Income Tax Exemption Financial Year 2021-22 as per Budget 2021. In F.Y 2021-22, there are two types of tax regimes for individuals and HF. A taxpayer can choose the old tax regime or the new tax system. Both these governments have some advantages and disadvantages. But if we talk about exemptions and rebates, it can be said that most general discounts and rebates are not available in the new tax regime. The new tax system has some great cuts like U/s 80CCD (2) etc.
Below is a list of discounts available on the old tax.
80C - (80C, 80CC and 80CCD (1) together): - Maximum Rs. 1.5 Lack
Life insurance premium
PPF (Public Provident Fund) Investment
.EPF (Employee Provident Fund)
. Five-year tax deposit in bank or post office
(Post Office Sr. Citizen above 60 Years Savings Scheme)
Home Loan Principle:- Basic Home Basic Principles of Payment
Deposit scheme in Sukanya Samrudhi account
You may also, like- Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime
80CCC: - LIC. Any other life insurance company is considered for tax benefit for contributing to its anniversary plan or receiving a pension from the fund.
80CCD (1) Permitted to any person who credits his pension account (like NPS). Maximum discount allowed 10% of salary (in case of taxpayer employee) or 10% of total income (in case of taxpayer self-employment).
80 CCD (1B) Additional discount
Rs. 50,000 / -: - Amount deposited by a taxpayer in their NPS account. Contributions to the Atal Pension Scheme are also eligible
80D: - Mediclaim / Health Insurance Premium. Below 60 Years of Age Max Rs. 25,000 / - and Rs. 50,000 / - for Senior Citizens)
80EE: - Maximum limit Rs. 50,000 / - Homebuyers can claim an additional tax deduction of interest on the home loan. The following criteria must be met in order to claim a tax deduction under section
80 GG: - Contributions to specific relief funds and charities. This exemption gets only be claimed. However, no discount is allowed for donations in excess of 2,000 in cash. Duplicate contributions such as food items, clothes, medicines, etc. are not eligible for exemption under the 80G section.
You may also, like- Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime
80 TTA: - Maximum limit Rs.10, 000 / -
Under this section, interest can be claimed on savings certificates/deposits with banks, co-operative societies, or post offices. 80 TTA discount on the interest income from the physical deposit is not available
80 TTB: - Maximum limit Rs. 50,000 / -
Interest on the savings bank account, fixed bank account, or post office deposit. Senior citizens can also enjoy this facility. 80TTA does not apply to senior citizens
24 (b): - Maximum limit 2 lakhs-2 Lacks
Housing interest is not on a paid basis (even if the ledger is booked on a cash basis). Discounts can be claimed for two or more accommodations.
87A: - Maximum limit Rs. 12,500 / -
This exemption is taxable on the total income of a resident if his total income does not exceed Rs. 500,000 / -
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 the
4) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
5) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
6) Individual Salary Sheet
