Contribution toward NPF. Deposit with Sukanya Samridhi Accounts. Tick if 80DD is claimed. Tick if severe disability. Tick if 80U is claimed. Any other deductions. Net Taxable Income. Income Liable to Tax at Normal Rate Income Tax. Education Cess. Secondary and higher education cess. Health and Education Cess. Total Tax Liability. Due date of submission of return. Detail of tax paid. Date Amount.
Though the tax rate is lesser here, the peculiarity of this scheme is that no deductions from the total income are not allowed here. A single tax rate slab only is there considering all are equal.
Study Notes Exam Results Upload. IN PM 1. Update: Easy Tax by Alrahiman is updated to Version Date There was an error in calculation of New Regime, whose total income is above 10 Lakhs. Such people please download new version and use import data from old version option in the software to update without losing data already entered. In the scheme that was followed in the previous years, the amount remitted towards principal amount of the housing loan was considered to be deduction in 80 C up to an amount of rupees one and half lakh and up to Rs 2 lakh towards interest as deduction in income from house property whereas these two deductions are not available in the new scheme.
Moreover, the rent received from house that was let should be given as income, in income from House property. The advantage of the new scheme here is that the interest for the housing loan can be reduced from this income and the maximum amount that can be deducted is limited to, in the income from rent as such things can't be allowed to be deducted from other income.
A deduction of upto Rs 2 lakh was available in this in the old scheme. For the question which scheme is better, a sudden and single answer is not possible. It may vary and depend upon the individual's deduction scheme The fact is that, for those who have availed of the deductions possibilities to the maximum, following the old scheme would be better.
Anyway, you need not think over this much. This job would be done by the software. The software is prepared in such a way that both scheme statements can be generated from a common single entry. Once the details are entered, two statements, Old Regime and New Regime can be opened. The statement with lesser Tax amount can be printed out and submitted in the office. For technical difficulty the live support is available to solve it.
Matt was patient with all my questions and helped me navigate the software space. His recommendations were right on target! Easy to use, no unnecessary steps to follow. Highly Recommended!!! Found our list of Income Tax Software helpful? Income tax software is an application that assists at stages like income tax computation, ITR preparation, TDS and income tax e-filing. The process of using income tax software is very simple and user-friendly due to minimum key operations and single window computations.
It also helps with data entry and income tax calculation of taxes. The income tax software further provides various online tools and features. But do you know the basic steps to file ITR?
Let us help you with ITR preparation with these simple steps:. There are a lot of benefits of using taxation tax software. Be it automation, increase in efficiency or accuracy, bulk filing, or record management. Automation Software: Automation is a major benefit of using tax software. It reduces manual efforts as it can automate taxation formalities starting from tax calculation to tax filing. An income tax computation software will help you in your accounting process for calculating income tax, advance tax, wealth tax and TDS Tax Deduction at Source.
Accuracy: Manual calculations always have the risk of going inaccurate. The Income Tax Preparation software will assure you of accurate results that can be trusted for your income tax filing purpose. This reduces manual labor, saves time, and reduces the chances of human error within your organization. The income tax return filing software will take care of all these pre-defined formalities after calculating the tax amount.
Records: Taxation requires you to maintain records so that you can get the required details any time without requiring you to dig deep into the paperwork. An income tax filing software generates and stores the documents in easily accessible folders so that you can always find the details whenever required. Real-Time Tracking: Get real-time tracking of all the processes related to income tax. You can control the complete workflow just by making a few clicks from your system with the best income tax software.
You can view the real-time process status of every function with customized alerts, reducing hands-on time and enabling employees to focus on higher-priority tasks. Better Efficiency: Income tax computation software helps increase the efficiency of every process related to tax management in your company. You will be able to retrieve data, eliminate data that is not required, generate invoices , upload digital signatures , and access archived data.
Controlled Workload: With automated software, you can save yourself from redundant tasks and focus only on the processes that actually need your attention. You can focus on priority tasks, You can manage priority tasks by viewing the real-time process status and receiving customized alerts which help in reducing hands-on time.
Affordability: Most tax management software is affordable and has a variety of features that can be used for filing income tax returns and other functionalities. User-Friendly Features: Most tax preparation software is easy-to-use and has an interface that can be managed by employees with limited technical expertise. There are demo training sessions available as well if you want to learn how you can make the most of taxation software in detail.
Online Income Tax: This is also acknowledged cloud-based income tax software and it will help to access a dashboard to track financial details anywhere and anytime. Complete ITR Preparation Software: This is designed for automating the processes related to the online filing of income tax returns and preparation.
Tax Meter: A professional income tax software has the feature of tax meter which gives a quick glance of numbers under different income categories. You can also check the interest payable with the help of income tax calculation software. Auto-Calculations of Taxes: Computation of income and exceptions for all categories can be calculated automatically with tax software.
Auto-Estimation: Estimation of late payments, payment interests, late filing interest, and the fee for delayed filing can be done automatically with the help of tax software. Audit Report: A federal income tax return filing software has a built-in module for creating audit reports using a facility for easy importing. You can also auto-transfer data from computation and ITR, and carry forward the relevant data for future use.
Reporting Option: With income tax software, you can generate various reports like Audit, challan, MIS, and computation reports duly signed by the auditor. Data Import: You can bulk data import from multiple sources such as XML, Excel, and other sources for filing income tax returns with the help of income tax return filing software.
Tax Details Import: Tax details paid in previous financial years can be extracted with the income tax software. With an income tax return filing software, you will also get to update your e-filing profile. E-Services: An income tax filing software can guide you with e-payment , submission of payment details, message services, digitally signed e-invoice, and auto-registration on formatting and surrendering license.
Miscellaneous Features: Income tax software includes features like billing , IT checker, and tax planner. Add Digital Signature: You can upload your digital signature by using the digital signature utility feature for form 16 and form 16A.
Finding the e tds software should be based on what your organization needs. Depending upon the type of features that you need, your choice of income tax software will change. While choosing an income tax calculation software in India, you should know what kind of software do you want. If you are looking for an income tax return preparation software that has automated e-filling and a TDS module as well, you should look for specific options.
If you want income tax software with just the basic features, you can opt for the basic versions available. Any software functionality that you cannot use conveniently will result in the wastage of both time and effort.
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