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Showing posts with label Form 10 E. Show all posts
Showing posts with label Form 10 E. Show all posts

Monday 7 February 2022

 

 Section 24 of the Income Tax Act deals with the interest an individual pays on a home or property loan.

 The name of this particular section is 'Domestic Property Income'. The discounts available are the loan

 interest and the standard deduction. 

section 24

There are several sections in the income tax law for obtaining the tax deduction on specific investments and expenses. One of the investments under constant legal pressure is the purchase of the residential property. The government recognizes that housing is the most important requirement as well as ownership, and many investments in your first home are tax-deductible.

Download Automatic Income Tax Arrears Relief Calculator U/s89 (1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-22(Updated Version)

Section 24 exemption from house building loan interest
Section 24 exemption from house building loan interest

An important section related to a home loan in Section 24, allows you to apply for an exemption on the interest you pay on a home loan. Another section, Section 80C, allows you to apply for capital redemption tax benefits.

 

Section 24 is titled "Home Ownership Income Exemption". Income from home applies in the following cases:

 

If you are sending out, the rent received will be considered part of your income;

If you have more than 1 home, the annual net worth of the home, not including the home you live in, will count as your income.

 

If you only have 1 house and you live in it, the income from home ownership will be considered nil. Any rental income and the annual value of additional housing are subject to tax deduction under section 24.

 

Section 24. exemption Below

 

Here are two types of Income-tax deductions U/s 24 of the Income Tax Act:

Standard exemption: this is an exemption allowed for each taxpayer, where the amount equal to 30% of the net annual value is not covered by the tax ceiling. This does not apply if you are only occupying your home.

 

Interest on the loan: If you take out a mortgage to buy, build, or renovate a home, any interest you pay on the actual loan amount will be deductible from your tax payments. This category has the following 2 sub-categories, out of 2 in total.

Download and prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22 as per new and old tax regime.

 Form 16 Part B


If you take out a loan for a self-occupied property, you will have to pay  Rs. Discounts can be requested up to. 2 lakh.

 

If you take out a loan to buy or build a property (not a renovation), you can still request interest before actually buying or finishing its construction. You can request the deduction on interest paid before the completion of the construction or purchase, in 5 equal instalments from the year in which you bought or completed the house.

 

If the home is borrowed for renovations or renovations, you will not be able to apply for the tax deduction until the renovation is complete.

 

To get this exemption, you need to calculate the amount of interest you owe to the bank or financial institution you borrowed from, rather than the actual payment. It doesn't matter if you actually pay the lender the amount: you can get a discount on the entire amount of annual interest.

 

Exceptions under Section 24.

 

If the house is not in your possession, you can request the deduction of the entire amount of interest due without any maximum limit.

 

If you do not occupy the house because you live in another city for work or business reasons and you live in any other property or rental property in the city where you are employed, you can get the tax deduction only on the payment of interest. Rs. Can claim. , 2 lakh.

 

There is no exception to any brokerage or commission for loan or tenant arrangements.

To request the maximum deduction on the loan interest amount, the home must be purchased or completed within 3 years of the loan being granted. If the construction or purchase is not completed within 3 years, you will only have to pay Rs. Can claim. 30,000 instead of 2 lakhs.

 

The loan you are taking out must have a certificate of interest.

 

Download and prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22 as per new and old tax regime.

section 24 exemption from house building loan interest




Monday 25 October 2021

 

 Auto-Fill Income Tax Preparation Software in Excel for the Govt and Non- Govt Employees.Section

 10 for salaried employees under the Income-tax Act includes various allowances ranging from house

 rent and travel allowance to research / academic allowance and uniform allowance.

 

Salary employees receive a certain amount of money or other allowances in addition to their salary for the specific needs of the employees. Most allowances are a fraction of the total income unless they are subject to certain exemptions under the Income Tax Act. Employees are paid allowances for their services or for working in unusual circumstances.

 

As per Income Tax Act U/s 10 many allowances include.

 

Section 10 (14)

Under the Special Allowance Act of Section 10 (14), an exemption is given on the basis of the amount used by the employee for a specific purpose. Exemption depends on the following factors:

 

Amount of allowance.

The actual amount used for the purpose for which the allowance was granted.

Section 10 (14) (i)

Under section 10 (14) (i), a waiver is given in the amount received as allowance or in the amount spent on certain duties, which may be the figure below.

Allowances under this category are:

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Non-Government Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax computed Sheet + Salary Structure as per the Non-Govt Employees Salary Pattern + Automatic Calculation House Rent Exemption U/s 10(13A) + Automatic Income Tax Form 16 Part A&B and Part B + Automatic Form 12 B.A. as per new and old tax regime] 

Auto-fill Income Tax Preparation Software

• Daily Allowance: Employees are paid daily allowance during travel or transfer time. Such allowances are paid when the employee is not in a place of normal responsibility.

Travel Allowance: Travel Allowance bears the costs related to travel or transfer while on duty. This allowance includes travel expenses when moving to another location, including packaging or transportation of a private building.

 

Transport Allowance: Allowance for transportation is paid to the employees in case of spending time travelling for office duties. However, the employer does not pay for travel from home to work because it is not considered an official responsibility. This allowance comes under a different category called ‘Transportation Allowance’ and it is not tax-free.

 

• Uniform Allowance: When the allowance is paid for the purchase or maintenance of a uniform, it must be worn while on duty. This allowance can be chosen only when the office responsibilities determine a certain uniform.

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Assam State Government Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax computed Sheet + Salary Structure as per the Assam State Govt Employees Salary Pattern + Automatic Calculation House Rent Exemption U/s 10(13A) + Automatic Income Tax Form 16 Part A&B and Part B] 

Auto-fill Income Tax Preparation Software in Excel

 

Generally, it is not necessary to submit a statement of expenditure under this category of allowance unless the expenditure is inappropriate or unreasonable in respect of the responsibilities performed by the employee. Most of the time, you don't need to keep documentary evidence and a general declaration meets the purpose.

 

Section 10 (14) (ii):

Under this section, allowances are paid to employees for working under a certain condition during their tenure. The amount of discount is the amount received as allowance or the mentioned limit, whichever is less.

 

The types of allowances and discounts given in this section are listed below:

1. Compensation allowance for working in high altitude or hilly areas Rs.800/- p.m.

Siachen area of J&K - 7000 rupees per month

Ordinary place 1000 mtr or above - 300 rupees

 

2. Scheduled or Tribal or Agency Area Allowance: Rs.200 p.m.

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Andhra Pradesh State Government Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax computed Sheet + Salary Structure as per the Andhra Pradesh State Govt Employees Salary Pattern + Automatic Calculation House Rent Exemption U/s 10(13A) + Automatic Income Tax Form 16 Part A&B and Part B + Automatic Form 12 B.A. as per new and old tax regime] 

State of Andhra Pradesh

For duty in the border area or remotest area or any difficult/turbulent area:

Allowance from Rs.200 to Rs.1300 is exempted under Rule 2BB. 

4. Allowance for children's education:

100 for each child and a maximum of two children. 

5. Allowance for working in a transport system for personal expenses while performing duties:

70% of allowance up to Rs.10,000/- 

6. Area allowance:

Area of Nagaland, J&K, HP, UP, UP, Sikkim and Manipur - Rs.2,200 per night 

7. Allowance for hostel expenses of employee's children:

Rs.100/- in the education for each child up to two children. 

8. Allowance paid to the Armed Forces for anti-militant cases:

3900 per month. 

9. Travel allowance for physically disabled employees:

1600 per month. 

10. Transportation allowance for travel between work and accommodation:

1600 in the afternoon. 

11. Specific areas of West Bengal, North-East, Rajasthan, J&K, UP and HP - Rs.800/-

12. Island duty allowance has been provided to the Armed Forces in Andaman and Nicobar and Lakshadweep:

3250 per month. 

13. Allowance for working in underground mines:

800 per month. 

14. Special Compensatory Highly Active Area Allowance:

200200 in the afternoon. 

15. Allowance for Armed Forces at High Altitude:

9000 - 15,000ft - Rs.1060 pm

15,000 feet above - 1600 pm

Download Automated Income Tax Preparation Excel Based Software All in One for the Government and Non-Government(Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23U/s 115BAC

 

Salary Structure for Govt and Non-Govt Employee

Income Tax Form 10 E

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 Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (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.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