At a glance Income Tax Deduction with Tax Section for the F.Y. 2018-19, With Automated All in One TDS on Salary for Assam State Govt. Employees for F.Y. 2019-20
What is
the Maximum Income Tax I can save for this Year (FY 2019-20)?
Tax laws keep
changing year on year especially in Budget 2019. In this post, we summarize all
the tax saving sections
Broadly speaking
If you are able to avail all these sections you can make more than Rs 11 Lakhs
income tax-free. But unfortunately, not all sections would be applicable to
you.
The table below given the details of all the tax exemptions available:
S. No.
|
Tax Sections
|
Description
|
Maximum Tax Exemption Limit (Rs.)
|
1
|
80C/ 80CCC/ 80CCD
|
Investment in EPF, ELSS, PPF, FD, NPS, NSC,
Pension Plans, Life Insurance, SCSS, SSA, and NPS. Also includes Home Loan
Principal repayment, Tuition Fees, Stamp Duty.
|
150,000
|
2
|
80CCD(1B)
|
Investment in NPS
|
50,000
|
3
|
24
|
Interest paid on Home Loan for Self occupied
homes.
|
200,000
|
4
|
80E
|
Interest paid on Education Loan. No
Limit – Rs 50,000 is just an assumed value
|
50,000
|
5
|
80D
|
Premium payment for medical insurance for
self and parents.
|
60,000
|
6
|
80DDB
|
Treatment of Serious illness for self and
dependents (Limit of Rs 50,000/- 1,00,000 for Senior Citizens and Rs 40,000 for
others)
|
80,000
|
7
|
80U
|
Physically Disabled Taxpayer (Rs 75,000 for
40% to 80% disability and Rs 1,25,000 for more than 80%)
|
125,000
|
8
|
80DD
|
Physically Disabled Dependent (Rs 75,000 for
40% to 80% disability and Rs 1,25,000 for more than 80%)
|
125,000
|
9
|
80G
|
Donation to approved charitable funds like
Prime Minister Relief Fund, etc (assumed value)
|
50,000
|
10
|
80GGA
|
Donations for scientific research or
rural development (assumed value)
|
50,000
|
12 A
|
80TTA
|
Interest received in Savings Account
|
50,000
|
12 B
|
80TTB
|
Interest Income for Senior Citizens Only
|
50,000
|
13
|
80GG
|
60,000
|
|
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as
per new Finance Budget 2019
2) The Salary Structure as per the Assam State
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption
Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20
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