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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 Tax Saving Tips|

 

1. Tuition fees:

The Income Tax Act of 1961 provides for a deduction under section 80C of the Income Tax Act for the payment of children's schooling. This tax savings option is available in Section 80C as well as other investments such as PPF, NSC, ELSS, etc. Tuition fees paid to any registered university, college, school or educational institution are deductible up to Rs. 1.5 thousand.

 

In addition, only tuition fees are deductible under the Income Tax Act. Any other fee such as a donation, development fee, etc., even if paid to such an institution, is non-deductible.

The income tax law allows both parents to claim a deduction up to the amount they paid. Thus, if the total amount paid by the parents is 1 Lakh rupees, of which the father paid 40,000 rupees and the mother paid 60,000 rupees, then both of them can claim this amount individually as they pay.

You may also like- Prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22

2. National Pension Scheme (NPS)

The NPS or National Pension Scheme has become a popular investment product for income tax savings. This is a tax-saving option that is available to both public and private employees. This allows the contributor to building retirement housing along with a regular monthly income. The amount invested by the depositor is invested in various schemes, including stock markets.

 

There are two types of NPS accounts: level 1 and level 2. A level 1 account has a lockout period until the subscriber reaches the age of 60. Contributions made by a Tier 1 subscriber are deductible in accordance with sections 80CCD(1) and 80CCD(1B). Level 2 accounts are voluntary, allowing the subscriber to withdraw money at any time. However, contributions to Tier 2 accounts are not tax-deductible.

 

Under the provision of Section 80CCD, an individual may claim a deduction of up to Rs. 1.5 Lakh investment in NPS. In addition, a new section 80CCD(1B) was introduced which offered an additional deduction of up to Rs. 50,000/- for contributions made by individual contributors to the NPS.

 

3. Section 80D health insurance premiums:

You can claim a tax deduction of up to 10,000,000 rubles. 25,000 in respect of the following contributions:

The premium is paid to maintain health insurance covering yourself, your spouse, or dependent children.

You may also like- Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22

 

Any contribution to central government health programs.

Any other scheme may be notified by the central government as eligible for the deduction.

To take care of emergency medical care, health insurance is considered the safest investment option. This allows the taxpayer to enjoy benefits on two fronts. First, have an insurance policy in case of a medical emergency. Secondly, the tax relief is in accordance with the income tax law for investing in an investment product.

 

In addition to the above, an additional deduction for parents' insurance of Rs. 25,000 if under 60 or Rs. 50,000 if they are over 60. If an individual and their parents are over 60 years of age, the maximum deduction available under this section will be Rs. 100000.

 

4. Student loan repayment

The Income Tax Act provides a tax credit for repaying a loan as a tax deduction under section 80E of the Act. You must remember that this tax savings option is available to the payer of the loan. After using the student loan, the interest paid on the student loan is tax-deductible for a maximum period of 8 years or the interest is refunded, whichever comes first.

 

Depending on who pays the EMI for student loans, the parent or child may qualify for the deduction. The Section 80C deduction is only available if you take out a loan from a financial institution and not from family members. You can claim a tax deduction from the year the return began.

 

The tax authorities grant the borrower a moratorium for up to one year from the date of completion to start repaying the loan. This gives the taxpayer enough time to manage their finances and claim the deduction once they start paying off the loan.

 

For example, if a taxpayer repays their student loan within 5 years of the due date, the tax credit will only be available during that 5-year period. Under section 80E, this relief must be claimed for 8 years before taxpayers can take advantage of it. Borrowers should note that their repayment may exceed 8 years, but in such cases, they will not receive a Section 80E tax credit after the 8th year.

Download Automated Income Tax Preparation Excel-Based Software All in One for the West Bengal Government Employees for the F.Y.2022-23As per New Section 115 BAC (New and Old Tax Regime)

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 W.B.Govt Employee’s Salary Structure.

 

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 July 11, 2022 by www.taxexcel.net

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Exemptions under section VI-A  Look for short articles for each deduction, such as deduction under section 80C, deduction U/s 80CC, etc. "Taxes are better than taxes!" Let's provide a special article on. Now you can scroll down and check out all the discount list section VIA in more detail at a glance

At a glance deduction under chapter VI-A

 

In this article we provide a list of all exemptions available under the Income Tax Chapter VIA. In this article, we provide a list of all deduction according to the section covered by Chapter VIA. Now check the list of all discounts at a glance at the bottom of the table for chapter VIA

 

Departments are allowed the amount of the deductions as follows:

 

80C deduction on life insurance premium, contribution to provident fund etc.

deduction in the case of contributions to specific pension funds and individual and HUF maximum. 1,50,000

 

In case of contribution of fixed pension fund, 80 CC exemption is maximum for individual only. 1,50,000

Download Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Can prepare One by One Form 16 Part A&B and Part B]

 

80CCD Exemption for Contribution in case of Contribution of Central Government Salary Employee or Self-Employed Individual Employer and Employee not exceeding 10% of salary in each case Maximum Exemption for an Employee or Self-Employed Person

 

80 C deduction on investment in equity savings scheme is less than 50% of the resident investment in India or Rs. 22,000 whichever is less.

 

80 D deduction in case of Medical Insurance Premium Individual or HUF, Resident or Non-Resident, Individual case - Maximum Rs. 25,000 for the below 60 years of age and Rs. 30,000/- above the age of 60 years.

 

80 DD deduction on maintenance including treatment of a dependent person with disability of senior citizen. Private or HUF resident in India. 5,000 Or 50,000 or Rs. 1,00,000 for a person with a severe disability

 

In case of medical treatment etc., 80 DDB deduction is the highest in India for individual or HUF residents. 40,000

 

80E deduction for interest in senior citizens

Individual whether residential or not. 20,000

Actual amount paid

 

80EE deduction of Rs. 50,000 / - in case of interest on the loan approved in FY 2013-13

 

80G Exemption in case of grants to some funds, charities etc. All assessments (a) 100% or 50% of eligible grants without imposing eligibility limit in certain cases

 

80GG deduction in case of rent payment is only individual (b) 100% or 50% of eligible grant, after application - 10% eligibility limit of Adjusted GTI, maximum Rs.2,000 p.m.

 

 

80 TTA deduction Max Rs.10,000/- deduction in case of interest on savings account

 

Download Automated IncomeTax Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115BAC [This Excel Utility Can prepare One by One Form 16 Part B]

 

On May 06, 2021 by www.taxexcel.net

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