Income tax exemption is available for F.Y.2021-22. The relief is given to the

 taxpayers by the government are reduced through which they can legally save

 their taxes through various platforms such as investing their money.

 

Which are all the exemptions that can help us save our taxes?

 

1. Deduction U/s  80C

Exemption from the 80 C is one of the most popular and easy ways out of all other discounts. The Maximum Limit is Rs. 1,50,000/-

L.I.C. Insurance Premium,

Consolidated capital

• Term deposit such as fixed deposit, recurring deposit, post office term deposit (minimum 5 years lock-in period)

Bonds issued by NAB NABARD

Recognized Provident Fund

• Sukanya Samriddhi Yojana

Equity-Linked Savings Scheme (ELSS)

National Pension Scheme (NPS)

National Savings Certificate (NSC)

Up to 2 tuition fees are paid in schools, colleges, universities etc. located in India

Senior Citizens Savings Scheme

You may also, like- Automated Income Tax Software in Excel for the West Bengal State Employees for the F.Y. 2021-22 [ This Excel Utility can prepare at a time your Tax Computed sheet as per new and old tax regime U/ 115 BAC + Individual Salary Structure as per the W.B.Govt Employees Salary Pattern after ROPA 2019 + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2021-22]

2. 80D

The medical Insurance can claim Rs. 25,000/- for below 60 years of age and

 Rs.30,000/- can claim for the Senior Citizen above 60 years of age

.

80CCC

Pension plan.The limit is Rs. 1,50,000 / - including (80C, 80CCC, 80CCD (1)).

 

80CCD

1. Section 80CCD (1) - Contributed to National Pension Scheme (NPS) account

 10% of salary (in case of an employee) and 20% of total income (in case of a

 self-employed person)

2. Section 80CCD (1B) - 50,000 / - for money deposited in NPS account (above

 and above the limit of Rs.1,50,000 / -) Additional deduction of the contribution

 made by the employee is allowed (in case of salaried persons and self-

employment)

3. Section 80CCD (2) - Additional deduction on the contribution up to 10% of the

 employer's salary (basic salary + allowance).

You may also, like- Automated Income Tax Software in Excel for the Assam State Employees for theF.Y. 2021-22 [ This Excel Utility can prepare at a time your Tax Computed sheet as per new and old tax regime U/ 115 BAC + Individual Salary Structure as per the Assam State Govt Employees Salary Pattern after ROPA 2019 + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2021-22]

 

4. Discount between 80GG

This discount is available if a personal appraiser does not receive a home rent

 allowance. It is available in the following amounts for the cost of rent paid for his

 own residence-

• 5000 / - p.m.

• Minus 10% of total aggregate income has been paid as rent

25% of total gross income

Fo gets these benefits must submit a declaration on Form 10BA.

 

5. Discount between 80DDB

This discount is available for the resident person / HUF at the cost of treatment of

 a patient suffering from a disease referred to in Rule 11DD-

. 40,000 / - or less, whichever is less (under 60 years of age)

.1 Rs.1,00,000 / - or less, whichever is less (60 years and above)

 

6. 80 E-

This discount is available for interest on loans taken by an individual from a

 financial institution or an approved charity for higher education for himself, his

 wife or children.

 

It is available for a maximum of 8 years starting from the year where interest starts to be paid.

You may also, like- Automated Income Tax Software in Excel for the Bihar State Employees for the F.Y. 2021-22 [ This Excel Utility can prepare at a time your Tax Computed sheet as per new and old tax regime U/ 115 BAC + Individual Salary Structure as per the Bihar State Govt Employees Salary Pattern after ROPA 2019 + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2021-22]

 

7. A discount of 80EE  the Maximum limit is Rs.50,000/-. The conditions for getting this discount are-

1. Loan has been sanctioned between 01.04.2016 to 31.03.2017

2. The amount of loan approved for acquisition is not more than Rs. 35 lakhs

3. The value of residential house property is not more than Rs 50 lakh

Assessors do not own any residential home property on the date of grant.

11. Discount of 80EEA

 

8. Exemption from Savings Bank or Post Office U/s  80TTA Maximum Rs. 10,000/- as a Savings Bank/Post office Interest

 

9. Discounts within 80TTB

Discount up to Rs. 50,000 / - on interest income earned by senior citizens from deposits in banks, post offices or co-operative banks. Also, this discount is available for interest earned on term deposits.

You may also, like- Automated Income Tax Software in Excel for the Andhra Pradesh State Employees for the F.Y. 2021-22 [ This Excel Utility can prepare at a time your Tax Computed sheet as per new and old tax regime U/ 115 BAC + Individual Salary Structure as per the Andhra Pradesh State Govt Employees Salary Pattern after ROPA 2019 + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2021-22]

 

10. 80U-

This discount is available for residents with disabilities. Cutting is allowed until-

. 75,000 / - if disability is 40% - 80%

Severe Rs.1, 25,000 / - if severe disability i.e. 80% or more

 

11. Standard Deduction - Standard Deduction of Rs. 50,000 / -

 

12. House Rent Allowance- Section 10 (13A) provides at least one of the following exemptions-

I actually got that allowance

10 More than 10% of salary is rented

Sala Salary 50% (in Metro City) / 40% Salary (Non-Metro City)

Rs. 100 / - per PM for child education up to 2 children per child

Rs. 300 / - PM Hostel expenses up to 2 children per child

Discount Travel Discount - Travel expenses in India can be claimed as actual travel discounts on travel expenses paid by the employer on himself or his family.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government and Non-Government (Private) Employees for the Financial Year 2021-22 as per new and old tax regime U/s 115 BAC

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 Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Updated Version)

 

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

 

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

 

6) Individual Salary Sheet

 

7) Individual Tax Computed Sheet As per new and old tax regime U/s 115 BAC

 

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 into the in-words without any Excel Formula

 

On August 24, 2021 by www.taxexcel.net

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 Allowance - 'Salary' for calculating income. An allowance is a fixed amount of money that an

 the employer pays an employee to cover certain expenses, personal or in the performance of his or her

 duties.

These allowances are generally taxable and are included in the total salary unless a specific discount is given in the case of any such allowance. Specific exemptions have been granted for allowances under the following categories:

(i) H.R.A.- Section 10 (13A)- House Rent Allowances

(ii) Scheduled Special Allowance - Section 10 (14)

 

The above allowances will be waived in full or up to a certain limit and the balance, if any, will be taxable and thus included in the total salary.

You may also, like- Automated Income TaxPreparation Excel Based Software All in One for the Non-Govt(Private) Employees for the F.Y.2021-22 as per Budget 2021 [This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Individual Salary Structure as per all Non-Govt Employees Salary Pattern + Automated Income Tax Form 12 BA + Automated H.R.A. Calculation U/s 10(13A) + Automated Income Tax Revised Form 16 Part A&B and Part B]

The full entertainment allowance received by an employee is first included in the total salary and then under section 16 (ii) only a government employee is exempted from the total salary due to such entertainment allowance which has already been included.

Some allowance treatments are as follows:

1. H.R.A.-U/s 10 (13A) and [Rule 2A]

Amount of discount: The following three limits:

 Kolkata / Mumbai /  Delhi / Chennai Other Cities

(i) Allowance actually received Allowance actually received

(ii) More than 10% of the rent has been paid

(iii) 50% of salary 40% of salary

Note:

Exemption for HRA is based on the following:

(1) Salary

(2) Accommodation

(3) Rent has been paid

(4) Received HRA.

As long as there is no change in any of the above factors can be counted together for that period. Whenever any of the above changes, it should be calculated separately until the next change.

 You may also, like- Automated Income Tax Salary Arrears Received Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22

 

2. Prescribed special allowance which is exempt from a certain amount - Section 10 (14)

(i) Special allowance for discharge of government duties: 

These allowances are not of a favorable nature in the sense of section 17 (2) and are specifically allowed to cover expenses in full, necessarily and exclusively in the case of official duties or for-profit employment. These allowances will be discounted to the extent that they are actually spent for that purpose. [Section 10 (14) (i)].

These allowances are: 

A. Academic Allowance:

Whatever allowance may be given in any name to encourage academic, research and training practice in educational and research institutions; 

B. Uniform Allowance:

An allowance, whatever the name may be is used to cover the cost of purchasing or maintaining uniforms for office wear or for profit.

 

The above allowances will be discounted to the following minimum amount:

1. Received actual allowance.

2. Actual money has been spent for office or job responsibilities.

These allowances can be of two types:

1. The amount of allowance received or the prescribed limit, whichever is less is limited.

 

A. Children's education allowance:

The actual amount received per child or discount up to 100 p.m. Up to a maximum of 2 children per child, whichever is less.

 

B. Hostel Cost Allowance:

The actual amount received per child or discount up to 300 p.m. Up to two children per child, whichever is less.

Note:

 

(1) An appraiser claiming a waiver in respect of the allowance referred to under section (h) above shall not be entitled to a waiver in the case of allowance in the volatile area mentioned under section (e) above.

 

(2) It may be noted that the allowances mentioned in paragraph 4.13b above are exempted from the amount or limit of the amount received, whichever is less. In this case, there is no relevance to the actual expenditure. For example, if an employee gets Rs 2,000 as a transport allowance for travel between accommodation and duty and actually spends Rs 1,200. For this purpose, in this case, the discount would be 1,600 pm even though the money actually spent was 1200 pm

 

(3). Recreation allowance treatment

This cut is only allowed for one government employee. Private employees will not be eligible for any discount due to the entertainment allowance received by them.

 

In the case of entertainment allowance, the wife is not entitled to any discount but she is entitled to deduction under section 16 (ii) from the total salary. Therefore, the full entertainment allowance received by any employee is added to the calculation of the total salary. The Government servant is entitled to a deduction from the total salary under section 16 (ii) within the following 3 limits due to such entertainment allowance.

 

1. Actual entertainment allowance received in the previous year.

 

2. 20% of his salary excluding any allowance, benefits or other accessories.

 

3. 5,000 rupees.

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2021-22 and A.Y.2022-23

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

On August 06, 2021 by www.taxexcel.net

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