Deduction u/s 80TTA vs . 80TTB|Currently section 80TTA provides Rs 10,000/- deduction to all individual/HUF taxpayers. Section 80TTA of the Income Tax Act, 1961 states: Deduction of interest on deposits and savings accounts. 80TTA. (a) As per the Banking RegulationAct, 1949 (10 of 1949) a banking company covered by the Banking Regulation Act, (including any bank or banking organization referred to in section 51 of that Act); (b) A cooperative society engaged in banking (including a cooperative land mortgage bank or cooperative land development bank); either (c) A post office as defined in clause (k) of section 2…
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Tax Benefits on Home Loan| With Autofill Income Tax Preparation Software All in One in Excel for the Government & Non-Government Employees for the F.Y.2022-23
Tax Benefits on Home Loan| While purchasing a property through a home loan, one can save tax under Section 24, Section 80C, Section 80EE, and Section 80EEA of the Income Tax Act. We are regularly asked how we can save tax on purchasing a home with a home loan. That’s why we’ve created this blog in which we focus on tax saving schemes when buying a property through a home loan. While purchasing homes through a home loan, tax savings are available under Section 24, Section 80C, Section 80EE, and Section 80EEA of the Income…
Read MoreExemption U/s 80C | With All-in-One Automated Income Tax Preparation Software in Excel for Non-Government Employees for Financial Year 2022-23
Exemption U/s 80C | Investment under Section 80C has two purposes: first, to make investments, and second, to save tax. Thus, the tax thus saved and the investments thus made can be used in the future. Miscellaneous funds under section 80C There are several investments under section 80C which allows the assessee to reduce his tax liability to Rs. 1.5 lac. These investments are as follows: Public Provident Fund Public Provident Fund or PPF Scheme is a long-term investment scheme backed by the Government of India. Also, one can invest in PPF by…
Read MoreSection 80DDB | With Autofill Income Tax Preparation Software All in One in Excel for the Government and Non-Government Employees for the F.Y.2022-23
Section 80DDB | Who can claim deductions under Section 80DDB? Section 80DDB is Income Tax Rules 11DD. Under the Income Tax Act, of 1961, taxpayers can claim deductions for certain specified benefits for themselves or their dependents. Therefore, This type of exemption is covered under Chapter VIA of the Income Tax Act, of 1961. In other words, Individuals and HUFs who are residents of India can claim an exemption under this section. In other words, this means that a tax deduction can be claimed, if the relevant entity resided in the country during that tax year and…
Read MoreDownload Auto-Fill Income Tax Preparation Software All in One in Excel for F.Y.2022-23 as per Budget 2022
Download Auto-Fill Income Tax Preparation Software All in One in Excel for F.Y.2022-23 as per Budget 2022| This software is simple and easy-to-use income tax software for salaried employees. This software for old and new tax systems was released in 2020. You can calculate your tax liability and identify taxable investment options and appropriate tax regimes for F.Y 2022-23. Therefore, The software is developed using Microsoft Excel. Simple code of Visual Basic & Excel formulas and functions are used to run this software. This Excel-based income tax software All in one, let us know…
Read MoreDownload Auto-Fill Income Tax Preparation Software All in One in Excel for F.Y.2022-23 as per Budget 2022
Download Auto-Fill Income Tax Preparation Software All in One in Excel for F.Y.2022-23 as per Budget 2022| This software is simple and easy-to-use income tax software for salaried employees. This software for old and new tax systems was released in 2020. You can calculate your tax liability and identify taxable investment options and appropriate tax regimes for F.Y 2022-23. Therefore, The software is developed using Microsoft Excel. Simple code of Visual Basic & Excel formulas and functions are used to run this software. This Excel-based income tax software All in one, let us know…
Read MoreLeave Travel Allowance [Sec. 10(5) AND RULE 2B] with Automated Income Tax Preparation Software in Excel for the Government and Non-Government Employees for F.Y.2022-23
Leave Travel Allowance [Sec. 10(5) AND RULE 2B] | LTA is compensation paid by an employer for an employee’s domestic travel while on family or personal holiday. LTA waiver can be claimed when the employer grants LTA to the employees for leave to any place in India taken by the employee and their family. Such deductions are limited to the amount of travel expenses actually incurred by the employee. Total holiday costs are not covered, only travel costs are covered. Required to travel within India and overseas destinations are not included in this exemption. For example, if the…
Read MoreHow to get max Home Loan Tax Benefit in 2022? With Automated Income Tax Preparation Software All in One in Excel for the Financial Year 2022-23
How to use Max Home Loan Tax Benefit in 2022? The maximum benefit of a home loan which can be claimed as a deduction as follows:- Section Exclusion allowed for 1. Section 24 Rs. 2,000,000 of interest 2. Section 80C Rs. 1,50,000 Special payment 3. Section 80EEA Rs. 1,50,000 Payment of Interest For example, as can be seen in the table above, various sections of the Income TaxAct can be said to be exempt from interest and principal. These categories, along with allowable deductions, are discussed in more detail in this article. Section 80C: Tax Benefit…
Read MoreSection 16 of the Income Tax Act 1961| With Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23
Section 16 of the Income-tax Act, 1961 provides for the deduction of taxable income under the head ‘salaries’. Provides deductions for the standard deduction, entertainment allowance and employment tax. With this deduction, an employee can reduce his taxable income from his taxable salary. Therefore, Also, with the recent changes in the standard deduction, the benefit of this section is extended to a higher amount. There is also no hassle in submitting travel and medical bills, making them easy to claim. In this article, we will discuss each part of the 16 subtraction. Normal payroll deduction…
Read MoreProvident Fund –Vs- Fixed Deposit, which investment strategy is right for you? With Automated Income Tax Preparation Software in Excel All in One for the Government and Non-Government Employees for F.Y.2022-23
Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? If you want a relaxed lifestyle without the hassle of earning money in retirement, public provident funds and fixed deposits maybe the right option for you. Therefore, Financial planning for the future is very important. Especially when we start earning money at a young age. If you don’t earn from a young age, the responsibilities and expenses will increase with age. Naturally, one would have to work harder and not be able to retire early. The good news is that there…
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