November 24, 2020

Itax Software

Income Tax Software

Section 80EEA – Income Tax Deduction on Home Loan Interest With Automated Income Tax All in One TDS on Salary for Govt & Non-Govt employees for F.Y. 2019-20 with All amended Tax Section

In
Budget 2019-20, new duty derivation advantages up to 1.5 Lakh is
reported by the legislature. This new expense finding advantage is
relevant under new Section 80EEA for the home credit financing cost
installments. The fundamental goal behind giving this unwinding is
lodging for all or moderate lodging by 2022. The new assessment
derivation advantage will help a citizen in setting aside a great deal
of cash at the more extended run.

Section 80EEA – Income Tax Deduction on Home Loan Interest
Highlights of Section 80EEA reasoning
           Additional charge reasoning up to 1.5 Lakh for intrigue paid on credits taken up to 31st March 2020.
           This
advantage is reached out under new area 80EEA. It is an extra advantage
on the highest point of 2 Lakh advantage reached out by segment 24.
           The
greatest expense reasoning on intrigue sum paid for home advance will
be 3.5 Lakhs. 2 Lakh under area 24 and 1.5 Lakh under segment 80EEA.
           The reasoning will be accessible on credits taken up to 31st March 2020.
           The advantage will be given distinctly on the intriguing part of the home advance.
           The charge reasoning is relevant on whole home advance residency.
Qualification conditions for guaranteeing a derivation
           This
advantage will be stretched out just to the first run through property
holders. Try not to be the proprietor of some other house at the season
of assent to profit this advantage.
           The stamp obligation estimation of a home ought to be 45 Lakhs or less.
           The
derivation under this plan is accessible just to the people. HUF,
organization or some other sort of citizen can’t guarantee an advantage
under this area.
           In request to guarantee this advantage, the property ought to act naturally involved and moderate.
           To
guarantee this advantage, the individual more likely than not taken the
credit from the monetary foundation or bank. The credit authorization
ought to be between first April 2019 to 31st March 2020.
           This
charge derivation can be asserted for by individual just as joint home
credit borrower. The joint home credit borrower can independently
guarantee this advantage.
           The above advantage isn’t appropriate for business properties.
           You need to submit home advance intrigue declaration so as to guarantee this advantage.
Section 80EEA and Section 24
Section
24 of the personal expense act enables mortgage holders to guarantee
reasoning up to 2 Lakh on their home advance intrigue installment. The
proprietor or his family ought to dwell on this property to profit this
advantage. A similar treatment is pertinent if the house is empty. On
the off chance that it is let out, you can guarantee whole home advance
enthusiasm as a finding.
Section
80EEA is another segment presented just because of home purchaser. On
the off chance that you can meet qualification conditions referenced in
the qualification segment above you can guarantee an extra 1.5 Lakh
charge reasoning advantage on home advance intrigue installment.
Most extreme Tax Deduction advantage on Home Loan Interest = 2 Lakh (Section 24) + 1.5 Lakh (Section 80EEA)

Download
Automated All in One TDS on Salary for The Govt & Non-Govt
Employees for the Financial Year 2019-2020 and Assessment Year
20120-2021 With New Format of Form 16 Part B.

The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the  All Govt & Non-Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee 
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2019-20
7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 

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