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Income Tax

Income Tax Exemption Under Section 80. With Auto-fill Income Tax Form 10 E for the F.Y.2021-22

PICTURE OF FORM 16 DETAILS

This is the most popular income tax deduction. Fighting under this section is private and HUF is allowed. The Limit under 80C is Rs. 1.5 Lakh.

• Life insurance premium payment

Annual plan of LIC or any other advertised insurer (life loan, life loss etc.)

Contribution of UTI’s Unit Linked Insurance Plan (ULIP) or LIC Mutual Fund ULIP 10 (23D)

PPF (Public Provident Fund) contribution

Non-commuted delayed annual plan payment

Government A deferred annuity is the amount deducted from the salary of a government employee for the purpose of protecting him

SRF / RPF contributions

Payment of tuition fees

Housing loan repayment

Supervision Fund contributions

Senior Citizen Scheme Investment

PPF investment

5 years F.D investment

Sukanya Samriddhi Yojana investment

 Mutual fund (equity-linked savings scheme) investment

Subscription to any National Housing Bank (NHB) Deposit Scheme / Pension Fund

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

Income Tax Exemption u/s 80

Public Sector Housing Finance Company Notified Deposit Scheme Subscription and Urban, Town and Rural Housing Development Authority

The equity shares or debentures of a public company or public financial institution are part of the eligible capital issue approved by the board where the money is used for the infrastructure company.

Stamp duty, the registration fee for the purpose of transferring such home property to the appraiser.

Section 80CCC: Deduction of income tax for contributions to the pension fund

80CCC income tax exemption may be claimed for contributions made to specific pension plans Max limit Rs.1.5 Lakh under section 80C.

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

income tax exemption under section 80

Section 80CCD (1): An income tax deduction for contributions made by individuals to eligible NPS

Contributions made to eligible NPS accounts are tax-deductible up to Rs 1.5 lakh under Section 80 CCD (1). This tax benefit is between the limit of Rs. 1.5 Lakh.

Section 80CCD (1B): Deduction of additional income tax for contributions made by individuals to eligible NPS

Section 80CCD (1B) gives you an additional tax savings facility up to Rs. 50,000 for contribution to NPS account. This is beyond the scope of Section 80CCD and this is why Section 80CCD has received so much attention.

Section 80CCD (2): Deduction of income tax for contribution to eligible NPS by the employer

The amount that the employer has contributed to the NPS account of an employee is also tax-deductible under section 80CCD (2). The maximum deduction limit is Rs.

Section 80D: Income tax exemption in medical insurance premiums

1. Medical insurance premium

2. Expenditure for preventive health check-ups

3. Other medical expenses

Benefits under this section can be availed up to a total of Rs.1,00,000 for oneself and family.

Section 80DD: Reduction of income tax for treatment of persons with disabilities

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

Income Tax Exemption U/s 80

Section 80DD provides income tax benefits up to Rs. 75,000 and Rs. 1,25,000 respectively in case of normal and severe disability. This benefit can be availed to cover the medical expenses of a disabled dependent relative. Please read the detailed guidelines for covered diseases, necessary paperwork and other information.

Section 80 EE: Income Tax Exemption for Home Loans

An additional discount of up to Rs 50,000 is available under Section 80EE. This discount is available on home interest payments.

Section 80G: Decrease in grants to certain funds and charities

1. Deductions under this section are available to all types of taxpayers (private / firm / LLP or any other person).

2. The amount of deduction based on the number of funds received i.e. with or without any eligibility limit.

Where the formula for calculation of deduction subject to a limit of fund eligibility = Total Qualification Amount – Net Qualification Amount

You may also, like Income Tax Preparation Software All inOne in Excel for the Jharkhand State Government Employees for theF.Y.2021-22[This Excel Utility can prepare at a time your Tax Computing Sheet + Individual Salary Structure as per the Jharkhand State Govt Employees Salary Pattern + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B as per new and old tax regime] 

Income Tax Exemptions

Donations should be made in any payment method other than cash if it is more than Rs.10,000 Grants under this a paragraph is not eligible for exemption.

Check the complete list of funds under section 80G with their eligibility limits and for example calculating the amount of deduction.

Section 80GG: House Rent exemption who are not getting any House Rent Allowances from the employer

In cases where HRA (House Rent Allowance) or RFA (Rent free Accommodation) income tax benefits were not available 

Download Automated Excel Based Income Tax Salary Arrears Relief Calculator U/s 89(1)with Form 10E from the Financial Year 2000-01 to the Financial Year 2021-22 (Updated Version)

Form 10 E

Income Tax Arrears Relief Calculator U/s 89(1)
Arrears Relief Calculator U/s 89(1)
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