How to save tax through NPS| With Automatic Income Tax Preparation Excel Based Software All in One for the West Bengal Govt Employees for the F.Y.2021-22

How to save tax through NPS| With Automatic Income Tax Preparation Excel Based Software All in

 One for the West Bengal Govt Employees for the F.Y.2021-22

 

How to save tax by NPS investing an additional Rs 50, 000,.Investment in the National Pension System (NPS) is a hot topic of discussion from the perspective of tax protection for individual taxpayers considering various changes in the Income Tax Act in recent years. The NPS Tier 1 account provides tax benefits to the employer as well as the employee / self-employed person for their contribution to the NPS.

 

The tax benefits at the contribution stage are summarized below:

 

A person who has deposited any amount in his NPS account in a financial year can claim a rebate from his total income which is limited to 10% of the basic salary of salaried persons and 20% of the total income of self-employed persons. . This discount is for contributions made directly or in person by the employer.

 

Section 80CCE specifies the total amount of exemption permitted under sections 80C and 80 CCD (1) of the Income-tax Act., However, deposit in Section 80C baskets (EPF, PPF contributions, etc.),80CCD (1) also.

You may also, like-Automatic Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-22

Recently, U/s 80CCE permitted a person to an exemption up to Rs 1.5 lakh from the gross income if this Rs 1.5 lakh is invested in a specific way (including NPS). Certain expenditures are also eligible for exemption under the limit of Rs 1.5 lakh U/s  80CCE.

 

The maximum amount that can be deposited in NPS to claim deduction under section 80CCD (1) does not exceed 10% of a person's basic salary. After that, if 10% of the basic salary is below Rs. 1.5 lakhs, say Rs 1.40. deposit such as P.F., Tax-Saving F.D etc. Rs. 50,000 / - can be deposited in NPS in addition to Rs. 90,000 mentioned under 80CCD (1b). This rebate of Rs.50,000/-

 

Additional discount on NPS

To encourage investment in NPS, Section 80CCD (1B) of the Income-tax Act allows an additional rebate of Rs 1.5 lakh and above Rs 50,000 available under Section 80CCE.

 

Thus, where the individual taxpayer has exceeded the limit of Rs. 50,000 under Section 80CCD (1B) can be used to claim an additional rebate.

 

Employer's contribution

Employer's Contributions to the NPS account it is going to 80CCD(2)of an employee are governed by Section 17 (1) (viii) of the Income Tax Act applicable).

 

In Conclusion, Section 1 ((2) (vii) of the Finance Act, 2020 has been amended

Further, under section 17 (2) (viia), any interest, dividends, etc. earned by the employer on contributions above Rs. 7.5 lakhs and above will be taxable. The provision states that annual contributions will be calculated "in the prescribed manner" due to additional contributions. However, calculation guidelines are still pending.

Download Automated IncomeTax Preparation Excel Based Software All in One for the West Bengal Government 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 all amended Income Tax Section as per Budget 2021

 

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

 

5) Individual Salary Structure as per the West Bengal State Govt Employees 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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Senior Citizen parental’s medical bills can save you taxes| With Auto fill Income Tax Preparation Software All in One in Excel for the West Bengal State Employees for the F.Y.2021-22 as per Budget 2021

 Senior Citizen parental medical bills can save you taxes. With COVID's second wave in full swing,

 health insurance seems like an unavoidable requirement that also gives you tax benefits under Sec 80D.

 

But here’s the catch - health insurance premiums for senior citizens are either too high or unavailable, especially for those with pre-existing conditions. Don't worry - did you know that even your senior citizen's parents' medical bills can save you taxes?

Let's find out how it works

You may also, like- Autofill Income Tax Preparation Excel Based Software All in One for the Non-GovtEmployees for the F.Y.2021-22[ This Excel Utility can prepare at a time your Tax Computed Sheet as per Section 115 BAC + Auto Calculate House Rent Exemption Calculation U/s 10(13A) + Automated Income Tax Form 12 BA + Automated Income Tax Form 16 Part A&B and Part B as per new and old tax regime]

Medical expenses incurred for senior citizens 60 years of age or older are reasonable.

This waiver claim may include parents (spouses or dependent children) for themselves (senior citizens themselves) or families.

 

The person for whom the discount has been claimed is not covered by any health insurance.

 

All medical expenses, from counselling fees to medications, or the purchase of devices such as hearing aids, are permitted. A proof will be required.

Most importantly - no payments made in cash are allowed.

 

The limit of medical expenses is the same as that allowed for health insurance which is Rs 50,000 per year for parents and Rs. Separate annual Rs. 50,000 for self, wife or dependent children (if senior citizen).

 

This year, as there are plenty of examples of people who spend money on treatments related to covid, make sure you make good use of this facility to save your taxes.

Download Autofill Income Tax Preparation Excel BasedSoftware All in One for the West Bengal Government Employees for theF.Y.2021-22

Main Feature of this Excel Utility:-

 

#This Excel Utility can prepare at a time your Tax Computed Sheet as per Section 115BAC

 

#Auto Calculate House Rent Exemption Calculation U/s 10(13A)

 

#Automated Income Tax Form 16 Part A&B

 

#Automated Income Tax Form 16 Part B

 

# Individual Salary Structure as per W.B.Govt Employees Salary Pattern

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