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] 

• 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] 

 

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] 

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

 

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

On October 25, 2021 by www.taxexcel.net

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The annual union budget is like packaged candy for a crying baby. And unless it’s very obvious, wrapped candy is the expected budget reform, and the crying baby is the economy. This year, the baby was crying quite loudly, and while the whole nation was already expecting candy, it was expecting it to be bigger in size and sweeter in taste. 

The cove-hit economy, which was already in full swing, was waiting to see a ray of hope with the budget. Markets were delighted with the record-breaking opening as well as some were dissatisfied.

 

The budget has implemented a number of plans for various sectors, including health, agriculture and taxes. And so it’s important to understand how it will affect you and your finances. 

As a taxpayer, investor and consumer, are you not interested in knowing what budget you have? 

You may also, like- Prepare at a time 50 Employees Automated Income Tax Form 16 Part B for the F.Y.2020-21as per new and old tax regime U/s 115 BAC

 

What the budget contains for taxpayers, investors and consumers:

For taxpayers: 

Below are some IT things to keep in mind when filing your IT return.

Senior Citizens - 2021-22 the budget has come as a relief for senior citizens. Anyone above the age of 65 years on the basis of pension and interest is not required to file an income tax return. However, any other source of income including mutual fund, equity, etc. must file a return.

 

Starting  2021-22, those who have PAN card but do not file ITR will have to pay a higher tax deduction from the source. Earlier, only those who did not have a PAN card were asked to make such payments.

 

If the employee's contribution as EPF is more than two and a half lakhs, interest will be levied on his interest. It has been introduced to protect rich people from going away from paying taxes. This applies to both statutory and voluntary PF.

 

You may also, like- Prepare at a time 100 Employees Automated Income Tax Form 16 Part B for the F.Y.2020-21as per new and old tax regime U/s 115 BAC

  

File ITR 

The following are some of the points or pointers that were discussed in this session on ITR filing:

Those who are filing later than scheduled or want to correct errors should be careful. This is mainly because the time allotted for it has been reduced to F.Y 2020-21. Thus, exceeding the stipulated time may invite fines or additional payments.

 

IT tax authorities and budgets like this are taking important steps to make the entire ITR filing easier and hassle-free. One such effort to promote hassle-free tax filing is the introduction of pre-filled income tax forms. These forms will contain details of your capital gains, interest earnings, dividends, investment details, etc. This is a big step in preventing tax evasion.

 

In order to assist the tax authorities in resolving the Authorities tax expeditiously, the period during which you can re-open the assessment under the income tax return has been reduced from 6 years to 3 years. However, 10 years will be when the income is concealed 50 lakhs or more.

You may also, like- Prepare at a time 50 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

For investors:

Here are some things investors should be aware of:

An investment charter is expected to be drafted to reduce se-misalignment and the government can further explain the details.

 

Infrastructure The government is keen to improve various infrastructure-based projects. For this, they have planned to raise the necessary funds from the debt market. As a result, about Rs 12 lakh crore will be taken. It has attracted the attention of many investors for its short-term debt fund. Also, tax-efficient zero-coupon bonds will remain open for investment from 2021.

 

The budget avenue that is seen as a good prospect with this budget is a gold-based investment. FM said tariffs on gold and silver would be reduced from 12.5 per cent to 7.5 per cent.

 

 In Ulips or unit-linked insurance policies, where you exceed the annual premium of 2.5 million, you will now be taxable under Long Term Capital Gains (LTCG). This taxation will apply to any purchases made on or after February 1, 2021. This measure is expected to affect HNIs or high-value individuals. However, the money received by the dependents of the deceased will be waived.

 

The new system enacted in the 2021-22 budget will enable not only liquidity of banks but also increased deposit insurance facility when banks face problems.

You may also, like- Prepare at a time 100 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

For customers: 

For consumers, the budget has put various things on the table with the aim of encouraging the “Make in India” movement. To this end, the 2021 budget proposes to increase tariffs on a number of items. However, some items have been exempted from this. 

In addition, among other things, the budget has extended the term of about one and a half lakh additional discount claimants for loans taken to buy a house. 

Prepare One by One Income Tax Form 16 Part A&B and Part B for the F.Y.2020-21 as per the New and Old Tax Regime U/s 115 BAC

On April 23, 2021 by www.taxexcel.net

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