Download and prepare One by One Form 16 Part A&B and Part B for the Financial Year 2022-23. This

 Excel Utility can prepare One by One Form 16 Part A&B and Part B in revised Format for the

 Financial Year 2022-23 and Assessment Year 2023-24

 

Download Automated Income Tax Form 16 Part A&B and Part B for the Financial Year .2022-23

 

Feature of this Excel Utility:-

 

1) This Excel Utility can prepare One by One Form 16 Part A&B and Part B as per the Budget 2022-23

 

2) This Utility can use by both Government and Non-Government Concerned

 

3) Automatically calculate your income tax as per New and Old Tax Regime

 

4) This Excel Utility has all the Income Tax Sections as per the Income Tax Act.

 

5) This Excel utility can use just like as an Excel File

 

6) This Excel Utility can be used by anyone it is most easy to use.

On February 06, 2023 by www.taxexcel.net

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  Download and prepare at a time 50 Employees Form 16 Part A and B for the Financial Year 2022-23.

 This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B in revised Format for the

 Financial Year 2022-23 and Assessment Year 2023-24

 

Download Automated Income Tax Form 16 Part A&B for the Financial Year .2022-23

 

Feature of this Excel Utility:-

 

1) This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B as per the Budget 2022-23

 

2) This Utility can use by both Government and Non-Government Concerned

 

3) This Excel Utility can use who are not able to Download Form 16 Part A from the TRACES POSTAL

 

4) Automatic calculate your income tax as per New and Old Tax Regime

 

5) This Excel Utility has all the Income Tax Sections as per the Income Tax Act.

On January 30, 2023 by www.taxexcel.net

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  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

 

On January 27, 2023 by www.taxexcel.net

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Download at a time 50 or 100 Employees Form 16 Part A and B or Part B for the F.Y.2021-22 |In the financial year 2019-20, the CBDT (Focal Leading Body of Direct Taxes) corrected the provision of Form 16 which is "Pay TDS Authentication". The unit paid to the representative and separately, completes the tax advantage of that area unit declared by the taxpayers.

 

The payment TDS authentication date is indicated and once performed. The CBDT informed that the new organization of module 16 has a long-term effect as of April 2019.

 

Is the core offering built within the new tax return organization?

 

The new Form 16 regime provides full settlement details, such as the u / s 10 home rental premium (13A), travel grant or assistance under section 10 (5).

 

It is noted that as per the new 2020 financial plan, introduced a new section 115 BAC, as well as in this part a new annual tax estimation system based on the new and old tax regime has been introduced. At the moment it is important to know what is the new and the old tax regime?

 

1) Under the new tax regime, you are not eligible for any annual sector tax benefits except NPS benefits. And apart from that, only for the new tax regime, there was profit in the new tax regime.

 

2) In the old tax regime, you can enjoy all the benefits of the tax segment, however the tax section will be the old tax part starting from the 2019-20 financial year. In this spending plan, of course, you will provide a choice according to your decision, which is the new and the old tax regime in supported structure no. 10-IE.

 

At the moment, choose the required annual tax form 16 Excel Based Fully automatic programming according to the new and old tax regime u / s 115 BAC from below -

 

Download and  at a time 50 Employees Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC.

 

Or on the other hand

 

Download at a time 50 Employees Annual Tax Revised Form 16 Part B for the Financial Year 2021-22 with new and old tax regime U/s115 BAC. 

Or on the other hand

 

Download at a time 100 Employees Revised Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC. 

Or

 

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

On January 06, 2022 by www.taxexcel.net

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Income Tax Deduction under Chapter VI-A Chapter V-A of the Income-tax Act contains different sub-sections of section 80 which permit an appraiser to guarantee a deduction from the absolute income because of different tax-saving speculations, supported uses, awards, and so forth Lessen taxes payable.

 

Chapter VI-A of the Income Tax Act has the accompanying sections:

 

Section 80C: Deduction in Life coverage Premium, Contribution to PF, Youngsters' Educational expense, PPF and so forth

 

This is the most well-known income tax deduction. Battling under this section is private and HUF is allowed. The greatest sum that can be guaranteed under 80C is Rs.1,50,000. Different speculation and instalment choices that fit the bill for deduction under this classification:

 

• Disaster protection premium instalment

 

Yearly arrangement of LIC or some other promoted backup plan (life advance, life misfortune and so forth)

 

Contribution of UTI Unit Connected Protection Plan (ULIP) or ULIP 10 (23D) of LIC Common Asset

 

PPF (Public Opportune Fund) contribution

 

Non-drove deferred yearly arrangement instalments

 

Government A conceded annuity is the sum deducted from the compensation of an administration representative to get him

 

SRF/RPF contributions

 

 Instalment of educational expenses

 

Lodging credit reimbursement

 

Management Asset contributions

 

Senior Resident Scheme Venture

 

PPF venture

 

long term FD venture

 

Sukanya Samriddhi Yojana venture

 

Shared Asset (Value Connected Reserve funds Scheme) Venture

 

Membership to any Public Lodging Bank (NHB) Store Scheme/Benefits Asset

 

Bond membership gave by Public Bank for Farming and Rustic Turn of events (NABARD)

 

Public Area Lodging Money Organization Advised Store Scheme Membership and Metropolitan, Town and Rustic Lodging Improvement Authority

 

Membership of value offers or debentures of a public organization or part of a certified issue of capital endorsed by the Leading group of Public Monetary Establishments where profits are made for a foundation organization.

 

Stamp duty registration, the enrollment expense with the end goal of the move of such house property to the endorsed person.

 

80CCC: Deduction in contribution to the proper benefits store. With Section 80C and Section 80CCD (1), the exception limit is Rs. 1.5 lakhs.

 

80CCD (1): Deduction in contribution to Focal Government Annuity Scheme - In the case of a representative, 10 % of pay (Fundamental + DA) and in some other cases, 20 % of his complete income will be without tax in one FY. The general limit with 80C and 80CCC is Rs 1.5 lakh.

 

80CCD (1B): Markdown up to Rs. 50,000 for contribution to Focal Government (NPS) Benefits Scheme.

 

80CCD (2): Deduction in the contribution of the business to the benefits scheme of the Focal Government. Tax benefits are given on 14% contribution by the business, where such contribution is made by the focal government and where the contribution is made by some other boss, 10% tax advantage is given.

 

80D: Deduction in case of health care coverage charge. Expenses up to Rs 25,000 are paid for those other than senior residents. For senior residents, the limit is Rs 50,000 and the general limit under 80D is Rs 1 lakh.

 

80DD: Decrease in co-support including treatment of a debilitated person The greatest exclusion limit under this section is Rs.75,000.

 

80DDB: A nervous system specialist, oncologist, urologist, haematologist, immunologist or another such expert can surrender a markdown of Rs 40,000 for the treatment of a recommended illness.

80E: Exception with no maximum limit in case of interest on advance taken for advanced education.

 

80EE: Deduction in case of interest up to Rs. 50,000 on credit taken for private house property.

 

80EEA: Rebate on interest up to Rs 1.5 lakh on credit taken for fixed home property (reasonable lodging).

 

80EEB: Markdown on interest up to Rs 1.5 lakh on credit taken for the acquisition of an electric vehicle.

 

80G: Gifts are made to explicit assets, good cause, and so on, contingent upon the nature, the limit shifts from 100 % of the all-out award, 50 % of the absolute award or 50 % of the award to 10 % All out income.

 

80GG: Lessening in lease paid by non-salaried persons who don't get HRA benefits. The deduction limit is Rs 5,000 every month or 25% of the all-out income each year, whichever is less.

 

80GGA: Complete rebate for explicit awards for logical examination or rustic turn of events.

 

80GGC: Complete exclusion for awards to ideological groups, if such awards are not in real money.

 

80TTA: Rebate up to Rs 10,000 in case of revenue on investment funds financial balance in case of assessors other than an occupant senior resident.

 

80TTB: Decrease in interest on stores up to Rs 50,000 on account of inhabitant senior residents.

 

80U: Rebate in case of a crippled person. Contingent upon the kind and degree of inability, the most extreme remittance endorsed under this section is Rs. 1.25 lakhs.

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

On September 22, 2021 by www.taxexcel.net

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 Tax benefits on home loans for Co-owners. All joint owners can get tax benefits on a joint home loan 

if certain conditions are met. Let's take a look.

 

It is pertinent to note that ‘ownership of property is a prerequisite for receiving any tax benefit as opposed to property. You may have taken it jointly, but if you do not own the property - you cannot get tax benefits.

 

There are situations where the property is owned by one parent, and the parent and child together take out a loan that is only repaid by the child. In such cases, the child who is not a co-owner is deprived of the tax benefit on the home loan.

Terms of claiming property tax benefits

You may also, Like- Automated Income Tax Preparation Excel Based Software All in One for the Bihar State Govt Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax Computed Sheet with New and Old Tax Regime U/s 115 BAC + Individual Salary Statures as per the Bihar State Employees Salary Pattern + Automated H.R.A. Exemption Calculator U/s 10)13A) + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

You must be a co-owner of the property to be able to claim tax benefits for a home loan, you must be a property owner. In many cases, the loan is taken jointly, but the borrower does not own the property according to the documents. In such cases, you cannot claim tax benefits.

 

You must be a co-recipient for the loan. In addition to being an owner, you must be an applicant according to the loan documents. Owners who are not borrowers and do not contribute to EMI will be deprived of tax benefits.

 

The construction of the property must be completed - tax benefits on the property of a home can only be claimed, from the financial year that the construction of the property is completed. Tax benefits are not available for a property under construction. However, any costs prior to completion are claimed in five equal instalments from the year the construction is completed.

You may also, Like- Automated Income Tax Preparation Excel Based Software All in One for the Assam State Govt Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax Computed Sheet with New and Old Tax Regime U/s 115 BAC + Individual Salary Statures as per the Assam State Employees Salary Pattern + Automated H.R.A. Exemption Calculator U/s 10)13A) + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

What are the tax benefits?

 

Each co-owner, who is a co-applicant for the loan, may claim a tax benefit of Rs 2,00,000 U/s 24 B for home loan interest on their income tax return. The total interest paid on the loan is allocated to the owners in proportion to their ownership. Needless to say, the total interest claimed by the owner / or recipient cannot exceed the total interest paid for the loan.

 

For example, let's say Tatul and his wife bought a home on loan and paid Rs 4,50,000 in interest. They have a 50:50 equal share of the property. Ratul can claim Rs 2,00,000 in his tax return, his wife can also claim Rs 2,00,000.

 

For a rented property - In the budget of the year 201, the interest that can be claimed in the case of rented property is limited to the amount that the loss of property of such house is not more than Rs. 2 lakhs.

You may also, Like- Automated Income Tax Preparation Excel Based Software All in One for the Jharkhand StateGovt Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax Computed Sheet with New and Old Tax Regime U/s 115 BAC + Individual Salary Statures as per the Jharkhand State Employees Salary Pattern + Automated H.R.A. Exemption Calculator U/s 10)13A) + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

Each co-owner can claim a maximum rebate of Rs 1,50,000 for capital payment under section 80C. This is within the overall limit of Rs 1,50,000 under Section 80C.

 

Therefore, as a family, you will be able to take a larger tax benefit as opposed to the interest paid on a home loan when the property is jointly owned and your interest is more than Rs 2,00,000 per annum.

 

There may be a situation where you are paying the entire loan instalment and the co-borrower is not paying any money. In this case, you can claim full interest as a deduction on your income tax return.

 

Joint owners can also claim stamp duty and registration charges for a property. We have a detailed guide to help you maximize your tax benefits when you own a home.

You may also, Like- Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt (Private) Employees for the F.Y.2021-22

Main Feature of this Excel Utility-

@ This Excel Utility can prepare at a time your Tax Computed Sheet with New and Old Tax Regime U/s 115 BAC

 

@ Individual Salary Statures as per the Non-Govt (Private) Employees Salary Pattern

 

@ Automated H.R.A. Exemption Calculator U/s 10)13A)

 

@ Automated Income Tax 12 BA

 

@ Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

On August 16, 2021 by www.taxexcel.net

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