In this comprehensive guide, we will delve into the intricacies of Section 80TTA of the Income Tax Act, 1961. Therefore, This provision is a powerful tool for individuals and Hindu Undivided Families (HUFs) seeking to optimize their tax savings by deducting the interest earned from their savings bank accounts. After that, Let’s explore the key aspects of Section 80TTA and […]
Deduction u/s 80TTA vs . 80TTB| With Auto Fill All in One Income Tax Preparation Software for Govt. and Non-Government Employees for F.Y.2022-23
Deduction u/s 80TTA vs . 80TTB|Currently section 80TTA provides Rs 10,000/- deduction to all individual/HUF taxpayers. Section 80TTA of the Income Tax Act, 1961 states: Deduction of interest on deposits and savings accounts. 80TTA. (a) As per the Banking RegulationAct, 1949 (10 of 1949) a banking company covered by the Banking Regulation Act, (including any bank or banking organization referred to in section […]
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 […]
What is Section 80TTA? With Automated Income Tax Preparation Software in Excel for the Non-Govt Employees for the F.Y.2022-23
What is Section 80TTA? Under the Income Tax Act of India, the Indian taxpayer is granted several deductions to reduce his tax liability and thus reduce his tax expense. These deductions may be based on wages, investments or payments. Therefore, In other words, under section 80TTA of the Income Tax Act, tax credits are available […]
Tax Exemption on Interest U/s 80TTA | With Automatic Income Tax Form 16 for the F.Y.2021-22
Tax Exemption on Interest U/s 80TTA | We all have a tendency to check the amount of interest earned on savings accounts during the year, but do we know how this interest is calculated and the tax on interest on savings accounts that is due? In this article, we will try to give you an idea of […]
Income Tax deduction for medical treatment U/s Section 80DDB With Automated Income Tax Preparation Software in Excel for the West Bengal Govt Employees for the F.Y.2020-21 ( New and Old Tax Regime U/s 115 BAC)
Who can Claim Deductions under Section 80DDB? Under Section 80DDB of the tax Act, 1961, taxpayers can claim a deduction for medical treatment of certain specified ailments for self or dependent. this sort of deduction is roofed in Chapter VIA of the tax Act, 1961. The citizen of India can claim deduction under this section. […]
What is the Interest Income is Exempt for Senior Citizens and Individuals in Income Tax? With Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)
IntroductionThe Savings Bank Interest earns is the amount paid to an entity for lending its money or letting another entity use its funds. On a bigger scale, interest income is the amount earned by an investor’s money that he places in an investment or project. Such income is usually taxable, however, the Income Tax gives […]
What is the deduction under section 80TTA? With Automated Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2020-21
It is noted that this Exemption entitled to the taxpayers who are opt-in the Old Tax Regime U/s 115BAC Introduced in Budget 2020 The Unique Section 80TTA provides a deduction of Rs 10,000/- on the interest income from Savings Bank Interest Max Rs. Ten Thousand. This deduction is out there to a private and HUF. […]
Income Tax Section 80TTA Rebate from Savings Bank Interest Including Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) for the F.Y.2020-21
The provisions of Section 80 TTA of the Income Tax Act may read as follows: – Discounts in a deposit on savings account in accordance with the provisions of Chapter 80 TTA • Account where the total income of an appraiser (excluding the assessment prescribed in the 80TTB section for senior residents) is included in […]
Download Automated Income Tax Preparation Excel Based Software All in One for the Private Employees for the F.Y. 2020-21 And How to Choose your option-which Tax Regime Should You Opt For?
The Finance minister announced budget. New Budget introduced a list of reconciling to the Income-tax regime. The new and old tax rates are as follows:- NEW % OLD % Up to RS.2.5 lakhs No tax No tax RS. 2.5 – RS. 5 lakhs 5 5 RS. 5 – RS7.5 lakhs 10 20 RS 7.5 – 10 […]