How to get max Home Loan Tax Benefit in 2022? With Automated Income Tax Preparation Software All in One in Excel for the Financial Year 2022-23

How to use Max Home Loan Tax Benefit in 2022? The maximum benefit of a home loan which can be claimed as a deduction as follows:- Section Exclusion allowed for 1. Section 24 Rs. 2,000,000 of interest 2. Section 80C Rs. 1,50,000 Special payment 3. Section 80EEA Rs. 1,50,000 Payment of Interest For example, as can be seen in […]

Fixed-term deposits: the best investment or not| With Automated Income Tax Arrears Relief Calculator U/s 89(1) for the Financial Year 2022-23

 Fixed-term deposits: the best investment or not| Fixed deposit basically means depositing a certain amount of money for a specific period. You can earn interest on the principal amount over the entire term cumulatively. Earned interest is added to the principal amount after each specified time period. Therefore,  Where do you open an FD account? You can […]

Section 16 of the Income Tax Act 1961| With Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23

 Section 16 of the Income-tax Act, 1961 provides for the deduction of taxable income under the head ‘salaries’. Provides deductions for the standard deduction, entertainment allowance and employment tax. With this deduction, an employee can reduce his taxable income from his taxable salary. Therefore, Also, with the recent changes in the standard deduction, the benefit of this section is […]

Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E for the F.Y.2022-23

Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E | What if they pay you late? If really,  you may be worried about the tax consequences of it. Do you have to pay taxes on the total tax base?  Shouldn’t something be said about last year’s tax checks and such? For taxpayers with these requests in  mind here’s […]

LTA – Tax benefits| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23

 LTA – Tax benefits| Leave Travel Allowance is one of the best tax-saving tools available to an employee. It’s a tax exemption that employers offer their employees. Therefore, Leave Travel Allowance, as the name suggests, is an allowance paid by an employer to an employee when the primary travel with the family or on their own. The amount paid as […]

Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? With Automated Income Tax Preparation Software in Excel All in One for the Government and Non-Government Employees for F.Y.2022-23

 Provident Fund –Vs- Fixed Deposit, which investment strategy is right for you? If you want a relaxed  lifestyle without the hassle of earning money in retirement, public provident funds and fixed deposits  maybe the right option for you. Therefore, Financial planning for the future is very important. Especially when we start earning money at a young age. If […]

Is the tax due for one year more than Rs.10,000? You are responsible for paying taxes in advance

 Is the tax due for one year more than Rs.10,000? Where the tax payable by a person exceeds Rs 10,000 after deducting the original TDS it comes into  play. Challan280 has been cleared by the IT department for early payment of taxes. It can be paid  online using the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and click on  Challan no./ITNS 280 tab. Download the Automated […]

What is Section 80TTA? With Automated Income Tax Preparation Software in Excel for the Government and Non-Government Employees for the F.Y.2022-23

Under the Indian Income Tax Act, several deductions are provided to the Indian taxpayer to reduce his tax liability and thus reduce his tax bill. These deductions can be through salary, investment or payment. Therefore, Under Section 80TTA of the Income Tax Act, tax exemption is provided to eligible taxpayers on interest earned in a […]

Housing Loan Interest Deduction – Section 24B | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2022-23

 Housing Loan Interest Deduction – Section 24B| Section 24b of the Income Tax Act allows for the  deduction of interest on mortgage loans from taxable income. The said loan must be taken for the  purchase or construction or repair or reconstruction of residential property. Therefore, This deduction is allowed on an accrual basis, not the payment. In other […]

Exemption from House for Rent U/s 10(13A)| With All in One Income Tax Preparation Software in Excel for Government and Non-Government Employees for F.Y.2022-23

 Exemption from House for Rent U/s10(13A)| Often, people have to move to another city to work. In  such cases, they may pay rent for their stay. Organizations often compensate employees for this cost by  paying them rent instead of their basic salary. This is usually part of the salary structure. However,  an HRA qualifies for income tax […]

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