Introduction The financial year 2024-25 is here, and for salaried individuals, this means it’s time to start planning for income tax. Effective tax planning is crucial for ensuring you don’t pay more than you need to, and it helps in maximizing your savings. But calculating your income tax can be a daunting task, especially with […]
Tax Audit (sec 44AB) limit for Businesses is 1 Crore or 2 Crore in FY 2018-19 / AY 2019-20? Here is the answer
What is Audit ? Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view. Types of Audit There are two types of audit, namely Statutory audit and Tax audit. What is Statutory Audit […]
No Income Tax for Total Income up to Rs. 5 lakh – FY 2019-20 / AY 2020-21. Is it really true ?
Nowadays people are discussing about a news that no income tax is required upto Rs. 5 lakh. Even some people think that they do not need to file income tax return if their Total Income is below 5 lakh. But the fact is this kind of statements are not really true. Most of the people […]
Income Tax Department Survey, Search & Seizure (RAID) – When it happens & What to do? Read here to avoid fraud inspections
Usually we always afraid of such things, about which we have not any clear idea. ‘Income Tax Survey & Raid’ is one of that kind of things. Even many genuine taxpayers are afraid of ‘Income Tax Survey & Raid’ due to lack of proper knowledge and complicated law. Also you may seen in movies (like: […]
What is Form 16? Download Automatic Income Tax Form 16 Part A&B and Part B for F.Y.2022-23 in Excel
What is Form 16? Form 16 Parts, Types, Eligibility, and Benefits | Form 16 is a type of document issued by an employer to its salaried employees when they file their income tax return for a particular financial year. Form 16 Part B must be filled by the deductor U/s 203 of the Income-tax Act, 1961 if the […]
Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh ?- My point of view.
What is Profession ? There is no proper definition of Profession is given under Income Tax Act.According to Sec 2(36) of Income Tax Act, “profession” includes vocation.Sec 44AA deals with the professions that required to maintain books of accounts are, Legal Medical Architectural Accountancy Technical consultancy Interior decoration Any other profession notified by CBDT Is […]
Download Automatic Income Tax Calculator All in One in Excel for the All Salaried Employees for the F.Y.2024-25 as per Budget 2024
Are you ready to tackle your taxes with ease? Say goodbye to the headache of manual calculations and cumbersome spreadsheets. Introducing the Automatic Income Tax Calculator All in One in Excel for both government and non-government employees, tailored specifically for the Fiscal Year 2024-25 as per Budget 2024. Whether you’re a seasoned tax filer or […]
Download Auto Calculate Income Tax Preparation Software in Excel All in One for the Non-Government Employees for the F.Y.2023-24 and A.Y.2024-25 With Details of Section 115BAC of the Income Tax Act known as the new tax regime
Download Auto Calculate Income Tax Preparation Software in Excel All in One for the Non-Government Employees for the F.Y.2023-24 and A.Y.2024-25 | Therefore, Section 115BAC of the Income Tax Act is known as the new tax regime| Those opting for the new tax regime should be aware of Section 115BAC of the Income Tax Act, 1961. Section 115 BAC […]
Deduction allowed between New and Old Tax Regimes for the Assessment Year 2024-25 as per the Budget 2023 with Auto Calculate Income Tax Preparation Software in Excel for Government and Non-Government Employees for the A.Y.2024-25
Deduction allowed between New and Old Tax Regimes for the Assessment Year 2024-25 as per the Budget 2023 with Auto Calculate Income Tax Preparation Software in Excel for Government and Non-Government Employees for the A.Y.2024-25 Deduction/Exemption Uner Section Old Tax Regime New Tax Regime Standard Deduction [Section 16(ia)] Available Available Leave ’travel concession section 10(5) […]
Section 80EE of the Income Tax Act with Auto Calculate Income Tax Preparation Software in Excel for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023
Section 80EE of the Income Tax Act | Section 80EE is a tax exemption provided under the Income Tax Act which is Rs. 50,000 a year with interest paid towards the purchase of your first home. Therefore, Budget 2023 under Section 80EE: When calculating the capital gain on the sale of a residential property, the owner’s cost of the property does […]