Saving tax is always at the forefront of each taxpayer's mind. That is the reason individuals take a gander at legal avenues to bring down their tax liability. Thanks to the Income Tax Act arrangements, there are ways in which an individual tax-payer can bring down his tax outgo. The arrangements accommodate tax deductions and tax exceptions from the taxable income. These … [Read more...] about Useful Tax-Saving Tips for Financial Year 2020-21 as per New and Old Tax Regime U/s 115 BAC
Useful Tax-Saving Tips for Financial Year 2020-21 as per New and Old Tax Regime U/s 115 BAC
Standard Deduction U/s 16(ia) first introduced in Budget from 2018, Advantage of Standard Deduction is just for Salaried Individuals. [This Standard Deduction is not allowed to the New Tax Regime U/ 115 BAC for the F.Y.2020-21, who are opt-in the New Tax Regime but who are opt-in the Old Tax Regime they can get this benefits.] Exemption from Income Tax U/s 16(ia) states … [Read more...] about Standard deduction u/s 16(ia) is not allowed to the New Tax Regime U/s 115 BAC for the F.Y.2020-21 – With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) for the F.Y.2020-21
Salaried representatives form the major piece of the overall taxpayers in the nation and the commitment they make to the tax assortment is very significant. Annual tax deductions offer a gamut of chances for saving tax for the salaried class. With the assistance of these deductions and exclusions and, one could decrease his/her tax substantially. In this article, we … [Read more...] about Income Tax Allowances and Deductions Allowed to Salaried Individuals With Automated Income Tax Preparation Excel Based Software All in One for the Govt & Private Employees for F.Y.2020-21 as per New and Old Tax Regime.
The income chargeable under the head "Salaries" is registered after making the following deductions under Section 16: 1. Standard Deduction; 2. Entertainment Allowance Deduction; and 3. Professional Tax. 1. Standard … [Read more...] about Deduction U/s 16 with Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2020-21
Possessing a home can be considered as one of the most desirable wishes for the greater part of us. In any case, given the soaring costs of houses in the metros and even in Level II urban communities, it has become increasingly hard for individuals to afford it. Therefore, the administration has concocted several key benefits under section 24(B) of the Personal Tax Act, … [Read more...] about Section 24 (B) : All About Deductions From Home Loan With Automated Income Tax Preparation Excel Based Software All in One for the West Bengal Govt Employees for the F.Y.2020-21 as per New and Old Tax Regime U/s 115 BAC.