Income Tax Preparation Software in Excel All in One for the Non-Govt Employees for the F.Y.2022-23

 

Income tax tables and rates remain unchanged in the fiscal year 2022-2023. No changes to the Budget for Individual Taxpayers for 2022 have been announced. Taxpayers will be able to pay taxes under the old or new tax regime. Under the new Tax Regime, tax is levied on taxpayers at preferential rates, but significant tax deductions and exemptions are not allowed. However, income tax deductions and exemptions are available under the old tax system, but the tax rate is high. Individuals need to evaluate their tax liability under both tax systems in order to determine the ideal tax system for them. The old tax system can be beneficial for those interested in using most of the deductions and exemptions. Whereas, the new tax system could be ideal for middle-income groups with small, non-tax-oriented investments.

 

Budget 2022: key takeaways

The tax credit of up to Rs 12,500 under Section 87A is still available for individuals with taxable income up to Rs 5 lakh per annum. This means that individuals with an income of up to Rs 5 lacs will not incur any tax liability in the 2022-23 fiscal year and 2023-2024 valuation. A standard deduction of Rs 50,000 is also available under the old tax regime. Income tax deductions under sections 80C-80U are available under the old system for employees.

 

Employees can significantly reduce their tax liability by taking advantage of tax deductions under the old tax system for the fiscal year 2022-23. In fact, individuals with an income of up to Rs 13 lakh can qualify for full tax exemption by taking advantage of all eligible deductions for the 2022-23 financial year.

 

Income tax deduction and exemption up to Rs 1,50,000 is available for individuals under Section 80C. Section 80CCC and 80CCD (1) are included in Section 80C with an aggregate deductible ceiling of INR 1,50,000/-. Investments that qualify for deduction and exemption under Section 80C include investments in the Public Reserve Fund (PPF), the National Savings Certificate (NSC), the Equity Savings Scheme (mutual funds), Life Insurance and etc.

 

State Reserve Fund: One of the most popular small savings schemes among individuals. PPF offers guaranteed returns along with tax incentives. Interest is reported quarterly and interest accrues annually. Investments are provided with a fixed period of 15 years.

ELSS Funds: The equity savings scheme has the shortest lock-up period of 3 years. The investment is deductible under section 80C. Investments in mutual funds can bring higher returns than debt instruments. However, investments in the capital market are subject to volatility. Therefore, investors need to make an informed decision.

 

Best Equity Savings Scheme for Investment: EF 2022-23

National Savings Certificate (NSC): NSC has a 5-year blocking period. Investments are eligible for tax deductions. However, interest earned is taxable. Investment interest is announced quarterly.

 

Life insurance plans. Premiums paid on life insurance policies are also deductible under section 80C. The premium paid by self, spouse, dependent children and any member of an undivided Hindu family is eligible for a deduction. The post-maturity benefit is tax-free in most cases.

 

Senior Savings Scheme (SCSS): This scheme is designed specifically for seniors and offers the highest returns among small savings schemes. The duration of the program is 5 years with the possibility of extension up to 8 years. Under this scheme, persons over 60 years of age can make deposits.

 

Sukanya Samriddhi Yojana (SSY): The scheme aims at the welfare of the girl. A parent or guardian of a girl under the age of 10 is eligible to join the program. The regime applies to a maximum of 2 girls (3 in the case of twins). The maximum deduction under this scheme is Rs 1,50,000.

 

Income Tax Tariffs and Rates for Fiscal Year 2022-23

The mortgage principal repayment is also deductible along with the registration fee and stamp duty paid on the property. However, the allowance is capped at a maximum deduction limit of INR 150,000/-. Provided that the Individual does not transfer the property before the expiration of 5 years from the Fiscal year in which it was acquired. A registration fee and stamp duty deduction are also available for individuals who have not applied for a mortgage.

 

Income tax deductions U/S 80 CCD (1b)

Deposit up to Rs 50,000 - eligible for deduction under section. The deduction is greater than the available U.S. Section 80C deduction for deposits made in the National Pension Scheme (NPS) and Atal Pension Yojana (APY).

Individuals can invest in these pension schemes to qualify for tax deductions up to a maximum of Rs 50,000/-.

Download Automated Income Tax Preparation Excel-Based Software All in One for the Non-Government (Private) 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 the all amended Income Tax Section as per Budget 2021

 

3) Automated Income Tax Form 12 BA

 

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

 

5) Individual Salary Structure as per the Non-Govt(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 September 13, 2022 by www.taxexcel.net

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Look at the major changes to the income tax from April 1, 2021. With Automated Income Tax Revised 

Form 16 Part B for the F.Y.2020-21 

Significant changes in the field of income tax will take effect from 1 April 2021. The new financial year is set to begin on April 1st. Budget 2021 has some major changes for this financial year (2021). In the budget of 2021,

 

Finance Minister Nirmala Sitharaman did not give any exemption to the middle class and salary class in the field of income tax. However, those over the age of 75 were exempted from filing income tax returns this time.

 

It is decided to take action against those who do not file income tax returns. All the changes come from April 1, 2021.

Download and Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 with new and old tax regime U/s 115 BAC 

If a person does not file an income tax return (ITR) from April 1, the interest rate on TDS on bank deposits will be doubled. This means that if a person does not come to the income tax outgo slab and file an ITR, the rate of TDS will be doubled.

 

The income tax changes come into the effect from 1 April 2021

 

        1. Pre-filled ITR Forms A major change to the ITR form is expected as per the 2021 budget (Pre-Filed ITR). PrefieldITR forms will contain information on securities listed, dividend income, bank/post office interest, etc. Previously filed ITR forms were available for salaried employees where income was reflected on the basis of Form 16, but now the scope is wide.

 

 

    2. Interest on PF earned from the provident fund is exempt from income tax. However, the 2021 budget proposes to provide a fund of Rs. 5 lakh taxable.

 

 

      3. Penalty for not linking Aadhaar and PAN from 1st March 2021, the date fixed for connection of Aadhaar and Income PAN. In case of non-linking, your PAN card will be valid. If failed to submit connection may result in a fine of Rs. 10,000 / -. Link PAN with 10,000 Aadhaar as per Section 272 B of the Income Tax Act

 

 

                4. Higher TDS / TCS rates for non-filers of income tax returns (ITR) A new section 206 AB (ITR) has been inserted in the Income Tax Act as a special provision for higher rates for TDS for non-filers of income tax returns.

Download and Prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 with new and old tax regime U/s 115 BAC

 

The proposed rate on non-filers is higher than below: twice the rate or 5% more than double the rate prescribed in the relevant provisions of the law, similarly, a new section 206 CCA has been inserted in the Income Tax Act as a special provision for non-filing of income tax returns (ITR). Providing higher rates for TDS for filers The proposed rate for non-filers is higher than the following: 2% to 5% of the rate specified in the relevant provisions of the Act

 

  5. Provide the bills under the LTC cash voucher scheme

 

To avail tax benefits under the LTC Cash Voucher Scheme, ensure that the required bills in the correct format containing the GST amount and the seller's GST number have been submitted to your employer (if the employer is proposing this scheme) on or before March 31, 2021. Employees will have to spend three times the amount considered as LTA rent on goods and services that attract 12% or more GST.

Download and Prepare One by One Form 16 Part B for the F.Y.2020-21 with new and old tax regime U/s 115 BAC

 

No tax filing for senior citizens above 5 years of age, those over 75 years of age and those whose pension income and interest on fixed deposits come to the same bank and who have only interest income, are not required to file an income tax return.

 

The bank will deduct the income tax that he has to pay and the money that he has to pay to the government. The condition is that only the pension income of the person and the interest on the fixed deposit should be deposited in the same bank.

 

Relief of Super Senior Citizens

 

Does the TDS rule apply to senior citizens? From April 1, 2021, senior citizens over the age of 75 will not have to do ITR. This exemption has been granted to senior citizens who are dependent on pension or fixed deposit interest.

On May 09, 2021 by www.taxexcel.net

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Form 16 is a document or certificate issued to salaried professionals in India by self employers under Section 203 of the Income Tax Act, 1961

 

It has details of the salary paid to the employee by the employer in the F.Y. and the tax deducted from the salary by the deductor as well as the employer.

 

TDS deducted by the employer is credited to the income tax department and instead, Form 16 is the proof. Employers must issue Form 16 to their employees on or before June 15 of the financial year that the income was immediately collected and tax deducted.

Eligibility Criteria for Form 16?

 

Every salaried person under the taxable bracket is eligible for Form 16 is. If an employee does not fall within the prescribed tax brackets, he/she does not have to deduct tax at the source (TDS).

 

Form 16 the elements of Form 16 are subdivided into the following two parts which include:

Form 16 Part A and

Form 16 Part B

Form 16 Part A

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

Part A gives the summary of the salary income collected by the employer on behalf of the employee and deposited in the government account. It is a certificate duly signed by the employer which they deducted TDS from the employee's salary and submitted to the income tax department. This Form 16 Part A mandatory to download through the Income Tax TRACES PORTAL. 

This Form 16 Part A has the following details:

Employee's as well as employer's information

 

Individual and employer name, address details,

PAN details of both, and TAN details of the employer.

Evaluation Year (A.Y)

The period for which the individual was employed with the employer in the financial field 

Summary of paid salary

Date of tax deduction from salary

Date of submission of tax to government account

Three months Interval the tax deduction and submission to the Income Tax Department

Recognition number of TDS payment

Form 16 Part B  is a compilation of details of the salary paid, any other income declared by the employee to his organization, the amount of tax payable, and if any tax payable is paid as an addition to Part B of Form 16, it includes Presents information on applicable discounts as well. The names and details of the employees like PAN are also mentioned in the passage 

It contains the following information:

 

Total salary received

 

Exempt allowed U/s 10 (5),10 (10), 10 (10A), 10 (10AA), 10 (13A), any other discount amount U/S 10.

 

The standard exemption is allowed under section 103 of the Income Tax Act.

 

Income (or perceived loss) from the home property reported by the employee proposed for TDS,

 

Other sources of income under the head are proposed for TDS.

Download and Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per the New and Old Tax Regime U/s 115 BAC

 

Fields are available for the amount of total salary received from other employers. 

Income Tax deduction from the salary:-

Section 80C / 80CC / 80CCD / 80D / 80E / 80G / 80TTA and other applicable sections are supplied.

 

All these discount details must be submitted to the employer by the employee along with the required supporting documents.

 

Net taxable salary

 

Scholarship fees and surcharges if any. If applicable, exempt under section 87 released under Section 89, if any

 

The amount of total tax payable on income. Tax-deductible and balance tax applicable or refundable.

 

Download Form 16

Form 16 Part A Portion downloaded and issued by the employer. No one can download his Form 16 Part A For each employer in a financial year

 

In the case of people who have changed jobs as well as worked with more than one employer in a particular financial year, they will receive a separate Form 16 from all employers.

Download and Prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 as per the New and Old Tax Regime U/s 115 BAC

 

The link between Form 16 and Form26AS?

 

The 26AS form will be submitted with all taxes and deductions from your salary and/or unpaid income to the concerned authorities. Thus, the tax exemption displayed on Form 16 / Form 16A can be cross-checked and verified using Form 26AS. Ideally, the amounts of TDS deducted in Form 26AS and Form 16 A must match. If there is any discrepancy, the Tax Department considers the TDS figures as only 26 forms.

On May 04, 2021 by www.taxexcel.net

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