Taxexcel: Income Tax Deduction Under Section Chapter VI A

1) Click to Download the Automatic Form 16 Part B for F.Y.2015-16[ One by One Preparation ] for the Assessment Year 2016-17 including the Chapter VI-A ,this can prepare One by One Form 16 Part B more than 500 Form 16 employees Form 16 Part B with all the Income Tax Section have in this Excel Utility

2) Click here to Download the Automatic One by one Preparation Form 16 Part A&B for the Assessment Year 2016-17 including the Chapter VI-A ,which can prepare One by One Form 16 Part A&B for more than 500 employees Form 16 Part B with all the Income Tax Section have in this Excel Utility

Deduction will be allowed under Chapter VI - A with Automatic Form 16 Part B for Assessment Year 2014-15

Section 80GG: Deduction in respect of House Rent Paid Deduction available is the least of

Rent paid minus 10% of total income
Rs. 2000/- per month
25% of total income, provided

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

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 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. 1st April 2012 (Assessment Year 2013-14).

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

The Rajiv Gandhi Equity Saving Scheme (RGESS) was launched after the 2012 Budget. Investors whose annual income is less than Rs. 10 lakhs 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).

Section 10: Deduction in respect of Traveling Allowances :- Max Rs.1600 P.M. and Rs. 3200 for Phy.disable person from the F.Y.2015-16

Section 80D: Deduction in respect of Medical Insurance

Deduction is available up to Rs. 30,000/- for senior citizens and upto Rs.25,000/ 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. 30,000/- if parents are senior Citizen and Rs. 25,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. for the assessment year 2015-16, within the existing limit a deduction of upto 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/- is available on:

expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Further, if the dependant is a person with severe disability, a deduction of Rs. 100,000/- is also 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.

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

A deduction to the extent of Rs. 80,000/- 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 80G: Deduction for donations towards Social Causes

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. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.

Donations with 100% deduction without any qualifying limit:

Prime Minister’s National Relief Fund
National Defence Fund
Prime Minister’s Armenia Earthquake Relief Fund
The Africa (Public Contribution - India) Fund
The National Foundation for Communal Harmony
Approved university or educational institution of national eminence
The Chief Minister’s Earthquake Relief Fund, Maharashtra
Donations made to Zila Saksharta Samitis.
The National Blood Transfusion Council or a State Blood Transfusion Council.
The Army Central Welfare Fund or the Indian Naval Benevolent Fund or The Air Force Central Welfare Fund.

Donations with 50% deduction without any qualifying limit.

Jawaharlal Nehru Memorial Fund
Prime Minister’s Drought Relief Fund
National Children’s Fund
Indira Gandhi Memorial Trust
The Rajiv Gandhi Foundation

Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

1. Donations to the Government or a local authority for the purpose of promoting family planning.

2. Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

3. Donation to the Government or any local authority to be utilized by them for any charitable purposes other than the purpose of promoting family planning.

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

Deduction of Rs. 75,000/- 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. 125,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Section 80 EE:

This Section has newly introduce in the Central Finance Budget 2013, in this section can get relief more One Lakh for House Building Loan Interest which will effect from 1/4/2013. It have not effect the previous Section 24B where can also get the relief as House Building Loan Interest Max Rs. 1,50,000/-.

Download and Prepare at a time 100 employees Form 16 Part A&B for Financial Year 2015-16 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for Assessment Year 2016-17 and Financial Year 2015-16]

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Download All in One ( TDS on Salary ) for Non-Govt employees for the Financial Year 2014-15 (as per the new Finance Budge Income Tax Slab)

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)

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. Subscripttttion to any notified securities/notified deposits scheme. e.g. NSS

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

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

16. Subscripttttion 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 o Assessee or his spouse or minor child should not own residential accommodation at the place of employment. o He should not be in receipt of house rent allowance. o 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. 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)