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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Budget 2020 has introduced a new system new and an old tax regime U/s 115 BAC. A new analysis of accessible income tax rates as per new section 115 BAC, limits and limits accessible

 

2020 the financial plan proposes a new income tax system for individuals and HUFs. This plan furnishes taxpayers with an option to pay tax at a diminished rate subject to specific conditions. A new section 115BAC has been presented in the Income Tax Act to give lower tax impetuses. This will apply from F.Y 2020-21 (AY 2021-22).

 

Allow us to understand this proposed plot in detail-

 

New income tax slab rate under the tax system. They have been permitted to choose income tax slabs based on which they might want to gather tax for the monetary year 2020-21. Peruse more to find out about the current tax slab and the new tax slab under section 114 BAC.

 

After 2020 a financial plan, individuals are befuddled that there will be no income tax up to Rs 5 lakh. Which is most obvious? The fundamental markdown limit has been kept unaltered, implying that there will be no obligation for any person/HUF up to Rs. 2.5 lakhs. Be that as it may, if the income of a particular public taxpayer doesn't surpass Rs. 5 lakhs, no tax will be payable in the wake of benefiting of the exception office under 87.

 

87A advantage won't be accessible when your taxable income surpasses Rs 5 lakh and 5% tax will be payable on income above Rs 2.5 lakh yet up to Rs 5 lakh.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 50 Employees  Form 16 Part A&B]

 

What are the conditions for lower tax rates?

 

This option can be taken by individuals or HUFs who don't have business income.

 

The option utilized once for the previous year will be substantial for the previous year and every single subsequent year.

 

The option will get invalid in the previous year or subsequent years, for example, a claim if the individual or HF neglects to meet the details of the Demonstration and other material arrangements of the Demonstration.

 

This option can be taken by individuals or HUFs who don't have business income.

 

The option utilized once for the previous year will be legitimate for the previous year and every single subsequent year.

 

The option will get invalid in the previous year or subsequent years, for example, a claim if the individual or HF neglects to meet the conditions of the Demonstration and other relevant arrangements of the Demonstration.

 

(I) travel markdown u/s section 10 (5);

 

(ii) house lease recompense u/s section 10 (13a);

 

(iii) certain allowances remembered for section 10 (14);

 

(iv) Remittance of MPs/MLAs under Section 10 (1 17);

 

(v) allowances for the income of minors covered under section 10 (32);

 

(vi) Exclusion of SEZ units remembered for Section 10AA;

 

(vii) Standard exclusion, amusement remittance and the exception for work/proficient tax are remembered for Article 16;

 

(viii) Interest under section 24 in regard to self-involved or empty property alluded to in sub-section (2) of section 24. (For a leased house the misfortune won't be permitted to be deducted based on the main income of the house property) will be permitted to continue under some other head and as per the common law);

 

(ix) extra depreciation under section 32 (1) (ii-a);

 

(x) Exclusions under sections 32AD, 33AB, 33ABA

 

(xiv) Any waiver under section By means of - IB, 80-IBA, and so on) Be that as it may, section 80 CCD (2) (boss' commitment to the representative's record in the informed benefits plan) and section 80 JJAA (for new business) might be asserted.

 

(XV) It is additionally proposed to revise 3 standards of the principles later so the business can eliminate a markdown on free food and drink through vouchers gave to the representative as an elective exercise person under the proposed part.

Download and prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 100 Employees Form 16 Part B]

 

Allowances permitted under the new option

 

Just endorsed under section 10 (14) for the accompanying or private or HUF:

 

(A) Transportation recompense is paid to the partitioning worker to cover the costs with the end goal of movement between the spot of a home and the spot of obligation.

 

(B) Recompense to meet the costs caused in the release of obligations of any office;

 

(C) any stipend paid to cover travel costs during movement or move;

 

(D) To meet the every day remittance because of the shortfall of a representative from his/her a typical situation of obligation.

 

Which income tax slab is relevant for F.Y 2020-21 (A.Y 2021-22)?

 

For the financial year 2020-21 (AY 2021-22), the taxpayer can pick between the old and the new tax system. The new tax rate has diminished the income tax rate however slabs can be utilized with limits and allowances without the advantage of limits and allowances and existing taxes. Allow us to look at the benefits and inconveniences of both tax slabs accessible to the taxpayer.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 50 Employees Form 16 Part B]

 

On March 05, 2021 by www.taxexcel.net

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