Income tax Section 80GG for House Rent Paid. With Automatic Income Tax Preparation Software in Excel for the Non-Govt Employees for the F.Y.21-22

 For most employees, home rent allowance (HRA) as part of their salary income. However, some small and medium-sized companies can pay a single amount of money to employees without separation. For a hired employee, in order to claim deductions, HRA should be part of his salary income. However, the Income Tax Act 1961 provides for a deduction in respect of the rent paid to workers, even if the HRA is not part of their salary. Therefore, Such workers may claim a deduction in respect of house rent paid under section 80GG of the Income-tax Act.…

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Save tax for salaried people Includes automatic income tax preparation software in Excel for government and private employees for F.Y.2021-22

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Save tax for salaried people, Central Budget 2021 results Therefore, Exemption from ITR filing for senior citizens aged 75 years and above, only pension and interest income. B. Therefore, The Income Tax Department has introduced a pre-filled ITR with additional details to facilitate the return filing process. C. In other words, The deadline for submission of delayed and amended returns have been reduced to 3 months. This means that the IT department has to process the returns and send a notice under section 143 (1) by 31st December.  In other words,…

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Deduction U/s Section 80: Income tax exemption With Automatic Income Tax Preparation Software All in One for the West Bengal State Employees for the F.Y.2021-22

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Deduction U/s Section 80: Income tax exemption. It sounds a lot more complicated, but it doesn’t have to be. Therefore, The government has offered many exemptions under various sections of the Income Tax Act which you can take for your benefit. But to do that, you need to understand what multiple sections of the Income Tax Act offers. One of these is section 80 of the Income-tax Act, 1961  The exemption U/s 80 includes so many options like deposited, premium payable, loan repayment etc. These options can significantly reduce your tax…

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Rebate and Reliefs under income tax along with Auto Calculate Income tax Preparation Software All in One for the Govt and Non-Govt Employees for F.Y.2021-22

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Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. Therefore, This section is available to the person whose income does not exceed Rs. 5 Lakhs. Above all, The tax liability of a person becomes nil if he claims a rebate under section 87A. HOW TO CALCULATE TAX REBATE UNDER SECTION 87A In addition, Step 1: Calculate your gross total income for the financial year. Step 2: After that decrease your tax deduction for investment or tax savings etc.  Step 3: Get your…

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Budget 2020 has introduced a new section 115BAC income tax law Along with Automated Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

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Budget 2020 has introduced a new section 115BAC income tax law, where an individual has the option to choose between the old tax rate and the new tax-deductible rate regardless of the prescribed deduction or deduction. Therefore, To address such questions, the Central Board of Direct Taxes (CBDT) has issued a clarification through Circular No. C1 of 2020 stating that an employer, based on the information received from an individual employee, considers the source tax deduction (TDS) calculation. Should be. The provisions of section 115BAC, as applicable. Section 115BAC of the Income-tax Act The new section 115BAC of…

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