum deduction under this scheme is Rs 1,50,000.

Income Tax Tariffs and Rates for Fiscal Year 2022-23

The mortgage principal repayment is also deductible along with the registration fee and stamp duty paid on the property. However, the allowance is capped at a maximum deduction limit of INR 150,000/-. Provided that the Individual does not transfer the property before the expiration of 5 years from the Fiscal year in which it was acquired. A registration fee and stamp duty deduction are also available for individuals who have not applied for a mortgage.

Income tax deductions U/S 80 CCD (1b)

Deposit up to Rs 50,000 - eligible for deduction under section. The deduction is greater than the available U.S. Section 80C deduction for deposits made in the National Pension Scheme (NPS) and Atal Pension Yojana (APY).

Individuals can invest in these pension schemes to qualify for tax deductions up to a maximum of Rs 50,000/-.

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 2022-23 U/s 115BAC

Income Tax Preparation Software in Excel

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

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Tuesday, 6 September 2022

Standard deduction from salary and pensions| A standard deduction means a fixed deduction for people

who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions

from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the

default deduction limit is Rs 50,000. In this guide, we'll cover what deductions are available from a

person's wages and retirement income.

The standard deduction for employees

Standard Income Tax Deduction - 2019 Provisional Budget

The standard deduction replaced travel and medical expenses. This gives salaried taxpayers exemption from taxable income without any restrictions. The 2019 draft budget brought many benefits to salaried taxpayers. Among these benefits, one was an increase in the standard deduction. The standard deduction has increased from Rs 40,000 to Rs 50,000, a notable step in favour of taxpayers. This measure will help taxpayers reduce their taxable income at the same time.

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

What is the impact of the standard deduction on retirees?

The decision to allow standard deductions has provided significant benefits for retirees. These pensioners usually did not receive any allowances for transportation and medical expenses. However, the standard deduction will only be allowed for retirees if the pension is taxed as income from wages. If the income is from another source, there is no standard deduction.

What is the default deduction limit?

The amount of the standard deduction cannot exceed the amount of wages. The maximum amount of the deduction will be Rs. 50,000 rubles or equal to the amount of the salary, whichever is less.

How is the standard multi-employer deduction calculated?

There is no standard deduction for any reason. employers. The default deduction is the total limit for the full year, not none. employers.

Let's say Mr A worked for 2 employers during the 2019-20 fiscal year. In this case, you may be wondering how much the standard deduction r. might require

Option 1 BRL 50,000

Option 2 R$ 1,00,000 (Rs 50,000 for each employer)

The correct answer is option 1, i.e. Mr And can take advantage of the standard deduction up to Rs. 50,000/-

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

Standard deduction from salary and pensions

What is the procedure for the standard deduction in the new tax regime?

The 2020 budget introduces a new tax regime (the tax year 2020-21) under which income will be taxed at lower rates. To take advantage of this option, the taxpayer would have to waive major tax credits and benefits, including the standard deduction.

Is the standard deduction part of Section 80C?

No, the standard deduction is not part of section 80C. Both the standard deduction and section 80C follow different rules and regulations that serve different purposes.

The standard deduction is a deduction for medical and travel expenses. While the deduction under section 80C allows you to deduct specific investments and expenses. To learn more about Section 80C

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

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Sunday, 4 September 2022

Home loan in case of joint ownership:

If the mortgage is taken out for the purpose of buying, building, renovating, renovating, or renovating, interest is allowed under section 24 of the Income Tax Act of 1961.

However, if the property is owned by a co-owner, the Home Loan Interest deduction is allowed if the property is jointly owned with each of the co-owners.

Income Tax Regulation:

Under section 24 of the Income Tax Law, the maximum amount of interest allowed in the case of own property is Rs 2,00,000 per co-owner, subject to actual payment of interest if the following conditions are met;

1. A housing loan is issued from April 1, 1999, for the purchase or construction of real estate.

2. A loan taken before April 1, 1999, is eligible for a maximum interest deduction up to Rs 30,000 only.

3. The acquisition/construction must be completed within three years after the end of the financial year in which the borrowed capital. For example. the loan was taken on July 2, 2015, so the acquisition or construction must be completed before March 31, 2019, i.e. three years from March 31, 2016

4. The person must certify that the loan was taken for the purchase or construction of a house, or to repay the principal of a loan previously taken for the purchase or construction.

5. However, a maximum deduction of Rs 30,000 and not Rs 200,000 is allowed for repairs, renovations or renovations.

Deduction in case of joint ownership:

For example, if a man and his wife are co-owners of a house, the mortgage interest deduction in case of joint ownership will be Rs. 2,000,000 allowed for husband and wife. Pay attention to the following points in this regard;

1. Ceiling Rs. 2,000,000 installed for own housing.

2. The persons must be co-owners of the property, and their names must be indicated in the registered deed of sale.

3. Your share of the property must be indicated in the act of sale, in the absence of such information, the property is considered equal between all co-owners.

4. To claim a mortgage interest deduction, each co-owner must take out a joint loan.

5. If people took a loan from more than one bank, but for the same property, a deduction is also allowed.

In addition to the home loan interest deduction, people can claim a deduction of U/s 80C to repay the principal of the home loan, up to a general limit of Rs 1,50,000 per person. You can check the latest Mortgage Loan Interest Rates at Money Control from the link below:

Latest home loan rates.

I hope this post has given you a clear idea of the home loan interest deduction in the case of co-ownership.

Start financial planning today if you want to invest in fixed-income real estate with capital gains. The first step is to learn how to manage money in the best possible way.

Download Automated Excel Based Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E from the Financial Year 2000-01 to the Financial Year 2022-23 (Updated Version)