Download Automatic Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2021-22 as per Old and New Tax Regime.

 

Whether you choose to pay income tax online or offline, you need to estimate your income tax liabilities in advance, especially if you are a salaried person. However, future income can rarely be accurately predicted. So, you estimate your potential taxes once at the beginning and then again at the end of the fiscal year.

Additionally, you need to file a prepaid tax, which should be at least 90% of your tax liability. Although this amount will be calculated at the end of the financial year, the prepaid tax estimates benefit you in the following two ways:

• Saves you from sudden huge liabilities at the end of the financial year

• You can plan your investments for the next year

An income tax calculator can help you estimate your tax liability early and later in the financial year.

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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Allowance - 'Salary' for calculating income | With Automated Income Tax Preparation Software in Excel with Form 10 E for the F.Y.2021-22

 Allowance - 'Salary' for calculating income. An allowance is a fixed amount of money that an

 the employer pays an employee to cover certain expenses, personal or in the performance of his or her

 duties. 

These allowances are generally taxable and are included in the total salary unless a specific discount is given in the case of any such allowance. Specific exemptions have been granted for allowances under the following categories:

(i) H.R.A.- Section 10 (13A)- House Rent Allowances

(ii) Scheduled Special Allowance - Section 10 (14)

 

The above allowances will be waived in full or up to a certain limit and the balance, if any, will be taxable and thus included in the total salary.

You may also, like- Automated Income TaxPreparation Excel Based Software All in One for the Non-Govt(Private) Employees for the F.Y.2021-22 as per Budget 2021 [This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Individual Salary Structure as per all Non-Govt Employees Salary Pattern + Automated Income Tax Form 12 BA + Automated H.R.A. Calculation U/s 10(13A) + Automated Income Tax Revised Form 16 Part A&B and Part B]

The full entertainment allowance received by an employee is first included in the total salary and then under section 16 (ii) only a government employee is exempted from the total salary due to such entertainment allowance which has already been included.

Some allowance treatments are as follows:

1. H.R.A.-U/s 10 (13A) and [Rule 2A]

Amount of discount: The following three limits:

 Kolkata / Mumbai /  Delhi/ Chennai Other Cities

(i) Allowance actually received Allowance actually received

(ii) More than 10% of the rent has been paid

(iii) 50% of salary 40% of salary

Note:

Exemption for HRA is based on the following:

(1) Salary

(2) Accommodation

(3) Rent has been paid

(4) Received HRA.

As long as there is no change in any of the above factors can be counted together for that period. Whenever any of the above changes, it should be calculated separately until the next change.

 You may also, like- Automated Income Tax Salary Arrears Received Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22

 

2. Prescribed special allowance which is exempt from a certain amount - Section 10 (14)

(i) Special allowance for discharge of government duties: 

These allowances are not of a favourable nature in the sense of section 17 (2) and are specifically allowed to cover expenses in full, necessarily and exclusively in the case of official duties or for-profit employment. These allowances will be discounted to the extent that they are actually spent for that purpose. [Section 10 (14) (i)].

These allowances are: 

A. Academic Allowance:

Whatever allowance may be given in any name to encourage academic, research and training practice in educational and research institutions; 

B. Uniform Allowance:

An allowance, whatever the name may be is used to cover the cost of purchasing or maintaining uniforms for office wear or for profit.

 

The above allowances will be discounted to the following minimum amount:

1. Received actual allowance.

2. Actual money has been spent for office or job responsibilities.

These allowances can be of two types:

1. The amount of allowance received or the prescribed limit, whichever is less is limited.

 

A. Children's education allowance:

The actual amount received per child or discount up to 100 p.m. Up to a maximum of 2 children per child, whichever is less.

 

B. Hostel Cost Allowance:

The actual amount received per child or discount up to 300 p.m. Up to two children per child, whichever is less.

Note:

 

(1) An appraiser claiming a waiver in respect of the allowance referred to under section (h) above shall not be entitled to a waiver in the case of allowance in the volatile area mentioned under section (e) above.

 

(2) It may be noted that the allowances mentioned in paragraph 4.13b above are exempted from the amount or limit of the amount received, whichever is less. In this case, there is no relevance to the actual expenditure. For example, if an employee gets Rs 2,000 as a transport allowance for travel between accommodation and duty and actually spends Rs 1,200. For this purpose, in this case, the discount would be 1,600 pm even though the money actually spent was 1200 pm

 

(3). Recreation allowance treatment

This cut is only allowed for one government employee. Private employees will not be eligible for any discount due to the entertainment allowance received by them.

 

In the case of entertainment allowance, the wife is not entitled to any discount but she is entitled to deduction under section 16 (ii) from the total salary. Therefore, the full entertainment allowance received by any employee is added to the calculation of the total salary. The Government servant is entitled to a deduction from the total salary under section 16 (ii) within the following 3 limits due to such entertainment allowance.

 

1. Actual entertainment allowance received in the previous year.

 

2. 20% of his salary excluding any allowance, benefits or other accessories.

 

3. 5,000 rupees.

 

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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New and Old Tax Regime U/s 115 BAC and Option form 10-IE for the F.Y.2021-22

 New and Old Tax Regime U/s 115 BACand Options form 10-IE for the F.Y.2021-22. The Finance Act,

 2020 introduces a new tax regime. The finance minister has declared the Income new tax slab for the

 F.Y.2021-22.

Therefore, the Ministry has proposed two sections for the new tax slab:

 

Section 115BAC: New tax rate for individual and HUF income

 

Section 115BAC: New tax rate on income of cooperative society.

New Tax Slab Rate for the F.Y.2021-22

Some key points in this section: -

Tax The new tax system is applicable/available from A.Y. after 2021-22.

Income The new income tax system applies to every person regardless of their age, meaning the tax slab also applies to senior citizens and super senior citizens.

Tax New tax system is in place.

You may also, like- Automated Income TaxPreparation Excel Based Software All in One for the Non-Govt(Private) Employees for the F.Y.2021-22 [This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime + Individual Salary Structure as per the all Non-Govt Employees Salary Pattern + Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A) + Automated Form 12 BA + Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]

An A discount is available of Rs. 12,500/- for those whose total income is less than Rs 5 lakh.

The exemption is not allowed when opting for the new tax regime: - 

Salary deduction standard for salaried taxpayers;

Leave Travel Allowance (LTA);

• House Rent Allowance (HRA);

• Children's education allowance;

• Other special allowances [Section 10 (14)]; 

Family Depreciation from family pension income;

Interest on housing loan on the self-occupied property or vacant property (Section 24); 

Chapter VI-A deductions;

Other Discounts or discounts for any other grants or allowances;

Loss does not stop any loss or underestimation of the previous year;

Not permitted except in section (iia) of sub-section (1);

You may also, like- Automated Income TaxSalary Arrears Relief Calculator U/s 89(1) with Form 10 E for the from theF.Y.2000-01 to F.Y.2021-22 [Updated Version]

Discount for SEZ unit u / s 10AA;

In the case of self-occupied property, you cannot claim a discount on interest for a housing loan. 

Deductions are allowed when choosing a new tax regime: -

Deduction under section 80CCD (2)(employer's contribution to your pension account);

80 80JJAA (additional staff costs)

Different Transport Allowance (Dibbing) for different eligible employees;

Duties Transport allowance for discharge of government duties;

Travel No allowance for travel/travel/transfer costs;

Certain Daily allowance paid to employees on certain conditions.

If you want to revert between old and new tax slabs: 

Business Personal business income: - People with business income have the option to move to a new system once in a lifetime. This means that once a person chooses a new tax system and then wants to move to the old system, such a person cannot choose a new tax slab without having any business income. 

A person who is salaried and has no business income: - A person who has a salary income other than personal income has the option to choose between the old tax slab and the new tax slab every year, i.e. he can change the regime from year to year.

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

 

Taxpayers can file 'Form 10-IE' electronically from the Income Tax e-filing portal. You can submit the form under digital signature or with Electronic Verification Code (EVC). If Form 10IE is not submitted, the department will calculate the tax on the basis of the old/existing tax system. 

Last date for submission of Form 10IE

Having business income: before the due date of ITR submission. Salary Income: Before or before the due date of ITR submission.

Form 10IE Submission Frequency: - 

A person's business income: twice, once to use the new tax system and the second time to go back to the old regime.

You may also, like- Automated Income TaxPreparation Excel Based Software All in One for the Jharkhand State Employees for the F.Y.2021-22 [This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime + Individual Salary Structure as per Jharkhand State Employees Salary Pattern + Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]

 

A person who is salaried and has no business income: - Every year, he has the option to file a 10IE year form. 

Form Content: -

Below are the basic details required to file Form 10IE:

The person's name / HUF

Confirmation of whether the person or HUF has any income or profits from the business and profession.

• PAN number

• Address

Birth Date of Birth / Date of Inclusion

Business Nature of Business / Occupation (Mandatory in case of business income)

Confirmation in 'Yes / No' whether the taxpayer referred to in sub-section (1A) of U/s 80LA has any unit in IFSC (International Financial Services Center). Suppose the answer is yes, then the details of the unit have to be provided.

Previous Any previous Form 10IE has been filed.

• Declaration 

You may also, like- Automated Income TaxPreparation Excel Based Software All in One for the Govt. and Non-Govt(Private)Employees for the F.Y.2021-22

Main Feature of this Excel Utility-

1. This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime

 

2. Individual Salary Structure as per all State Govt and Non-Govt Employees Salary Pattern

 

3. Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A)

 

4 Automated Salary Arrears Relief Calculator U/s 89(1) with Form 10 E for F.Y.2021-22

 

5. Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]

Read More