Download Automated Income Tax Calculator All in One for the Govt and Non-Govt (Private) Employees for the F.Y.2021-22 as per New and Old Tax Regime U/s 115BAC

 

Download Automated Income Tax Calculator All in One for the Govt and Non-Govt (Private) Employees for the F.Y.2021-22|Introduce a new section 115 BAC in the 2020 Budget for the 2020-21 fiscal year. This section 115BAC has an option that allows you to continue with the old tax system with all income tax exemptions as in fiscal year 2021-22 and you can opt for the new tax regime except any income tax exemption as in the previous financial year. power. 2021-22 As clearly indicated in the Budget 2020 U / s 115BAC.

As per budget, the new U /s  tax slab is shown under 115BAC which was introduced in the 2021 Budget.

At the same time, it is also clear that according to section 115BAC (New Tax Regime), there is no exemption for the elderly in the new tax plan.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23 U/s 115BAC

 

Feature of this Excel Utility:-

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.

 

2) This Excel Utility has the all amended Income Tax Section as per Budget 2021

 

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Updated Version)

 

4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)

 

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

 

6) Individual Salary Sheet

 

7) Individual Tax Computed Sheet

 

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

 

10) Automatic Convert the amount in to the in-words without any Excel Formula

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Income tax deduction for salaried employees| With Automatic Income Tax Preparation Excel Based Software in Excel All in One for the Govt and Non-Govt Employees for F.Y.2021-22

 When the overall taxpayers in the country are assessed, the salaried individuals make up a significant

 portion of it. And, their contribution to tax collection is considerable. With this in mind, the rules of the

 income tax deduction for salaried employees provide various opportunities for tax protection.

 

With these discounts and deductions, you can easily reduce your taxes significantly. Thus, if you are a salaried person, it is very important to know every little detail about the cuts. Let's learn more about it

 

Standard Income Tax (Deduction & Exemption) on Employees When presenting the Union Budget 2018, the Indian Finance Minister has proposed Rs. 40,000 is deducted in lieu of medical compensation (Rs. 15,000) and transport allowance (Rs. 19,200).

 

As a result, salaried individuals now earn Rs.9600/- You can get additional income tax exemption 5800 as per F.Y 2018-19. However, in the 2019 interim budget, the amount of Rs. 40,000 has been increased. 50,000 ..

 

Sections 80C, 80CCC, and 80CCD (1)

Undoubtedly, Section 80C is the most used option for salaried employees to get income tax exemption. Under this section, if an individual or a Hindu Undivided Family (HUF) spends or invests in a specific tax saving way, they can get up to Rs. 1.5 lakh.

 

The government also supports certain tax-saving instruments, such as NPS, PPF, and more, to allow individuals to invest and save for their retirement. Investments or expenditures under section 80C are not permitted as deductions for income from capital gains

 

This simply means that if you have a capital gain on your income, you will not be eligible to avail of the benefits of Section 80C. Some investments up to the amount eligible for rebate under Sections 80C, 80CCC, and 80CCD (1). 1.5 lakh is: -

Life insurance premium

Employees Provident Fund (EPF)

Equity Linked Savings Scheme (ELSS)

Pension / Annual Scheme

Home Loan Principal Payment

Children's tuition fees

PPF account

Contribute Sukanya Samridhi Account

NSC (National Savings Certificate)

Fixed Deposit (Tax Savings)

National pension scheme deposited during post office

Home Rent Allowance Discount (HRA)

If you are a salaried person, living in rented accommodation, it may be easier to get the benefits of HRA.

 

The amount can be partially or completely exempt from your income tax. However, if you do not live in rented accommodation and are still receiving HRA benefits, it will be considered taxable.

You may also, like- Automatic Income Tax Preparation Excel Based Software all in one for the West Bengal state Employees for the F.Y.2021-22

 

HolidayTravel Allowance (LTA)

The Income Tax Act also provides an LTA exemption to limit the travel expenses of salaried persons during the period of absence in the workplace.

However, you should keep in mind that this discount does not include the cost of the entire trip, such as food, shopping, leisure, entertainment and more.

 

Also, the allowance only covers domestic travel and not international. The mode of travel must also be airway, railway or public transport

 

Section 80D: Medical insurance

 

Deduction Section 80D is a deduction that you can claim for your medical expenses. That way, you can easily save tax on health insurance premiums that you are paying for yourself, your family or your dependent parents.

 

The limit under this section for deduction is money. 25,000 for insurance premium. If you pay insurance premiums for senior citizens, you can claim a discount of up to Rs. 50,000

 

Moreover, health check-up to money. Also covered in the overall range of 5,000. If your employer pays the premium on your behalf and deducts it from your salary, you can claim a deduction under section 80D.

 

Section 24(b):  home loan Interest Max Rs. 2 Lakh

 

Another primary tax-saving tool is home loan interest. You can claim a discount of up to 7 2 lakh for interest on the loan for self-acquired property

 

Article 80TTA: Deduction on interest earned from a savings account.

 

Under section 80TTA of the Income-tax Act, if you earn income from savings account interest, the deduction available for salaried employees in this regard will be Rs. 10,000

 

However, keep in mind that it is only available to individuals and HUFs.

 

If the income from interest is less than Rs. 10,000, the whole amount can be deducted.

 

Conclusion

The above-mentioned components can facilitate savings by accepting large tax breaks and rebates.

 

So, make sure that you are making the most of these income tax deductions for salaried employees. Also, structure your salary so that you can save more on your taxes.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2021-22 and A.Y.2022-23

 

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

 

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

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Deduction for rent paid under section 80GG – With Auto –Fill Income Tax Software for the F.Y.2021-22

 Deduction for rent paid under section 80GG. Exemption for rent paid under section 80GG, the deduction for rent paid under section 80GG, section 80GG for payment of rent, deduction under section 80GG for rent paid for housing, there are some sections in Income Tax Act where most people do not pay much attention as these are very rare. Is effective in this case. Section 80GG of the Income-tax Act can be referred to as such a section.

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Section 80GG Overview

Reduction for rent paid for the house and only applicable to those who are self-employed or for whom HRA is not paid

The lowest of the following will be allowed as a discount

Rent reduced by 10% of total income before this deduction Rs. 5,000 25% of total income per month (excluding the long-term capital gain, short-term capital gain under section 111A or income under section 115A or 115D)

Please note: You must fill out Form 10BA to claim this minus.

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Discount for rent paid under section 80GG

As per the Income Tax Act 1961, who are not getting the House Rent from his/her employer for rent paid for his accommodation under any other department, he can make the same claim U/s 80GG. Some more conditions have to be fulfilled for this such as:

(1) If the person is not receiving house rent allowance from his employer or his salary does not include house rent the allowance which qualifies for exemption under section 10 (13A) of the Act, he is eligible to claim a tax deduction for your house rent expenses Was spent for.

(2) Personally submits a declaration on Form No. 10BA.

(3) The place in which he normally resides or is in charge of his office or conducts his business or profession is not owned

Any residential accommodation he or she or his wife or minor child or HUF of which he is a part is not the owner of any residential accommodation.

(4) Elsewhere

Any residential accommodation is the occupation of a person by profession, the value of which must be determined in accordance with section 23 (2) (a) or section 23 (4) (a).

Must read - Discount for grants under section 80G

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Exemption under section 80GG:

The following minimum amount of exemption is given under section 80GG of the Income-tax Act, 1961:

(1) House Rent paid in extra of 10% of the total income *

(2) 25% of total income *

(3). 5000 rupees per month.

If the appraiser has a house in another city and uses that house for his own accommodation and does not rent, he cannot claim deduction under section 80GG even though he lives in a rented house and assumes office responsibilities where he rents.

* Total income:

(A) Total Income: XXXX

Less:

(B) All long-term capital gains. XXXX

(C) Short capital gain which attracts 10% tax. XXXX

(D) Decreases under 80c to 80u sections except for 80GG. XXXX.

**** Total income. XXXXX

Example:

Mr. Provas, for example, earns Rs. Pays 10,000 monthly rent for.

Total income. = 10,00,000a

(-) Long term cap profit = 50,000

(-) Discount for the investment of Sukanya Samridhi Yojana = 100000

Hense the actual income for the 80GG is Rs. 8,50,0000.

Download Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-2(Updated Version)

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Section 80 CCD: Deduction for NPS Contribution (Updated)| Automated Income Tax Calculator All in One for the Govt & Non-Govt Employees for the F.Y.2021-22

 

Section 80 CCD: Deduction for NPS Contribution |Chapter-A of the Income-tax Act provides for various exemptions for contributions to pension schemes. These exemptions are available under Section 80C, Section 80CCC, and Section 80CCD and can be claimed at the time of filing an income tax return. This article focuses primarily on exemptions approved under Section 80 CCD. For exemptions under Section 80C and Section 80CC. 

Deduction under 80 CCD

There is a provision of 80 CCD for exemption of income tax for contributions to the National Pension Scheme (NPS) and for contributions to the notified pension scheme. Discounts under this section are available to individuals only and not to HUFs. Individual claims under this section may be residential or non-residential.

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Section 80 CCD (1): Grant of NPS Scheme for Contribution by Individual

Exemption under Section 80CCD (1) is not only available to salaried persons; salaried persons can also contribute to the NPS scheme and get relief for the same.

The maximum amount allowed as exemption under Section 80CCD (1) is: -

 

In case of employees: 10% of his salary for the financial year (salary includes value-added allowance but excludes all other allowances and permits)

In case of non-employees: 10% of total income in F..Y (increased from F.Y 2017 to 20%)

 

Section 80 CCD 2015 Budget Amendment

Earlier, the amount of exemption allowed for contributions to NPS was limited to Rs 1 lakh [Section 80 CCD Sub-section 1A]. However, to encourage people to contribute to the NPS, the maximum amount allowed to be invested in the National Pension Scheme has been increased from Rs 1 lakh to Rs. 1.5 lakh.

You may also, like- Download and Prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21

 

In addition, a new sub-section 1 B has been introduced in the budget 2015 announced by Arun Jaitley to provide additional discounts for any amount payable, for which Rs. 50,000 50,000 for contributions by any individual assessors under NPS. 

This is an additional advantage. Benefits above Rs 50,000 and above. A rebate of Rs 1.5 lakh can be claimed under Section 80C. Therefore, it can now be claimed under Section 80C + Section 80CCD that the total exemption. 2 lakh rupees.

 

Section 80 CCD (2): Deduction on NPS scheme for contribution by employer

If an employer contributes to the NPS scheme on behalf of the employee and is availed by the employee, the amount under which the employer contributes by the employee may also be waived under section 80CCD (2).

You may also, like- Download and Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2020-21

 

The contribution made by the employee himself in the NPS scheme will be allowed as a discount under section 80 CCD (1) and the contribution made by the employer in the NPS scheme will be approved as a discount under section 80CCD (2).

 

The concession approved under section 80CCD (2) will be allowed for the contribution of employers up to 10% of the salary of the individual.

 

Receives tax refunds on money from the National Pension Scheme

The contribution made by the NPS scheme will be returned to the employee as a pension after retirement or by surrendering the policy (as it may be).

 

At the time of withdrawal from the NPS account, 60% of the accumulated balance can be withdrawn and he will be exempted from tax. An annuity will be purchased from the balance of 40% amount.

 

Budget 2017 Update: Exemption will also, be allowed for partial withdrawal without exceeding 25% of the  contribution made by the employee under certain conditions under the Pension Fund Control and Development Authority Act.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2021-22 and A.Y.2022-23

 

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

 

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

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Tax Saving Fixed Deposit| With Automated Income Tax All in One for the Govt & Non-Govt Employees for the F.Y. 2021-22 as per Budget 2021

 Tax Saving Fixed Deposit | To encourage retailers to reduce the interest on fixed deposits, the Ministry 

of Finance announced in 2006 that all fixed deposits with a term of less than 5 years would be eligible 

for exemption under Section 80C of the Income Tax Act. This type of fixed deposit is popularly known 

as tax saving fixed deposit. 

This announcement was made by the notification dated 23/2006, through which the Ministry of Finance announced the Bank Deposit Term Scheme 2000-2006. This scheme sets clear guidelines for investing in this type of tax saving fixed deposit.

You may also, like- Automated IncomeTax Preparation Excel Based Software All in One for the West Bengal Government Employees for the F.Y.2021-22 [ This Excel Utility can prepare at a time your Income Tax Computed Sheet as per Budget 2021 + Individual Salary Sheet + Individual Salary Structure as per the W.B.Govt Employee's Salary Pattern + Automated Income Tax House Rent Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B for F.Y.2021-22]

Fixed Deposits for Tax Preservation: Guidelines

The Ministry of Finance has laid down the following guidelines for investing in tax saving fixed deposits.

Maturity: 5 years

• Minimum investment: Rs. 100 and more of it
• Maximum investment: Rs. 1,50,000 (Circular No. / 2013/2017, F.No.142/09/2017  Increased from Rs. 1 lakh to Rs. 1.5 lakh as per TPL)
• To discount available: Private, HUF
• Mat Premature withdrawal: Not available
• Advantage against this FD: Not available
• Interest rate: Paid by the bank from time to time
• Tax on interest earned: According to individual income tax slab rate
• TDS 10% on Interest

The interest rate paid on these tax-saving fixed deposits is decided by the bank with which the investment is made. You can check the rates offered by different banks as given below table-

Fixed Deposit interest Rates 2021

Last Updated 16th Jul 2021

The fixed deposits interest rate varies on factors such as Government policies, economic conditions and liquidity conditions in the market.

Banks	FD Interest Rates	Senior Citizen FD Interest Rates	Tenure
HDFC	6.20% - 6.65%	6.00% - 6.50%	33 months to 99 months
PNB Housing Finance	5.90% - 6.70%	6.15% - 6.95%	12 months to 120 months
Bajaj Finance	5.65% - 6.50%	5.90% - 6.75%	12 months to 60 months
SBI	2.90% - 5.40%	3.40% - 6.20%	7 days to 10 years
IDFC First Bank	2.75% - 6.00%	2.75% - 6.50%	7 days to 10 years
Axis Bank	2.50% - 5.75%	2.50% - 6.25%	7 days to 10 years

 

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Effective annual the interest rate on fixed deposits for tax protection

The following table shows the effective interest rates on such fixed deposits at an interest rate of 8.5%. 

S. No.	Particulars	Amount (Rs.)
		Slab Rate – 30%	Slab Rate – 20%	Slab Rate – 10%
A	Amount Invested	10,000	10,000	10,000
B	Immediate Tax Saving         (assuming 30% Slab Rate)	3090	2060	1030
C	Effective Investment  (A-B)	6910	7940	8970
D	Maturity Amt of Original Investment (Interest @8.5% p.a.)	13,382	13,382	13,382
E	Total Pre-Tax Benefit on Deposits (D-C)	6,472	5,442	4,412
F	Effective Annual Yield (5 years)	14%	12.50%	10.50%

To invest in such tax-saving fixed deposits which are allowed as a discount under section 80C, the investor has to submit an application for the same at the time of deposit and also submit a copy of his PAN card to the banker.

 

These investments can be made in either a single name or a joint name. Investing in a joint name, only the 1st holder can claim this discount and the 2nd holder will not be able to avail the benefit of Section 80 discount for investing in this type of tax saving fixed deposit.

 

You may also, Like- Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt Employees for theF.Y. 2021-22[ This Excel Utility can prepare at a time your Income Tax Computed Sheet as per Budget 2021 + Individual Salary Sheet + Individual Salary Structure as per the Non-Govt Concernd Salary Pattern + Automated Income Tax House Rent Exemption Calculation U/s 10(13A) + Automated Form 12 BA U/s 17(2) + Automated Income Tax Form 16 Part A&B and Part B for F.Y.2021-22]

The difference between tax-saving fixed deposit vs. PPF investment

 PPF, as well as tax-saving fixed deposits, are both regular income-earning investments that give the investor a predetermined guaranteed return. In addition, an investor can also claim a maximum discount of Rs. 2,000 / -. 50 150,000 to invest in any one of these investments.

However, there are some differences between PPF and Tax Saving Fixed Deposit which are discussed below: - 

Particulars	Tax Saving Fixed Deposit	PPF
Maturity	5 years	15 years
Deduction is available u/s 80C	Rs, 1,50,000	Rs. 1,50,000
Interest Rate	Fixed by the Bank*	Fixed by the Govt*
Tax on Interest earned	As per Income Tax Slab Rate	Exempt
Premature Withdrawal Facility	Not Allowed Maturity after 5 years	Available from 5th year onwards but only to a certain extent
Loan Facility	Not Allowed Maturity after 5 years	Can be availed from 3rd year onwards

 

(* Although the interest on tax-saving FDs and PPFs is fixed by different companies, they are almost the same with only slight differences)

 

PPF is a better instrument than tax-saving fixed deposit. However, the only drawback of PPF is the long maturity period. If a person feels comfortable in the long run, he should opt for PPF for tax saving fixed deposit.

 

And if you have already invested a maximum of Rs 1.5 lakh in PPF, after which you can invest in tax saving fixed deposit.

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Government &Non-Government (Private) Employees for the F.Y. 2021-22

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

 

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

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