Leave 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 employer offers an MJA of Rs.25,000, but the employee spends only Rs 20,000 on travel expenses, the deduction is limited to Rs 20,000.

 

 

For the purposes of the exemption, ‘family’ is understood as spouse and children and parents, brothers and sisters who are wholly or substantially related to you.

 

The exemption does not apply to more than two children of a person born after October 1, 1998. In the case of a second birth after the birth of one child, this limitation also does not apply to this restriction.

 

 

The tax rules only provide an exemption for two trips in a block of four calendar years. This block is scheduled for the current calendar year 2018-21.

 

The exemption is allowed only if the person claiming the deduction is also traveling. If the family is traveling alone, deduction is not allowed.

 

 

Assignment of Unclaimed MJA: If an employee did not claim an MJA in the current last block or claimed it only once, it may request one more MJA in the next block of calendar years under the employee’s eligible allocation concession rules and request an MJA -reduction to 3 trips made in the current block of years. However, in order to avail of the transfer concession scheme, one LTA exemption must be applied in respect of travel in the first calendar year of the following block.

 

Travel to multiple destinations: If an employee travels to multiple destinations during the same leave, the deduction can be granted only for eligible travel expenses from the point of origin to the remote destination of the holiday by the shortest possible route.

 

 

Number removed:

Travel undertaken by Air - Economy Short-haul domestic carrier airfare or amount incurred, whichever is less, shall be exempt

 

 

Travel by Rail - First Class Train Travel by A.C. by a shortcut or the amount incurred, whichever is less, is not free.

 

 

Point of origin and destination Position of travel connected by rail, but traveled by other modes of transport - A.C. First class rail fare according to the shortest route or the cost incurred, whichever is less.

 

 

The origin and destination are not connected (partially/full) by rail, but are connected by another recognized public transport system - First class or luxury class fare depending on the route or shortest fare used, which is small.

 

 

Place of origin and destination not connected (partial/complete) by train or other recognized public transport system - AC first class rail fare by the shortest route (because the journey was made by train) or the actual cost, whichever is less.

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

 

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 a New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employees 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.2022-23 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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How 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 on Home Loan (Key Amount).

 

The amount paid on repayment of principal of an individual/HUF home loan is allowed as a tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction u/s 80C is Rs. 1 50 000.

 

Property cannot be sold within 5 years

 

Section 80C(5) also states that in case the valuer transfers the property on which tax deduction is claimed under Section 80C before the expiry of 5 years from the end of the financial year in which he acquired the property, then only section 80C does not allow deductions and tax benefits on housing loans. The total amount of tax deduction already claimed in respect of previous years is treated as income of the Shareholder for the year in which the property is sold and the Shareholder is liable to pay tax on that income.

 

Tax benefits Home loan (interest rate).

 

Tax credit on a home loan for payment of home loan interest can be claimed as a deduction under section 24 and under the newly introduced section 80EEA(amended in the 2020 Budget).

 

Section 24: Benefit of income tax on interest on the loan for purchase/construction of the real estate.

 

A tax benefit on a mortgage loan for payment of interest is allowed as a deduction under Section 24 of the Income Tax Act. Under Section 24, income from the acquisition of property is reduced by the amount of interest paid on the credit under which the loan is availed for the purpose of purchase/construction/renovation/renovation/reconstruction of buildings.

 

The maximum tax deduction allowed u/s 24 of a private dwelling is capped at a maximum of Rs. 2 Lakhs.

 

Note: if the immovable property is not occupied by the owner himself by reason of the fact that he has carried on his profession, trade or occupation in another place, he must occupy that other place which is not his he, with then the amount of tax deduction allowed under Section 24 is Rs. 2 Lakhs itself.

 

It is also important to note that this tax exemption of interest on loans under section 24 is deductible on an accrual basis, i.e. Thus, deductions under Section 24 can be claimed every year even if no payments have been made during the year as compared to Section 80C, which allows a deduction only on payment basis. Also. (The limit has increased from 3 years to 5 years from FY 2016-17).

Download Automated Income Tax Preparation Software All in One in Excel for the Non-Govt Employees for the F.Y.2022-23

Section 80EEA:

 

Income Tax Benefit on Home Loan Interest (First Time Buyers).

Interest deduction can also be claimed u/s 80EEA which is in addition to the deduction claimable u/s 24 of Rs. 2 Lakhs and also aforesaid the deduction of Rs. 1.5 Lakhs is allowed u/s 80C

 

This deduction under section 80EEA is applicable only in the following cases:-.

 

1. 80EEA deduction would be availed only if the stamp duty value of the property purchased is below Rs. 45 lakhs of cash.

 

2. The loan must be approved between April 1, 2019, and March 31, 2022.

 

Keep in mind that:-

 

1. The above tax deduction applies to an individual and not to a Building. So if you bought a home together and took out a joint home loan, each repayment would be entitled to the full deduction separately.

 

2. If you live in a rented flat and have tax benefits through HRA deduction, then you can also claim tax benefits on home loans according to Article 24, Article 80EEA and Article 80C.

 

3. If an individual chooses the new tax regime announced in Budget 2020, they will not be able to claim the benefit of any of these deductions.

 

To claim the above tax deduction, you must submit a letter provided by the lender that clearly shows the amount owed, interest and principal. After claiming the above amount for home loan tax purposes, the rest of one’s income would be taxed according to income tax rates. (Recommended Reading: Income Tax Rate).

 

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

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 employees 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.2022-23 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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Provident 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.

 

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 are multiple ways to save for people of all ages.

 

If you want a relaxed lifestyle without the hassle of earning money in retirement, public provident funds and fixed deposits may be the right options for you. Investing in these two ways can easily save money for the future. Both plans have advantages and disadvantages. That is why one must know all the details before investing in any system. The report analyzes in detail the investments of PPF and FD.

 

What is PPF?

 

The Public Provident Fund is a long-term permanent savings plan of the government. Investments under this scheme offer tax-exempt benefits as well as guaranteed returns. The investor can claim tax exemption under Section 80C of the Income Tax Act of India. The tenure of the PPF account is 15 years and no withdrawal can be made before expiration unless there are special conditions. If the account lasts 5 years, the investor can withdraw part of the money.

 

 

PPF is a long-term savings scheme recognized by the government.

Investors can invest up to Rs 1,50,000/- per annum and take advantage of tax exemption under Section 80C of the Income Tax Act.

The PPF period is 15 years and partial retirement is possible under various conditions.

Investments, dividends, and post-refund gains are tax-free.

Post offices, banks and financial institutions provide PPF services.

 

What is a fixed deposit?

 

A fixed Deposit or FD is the safest option. In this case, the interest rates are much higher than in risk-free savings accounts. When investing in time deposits, the investor has to adjust the tenure and the interest is paid accordingly. For the elderly, savings pay comparatively high-interest rates.

 

About fixed deposits

 

The fixed deposit is a safe investment option that offers guaranteed interest rates.

In this case, the investor has zero probability of loss.

 

Fixed income returns are superior to other risk-free investment options.

 

A tax was collected on interest over Rs 40,000. However, the investor can claim tax exemption.

 

Complementary loans are granted based on fixed amounts.

Download Automated IncomeTax Preparation Excel-Based Software All in One for the Government and Non-Government (Private) Employees for the Financial Year 2022-23 and Assessment Year 2023-24 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 2022

 

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23 (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.2022-23

 

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

 

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

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Provident 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.

 

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 are multiple ways to save for people of all ages.

 

If you want a relaxed lifestyle without the hassle of earning money in retirement, public provident funds and fixed deposits may be the right options for you. Investing in these two ways can easily save money for the future. Both plans have advantages and disadvantages. That is why one must know all the details before investing in any system. The report analyzes in detail the investments of PPF and FD.

 

What is PPF?

 

The Public Provident Fund is a long-term permanent savings plan of the government. Investments under this scheme offer tax-exempt benefits as well as guaranteed returns. The investor can claim tax exemption under Section 80C of the Income Tax Act of India. The tenure of the PPF account is 15 years and no withdrawal can be made before expiration unless there are special conditions. If the account lasts 5 years, the investor can withdraw part of the money.

 

 

PPF is a long-term savings scheme recognized by the government.

Investors can invest up to Rs 1,50,000/- per annum and take advantage of tax exemption under Section 80C of the Income Tax Act.

The PPF period is 15 years and partial retirement is possible under various conditions.

Investments, dividends, and post-refund gains are tax-free.

Post offices, banks and financial institutions provide PPF services.

 

What is a fixed deposit?

 

A fixed Deposit or FD is the safest option. In this case, the interest rates are much higher than in risk-free savings accounts. When investing in time deposits, the investor has to adjust the tenure and the interest is paid accordingly. For the elderly, savings pay comparatively high-interest rates.

 

About fixed deposits

 

The fixed deposit is a safe investment option that offers guaranteed interest rates.

In this case, the investor has zero probability of loss.

 

Fixed income returns are superior to other risk-free investment options.

 

A tax was collected on interest over Rs 40,000. However, the investor can claim tax exemption.

 

Complementary loans are granted based on fixed amounts.

Download Automated IncomeTax Preparation Excel-Based Software All in One for the Government and Non-Government (Private) Employees for the Financial Year 2022-23 and Assessment Year 2023-24 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 2022

 

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23 (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 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.2022-23

 

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

 

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

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Is the tax due for one year more than Rs.10,000? You are responsible for paying taxes in advance

 Where the tax payable by a person exceeds Rs 10,000 after deducting the original TDS it comes into

 play. Challan280 has been cleared by the IT department for early payment of taxes. It can be paid

 online using the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and click on

 Challan no./ITNS 280 tab.

 

Download the Automated Income Tax Challan 280 in Excel 

Advance taxes are paid by those who have a source of income other than their salary. Individuals who earn from rentals, capital gains from shares, fixed income, lottery winnings, etc., can pay taxes early. Advance taxes are also known as ‘Pay as you earn schemes and can be paid online or through certain banks. Tax is payable if your taxable turnover exceeds Rs 10,000 in a single financial year. As per law, taxes must be paid in the same year the money is received.

Expiration date:

- 15% of the prepaid tax must be paid on or before June 15 of the financial year.

 

- 45% of the prepaid tax (minus prepaid taxes) is due on or before September 15th.

- 75% of prepaid taxes (less prepaid taxes) are due on or before December 15th.

- 100% of prepaid taxes (minus prepaid taxes) are due on or before March 15th.

In the case of taxpayers who opted for the presumptive tax scheme, 100% of the advance tax is due on or before March 15 of the financial year.

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the Financial Year 2022-23

Where the tax payable by a person exceeds Rs 10,000 after deducting the original TDS it comes into play. If the advance tax is not paid within the due date, interest is chargeable to tax in accordance with the provisions of the IT Act.

 

How do you pay?

 

Challan 280 has been cleared by the IT department for early payment of taxes. It can be paid online using the link https://onlineservices. tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and click on Challan tab no./ITNS 280. Next, select the “advance tax” option and pay through net banking or debit card. After the payment, the tax receipt is displayed on the screen. Download and save it with you for future reference.

 

Who should pay taxes early?

The eligibility criteria for paying taxes early are:

• Your tax credit must be Rs 10,000 and above.

• Income generated through capital gains on shares.

• Interest earned on deposits.

• A victory gained from a lottery.

• Rent or income received on household goods

Download Automated Income Tax Preparation Software in Excel for the Non-Government Employees for the Financial Year 2022-23

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Standard deduction from salary and pensions| With Automated Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23

 Standard deduction from salary and pensions| A standard deduction means a fixed deduction for people

 who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions

 from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the

 default deduction limit is Rs 50,000. In this guide, we'll cover what deductions are available from a

 person's wages and retirement income.

 

The standard deduction for employees

Standard Income Tax Deduction - 2019 Provisional Budget

The standard deduction replaced travel and medical expenses. This gives salaried taxpayers exemption from taxable income without any restrictions. The 2019 draft budget brought many benefits to salaried taxpayers. Among these benefits, one was an increase in the standard deduction. The standard deduction has increased from Rs 40,000 to Rs 50,000, a notable step in favour of taxpayers. This measure will help taxpayers reduce their taxable income at the same time.

 

Download and Prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22

What is the impact of the standard deduction on retirees?

The decision to allow standard deductions has provided significant benefits for retirees. These pensioners usually did not receive any allowances for transportation and medical expenses. However, the standard deduction will only be allowed for retirees if the pension is taxed as income from wages. If the income is from another source, there is no standard deduction.

 

What is the default deduction limit?

The amount of the standard deduction cannot exceed the amount of wages. The maximum amount of the deduction will be Rs. 50,000 rubles or equal to the amount of the salary, whichever is less.

 

How is the standard multi-employer deduction calculated?

There is no standard deduction for any reason. employers. The default deduction is the total limit for the full year, not none. employers.

Let's say Mr A worked for 2 employers during the 2019-20 fiscal year. In this case, you may be wondering how much the standard deduction r. might require

Option 1 BRL 50,000

Option 2 R$ 1,00,000 (Rs 50,000 for each employer)

The correct answer is option 1, i.e. Mr And can take advantage of the standard deduction up to Rs. 50,000/-

Download and Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22 

What is the procedure for the standard deduction in the new tax regime?

The 2020 budget introduces a new tax regime (the tax year 2020-21) under which income will be taxed at lower rates. To take advantage of this option, the taxpayer would have to waive major tax credits and benefits, including the standard deduction.

 

Is the standard deduction part of Section 80C?

No, the standard deduction is not part of section 80C. Both the standard deduction and section 80C follow different rules and regulations that serve different purposes.

The standard deduction is a deduction for medical and travel expenses. While the deduction under section 80C allows you to deduct specific investments and expenses. To learn more about Section 80C

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

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 employees 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.2022-23 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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How do I file Form 10E for Tax Exemption? With Auto-fill Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23

 How do I file Form 10E for Tax Exemption?

 

How to Fill Out Form 10E – Steps to Fill Out Form 10E for Relief of  Tax Exemption – As a salaried individual, if you receive any payment in advance or in arrears, you may be required to pay tax on the full amount received. Protects you from any excess tax liability due to any delay in receiving income under Section 89(1). In other words, if you receive any part of your salary in arrears, you can claim tax savings under Section 89(1) thereon by filing Form 10E.

 

Under Section 89(1), you can obtain tax benefits by recalculating tax for both years (to which arrears are received and arrears refer). The tax liability is adjusted after assuming that arrears were received in the same year they were due.

 

What is the Section 89(1) tax exemption?

As a taxpayer, the following types of delays received are taxable in the same year they are received –

Salaries in arrears

Salary in advance

Family pension in arrears

Switched pension

Also Download Automated Income Tax Preparation Excel-Based Software Allin One for the Non-Govt Employees for the F.Y.2022-23

What is Form 10E?

You are required to complete Form 10E if you wish to claim tax benefits under Section 89(1) of the Income Tax Act of 1961. Under Section 89(1) of the Act, you are eligible to claim tax benefits for back pay received in the form of delay. Any delays received are reflected in Part B of your Form 16.

 

Form 10E is required to provide information on income received under Section 192(2A) and may be filed by a government official or any employee working in a business, cooperative society, university, local authority, institution or association or organ.

 

How do I file Form 10E?

The following steps explain the process of completing Form 10E –

Log in to your Income Tax Return Account

Go to e-File and then to Income Tax Forms

Select 'FORM NO. 10E - Form for relief u/s 89 'in 'Form name'.

Select the Appraisal Year (or AY) for which you need to file Form 10E (e.g. select Appraisal Year as 2019-20 if the salary arrears you received are for the 2018-19 Financial Year (or of Evaluation 2019-20)

Select the shipping mode and click 'Continue'.

Fill in the applicable details and click the 'Save Draft' button

For salary arrears, select Annex-I* and complete details as applicable

Click 'View and Submit' to review the details and then submit the form

* Please note that the following Attachments are available from the page menu –

Annex-I: For Delay or Advance Salary

Appendix-IIA: free (previous services for 15 years or more)

Appendix-III: Compensation for termination of an employment contract

Appendix-IV: For retirement

Important Things to Consider When Completing Form 10E

When completing Form 10E for payroll arrears tax credits, consider the following:

You must complete Form 10E online at the Department of Income Tax website.

If you claimed tax exemption in the previous tax year but did not file a Form 10E, you will receive a non-compliance notice from the Income Tax Department.

Before filing your income tax return, you must complete Form 10E online.

 

Although wage arrears may be from prior fiscal years, when you file Form 10E, you must select the assessment year in which you received the arrears.

You do not need to attach any copies of Form 10E filed with your income tax return (but keep a copy for yourself)

 

Although your employer may ask for confirmation after you submit Form 10E, it is not required that you submit this form to your employer.

Tax credits under Section 89(1) also apply to delayed family benefits.

There is no exemption under Section 89(1) for VRS (Voluntary Retirement Scheme) if you previously claimed exemption under Section 10(10C)

 

The steps above will help you complete and submit Form 10E online to claim tax relief under section 89(1) of the Income Tax Act of 1961. Form 10E must be completed if you want to reduce your tax on arrears of wages received with delay. . If you have any concerns, concerns, or questions regarding Section 89(1), Form 10E, or your tax return, you should consult with a professional to ensure that you have completed your income tax correctly and without problems.

Download Auto-fill U/s 89 (1) Income Tax Arrears Relief Calculator with Form 10E from F.Y 2000-01 to F.Y 2022-23 (updated version)

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Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23 With Deduction under chapter VI A

 Income Tax Preparation Excel-Based Software All in One for the Govt  and Non-Govt Employees for

 the F.Y.2022-23

Income tax deductions U/S 80D

Persons under the age of 60 can claim a deduction of up to Rs 25,000 from insurance premiums paid to themselves, spouses and their dependent children. The deduction increases to Rs 50,000 if any of the family members are over 60 years of age. An additional deduction of Rs 50,000 is available for the premium paid for health insurance for dependent parents over 60 years of age. As such, individuals may qualify for a maximum tax deduction of up to Rs 1 lakh under section.

 

Income tax deduction U/S 80DDB

A tax deduction of Rs 40,000 is available for expenses incurred in the treatment of specific illnesses of one's own family members or dependents. For the elderly (over 60 years old), the limit is increased to 1,00,000 rupees (1 lakh).

Download Automated Income Tax Form 16 Part B which can prepare One by One Form 16 Part B for the F.Y.2021-22

This deduction is only available in the case of certain diseases such as cancer, kidney failure, AIDS, haemophilia, dementia, neurological disorder, etc.

Income tax deductions U/S 80E

 

The deduction is also available on student credit for higher education (undergraduate or graduate) in medicine, engineering, business, or science. The deduction is available from the 1st year and then for the next 7 years. The deduction available on the EMI is paid as interest on the loan.

 

Income tax deduction U/S 24

Deductions up to Rs 2,00,000/- (Rs 2 lakh) are available on interest paid on a loan used to buy/build your own home. However, the purchase and construction of this house must be completed within 5 years from the end of the year in which the Home Loan was taken. The amount must have been borrowed on or after 04/01/1999 to be eligible for the deduction.

Download Automated Income Tax Form 16 Part A&B which can prepare One by One Form 16 Part A&B for the F.Y.2021-22

 

Income tax deduction U/S 80EEA (does not apply to the 2022-23 tax year)

Additional deduction of Rs 1,50,000 for affordable housing up to 45 lakhs. The deduction applies to loans taken between April 1, 2020, and March 31, 2022. However, the exemption has not been extended to FY 2022-23.

Income tax deduction U/S 80EEB

 

The deduction is only available to individuals through an electric car loan. The interest payable on such a loan is deductible, but not more than Rs 1,50,000/-. The loan must be used between 04/01/2019 and 03/31/2023. The loan must be authorized by a financial institution and must only be used to purchase an electric vehicle.

Only the interest paid is allowed as a deduction.

Income tax deduction U/S 80EE

 

A tax deduction of Rs 50,000/- on interest paid on a mortgage loan is available to first buyers for loans up to 35 lacs, provided that the value of the property does not exceed 50 lacs. This deduction is more than Rs 2,000,000 from the interest paid on the loan. The deduction is granted for the financial year until the period of full repayment of the loan.

The loan must be approved by a financial institution or housing finance society. In addition, the Credit must be authorized between 04/01/2016 and 03/31/2017 to be eligible for the deduction.

Download Automated Income Tax Form 16 Part B which can prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22

 

U/S 80G Income tax deductions

Deductions also apply to donations made to notified NGOs, charities are eligible for a 50% or 100% deduction as required by law. However, in institutions where the “cap” clause applies, the maximum allowable deduction is 50% or 100% (as applicable) of 10% of total adjusted gross income after other deductions have been declared. The deposit must be made through a digital platform or check in order to claim a deduction.

Some of the scheduled funds where 100% deduction is available without qualifying limit;

#National Defense Fund

#PMCares Foundation

#Prime Minister Relief Fund

#Swatch Bharat Kosh

#National Foundation for the Relief of the Sick

#National Children's Fund

# Clean denim background

(Incomplete list)

Income tax deductions U/S 80GG

The available deduction from the paid rent of the house, whichever of the following:

• The rent is less than 10% of the total rent.

• 5000/- per month. (Maximum allowable deduction 60,000/-)

• 25% of total income provided that;

The Assessor, their spouse, or minor child must not have housing at their place of work or other location where the Assessor lives, and should not receive a rental allowance.

In addition, the deduction is available as long as the individual does not receive any U/S 10 (13A) rental deductions.

Income tax deductions U/S 80TTA

Deduction from total gross income up to a maximum amount of Rs. 10,000/- is allowed on interest earned on deposits in a savings account (non-term deposits) at a bank, cooperative or post office.

Download Automated Income Tax Form 16 Part A&B which can prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22

 

Interest earned on savings and term deposits is deductible for pensioners. The deduction limit has been increased to Rs 50,000 in accordance with section 80 of the TTB.

U/S 80DD and U Income tax deductions

 

A deduction of Rs 75,000 U/S 80DD is available to cover expenses and treatment of dependents with disabilities. In case of severe disability (more than 80%), the deduction limit increases to Rs 1,25,000/-.

 

A deduction of Rs 75,000 U/S 80U is available to cover the costs and treatment of any disability suffered by a resident individual (car). In case of severe disability (more than 80%), the deduction limit is Rs 1,25,000/-.

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

 

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 employees 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.2022-23 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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