Showing posts with label Additional Income Tax Deduction U/s 80EEA. Show all posts
Showing posts with label Additional Income Tax Deduction U/s 80EEA. Show all posts

Thursday, 15 August 2019

Avail additional tax benefit on home loan interest U/s 80EEA for the F.Y.2019-20, With Automated Income Tax Software for the F.Y. 2019-20

The Budget 2019 India: The FM has proposed an extra deduction of Rs 1.5 lakh for the intrigue paid on the home advance for private house property. Be that as it may, there are sure conditions to be satisfied before you can guarantee it.
As per the Central Budget 2019 India: The FM has proposed an extra deduction of Rs 1.5 lakh for the interest paid on the home credit for private house property. As of now, the interest paid on home advance up to Rs 2 lakh in a year for a self-involved property fits the bill for reasoning under segment 24 of the I-T Act. The extra interest will fit the bill for a conclusion under the recently presented sector 80EEA. The aggregate sum of conclusion accessible to the citizen will, accordingly, become Rs 3.5 lakh a year. "This will convert into an advantage of around 7 lakh to the middle-class home-purchasers over their credit time of 15 years", said the FM in her Budget discourse.

Download Automated All in One TDS on Salaryfor The Govt & Non-Govt Employees for the Financial Year 2019-2020 andAssessment 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  Assam State 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 in New Format
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format

Be that as it may, recall there are sure conditions to be satisfied before you can guarantee reasonings under both the section.

(I) Loan to be sanctioned by the budgetary foundation during the period starting on the first April 2019 to 31st March 2020

What it implies: The tax cut won't be on a current credit taken before March 31, 2019.

(ii) The stamp duty estimation of house property ought not to surpass Rs 45 lakh

What it implies: The enlistment cost of the house is limited to Rs 45 lakh. Other than urban areas like Mumbai and so on, a 2bhk will be accessible in a few areas at this cost. In the event that you are hoping to purchase a home costing more than this sum, you won't be qualified to guarantee any finding under this area.

(iii) The assessee does not possess any private house property on the date of assent of credit

Download Automated All in One TDS on Salary for The 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 the Private or Non - Govt employee’s 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 Form 16 Part A&B for F.Y. 2019-20 in New Format
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format
What it implies: It implies, the target of presenting this new tax cut is gone for new purchasers who don't have a home at this point.

(iv) If you have just profited a derivation under this section, same intrigue sum can't be benefited under some other area of the I-T Act

What it implies: It implies, tax reduction on a similar intrigue can't be guaranteed under section 24 and section 80EEA simultaneously. Be that as it may, for the sum surpassing the point of confinement, one can guarantee under the two section.

(v) You will be qualified for derivation under the section, if the rug region of your house isn't surpassing 60 square meters ( 645 sq ft) in metropolitan urban communities or 90 square meters (968 sq ft) in urban areas or towns other than metropolitan urban areas of Bengaluru, Chennai, Delhi National Capital Region (constrained to Delhi, Noida,Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (entire of Mumbai Metropolitan Region). Further, this definition will be compelling on or after the first day of September 2019.

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E From the F.Y. 2000-01 to F.Y. 2019-20

What it implies: Carpet region is around 30 percent not exactly super rug region. On the off chance that you are searching for a greater house surpassing around 1000 sq ft in metropolitan urban areas or 1350 in different urban areas, this proposition may not help you much. The administration needs to loosen up as far as possible to make the proposition functional.

Additionally, imagine a scenario where an advance is taken in FY 2019-20 and the intriguing part surpasses Rs 1.5 lakh, would deduction be able to be profited in the two segments. "On the buy of a reasonable house, an individual can benefit a finding of Rs 2 lakh under area 24 of the annual duty act and furthermore, an extra conclusion of Rs 1.5 lakh under segment 80EEA, gave the credit is taken from any money related establishment. Subsequently, if a credit is taken for in FY 2019-20 however intrigue part surpasses Rs 1.5 lakh, the individual can guarantee benefits under both the segments for example 24 and 80EEA and take an all-out derivation to Rs 3.5L,"

Tuesday, 13 August 2019

Affordable housing: How to claim Income Tax deduction up to Rs 3.5 lakh on home loans, With Automated Income Tax Preparation Excel Based software for F.Y. 2019-20


In the Union Budget 2019, affordable housing got a further fillip with an increase in Income Tax deduction of Rs 1.5 lakh on home loans.
Finance Minister Nirmala Sitharaman said the interest paid on housing loans is currently allowed as a deduction to the extent of Rs 2 lakh under Section 24 B.
"To provide further impetus to affordable housing, an additional deduction of Rs 1.5 lakh will be given on interest paid on loans borrowed up to 31 March 2020 for purchase of house up to Rs 45 lakh. Therefore, a person purchasing an affordable house will now get an enhanced interest deduction up to Rs 3.5 lakh. This will translate into a benefit of around Rs 7 lakh to the middle-class home-buyers over their loan period of 15 years," Sitharaman had said.
The government has proposed to insert a new section 80EEA in the Act so as to provide a deduction Rs 1.50 lakh additional income tax deductions on loan is taken for residential house/property up to Rs 45 lakh from any financial institution.
To align the definition of affordable housing under the Income Tax Act with GST Acts, Sitharaman had proposed to increase the limit of carpet area from 30 square metres to 60 square metre in metropolitan regions and from 60 square metre to 90 square metre in non-metropolitan areas. The cost of the affordable house has been fixed at Rs 45 lakh and below.
Conditions for availing tax deduction
(i) The loan has to be sanctioned by a financial institution during the period beginning on 1 April 2019 to 31 March 2020
house property does not exceed Rs 45 lakh
(iii) The assessee does not own any residential house property on the date of sanction of loan
(iv) The loan must be taken from a financial institution or a housing finance company
(v) The taxpayer should not be eligible to claim deduction under the existing Section 80EE

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 the Private or Non - Govt employee’s and Govt Sector’s 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 from the F.Y. 2000-01 to F.Y. 2019-20
7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format
How to claim deductions under Section 24 and Section 80EEA
Under Section 24, homeowners can claim a deduction for interest payments up to Rs 2 lakh on their home loan, if the owner or his family resides in the house property. The deduction of up to Rs 2 lakh applies even when the house is vacant. If you have rented out the property, the entire home loan interest is allowed as a deduction.
If you are able to satisfy the conditions of both Section 24 and Section 80EEA of the Income Tax Act, you can claim the benefits under both the sections.
First, exhaust your deductible limit under Section 24, which is Rs 2 lakh. Then, go on to claim the additional benefits under Section 80EEA. Therefore, this deduction is in addition to the Rs 2 lakh limit allowed under Section 24.