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Showing posts with label 80RRB. Show all posts
Showing posts with label 80RRB. Show all posts

Saturday 22 November 2014

Download the above link All in One TDS on Salary for Non-Govt (Private ) employees for the FY 2014-15 which can prepare at a time Tax Compute Sheet + HRA Calculation + Form 16 Part A&B and Part B)

Summary and List of Income Tax Deductions under Section 80C, 80CCA, 80CCC, 80CCD,  80CCG, 80D, 80DD, 80DDB, 80E, 80EE, 80G, 80GG, 80GGB, 80GGC, 80JJAA, 80QQB, 80RRB, 80TTA to 80U of Income Tax Act, 1961. There are different tax saving options i.e. Allowable Deductions/Exemption under Income Tax, are given under chapter VIA of the Income Tax Act, 1961. Summary of different tax saving section under which person can claim deduction or exemption from total Income are given below.

                          Deduction under section 80C for investment in various financial instrument, insurance policy, fixed deposits, etc. Maximum Deduction under Section 80C, 80CCC and 80CCD is Rs.150,000/-

                  Deduction under section 80CCA: Discontinued from April, 1992 Income Tax Deduction under section 80CCA for investment in National Savings Scheme or payment to a deferred annuity plan.

                         Deduction under section 80CCC for Contribution to pension scheme Maximum Deduction under Section 80C, 80CCC and 80CCD is Rs.100,000/- Deduction under section 80CCD for Contribution to pension scheme of Central Government.

             Deduction under section 80CCG for Contribution to equity shares or equity mutual fund under Rajiv Gandhi Equity Saving Scheme and maximum deduction under Section 80CCG is Rs.50,000/-

                          Deduction under section 80D for Contribution to medical premium and maximum deduction under Section 80D is Rs.15,000/-

                         Deduction under section 80DD for Contribution to medical treatment and maintenance of handicapped dependent and Maximum Deduction under Section 80DD is Rs.100,000/- & Rs 50,000/-.

                          Deduction under section 80DDB for Contribution to medical treatment of specified diseases and maximum deduction under Section 80DDB is Rs.60,000/- and Rs 40,000/-

                     Deduction under section 80E for interest payment of loan taken for higher education and there is no maximum Deduction under Section 80E so individual can total interest paid on education loan.

                      Deduction under section 80EE for interest payment of loan taken for new home for home loan amount of Rs 25 Lakhs and maximum Deduction under Section 80EE is Rs.100,000/-

                      Deduction under section 80G for Contribution/Donation to charitable organization and maximum deduction under Section 80G is 100% of contribution amount to 10% of 10% of adjusted gross total income of the taxpayer.

                      Deduction under section 80GG for payment of rent by individual salaried taxpayer who is not receiving House rent allowance (HRA) and should not own any residential accommodation and maximum deduction under Section 80GG is Rs 2000/- per Month.

.                      Deduction under section 80GGB for Contribution/ Donation to political parties by Indian Company and there is no maximum deduction limit under Section 80GGB so assessee can claim whatever donation he made to political party as deduction u/s 80GGB.

                      Deduction under section 80GGC for Contribution/ Donation to political parties by tax payer other than Indian Company and there is no maximum deduction limit under Section 80GGC so assessee can claim whatever donation he made to political party as deduction u/s 80GGC.

                    Deduction under section 80JJAA for additional wages paid to new workmen in factory and maximum deduction under Section 80JJAA is 30% of additional wages paid to new workmen in factory.

                     Deduction under section 80QQB for income from royalty to author for lump sum consideration for the assignment or grant of any of his interests in the copyright of any book being a work of literary, artistic or scientific nature, or of royalty or copyright fees in respect of such book and maximum deduction under Section 80QQB is Rs.300,000/-

                      Deduction under section 80RRB Any individual who is resident in India having a patent and receiving any income by way of royalty for that registered patent can claim maximum deduction of Rs 300,000/- from his gross total income for that royalty income.

                      Deduction under section 80U for disable person. Individual can claim deduction from taxable income based on his physical disability and amount of deduction is dependent on percentage of disability  and maximum deduction under Section 80U is Rs.50,000/- and Rs 100,000/-.

Saturday 27 September 2014

Download Income Tax Calculator with Automatic Form 16 (For Govt & Non-Govt Employees for the Financial Year 2014-15)
Section 80CCG
Popularly known as RGESS or Rajiv Gandhi Equity Savings Scheme, this section has been introduced in order to push the in-flows into the Indian capital markets. It is also the first time that an equity investment has been allocated a section in the tax deductions page. Equity investments over 1 year are exempt from tax, though. This investment is only for the first time equity investors with income up to Rs. 12 lakh. Maximum investment allowed is Rs. 50,000 with 50 per cent deduction allowed for the invested amount.

Section 80TTA
Interest on savings bank account will now be exempt up to Rs. 10,000 in a year. However, it does not mean that income below the specified limit should not be declared. Any income generated from the savings bank account should first be declared and then the exemption can be claimed. This section applies to savings deposits in banks, co-operative societies and post office.
Section 80QQB
For authors of certain specified books, royalty income or copyright fees up to Rs. 3 lakh will be available for deduction. The books can be work of art, literature or scientific nature. The author needs to furnish a certificate in prescribed format.

Section 80RRB
Royalty income on patents will also be available for deduction up to Rs.3 lakh. Patents should have been registered on or after 1st April, 2003 under the Patents Act, 1970 (39 of 1970). The author needs to furnish a certificate in prescribed format.

Section 80CCD (1)
Deduction for contribution to notified pension scheme which was previously under one section by name 80CCD has now been divided into two sections. As per section 80CCD(1), employee contribution under notified pension scheme by Central Government or any other employer, is deductible up to 10 per cent of salary, subject to limit of 1.5 lakh under Section 80C.

Section 80CCD (2)
As per this section, employer contribution under notified pension scheme by Central Government or any other employer is deductible up to 10 per cent of salary, without any upper limit.

Apart from the above mentioned sections, an additional deduction ofRs. 1.5 lakh (apart from existing 1.5 lakh) on the interest amount would be available for first time home buyers with home loan up to Rs. 25 lakh. This will be available from the  FY 2013-14 (AY 2014-15) and on-wards Financial year is welcome news for a lot of middle class first home buyers.

Download Income Tax Calculator with Automatic Form 16 Part B with Individual Salary Structure + Individual Salary Sheet for Print (For Govt & Non-Govt Employees for the Financial Year 2014-15)