Download Automated Master of Form 16 for the Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees Form 16 for the FY 2014-15]

How to Save Tax on Salary Income? This question is popping up in the mind of every salaried employee. Since March is fast approaching, HR department has started buzzing employees about the tax savings investment he has made.

Tax Savings investments have to be made before 31^st March to claim the tax benefit and maximize savings. But before rushing to invest, one needs to and plan out his investment keeping in mind the changes made in the Budget 2014 to maximize his tax savings.

Tax Savings does not necessarily means acknowledging various sections of Income Tax Act, few sections along with your salary slip can very well accomplish the peculiar task of tax planning for you. In this article we will discuss the additional tax benefit and marginal reliefs offered by budget 2014.

The Tax Slab has already Raised up to Rs. 2.5 Lakh by the Budget 2014 and the deduction limit of U/s 80C has also raised up to Rs.1.5 Lakh.

Enhanced limit of Section 80C

Budget 2014 has augmented the limit of section 80C from Rs.1 lakh to Rs.1.5 lakhs. This enhanced limit gives additional tax relief of Rs.15,450 for the person falling in the tax slab of 30%, similarly Rs.10,300 to person falling in the tax bracket of 20% and Rs.5,150 to the person falling in the lowest tax bracket of 10%.

Maximize tax savings from increased limit of section 80C:

Home Loan Benefit

Budget 2014 has also enhanced the limit of deduction for Home Loan Principal u/s 80C and Home Loan Interest u/s 24.

Tax Benefits on Home Loan – Principal Repayment

Principal Repayment of the Home Loan taken from Financial Institutions is eligible for deductions u/s 80C but restricted to the maximum of Rs.1.5 lakhs per annum. Remember this limit of Rs.1.5 lakhs includes all deduction u/s 80C i.e. PPF, Tax Savings Bank FD, NSC, EPF, LIC etc.

Reintroduce Kissan Vikas Patra ( K.V.P.) :-

Amount invested in Kissan Vikas Patra (KVP) doubles in 100 months at the present rates. The certificates can be purchased by an adult for himself or on behalf of a minor or to a minor. It can also be purchased jointly by two adults.

A certificate may be transferred from one person to another with consent in writing to an officer of the Post Office or Bank. Under the scheme the transferee has to be eligible to purchase the certificate. The certificate may be prematurely encashed any time after two years and a half from the date of purchase, in the event of death of holder or any holder in case of joint holder, on order of court of Law and forfeiture by a pledge. 

The Government has no proposal to separately tax benefit on KVP. However, income on KVP would be taxable as per existing provisions. Investor will have to undergo Know Your Customer (KYC) modalities at the time of application. In the case of transfer of KVP from one customer to another, a request has to be made in writing to an officer of the Post Office or Bank and the transferee has to be eligible to purchase KVP certification in the first instance. 

Kissan Vikas Patra (KYP) has been reintroduced and is available in Post Offices. In future, KVP will be available in banks which are/will be authorized for handling small savings schemes.

Download Automated Form 16 Part B for the Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees Form 16 Part B]

Tax Benefits on Home Loan – Interest Component

Threshold limit of deduction of Interest on the home loan u/s 24 is also increased in budget 2014 by Rs.50,000. Now you can get maximum of Rs.2 lakhs deduction on the accrued interest on Home Loan per annum.

Remember section 24 is applicable for self-occupied house only i.e. capping limit of Rs.2 lakh applies when you hold a self-occupied house. In case the house is not self-occupied than you can claim the actual amount of interest paid which can even exceed Rs.2 lakhs.

Contribution towards Provident Funds

Section 80C comprises for various instruments but contributions towards Provident Fund i.e. Employees Provident Fund or Public Provident Fund are best amongst them. Being EEE scheme (Exempt, Exempt, Exempt) these provide best solution for accumulating corpus for retirement. Point to note is that provident fund is a long term investment scheme, so opt this scheme considering it for post-retirement life.

National Savings Certificate (NSC) and Tax Savings Bank FD

Both National Savings Certificate (NSC) and Tax Savings Bank FD offers same rate of interest and same tax treatment. The only things that makes NSC more lucrative than tax savings bank FD is the method of interest calculation. The interest is compounded annually in case of tax savings bank FD while the interest is compounded half-yearly in case of NSC.

Equity Linked Savings Scheme

ELSS is also enjoys EEE tax treatment as EPF and PPF but it comes with a high degree of risk. Since ELSS is exposed to market the risk involved is similar to any other mutual fund but the quantum is increased due to lock-in period of 3 years.

You can choose any of the four for maximize your tax savings. No need to see any other investment scheme u/s 80C.

Continuation of Section 87A

Last year budget has introduced tax credit system under which person having gross salary up to Rs.5,00,000 can get additional tax rebate of Rs.2,000 from the income tax payable. This year budget did not drop this section and thus letting taxpayer to get benefitted this year also.

Click to download All in One TDS on Salary for Govt and Non-Govt employees for the Financial Year 2014-15

On March 18, 2015 by www.taxexcel.net

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Click here to download the Automatic Master of Form 16 Part A&B for Financial Year 2014-15 ( This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for the Financial Year 2014-15)

Updated list of deductions available Chapter VI-A while calculating Income Tax for Individual & also helpful for tax planning.   Section 80C:

Under this section deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section (alongwith section 80CCC and 80CCD) is limited to Rs. 1.5 lakh only.( As per the Finance Budget 2014-15 the Max Limit of U/s 80 C HAS RAISED UP TO RS. 1.5 LAKH) Click to view the amended 80C deduction

1.     Life Insurance Premium For individual, policy must be in self or spouse's or any child's name. For HUF, it may be on life of any member of HUF.  

2.     Sum paid under contract for deferred annuity For individual, on life of self,     spouse or any child .   

3.     Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child  Payment limited to 20% of salary.  

4.      Contribution made under Employee's Provident Fund Scheme.  

5.     Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.  

6.     Contribution by employee to a Recognised Provident Fund.  

7.     Sum deposited in 10 year/15 year account of Post Office Saving Bank  

8.     Subscription to any notified securities/notified deposits scheme. e.g. NSS  

9.     Subscription to any notified savings certificate, e.g. NSC VIII issue.   

10.   Unit Linked Savings certificates.   

11.   Contribution to notified deposit scheme/Pension fund set up by the National Housing Scheme.   

12.   Certain payment made by way of installment or part payment of loan taken for purchase/construction of residential house property. Condition has been laid that in case the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year. 

  

13.  Contribution to notified annuity Plan of LIC(e.g. Jeevan Dhara) or Units of UTI/notified Mutual Fund. If in respect of such contribution, deduction u/s 80CCC has been availed of rebate u/s 88 would not be allowable.

14.  Subscription to units of a Mutual Fund notified u/s 10 (23D).

   

15.  Subscription to deposit scheme of a public sector, company engaged in providing housing finance.

   

16.  Subscription to equity shares/ debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions.

17.  Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children   Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 150,000/-. 

The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund.  

  

Section 80CCD: Deduction in respect of Contribution to Pension Account Deposit made by a Central government servant in his pension account to the extent of 10% of his salary. Where the Central Government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Further, in any year where any amount is received from the pension account such amount shall be charged to tax as income of that previous year. 

  

18.  Section 80CCG: Rajiv Gandhi Equity Saving Scheme As per the Budget 2012 anouncements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).  

19. Section 80D: Deduction in respect of Medical Insurance Deduction is available upto Rs. 20,000/- for senior citizens and upto Rs. 15,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.   

20. Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative Deduction of Rs. 50,000/- w.e.f. 01.04.2004 in respect of ü Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative. ü Payment or deposit to specified scheme for maintenance of dependent handicapped relative.   Further, if the defendant is a person with severe disability a deduction of Rs. 100,000/- shall be available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.   

21. Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative   A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.   

Section 80E: Deduction in respect of Interest on Loan for Higher Studies Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09. 

  

Section 80G: Deduction in respect of Various Donations The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G, Section 80GG: Deduction in respect of House Rent Paid Deduction available is the least of 

1. Rent paid less 10% of total income 

2. Rs. 2000/- per month 

3. 25% of total income, provided of Assessee or his spouse or minor child should not own residential accommodation at the place of employment. of He should not be in receipt of house rent allowance. of  He should not have self occupied residential premises in any other place.

22. Section 80U: Deduction in respect of Person suffering from Physical Disability   Deduction of Rs. 50,000/- to an individual who suffers from a physical disability(including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D. Section 80RRB: Deduction in respect of any Income by way of Royalty of a Patent Deduction in respect of any income by way of royalty is respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available upto Rs. 3 lacs or the income received, whichever is less. The assessee must be an individual resident of India who is a patentee. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority.   Section 80 

23. 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).  

24. 80 EE. Additional House Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)

On March 05, 2015 by www.taxexcel.net

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As per the Finance Budget 2014 the following changes relating to determination of Income Tax payable by Salaried Employees, which provide income tax exemption varied from Rs.15,000 to Rs. 30,000 on the basis of taxable income of individual.

1. Income Tax Slab has Raised  from Rs. 2 lakh to Rs. 2.5 lakh

2.  80 C deduction limit has Raised from 1 Lakh to 1.5 Lakh

3. Income Tax exemption on Interest paid on housing loan under Section 24 of the Income TaxAct increased from Rs. 1.5 lakh to Rs. 2 lakh

Income Tax Rebate of Rs. 2000 for taxable income up to Rs. 5 lakh will be continues this year also under Section 87A .

Click here to download Income Tax Calculator 2014-15 (A. Year 2015-16) with Form 16 [ This Excel utility can prepare at a time Tax Compute sheet + HRA Calculation + Form 16 Part A&B and Form 16 Part B] 

Allowances exempted under Section 10 of Income Tax Act

House Rent Allowance: 

When rent is actually paid by an individual, he / she is entitled to exemption in respect ofHouse Rent Allowance which is limited to least of the following

1. Actual HRA received.

2. Rent paid less 10% of salary.

3. 40% of Salary (50% in case of Mumbai, Chennai, Kolkata, Delhi) Salary is defined as Basic Pay. Dearness allowance will form part of salary if the same enters into computation of retirement benefits

Click here to download Exemption on HRA Calculator

Leave Travel Allowance or Leave Travel Concession :

LTC or LTA is exempted if the same is actually spent

Transport Allowance:

Transport Allowance granted to an employee to meet expenditure for the purpose of commuting between the place of residence and place of duty. Income Tax Exemption on Transport Allowance is restricted to Rs.800 per month.

Children Education allowance:

Rs. 100/- per month per child up to a maximum of 2 children.

Hostel Allowance:

Rs. 300/- per month per child upto a maximum of two children.

Income Tax Exemption on Interest paid on Housing Loan / Income or loss from House Property:

Total deduction for interest paid on Housing Loan when the property is self occupied has been increased to Rs. 2 lakh as per amendment made in Under Section 24 B

Clickhere to Download automated Form 16 Part B for Financial Year 2014-15 ( This Excel Utility can prepare at a time 50 employees  Automatic Form 16 Part B)

Section 80C: [Click to view total deduction of U/s 80C]

The total deduction under this section (along with section 80CCC and 80CCD) is limited to Rs. 1.50 lakh. Some investments, savings, expenditure etc covered under Section 80 C. 

Deductions under Chapter VIA of Income Tax Act [Click to view Chapter VIA]

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2014-15) can invest in this scheme up to Rs. 50,000 and get adeduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible forincome tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

Section 80D: Deduction in respect of Medical Insurance

Deduction is available up to Rs. 20,000/- for senior citizens and up to Rs. 15,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deductionavailable under this section is to the extent of Rs. 40,000/-. From AY 2013-14, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available.

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative

Deduction of Rs. 50,000/- w.e.f. 01.04.2004 in respect of

1.          Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.

2.          Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Further, if the defendant is a person with severe disability a deduction of Rs. 100,000/- shall beavailable under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. Note: A person with ‘severe disability’ means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the ‘Persons with disabilities (Equal opportunities, protection of rights and full participation)’ Act.

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative

A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less isavailable for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.

Section 80E: Deduction in respect of Interest on Loan for Higher Studies

Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09.

Section 80G: Deduction in respect of Various Donations

The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G

Section 80GG: Deduction in respect of House Rent Paid

Deduction available is the least of

1.          Rent paid less 10% of total income

2.          Rs. 2000/- per month i.e. Maximum Deduction available is 24,000/-

3.          25% of total income, provided

4.               Assessee or his spouse or minor child should not own residential accommodation at the place of employment.

5.                He should not be in receipt of house rent allowance.

6.               He should not have self occupied residential premises in any other place.

Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).

Section 80U: Deduction in respect of Person suffering from Physical Disability

Deduction of Rs. 50,000/- to an individual who suffers from a physical disability(including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Click here to Download Income Tax Calculator 2014-15 (Assement Year 2015-16) with Arrears Relief Calculation with Form 10E

On December 10, 2014 by www.taxexcel.net

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Click here to Download Automated Form 16 Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16 ( This Excel Utility can prepare at a time 100 employees form 16 Part A&B)

The CBDT has already changed the Format of Form 16 dated on 19/2/2013. In this Format have two part. Part A which found the Tax Deducted At Source and deposited in to the Central Govt Account  and another Part B which is found the details of employee's Salary. This Part B is mandatory to prepare by the employer. This Part A is mandatory to download form the Income Tax TRACES  Portal. 

Most of the Employer or deductor yet not well known about this new Format of form 16. Also you most of employer could not able to download the Form 16 Part A from the TRACES portal.

Who have not able to download the Form 16 Part A from the TRACES Portal, they can use this below given both in one file Form 16 Part A&B in New Format of Form 16. 

This Excel Based Software can prepare at a time 100 employees Form 16 Part A&B for the Financial Year 2014-15 and Assessment Year 2015-16. This Utility can use both of Govt and Non Govt Concerned.

Feature of this Utility:-

• Automatic Calculate the Income Tax of each employee
• Automatic Prepare the Form 16 Part A&B in New Format
• Automatic Convert the Amount in to the In Words
• Prevent the Double entry of PAN No and Name of Employee
• Govt and Non Govt Concerned can use this utility
• This Excel Utility can prepare at a time 100 employees Form 16 Part A&B

Click here to Download Automated Form 16 Part A&B for the Financial Year 2014-15 & Assessment Year 2015-16( This Excel Utility can prepare at a time 100 employees form 16 Part A&B)

On December 07, 2014 by www.taxexcel.net

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Click here to download Master of Form 16 Part A&B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B). 

Who are not able to download the Form 16 Part A from the TRACES Portal, they can use this Excel Utility. The details of deduction U/s 80 is given below as per the latest amended for the Financial Year 2014-15.

Chart for deduction u/s 80C to 80U  Rebate u/s 87A

Section	Details of deductions	Quantum	Remarks
80C (Individual & HUF)	A. ULIP of Spouse and Children and any member in case of HUF B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years   PO Time deposit, Senior citizen Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office saving bank. C. Bonds of NABARD, Deposit scheme of NHB, Notified deposit scheme,. D. MF referred u/s 10(23D), Pension fund of MF[10(23D)], Eligible issue of securities. E. Cost of purchase or construction of residential house including repayment of loan and expenses on transfer of property, tution fees to any educational institutions for full time eduction of 2 childrens.	Maximum Rs 1 ,50,000 is allowed Investment.	No Dedcution Allowed: Terminates the insurance policy within 2 years, Terminate ULIP within 5 years, transfer house within 5 years Limit of eligible premium in case of insurance policy on life of disable person has been increased to 15 % instead of 10 % from FY 13-14. Max. 10% of the minimum amt assured under Life policies
80CCC (Individual)	Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.	Maximum is Rs 1,00,000	Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCD (individual)	Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.	Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.	Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCE	It should be noted that employer contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE	It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in aggregate of 80C ,80CCC  80CCD(1) is Rs 1,00,0000
80CCG	Individual having gross total income upto Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal fund units.	50 % 0f the invested amount . Limit is Rs 25,000 max.	The deduction is allowed for three years only.
80D (Individual &HUF)	Medical insurance on self, spouse , children or parents. The deuction is also allowable for CGHS contribution to Cenral and State scheme. It is also for conducting health check up to Rs 6000.	Age Below 60 years: Rs 15,000 including Rs. 5000 on preventive checkup for self , spouse  children + Rs 15,000 for insurance on parents. Age above 60 years: Replace Rs 15,000 with 20,000.	Cash payment not allowed. But for Preventive Checkup it is allowed.
80DD (Individual &HUF)	For maintenance including treatment or insurancing the lives of physical disable dependent relatives	Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.	dependent relatives includes spouse, child, parents, brother sister
80DDB (Individual &HUF)	For medical treatment of self or relatives suffering from specified disease	Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000.	Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
80E (Individual)	For interest payment on loan taken for higher studies(after 12)  for self or education of spouse or children	Actual amount paid as interest and start from the financial year in which he /she starts paying interest and upto maximum of 8 years.	loan from any financial institution banking or approved charitable institution
80EE	interest on home loan sanctioned during Fy 2013-14. However, value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further assessee should not have any other residential house.	RS 1 lakh
80G (All Assessee)	Donations to charitable institution (Max. 10,000 if paid in cash from A/Y 13-14)	100% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. ).  50%  (Gandhi/ Drouhgt/ charitable purpose/infrastructural development fund). For Asst Yr 2014-15, Natital Children Fund will also get 100% deduction.	Where the aggregate of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
80GG	For rent paid	This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month. Rule 11B is method of computation.
80GGA	For donation to entities in scientific research or rural development (Max. 10,000 if paid in cash from A/Y 13-14)	Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.	Cash payment not allowed
80GGB  80GGC	For contribution to political parties	100 % of donations	Cash payment not allowed
80QQB	Allowed only to resident authors for royalty income for books other than text book	Royalty income or Rs 3,00,000 whichever is less.
80RRB	For income receipt as royalty on patents of resident individuals	Actual royalty or Rs 3,00,000 whichever is less.
80U	Deduction in respect of permanent physical disability including blindness to taxpayer	RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.
87A	Rebate to individual having low taxable income	Amount of tax or Rs 2,000 which ever is less	Only resident individual gets this rebate.

Download All in One TDS on Salary for Govt and Non-Govt Employees [This Excel Based Software can prepare at a time Tax Compute Sheet + Arrears Relief Calculation + HRA Calculation + Form 16 Part A&B and Part B]

On November 18, 2014 by www.taxexcel.net

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