Income Tax Allowances and Deductions Allowed to Salaried Individuals With Automated Income Tax Preparation Excel Based Software All in One for the Govt & Private Employees for F.Y.2020-21 as per New and Old Tax Regime.

Income Tax Calculator

Salaried representatives form the major piece of the overall taxpayers in the nation and the commitment they make to the tax assortment is very significant. Annual tax deductions offer a gamut of chances for saving tax for the salaried class. With the assistance of these deductions and exclusions and, one could decrease his/her tax substantially. […]

Deduction U/s 16 with Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2020-21

Income Tax Form 10E

The income chargeable under the head “Salaries” is registered after making the following deductions under Section 16: 1.         Standard Deduction; 2.         Entertainment Allowance Deduction; and 3.         Professional Tax. 1. Standard Deduction [Sec. 16(i)/(ia)] – •           Standard deduction is Rs. 50,000; or •           the Amount of Salary, Whichever is lower. 2. Entertainment Allowance [Sec. 16(ii)]- Entertainment […]