What is Form 16 for Income Tax? Form 16 is nothing more than a certificate issued by your an organization providing information about the salary you received during the financial year and the amount of TDS withheld from your salary. In the event that the income from your annual salary exceeds the original withholding tax limit; then, […]
Income tax exemptions under head salary| With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23
Income tax exemptions under head salary | Income tax exemption below Rs.2.5 Lakh | Salary-Based Income Tax Exemption Individuals who choose to tax income under the new tax regime will not be able to take advantage of some of the popular exemptions under the Income Tax Act, 1961. For the new tax system U/s 115 […]
Section 80D – Health Insurance – Applicability, Discounts and Policies | With Automatic Income Tax Calculator for Government and Non-Government Employees Fiscal Year 2022-23 as per Budget 2022
Section 80D – Health Insurance – Applicability, Discounts and Policies | Medical emergencies always surprise us. It’s always better to be safe than sorry, and it’s no different from health insurance. Therefore, Most residents in India are not covered by health insurance and rely on their savings or loans in case of a medical emergency. In other words, A must […]
Income Tax Section 80GG | With Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt Employees for F.Y.2021-22
Section 80GG of the Income Tax Act provides a deduction for renting a home under certain conditions . Some of these involve being a Hindu individual or undivided family (HUF), being self-employed or salaried, etc. Therefore, One of the most important tax deductions available to us is house rent. This is covered by section 80GG of the […]
Income tax deduction on chapter VIA for the F.Y.2022-23 | With Automated Income Tax Calculator All in One for the Govt and Non-Govt Employees for the F.Y.2022-23
Income tax deduction on chapter VIA for the F.Y.2022-23 | The income tax department, in order to encourage savings and investment among taxpayers, has provided several deductions from taxable  income under Chapter VI A deductions. With the 80C being the most famous, there are other deductions that are beneficial for taxpayers to reduce their tax liability. Let’s […]
Relaxation for retired employees under the Income Tax Act of 1961
RELAXATION FOR RETIREMENT EMPLOYEES under the Income Tax Act of 1961 Higher basic exclusion limit Exemption from taxes on amounts received by way of gratuities reduced pensions and pension funds Greater dedication to health insurance premiums The highest interest deduction limit from Banks and Post Offices and much more. Exemption for retired employees under the […]
Interest deductions on Home loans – Section 24b | With Automated Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt Employees for F.Y.2022-23
Interest deductions on home loans – Section 24b Introduction Section 24b of the Income Tax Act allows for deducting home loan interest from taxable income. The loan must be taken out for the purchase or construction or repair or rebuilding of homeownership. Therefore, This deduction is allowed on an accrual basis, not for remuneration. In other words, the […]
Section 80 TTA – Exemption for Savings Interest | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23(Updated Version)
Section 80 TTA – Exemption for Savings Interest | 80TTA Complete Guide: Definitions, Limits, Eligibility, Exceptions for the Fiscal Year 2022-23 (A..Y 2023-24 Therefore, A savings bank account is like a digital piggy bank where interest is earned. Most people have savings bank accounts, but most of them are not aware of the taxation of accrued interest […]
What are the tax benefits of a home loan? With Automated Income Tax Calculator All in One for the Govt and Non-Govt Employees for the F.Y.2022-23
What are the tax benefits of a home loan? Did you know that the most common form of tax benefit is a tax deduction? Tax laws that allow you to deduct taxes to meet certain eligibility requirements are tax benefits. Therefore, As a professional, you need to do tax planning every year. You should make wise investments […]
Section 10 Income Tax Act | With Automatic Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2022-23
Section 10 Income Tax Act | Under the Income Tax Act, 1961, any citizen of India whose income exceeds a certain threshold is liable to pay taxes. Therefore, when collecting each fiscal year, taxpayers look for ways to minimize their tax liability. Therefore, To ease the burden on taxpayers by encouraging them to save, invest, and pay taxes, the law listed […]