Tax Exemption Chapter VI-A of the Income Tax Act: With Tax Software in Excel
Tax Exemption Chapter VI-A of the Income Tax Act: Chapter V-A has various of section allow an assessee to claim a deduction from the total income on account of various tax-saving investments, approved expenditure, grants etc. Reduce taxes due. Pun rat than gurukulam is eligible for 50 or 100 deductions under section 80 G
Chapter VI -A of the Income Tax Act have the following sections:
80C: LIC Primum, provident fund (PF), equity shares or debentures, etc., the exemption limit is not more than Rs 1.5 lakh, including section 80CCC and section 80CCD(1). Is any rule like deductions should not be more than 2/3rd of salary?
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Chapter VI-A contains the below sections:
80C: L.I.C.Premum &, contribution to provident fund (PF), etc., the Maximum Exemption limit is not more than Rs 1.5 lakh, including section 80CCC and section
80CCD(1).
80CCC: Deduction in contribution to Fixed Pension Fund. The exemption limit with section 80C and section 80CCD(1) is Rs 1.5 lakh.
80CCD (1): Exemption in contribution to Central Government Pension Scheme - In case of an employee, 10 per cent of salary (Basic + DA) and in any other case, 20 per cent of his total income in a financial year shall be tax-free. With 80C and 80CCC, the total limit is Rs 1.5 lakh.
80CCD (1B): Exemption up to Rs.50,000 for contribution to Central Government Pension Scheme (NPS).
80CCD(2): Deduction of employer's contribution to the pension scheme of the Central Government. The tax benefit is given on 14 per cent contribution by the employer, where such contribution is made by the Central Government and 10 per cent tax benefit.
80D: Deduction in health insurance premium. Premiums up to Rs 25,000 are paid for people other than senior citizens. For senior citizens, the limit is Rs 50,000 and the total limit under 80D is Rs 1 lakh.
80DD: Reduction in maintenance including treatment of a disabled person who is a disabled person. The maximum limit is Rs 75,000.
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80DDB: A neurologist, oncologist, urologist, haematologist, immunologist or such other specialist can give a rebate of up to Rs 40,000 for the treatment of a prescribed disease.
80E: Exemption without any upper limit in case of interest on a loan taken for higher education.
80EE: Deduction of interest up to Rs.50,000 on loan taken for residential house property.
80EEA: Deduction of interest up to Rs.
80EEB: Interest exemption up to Rs 1.5 lakh on loan taken for the purchase of an electric car.
80G: Donations are made to specific funds, charities etc. Depending on the nature, the limit varies from 100 per cent of the total grant, 50 per cent of the total grant or 50 per cent to 10 per cent of the grant. Total Earnings.
80GG: Reduction in rent paid by non-salaried persons who do not get the benefit of HRA. The limit of deduction is Rs.5,000 per month or 25% of the total income per annum, whichever is less.
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80GGA: Full exemption for specific grants for scientific research or rural development.
80GGC: Full exemption for grants to political parties, if such grant is not in cash.
80TTA: Exemption up to Rs.10,000 in case of interest on savings bank account in case of assessees other than a resident senior citizen.
80TTB: Exemption in interest on deposits up to Rs.50,000 The benefits can be availed only for Senior citizens.
80U: Exemption in case of a disabled person. Depending on the type and extent of disability, the maximum allowance allowed under this section is Rs 1.25 lakh.
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime
3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.
4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22
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