Income Tax


Tax benefits for the F.Y2021-22 as per Budget 2021. Income Tax Reduction for A.Y 2022-23: See the list of tax deductions below that you can claim for various payments, income and investments.

The following exemption is available for opting for the Old Tax Regime only.

 

1. Income from home property

Exemption from house building loan Interest U/s 24 B Maximum Rs.2 Lakh for self-acquired property

 

For those who have chosen to file a return under the new tax system, this exemption from income from the home property will not be available from this year.

 

2. Life Insurance Premium paid or  P.F. or PPF, Pension Scheme U/S 80C Maximum Rs.1.5 Lakh. If you opt-in new tax regime, you can not avail of this exemption U/s 80C

 

U/s 80CCC, For the pension scheme in the annual plan.

U/s 80 CCD (1), Central Govt Pension Scheme which contributes by the employee. 

If you choose the old tax regime, then you can claim the following exemptions like as the previous financial year 2020-21 

You may also, like- Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E from theF.Y.2000-01 to F.Y.2021-22(Updated Version)

Income Tax form 12 BA in Excel

1. Income from home property

According to the income tax Section 24(B), the maximum home loan interest deduction is Rs 2 lakh for self-acquired property.

For those who have chosen to file a return under the new tax system, this exemption from income from the home property will not be available from this year.

 

 

2. Life Insurance Premium paid or paid for  P.F, PPF, Pension Scheme U/s 80C

 

Under section 80CCC, a claim for LIC or any other insurer's annual plan for a pension scheme may be claimed.

 

Under Section 80 CCD (1), a claim for payment of money paid under the Central Government Pension Scheme can be made.

 

 

Note: Under Section 80C, Section 80CCC, Section 80 CCD (1), a total lump sum exemption of only Rs 1.5 lakh can be claimed.

 

3. U/s 80CCD(1B) additional deduction Rs. 50,000/-for the  Pension Scheme

 

Under Section 80 CCD2, for contribution by the employer to the employee's pension fund, However, there are two conditions:

If the employer is PSU, state government or others, the deduction limit is 10 %  and if the person is the central government then the deduction will be 14% of salary.

 

4. Pay for health insurance premiums

Under section DD, waivers may be claimed for health insurance premiums and payments made for preventive health check-ups. However, there are several limitations:

 

For self-spouse or dependent children or patent: Rs. 25,000 discount can be claimed and senior citizens above 60 years of age can get a benefit of Rs.50,000/- U/s 80D. Although premiums are not paid on health insurance coverage, deductions may be claimed for the medical expenses of a senior citizen.

 

5. Pay for maintenance/treatment of disabled dependents U/s 80D

 a rebate of up to Rs.25,000/- for below 80% and above 80% disabled can get benefit Rs.1,25,000/-

 

6. Pay for treatment

Under Section 80 DD (1B), deductions of up to Rs.40,000/- and for the Senior Citizen Rs. 1,00,000/- can be avail.

 

7. Pay interest on education loan U/s 80E

U/s  80E, a higher education loan can be taken on one's own or a relative's waiver of the total amount paid for interest payments.

 

8. Paying rent for those who are not getting HRA from the employer, they can get a benefit on the house rent Maximum Rs.60,000/- P.A.

Download Automated IncomeTax Preparation Excel Based Software All in One for the Non-Government(Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23U/s 115BAC

 

Tax benefits in the f.Y.2021-22
Tax benefits at F.Y.2021-22 as per Budget 2021


form 12 BA

Feature of this Excel Utility:-

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.

 

2) This Excel Utility has all amended Income Tax Section as per Budget 2021

 

3) Automated Income Tax Form 12 BA

 

4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)

 

5) Individual Salary Structure as per the Non-Govt(Private) Concern’s Salary Pattern

 

6) Individual Salary Sheet

 

7) Individual Tax Computed Sheet

 

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

 

10) Automatic Convert the amount in to the in-words without any Excel Formula