Automatic Income Tax Preparation in Excel for the Govt & Private Employees for F.Y.2022-23 as per U/s 115 BAC

 Automatic Income Tax Preparation in Excel for the Govt & Private Employees for

F.Y.2022-23 as per U/s  115 BAC

 

Introducing the new tax regime in the 2020 Financial Plan, many are not confused about what income tax deductions are available for them. Let us take a look at the F.Y 2020-21 overview of income tax deductions under old and new tax regimes.

 

Tax reform is an important part of fiscal planning. Either way, when investing or choosing derivatives, our mindset should be to focus on our financial goals from the start rather than just focusing on tax savings. From now on, understanding the available choices is essential.

 

Income Tax Rate F.Y 2022-23 and A.Y 2023-24

 

You may know that during the 2020 Financial Plan, the government introduced two types of tax regimes. Accordingly, the income tax categories are as below.

 

Overview of Income Tax Deductions F.Y 2020-21 - Under New and Old Tax Regimes

 

Now, let’s talk about the overview of income tax deductions for F.Y 2022 - 23. I will break it down into new and old tax regimes for your straightforward.

 

An overview of income tax deductions F.Y 2020-21 under the new tax regime

 

This post, focus on accessible fees.

 

# Section 80CCD(2) (Give entitlement if the option is a New tax regime).

 

Under this section, a commitment by the director on behalf of the representative to recommended benefit schemes such as EPF, NPS, and/or Super Commentary Account can be asserted up to a limit of Rs.7.5 lakh.

 

The company can deposit an amount equal to 12% of the basic monthly salary of an employee in his EPF account. In addition, the company can contribute an amount equal to 10% of the employee’s base compensation to the NPS Tier I account (for central government representatives, which is currently 14% of Essential + DA effective April 1st, 2019). In a retirement account, a company can contribute a limit of Rs 1.5 lakh tax-free in a financial year.

 

See point-by-point information on NPS Tax Benefits in "NPS 2020 Tax Benefits - Sec.80CCD(1), 80CCD(2) and 80CCD(1B)".

 

The 2020 expenditure plan has capped the tax-free pension account, NPS, and EPF account in the company at a limit of Rs 7.5 lakh per financial year. Furthermore, the release states that any interest or gains earned on the excess fund's pledge will also be taxable in the hands of the representative.

 

# Section 10(15)(i) (applicable if the road is a New tax Regime).

 

Interest on the balance of the savings account of the center post office is deducted up to Rs 3,500 under Section 10(15)(i) of Income Tax Act. As far as possible is Rs.7,000 in case of a joint savings account.

 

# Advice (Not right if the option is a New tax regime)

 

Boards are tax-free up to Rs 20 lakh during life for non-government representatives. For government employees, all tips they receive are tax-free, regardless of how much they earned. (See my post "Tipping - New Limit Value, Qualifier, Comparison, Taxes, and Calculator")

 

Under the new tax regime, benefits up to certain marginal limits (assuming they exist) are also allowed;

 

• LTA Benefits (Not eligible if the option is New Tax Regime).

 

• Waiver of redemption at retirement

 

• Savings benefits

 

• Advantages of VRS

 

• Benefits of NPS deduction

 

• Education benefits (not entitled if the option is a New tax regime).

 

• Payment of grants made in the public interest

 

# Interest on EPF, SSY, and PPF accounts (Not entitled if the option is a New tax regime)

 

Interest earned in an EPF account will still be tax-free under the new tax regime, as under the old tax regime.

 

The amount of interest and development earned in the Sukanya Samriddhi account, and PPF account is tax-free under the old and new tax regimes.

 

# Section 87A (Not eligible if the option is a New tax regime)

 

Individuals with taxable income up to Rs.5 lakh are eligible for a tax refund under Section 87A up to Rs 12,500, ensuring that no tax is payable under the new tax regime.

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

 

The main 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 Private 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

 

7) Individual Salary Sheet

 

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Section 80DDB | With Auto fill Income Tax Preparation Software All in One in Excel for the Government and Non-Government Employees for the F.Y.2022-23

 Section 80DDB | Who can claim deductions under Section 80DDB?

 

Section 80DDB is Income Tax Rules 11DD. Under the Income Tax Act, of 1961, taxpayers can claim deductions for certain specified benefits for themselves or their dependents. This type of exemption is covered under Chapter VIA of the Income Tax Act, 1961. Individuals and HUFs who are residents of India can claim an exemption under this section. In other words, this means that a tax deduction can be claimed, if the relevant entity resided in the country during that tax year and the medical-related expenses are incurred for themselves or a family member, such as a spouse, parent, or dependent brother or sister.

 

How many deductions can be claimed under section80DDB?

 

Deductions corresponding to the following amounts can be claimed under section 80DDB:

For the financial year 2021-22 (the review year 2022-23)

• A person is eligible for a tax of Rupees 40,000/-(Forty Thousand) or the amount actually paid, whichever is less.

• Senior citizens, above 60 years of age, are eligible for a tax deduction of Rupees 60,000/-(Sixty Thousand) or the amount actually paid, whichever is less.

From the fiscal year 2022-23 (the tax year 2023-24)

 

• A Person is eligible for a tax of Rupees 40,000/-(Forty Thousand) or the actual medical expenses, whichever is less.

• Senior citizens between 60 and 80 years of age can claim tax exemption of Rupees 60,000/-(Sixty Thousand) or the actual amount spent on health care, whichever is less.

 

• Super seniors, above 80 years of age, are eligible for tax exemption of Rupees 80,000/-(Eighty Thousand) or the actual medical expenses, whichever is less.

From the financial year 2018-19 (The assessment year 2019-20)

 

• A Person is eligible for a tax of Rupees 40,000/-(Forty Thousand) or the amount actually paid, whichever is less.

• Senior citizens, above 60 years of age, are eligible for a tax deduction of Rupees 100,000/-(One Lakh) or the amount actually paid, whichever is less.

 

Diseases or medical conditions specified in section 80DDB

 

According to the Income Tax Department, the following diseases or circumstances may require tax exemption under Section 80DDB:

 

(1) Neurological disease, whose disability level is 40% and greater -.

• Dementia

• Dystonia Musculorum Deforms

• Aphasia

• Motor neuron diseases

• Ataxia

• chorée

• Hemiballism

• Parkinson’s disease

(2) Malignant cancers

(3) Entirely acquired immunodeficiency syndrome (AIDS).

(4) Chronic renal failure

(5) Hematologic disorders

Haemophilia

Thalassemia of the body

 

Papers are required for claiming deductions under Section 80DDB

 

To claim deductions under section 80DDB of the Income Tax Act, 1961, the assessee has to furnish evidence that medical treatment has actually been provided. It is mandatory to obtain a certificate from the prescribed authority, who has benefited from the medical treatment if a person wants to claim a deduction under this section.

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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Deduction u/s 80TTA vs . 80TTB| With Auto Fill All in One Income Tax Preparation Software for Govt. and Non-Government Employees for F.Y.2022-23

 Deduction u/s 80TTA vs . 80TTB|Currently section 80TTA provides Rs 10,000/- deduction to all

 individual/HUF taxpayers.

 

Section 80TTA of the Income Tax Act, 1961 states:

 

Deduction of interest on deposits and savings accounts.

 

80TTA.

 

(a) As per the Banking Regulation Act, 1949 (10 of 1949) a banking company covered by the Banking Regulation Act,  (including any bank or banking organization referred to in section 51 of that Act);

 

(b) A cooperative society engaged in banking (including a cooperative land mortgage bank or cooperative land development bank); either

 

(c) A post office as defined in clause (k) of section 2 of the Indian Postal Act, 1898 (6 of 1898),

 

The deduction shall be allowed, in accordance with and in accordance with the provisions of this section, upon the computation of the total income of the assessee as set forth below, viz.

 

(i) If the amount of such expenditure does not exceed ten thousand rupees in the aggregate, the whole amount; and

 

(ii) Rs.10, 000/- in any other case.

 

(2) Where an income referred to in this section arises from a deposit in a savings account held by or on behalf of a company, association, or group of persons, no deduction is allowed under this section for such income when computing the total income of a corporate partner or member of an association or person of a body.

You may also like- Automated Income Tax Preparation Software All in One in Excel for the West Bengal Govt Employees for the F.Y.2022-23

Description. For purposes of this section, "long-term deposits" means deposits due at the expiration of specified periods.

 

It is now proposed to add a new section 80TTB to the Income Tax Act 1961 which will fix the age deduction for interest up to Rs. 50,000/- in cash.

 

The proposed 80TTB section reads as follows:

 

80TTB, (1) Where is the collector's total income? Being old includes any income you earn in the form of interest on deposits with:

(a) As per the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act);

 

(b) A cooperative society carrying on the business of banking (including a cooperative land mortgage bank or cooperative land development bank); either

 

(c) A post office as defined in clause (k) of section 2 of the Indian Postal Act, 1898,

Shall, in accordance with and in accordance with the provisions of this section. It is permissible, in computing the total income of the assessee, to deduct—

 

(i) If the amount is not excessive. The total sum of fifty thousand rupees, the whole of such amount; and

 

(ii) In any other case, Rs.50,000/-.

 

(2) Where the income referred to in subsection (1) comes from income held by or on behalf of a company, association, or private association, no deduction shall be allowed under this Article in respect of the income when calculating the total income of a business partner or an association member or a person of a body.

 

Description. For the purposes of this section, "older person" means a person resident in India who has attained the age of sixty years or more at any time during the relevant previous year.

 

The question arises whether Rs, 50,000/- deduction. It is even an interest allowance in FDR Bank which was not available under Section 80TTA. Another question arises whether senior citizens can claim deductions under Section 80TTA and 80TTB.

 

Let’s try to understand.

 

Section 80TTA provides for the deduction of interest excluding interest on term deposits. FDR is a term deposit. This means that there is no deduction of 80TTA in the bank’s FDR interest.

 

However, there is no restriction in u/s 80TTB. That is, Rs. 50,000/- for a senior citizen deduction is also available on the Bank’s FDR interest.

 

Also, Finance Bill 2018 does not propose repealing 80TTA. It is available for senior citizens from F.Y 2018-19 as a deduction is suggested under section 80TTB. Seniors can claim an 80TTB deduction. Only when other persons / HUF taxpayers would be eligible for deduction u/s 80TTA.

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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Arrears Salary Relief Calculator A.Y 2023-24 for claiming relief u/s 89(1) in Excel

 Arrears Salary Relief Calculator A.Y 2023-24 for claiming relief u/s 89(1) in Excel|A.Y 2023-24 (F.Y

 2022-23) Calculator of arrears of pay for claiming deduction under section 89(1) of the Income Tax

 Act 1961-Download

 

In accordance with Section 89(1) of the Income Tax Act, a reduction in income tax was granted in 1961 when an employee receives an overdue or prepaid salary during the financial year. UnderRule 21AA of the Income Tax Rules, 1962, Form 10-E is filed for claiming the deduction.

 

According to the Act, if the employee is a government employee or is an employee of a society, cooperative, local government, university, institution, or body association, to claim exemption, the employee can submit his Form 10E her his responsible employer of payment of compensation as provided in Article 192, first paragraph, of the Income Tax Act, 1961

 

In all other cases, the valuer requesting the exemption requests it on Form 10E from his tax advisor. Relief under Section 89, paragraph 1, is allowed in the assessment year in which the employee receives arrears or advances.

 

Especially in the public sector, pay revisions have become more common. Since independence, six pay committees have been formed by the government so far. The retroactive recommendations of the committee have all resulted in salary delays. The rationale behind granting this exemption under section 89 is that as a result of payment of arrears or advances received by him in a particular financial year, the income of the employee for that financial year increases due to the amount of arrears or advances . . . . As a result, the employee's income is taxed at a higher rate than the income would have been taxed if no such advances or expenses had been incurred.

 

The steps involved in calculating the Article 89(1) exemption are essentially as follows:

 

First, expand the amount of arrears or advances received to the specific relevant financial year and recalculate the income tax for each year if the arrears were incurred in the same relevant financial year.

 

Then calculate the income tax for each of the fiscal years irrespective of arrears or advances received.

 

Third - removal of total income tax arrived at the 2nd stage of stage-1.

 

Fourth, you calculate the income tax for the financial year incurred by the arrears, including arrears/advances.

 

Fifth: compute the income tax for the financial year in which the arrears were collected, less arrears/advances.

 

Income tax of the sixth deduction reached stage 5 of income tax reached stage-4

 

Sixth - deduction of income tax reached stage-3 of income tax reached stage-6

 

The amount so entered is the amount of the deduction under section 89 (1).

DownloadAutomated Income Tax Arrears Relief Calculator U/s 89(1) along with Form 10E from the Financial Year 2000-01 to Financial Year 2022-23 (Up-to-date Version)

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Income Tax Section 80TTA| With Auto fill Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23

Income Tax Section 80TTA| Under the Indian Income Tax Act, various deductions are provided to the

 Indian taxpayers to reduce their income tax liability and thereby reduce their tax expenses. These

 deductions can be based on salary, investment, or payment.

 

U/s 80TTA of the Income Tax Act, tax exemption is eligible to taxpayers on interest earned in a savings account. The savings account in question may be held at a bank, cooperative, or post office.

 

Section 80TTA was included in the Finance Act in 2013 and has since exempted many taxpayers.

 

Let us examine the terms and conditions involved in availing the benefits of Section 80TTA.

 

This exemption is provided U/s 80TTA- Terms and Conditions

 

1) The conditions applicable for tax deductions under Section 80TTA are listed below:

 

2) A maximum of Rs.10,000 per annum can be deducted from the interest of savings accounts

You may also like- Autofill Income Tax Preparation Software All in One in Excel for the West Bengal State Employees for the Financial Year 2022-23

 

Deductions can be claimed by individuals and Hindu Unified Families (HUFs).

 

3) If an entity has more than one savings account with multiple banks, the combined interest income of all the accounts must be below INR 10,000 to avail of the benefit of deductions

 

4) In the above case, if the cumulative interest income exceeds the limit of INR 10,000, tax exemption can be claimed for INR 10,000 and the remaining amount will be taxable.

Eligibility to claim deductions under 80TTA

 

Under the Income Tax Act, Section 80TTA deductions can be claimed against:

 

(a) Taxpayers belonging to the category of natural persons or Hindu Undivided Family (HUF).

 

b) Indian residents

 

c) Non-resident Indians (NRIs) holding NRO savings accounts

 

(d) An organization holding savings accounts with institutions such as banks, post offices, or cooperative societies

 

Claiming 80TTA Tax Deductions

 

Under Section 80TTA, tax deductions of up to INR 10,000 can be claimed for an eligible assessor above the limit of INR 1.5 Lac of Section 80C. Be sure to include the interest on savings accounts under the Income from other sources section when filing income taxes.

Exemption under Section 80TTA

 

1) If the total income of the company is less than the minimum taxable income, a person cannot claim tax exemption under section 80TTA

 

2) Senior citizens cannot avail of tax deductions under Section 80TTA

 

3) Tax exemption 80TTA does not apply to:

 

• Long Term Deposits

 

• Fixed deposits

 

• Recurring Deposits

 

• Deposits from NBFC (non-banking finance companies).

 

• NRA holders of NRE accounts cannot claim tax deductions under Section 80TTA as NRE accounts are tax-exempt.

 

Conclusion

 

Many savings account holders are unaware of the taxes on savings account interest. Section 80TTA of the Income Tax Act 1961 covers the income tax exemption granted on interest earned on savings accounts, with a maximum exemption of INR 10,000 per annum.

 

This exemption applies to Hindu undivided individuals or families (HUF).

Download Automated IncomeTax Arrears Relief Calculator U/s 89(1) along with Form 10E from the Financial Year 2000-01 to Financial Year 2022-23 (Up-to-date Version)

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Exemption U/s 80C | With All-in-One Automated Income Tax Preparation Software in Excel for Non-Government Employees for Financial Year 2022-23

 Exemption U/s 80C | Investment under Section 80C has two purposes: first, to make investments, and

 second, to save tax. Thus, the tax thus saved and the investments thus made can be used in the future.

Miscellaneous funds under section 80C

There are several investments under section 80C which allows the assessee to reduce his tax liability to Rs. 1.5 lac. These investments are as follows:

 

Public Provident Fund

Public Provident Fund or PPF Scheme is a long-term investment scheme backed by the Government of India. Also, one can invest in PPF by opening an account and making a minimum deposit of Rs. 500 up to a sum of Rs. 1.5 lac. In addition, the PPF scheme has a lock-in period of 15 years and the current interest rate is 7.1%. In addition, the premium, as well as the interest amount on the PPF, is tax-free.

You may also Like- Automated Income Tax Preparation Software All in One in Excel for the West Bengal State Employees for the Financial Year 2022-23

Sukanya Samridhi Yojana

Sukanya Samridhi Yojana or SSY is one of the best performing investments under section 80C. This is because it is a government initiative aimed at uplifting the girl child. It was launched in 2015. Thus, a person with a daughter can open an SSY account with some post offices and banks in India. The minimum deposit is Rs. 250 and the maximum deposit is Rs. 1.5 lac. This account is operational until the girl reaches the age of 21. However, there is the possibility of partial withdrawal after the girl turns 18 to pay for the girl’s education.

Life insurance premiums

 

Life insurance premiums, commonly known as LIC premiums, are common investments under Section 80C. The reason is that the life insurance premium not only provides life cover to the individual but also protects his family and gives them financial independence accordingly. Maximum limit Rs.1.5 Lakh.

Provident fund scheme for employees

The Employees Provident Fund or EPF Scheme is a long-term retirement scheme available to salaried employees. Under this scheme, the employer and the employee pay the same premium of 12% of the basic salary plus severance pay. When an employee retires, the amount so earned, plus interest is paid directly to the employee. Additionally, the gift is exempt from tax under section 80C.

 

You may also like Auto Fill Income Tax Preparation Software All in One in Excel for the Non-Government Employees for the Financial Year 2022-23

 

5 Years Tax Savings Fixed Deposits

Tax-saving 5-year fixed deposits are similar to fixed deposits. Maximum deduction of up to Rs. 1.5 lacs under section 80C in these charge-saving FDs.

 

National Savings Certificate (NSC).

National Savings Certificate or NSC is yet another investment option under Section 80C backed by the Government of India. Therefore, the guarantee includes returns. The current interest rate for NSC is 6.80% and it has a 5-year lock-in period.

 

Shared savings plan and link

 

Equity Linked Savings Scheme or ELSS is an investment fund that invests at least 80% of its assets in the stock market. These are also known as tax-saving mutual funds as they can avail deductions under Section 80C. In addition, they have a lock-in period of only 3 years and the return is dependent on market norms.

 

You may also like – Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E for the Financial Year 2022-23

 

National pension system

 

The National Pension Scheme or NPS is a scheme that allows working professionals and earners in other sectors to benefit from pension benefits. For example, any Indian between the ages of 18 and 60 can open an NPS account. Investments up to Rs. 1.5 lakh in this scheme are eligible for tax deduction under Section 80C of the Income Tax Act. Apart from this, one can also get some tax rebates on investments of Rs. 50,000 under Section 80CCD (1B). The lock-in period is also up to retirement age and the current interest rate is 7.10%.

 

Unit Lien Insurance Plans

 

Unit Linked Insurance Plans or ULIPs are effective investments under Section 80C that provide investors with investment and insurance in one package. According to ULIPs, part of the investment is in life insurance, and the rest is in equity, debt, or a combination of both.

 

 

Thus, under Section 80C, the premium amount of ULIP is tax deductible up to Rs. 1.5 million per annum. In addition, policy returns at maturity are exempt from income tax under Section 10(10D).

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

Read More

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

Read More

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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