Download Auto-fill Income Tax Preparation Software All in One in Excel for the Govt and Private Employees for the F.Y.2021-22 with Section 80C - Deduction on Investment

 

Download Auto-fill Income Tax Preparation Software All in One in Excel for the Govt and Private Employees .Section 80C is the most preferred category of all income tax payers because it allows the taxpayer to reduce tax liability by making tax saving investments and collecting eligible expenses. This allows a maximum of Rs 1,50,000 per year to be deducted from the total income.

 

This section can be beneficial for an individual and HUF. Companies, LLPs, firms and partnerships are not eligible to take advantage of this discount.

 

Section 80C also includes subsections like 80CCC, 80CCD (1), 80CCD (1B), 80CCD (2).

 

All these sections together allow deduction of Rs.1, 50,000, but section 80CCD (1B) allows additional deduction of Rs.50,000.

 Section 80TTA - Interest on Savings Account:

The benefits of this department are available only to one person and HUF, they can claim deduction of Rs.10,000 against interest income from the savings bank account, the account is in the bank, co-operative society or post office. This section does not apply to interest earned from a fixed deposit account or a recurring deposit account.

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Section 80GG - House for Rent:

 Deductions under this section are only available to the taxpayer if the house rent allowance is not available. The taxpayer or the taxpayer's spouse or minor child shall not own any residential premises in the place of employment. The taxpayer shall not own any self-acquired property elsewhere. The taxpayer will be staying at the renter's residence. This discount applies to everyone.

 The amount of cut may be the lowest of the following:

1. Consistent minus 10% of total income is rented;

2. 5,000 per month;

3. Consistent 25% of total income.

 

Section 80E - Interest on educational loans:

A deduction can be claimed under this section on the interest on loans taken for higher education. This loan can be taken for the taxpayer himself or for his wife or child or for the person on whose behalf the taxpayer is the guardian.

 

The deduction under this section can be claimed up to 8 years or up to the date of payment of interest, whichever is earlier.

 Section 80EE - Home Loan Interest:

A discount is available under this section in FY 2017-2018 only if the loan is taken in FY 2016-2017. The deduction is only available to homeowners who have only one home property on the date of the loan. The value of the property should be less than Rs 50 lakh and the loan amount should be less than Rs 35 lakh. They can claim a discount of up to Rs 50,000 per year under this category.

Section 80D - Medical Insurance:

 An individual and HUF can claim deduction under this section, if the medical insurance is taken for oneself, spouse and dependent children, you can claim a discount of Rs 25,000. An additional deduction of Rs 25,000 is available for insurance taken for parents below 60 years of age, and if the age is over 60, the deduction amount can be Rs 50,000, an amount increased from Rs 30,000 in the 2018 budget.

 Section 80U - Physical Disability:

A resident with a physical disability or mental disability is entitled to a rebate of Rs 75,000 under this section. A discount of Rs 1,25,000 can be claimed in case of severe disability.

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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Provision and explains of Section 115 BAC and Option Form 10-IE With Automated Income Tax Preparation Software all in one in Excel for the Govt and Non-Govt Employees for F.Y.2021-22

Provision and explanation of Section 115 BAC and Options Form 10-IE. In this article, we will mainly understand Article 115BAC and Form 10-IE. Finance Budget, 2020 introduces a new tax regime. The F.M. has declared a new tax slab for individuals, HUFs.

 

However, the Government has proposed two sections for the new tax slab:

115BAC: Section has  modified the  tax slab for individual and HUF income

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

In this article, we will discuss Sec 115BAC. These sections are implemented from. F.Y 2020-21.

Some key points in this section: -

Provision and explanation of Section 115 BAC and Options Form 10-IE. The new tax system continues from A.Y. after 2021-22.

The new income tax method implements to each and every person as per their age, meaning the tax slab also applies to senior citizens and super senior citizens.

The new tax system is in place.

The discount is available for those whose total income is less than 5 lakh rupees.

The exemption is not allowed when choosing a new tax regime: -

Standard deductions for salaried taxpayers;

Discount Travel Allowance (LTA);

• House Rent Allowance (HRA);

Children's education allowance;

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Other special allowances [Article 10 (14)];

Family Depreciation from family pension income;

Interest on housing loan in self-occupied property or vacant property (Article 24);

Chapter VI-A deductions;

Other Discounts or discounts for any other grant or allowance;

Carried forward without any loss or uncovered devaluation of the previous year;

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

Deduction for SEZ  u / s 10AA;

Reduction between 32 32AD, 33AB, 33ABA, 35, 35AD, 35CCC;

You are not entitled In the case of self-occupied property deduction U/s 24 B,

If you choose the new tax regime some Deductions are allowed as given below

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

J 80JJAA (Additional Staff Cost)

Transport allowance (Dibang) for various eligible employees;

Transport allowance for government duties;

Any allowance for travel/travel/transfer costs;

The daily allowance is given to employees under certain conditions.

you can change your option and back to your suitable tax regime :

Personal business income: - People who have business income have the option of moving to a new regime once in a lifetime. If any person chooses a new tax system and after that is willing to revert to the old system, such a person cannot choose a new tax slab without having any business income.

 

Who are salaried person and has no business income: - A person who has only salary income other than personal income can choose an option to choose within the old tax regime and the new tax regime every year,

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It is mandatory of the Taxpayers give 'Form 10-IE' electronically from the Income Tax e-filing portal. You can submit the form under digital signature or through Electronic Verification Code (EVC). 

Last date for submission of Form 10IE

If you have any business income: then submit of IRR Before the due date.

Form 10IE Submission Frequency: -

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

Form 10-IE Content: -

Given below are the common details required for the newly introduced Form 10IE:

Person Name / HUF

Confirmation of whether there is any income or profit from the person or business and profession under the HUF.

• PAN number

• Address

Date of birth/date of inclusion

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

Confirmation in 'Yes / No' of whether the taxpayer referred to in sub-section (1A) of LA 80LA has any unit in IFSC (International Financial Services Center).

Details of any previous Form 10IE filed.

• Announcement

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2020-21 and  Assessment Year 2021-22 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 2020

 

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (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

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Under Section 80D Health Insurance Tax Benefit. With Auto Fill Income Tax Preparation Software All in One in Excel for the F.Y.2021-22

 

Under Section 80D Health Insurance Tax Benefit. Although people in their 20s and 30s now understand the importance of health insurance, many of them remain ignorant about it. They believe that health insurance is for the elderly and that it is an unnecessary investment.

 

But young people as young as 20 are now suffering from serious health problems like cholesterol and diabetes. It is therefore important that one should consider buying health insurance as soon as possible. To further encourage people, there are income tax exemptions for medical insurance premiums under Section 80D of the IT Act.

 

Under Section 80D Health Insurance Tax Benefit. Although the primary reason to buy a health insurance policy should always be to protect your health, tax exemption is an excellent additional benefit. Before claiming tax benefits on health insurance premiums, you need to clarify the following: Invest in the right health insurance policy and save tax

 

1. Who can claim a tax deduction on health insurance?

2. What is the maximum tax deduction limit?

3. How can this cut be claimed?

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Who is entitled to claim a reduction in taxes on health insurance?

Under section 80D, if you are eligible for a tax deduction on premiums paid for a health insurance policy-

You are a person who has purchased health insurance for you, your wife, dependent children or your parents.

Tax exemptions are available for health insurance

Here are some discounts you can claim if you have purchased health insurance for yourself and your parents.

Age below 60 years (Proposer and Guardian)

If you are purchasing a separate health plan for yourself and your age is below 60 years, then you have to pay Rs. Can claim tax benefits. twenty-five thousand in a year on your medical premium. If you are also buying health insurance for a dependent parent under the age of 60, you will get an extra money discount. 25,000.

60 over 60 years of age (parents)

 

If you have purchased a separate health plan for your dependent parents over the age of 60, the discount limit will be increased to Rs. 50,000 to 25,000.

 

So, if you are under 60 years of age and your dependent parents are above 60 years of age and you purchase a separate policy for yourself and your parents, then you have to claim tax exemptions. 75,000. Here, Rs. 25,000 is your health insurance premium and Rs. 50,000 for the premium paid for your senior parents.

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Above 60 years (Proposer and Guardian)

If both you and your old aged above 60 Years parents are over 60 years of age, the maximum medical premium tax-deductible limit will be Rs. One Lakh lakh.

Since you are above 60 years of age, you will get a discount of Rs. 50,000 and you can get the tax benefits to your dependent parents for whom you have bought a health insurance policy.

Insured	Premium paid for health insurance - Self (Rs)	Premium paid for health insurance - Parents (Rs)	Total deduction under 80D (Rs)
Self (including spouse, children) under 60, and parents also under 60	25,00	25,000	50,000
Self below 60, but parents above 60	25,000	50,000	75,000
Parents and individuals both above 60 years	50,000	50,000	1,00,000

 

How to claim tax exemption on health insurance premium?

Tax benefits on health insurance can be claimed at the time of filing an income tax return. Given below the manners you need to follow

1. At the time of filing your income tax, there have an option as  'Deductions' column you can select '80D' to claim an exemption  for health insurance premium

 

2. A drop-down menu will now be available so that you can select the conditions under which you are claiming the cut. There will be seven options and you can choose the one under which you are claiming the cut. The options are as follows-

⮚ yourself and family

⮚ Self (over 60 years) and family

⮚ Parents

Parents (over 60 years)

Self and family with parents

Own and family with parents over 60 years of age

Self (above 60 years) and family with parents over 60 years

 

You can now attach helpful evidence and documents so that the IT department can verify your cuts. Remember that deduction in medical insurance premium can be claimed only if you pay the premium through net banking, credit/debit card, a check or draft. Cash premiums are not tax-deductible. Also, you must have supporting documents and evidence to claim a successful cut.

 

When can you claim a health insurance tax deduction?

Tax deductions on health insurance premiums can only be claimed for a certain financial year. For example, if you pay a premium for the fiscal year 2018/19, a tax deduction may be claimed when filing an ITR for 2018/19.

 

No deduction can be claimed for the premium you have already paid in the last financial year or will pay in the next financial year.

 

Taking advantage of tax cuts on health insurance

You are entitled to claim tax benefits in accordance with the limits and conditions discussed above.

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

Read More

Automated Income Tax Preparation Excel based Software with New and Old Tax Regime Introduced in Budget 2020

Boost Indian taxpayers were hoping for lower tax rates and increase tax limit deductions, in budget 2020, our finance minister surprised everyone by announcing a new tax regime. This new tax regime did have lower tax rates but took away all the deductions and exemptions available to the taxpayers, and it was announced that the taxpayer can choose between the old and the new tax regime U/s 115 Back.

So now, most of us have to decide which regime to opt through the new option Form 10-IE  for. And that can be confusing. So if you are wondering which tax regime, the existing or new works best for you. This article helps you decide that.

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So, let's start. while our current tax system has high tax rates. As per the Income Tax Act many of the tax exemptions section to reduce your tax. The Government of India through the addition of clauses to the Income Tax Act has given Indian taxpayers 70 exemptions and deduction options, through which they can bring reduce their taxable income and hence pay less tax.

While exemptions are part of your salary that you don't pay taxes on like HRA, LTA deductions involve investing, saving, or spending on specific items. In fact, by claiming deductions under Section 80C, you can bring down your taxable income by rupees 1.5 lakh. Apart from this, there are several other sections that let you claim deductions on things, ranging from interest on your home and education loans to premiums you pay for health insurance.

Here are the most common exemptions and deductions availed by Indian taxpayers, these exemptions and deductions together can bring down your taxable income by lakhs. However, it also means that every year, you have to find ways to optimize your salary and investments, so as to keep your taxable income to the minimum.

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Now, let's look at the new tax regime. The new tax regime is different from the existing system in two aspects, 1st in the new tax regime, the tax labs have increased and the tax rates have lowered in the sub rupees 15 lakh range. 2nd, all the exemptions and deductions that were being used by taxpayers in the existing regime won't be available in the new regime.

Here is a comparison between the existing, and the new tax slabs.

So now that you have learned the difference between the regimes arises the question, which one should you pick. Unfortunately, there is no single answer to this as Indian tax rules are complex in nature. While figuring out what options to go for might look complicated if you approach it in a systematic way, it is not quite difficult to figure out. Here is what you need to do.
Step one, calculate all the exemptions that you are availing like HRA, LTA, phone bills, etc. Remember, all these become taxable. If you are willing to choose to revert to the new tax regime.
Step two, look at the deductions that you claim as a salaried employee to deductions that you automatically get or the standard deduction of rupees 50,000, and your contribution towards your employee provident fund that is EP Fin the new regime, you won't be able to claim deductions, even on EP F, even though you will continue putting money in it. Moreover, you cannot claim deductions on home loan repayments for a premium paid for insurance policies which still now have helped to reduce your taxable income.

Now, combine these exemptions and deductions and subtract them from your salary to see what is the taxable income and what it would be. If you let go of these deductions and exemptions. This should be the deciding factor for which regime, you should go for wondering how deductions and exemptions will impact taxes in both regimes.

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 Let us understand with an example. First, let us take the example of someone who is availing, very few exemptions and deductions. This is Permit Sing is a bank employee who earns rupees 8 lakh, a year being salaried, he contributes towards CPF, and also gets HRA and LTA. In this Financial Year 2020-21, he availed rupees 25,000 on his travelling, and he will be claiming it due to his family obligations. He is not able to save anything beyond his CPF contribution.

Now let's take out the tax amount he has to pay in the existing regime, and the new regime. As you can see, in this case to the new tax system works better. In fact, in the existing tax regime, Arijit will end up paying rupees 4,763 more in taxes. Lastly, let us take the example of someone who avails all major exemptions, as well as deductions. Here is Permit. He earns rupees 20 lakh annually. avails the full rupees 1.5 lakh limit of Section 80C through a combination of contribution to EP F, and l SS mutual funds. Besides this, he has bought health insurance, for which he paid a premium of rupees 25,000, that he claims as a tax deduction, under Section 80 D. Also, to save more taxes from his salary. He made additional investments of rupees 30,000 in NPS similar to them it. He also claimed the LTA amount of rupees 25,000, which is tax-exempt.

Now, let's see which tax regime will benefit him. In this case, the existing tax lab works better. It will result in lower taxes, with the difference of rupees 24,960. So, this is how you decide which regime to choose.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2020-21 and A.Y.2021-22

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.2020-21 (Update Version)

 5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

 6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

 7) Individual Salary Sheet

Read More