Would I able to guarantee Tax Benefit for both HRA and Home Loan? – An inquiry which is frequently posed by many citizens. This is for the most part on the grounds that numerous businesses don’t permit both tax cuts together in specific circumstances. Tragically this isn’t the correct activity. Both HRA and Home Loan […]
Income Tax deductions F.Y. 2020-21 & A.Y. 2021-22 with Automated Income Tax Preparation Excel Based All in One for Govt and Non-Govt Employees for F.Y.2020-21 (Old Tax Regime and New Tax Regime U/s 115BAC)
If you Opt-in Old Tax Regime then you can get the Tax Exemptions. Important for tax planning. It reduces the tax burden of an assessee. Let’s take a look at important deductions in Income tax F.Y. 2020-21 and A.Y. 2021-22. Or if you Opt-in as New Tax Regime, then you can not avail the below […]
Tax Saving Investments: How to Save Income Tax? With Automated Income Tax Software in Excel All in One for Govt and Non-Govt Employees for F.Y. 2020-21( Old Tax Regime and New Tax Regime)
Tax Saving Investments are a vital piece of one’s life as they offer tax reasoning under the Income Tax section 80C or 80CCC. Attributable to the utility of these ventures, an ever increasing number of individuals regularly need to contribute. Be that as it may, it ought to be considered that the ventures have low […]
It is the first time of Income tax Act that you can Opt in Old Tax Slab and all Exemptions (Old Regime) Or New amended Tax Slab but without any exemptions ( New Regime) New Section 115BAC in the Act provide by the Budget 2020 for reduce the Tax Burden
Incentives to Individual and HUF.In line with options provided to domestic companies under the TLAA and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion of section 115BAC in the Act, which provides the following:- (i) Therefore, On satisfaction […]
Simplify Your Income Tax Return Filing Process for F.Y.2019-20 With Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2019-20
Many individuals procrastinate whilst it comes to submitting their income tax returns, particularly folks who are filing their tax returns for the first time. All character taxpayers having a total income of more than Rs. 2.5 lakh (Rs. three lakh for senior residents and Rs. five lakh for brilliant senior residents) are required to report […]
How to calculate taxable income on self occupied house property, with Automated Excel Based Income Tax Master of Form 16 Part A&B for the F.Y.2019-20
A person’s gross all out income is the aggregate of income under five distinct heads determined dependent on the tax laws. One of these heads is ‘income from house property’. This head incorporates lease earned from building or land appurtenant thereto which is chargeable to tax. Income is taxable under the head house property if […]
What is better Old V/s New Tax Regime FY 2020-21? With Automated Income Tax Excel Based Software All in One for Govt & Non-Govt employees for F.Y. 2020-21
New section 115BAC is embedded in Income Tax Act by the Finance Act 2020 and it is pertinent w.e.f first April 2020 and will be appropriate on Individuals and HUFs for evaluation year 2021-22 and resulting appraisal years. Under this section taxpayers i.e Individuals and HUFs has an option to pay the tax based on […]
How to get exemption and tax relief on leave encasement calculated U/s 10(10AA) With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-2021 ( Updated Version)
Based on eligibility, employee can avail different types of leave. If the company has a policy to carry it forward, then unavailed leave remained for a year can be carried forwarded to the next financial year. Based on employer’s policy, an employee is allowed to encash accumulated unavailed leave either during the service or after […]
INCOME TAX CALCULATION UNDER OLD AND NEW TAX REGIMES FOR F.Y.2020-21 WITH AUTOMATED EXCEL BASED INCOME TAX SOFTWARE ALL IN ONE FOR GOVT & NON-GOVT EMPLOYEES FOR F.Y.2020-21 AS PER THE BUDGET 2020
On 13th April 2020, the Central Board of Direct Taxes (CBDT) issued a circular to employers to obtain a declaration from their employees if they wish to opt for the new tax regime. For better understanding, to know the calculation procedure under Old and New tax regimes, and to take the decision whether we can […]
Tax Benefit on Home Loan: Section 24, 80EEA & 80C With Automated Excel Based Income Tax Revised Form 16 Part B for F.Y. 2019-20
The repayment of Home Loan comprises of 2 components i.e. Repayment of Principal and Repayment of Interest. As the repayment comprises of 2 different components , the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing the […]