Section 87A provides an income tax rebate to a resident individual having prescribed income. This rebate is also available to senior citizens. However, for a Super Senior Citizens, this deduction becomes irrelevant.
Showing posts with label Tax Rebate Rs 12500/- U/s 87A for F.Y. 2019-20. Show all posts
Showing posts with label Tax Rebate Rs 12500/- U/s 87A for F.Y. 2019-20. Show all posts
Thursday, 27 February 2020
Saturday, 8 February 2020
Download All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y. 2019-20 With H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2019-20 + Automated Revised Income Tax Form 16 Part A&Band Form 16 Part B for F.Y. 2019-20
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as
per new Finance Budget 2019
2) The Salary Structure as per the Govt and All of the Non-Govt(Private)
employee’s Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption
Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in
New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in
New Format
8) Automated Arrears Relief Calculator U/s 89(1) with Form 10E
from F.Y. 2000-01 to F.Y. 2019-20
Friday, 29 November 2019
Download All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y. 2019-20 With H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2019-20 + Automated Revised Income Tax Form 16 Part A&Band Form 16 Part B for F.Y. 2019-20
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as
per new Finance Budget 2019
2) The Salary Structure as per the Govt and All of the Non-Govt(Private)
employee’s Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption
Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in
New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in
New Format
8) Automated Arrears Relief Calculator U/s 89(1) with Form 10E
from F.Y. 2000-01 to F.Y. 2019-20
Tuesday, 26 November 2019
Download All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y.2019-2020 + H.R.A. Exemption Calculation U/s 10(13A) + Automated Arrears Relief Calculator U/s 89(1) with Form 10E
The feature of this Excel
Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as
per new Finance Budget 2019
2) The Salary Structure as per the All of Non-Govt(Private) employee’s
Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption
Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in
New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in
New Format
8) Automated Income Tax Arrears Relief Calculator U/s 89(1) with
Form 10E
Monday, 25 November 2019
Download All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y.2019-2020 + H.R.A. Exemption Calculation U/s 10(13A) + Automated Arrears Relief Calculator U/s 89(1) with Form 10E
The feature of this Excel
Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as
per new Finance Budget 2019
2) The Salary Structure as per the All of Non-Govt(Private) employee’s
Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption
Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in
New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in
New Format
8) Automated Income Tax Arrears Relief Calculator U/s 89(1) with
Form 10E
Saturday, 23 November 2019
Friday, 22 November 2019
Tuesday, 5 November 2019
Taxes made easy’, was always an ever promoted agenda
of the Indian government. With the announcement of the Budget 2019-2020,
the government briefed for tax goals of the economy and the essential amendments
required in the present direct tax laws. Several changes to the tax rules were
proposed for the coming year 2019-2020. One such key amendment was made under
Section 87A of the Income Tax Act
Monday, 4 November 2019
Sunday, 3 November 2019
Section
80EEA introduced in July Budget 2019 with the objective “Housing for
all”. The government has extended the benefit for the FY 2019-20.
The
main motive to the introduction of the section is to provide affordable
housing finance for every class in common man and to enable the home
buyer to have low-cost funds.
In this article, you will get all the features and benefits of this section for the Indian economy
Wednesday, 30 October 2019
The 80CCD deduction for AY 2019-20 can be divided into three different categories:
- 80CCD (1): You can avail of this deduction irrespective of whether you're in employment or self-employed on the amount deposited under a pension scheme notified by the Central Government (NPS deduction for AY 2018-19). The deduction allowed in this section is lower of the following 3 amounts:
- 10% of your Salary (Basic salary+D.A) (in case you're in employment) or 20 % of your Gross Total Income (in case you're self-employed)
- Limit left under section 80CCE i.e. Rs 1,50,000 - deduction u\s 80C - deduction u\s 80CCC.
- Actual Amount paid under eligible NPS.
Tuesday, 29 October 2019
Sunday, 27 October 2019
Since
there has been a tremendous increase in the numbers of income tax
return filers in very recent years, the Central Government has embraced
this act of taxpayers, and as a result, in the Finance Bill 2019
introduced or rather I would say enhanced the existing income tax rebate u/s 87A of the I.T Act up to 12500 from the F. Y 2019-20. On the other hand, this decision of the Government has made the middle-class people very much happier as this would leave them richer by Rs 12500 annually.
Thursday, 24 October 2019
Wednesday, 23 October 2019
Section 80EE - Deduction on Home Loan Interest
Tax deduction under Section 80EE of the Income Tax Act 1961, can be claimed by first-time home buyers
for the amount they pay as interest on the home loan. The maximum
deduction that can be claimed under this section is Rs. 50,000 during a
financial year. The amount can be claimed over and beyond the deduction
of Section 24 and Section 80C, which are Rs. 2,00,000 and Rs. 1,50,000, respectively.
Tuesday, 22 October 2019
Section 87A provides an income tax rebate to a resident individual having prescribed income. This rebate is also available to senior citizens. However, for a Super Senior Citizens, this deduction becomes irrelevant.
Wednesday, 9 October 2019
In
the Interim Budget presented on 1st February 2019, the Indian government has announced changes in the income tax rules for the financial year 2019-2020. These tax deduction rules are effective from April’19 onwards.
Thursday, 3 October 2019
Tuesday, 24 September 2019
People
often change their jobs for various reasons. If you have switched your job in the middle of the financial year, you will have to provide details of your previous salary earned along with tax deductions to the new employer through Form 12B. When you submit your Form 12B, your the current employer can deduct the correct amount of TDS or Tax Deducted at
Source from your salary. Every new employee has to submit Form 12B to
their new employer along with proofs of all the investments made before
31st March.
Monday, 23 September 2019
Form
12B is required when you switch your job in the middle of the financial the year with respect to details of income earned from the previous company
and tax deducted at source on such income if any. The reason is that
you joined in the middle of a financial year, there has to be a
correction made in terms of consolidated income earned and submission of
Form 16 from both the employers is a must.
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