Taxexcel

Monday, 15 March 2021

Tax Exemption U/s 80c for income tax. This article discusses Section 80C discounts or rebates from total income to save income tax. The maximum exemption of Rs 1.5 million can be claimed under Section 80C of the Income Tax Act. If any of the proposed proposals for the 2021 budget are taken care of in this article, please update.

1. Life Insurance Premium:

Insurance You will receive a discount on any amount paid as a premium on a life insurance policy. If the premium is also paid for your spouse or children, the discount is available. Please note that the premium paid for parents is not eligible for the discount.

H may even claim a waiver for life insurance for its members.

You may also, like- Download and prepare at a time 50 Employees Automated Form 16 Part A&B for the F.Y.2020-21

• Also a myth that should be insured from Life Insurance Corporation Please note that the life insurance of any private player is also suitable for U/ s 80C discount.

Cash cannot be paid in cash.

2. Provident Fund

Employees have discounts for contributions to the Provident Fund or Voluntary Provident Fund.

Interest earned from Indent Provident Fund is exempt from income tax. However, recently in the 2021 budget, it has been proposed to pay interest of Rs 2.5 lakh on employees' contributions to the Provident Fund.

You may also, like- Download and prepare at a time 100 Employees Automated Form 16 Part A&B for the F.Y.2020-21

3. Unit Combined Insurance Plan (ULIPs)

L ULIPs only as insurance. They have two types of investments. One promises a stable return and the other rises in the performance of the equity they invest in.

80 Section 80C exemption is applicable for investment in ULIP.

4. Equity Linked Savings Scheme (ELSS)

L Discount is available for investment under ELSS.

ELSS has the lowest lock-in period compared to 80 other 80C investment options.

There are many types of ELSS options available in the market such as Axis Mutual Fund, ICCI Prudential Mutual Fund etc.

You can pay for these projects through SIP (Systematic Investment Plan).

You can turn off SIP if you think ELSS is not performing well. However, there will be a 3-year lock-in for the amount already invested through SIP.

5. Pay school fees or college or university fees.

There are discounts for tuition fees paid for school/college or university. However, there is no discount for any grant or development fee payable by these organizations.

Discounts are allowed for fees of up to 2 children.

No discount is allowed for tuition fees paid for spouses.

You may also, like-Download and prepare at a time 50 Employees Automated Form 16 Part B for theF.Y.2020-21

6.Home. Payment for the principal amount of the house

If the purchased property is not sold for five years, then there is a discount for the main part of the loan

7. Pay stamp duty for the purchase of the property.

There are discounts for house stamp duty and payment for registration charges for the purchase or construction of the home property.

8 . Certificate of National Conservation

• Certificate of NSE or National Conservation can be opened with Post Office.

The Certificate earns a fixed interest income. The discount is available for investment in NSC. However, the interest earned is still taxable.

9. Fixed deposit

Tax Bank has a system of discounts for taxable deposit deposits.

Fixed These fixed deposits come during a five-year lock-in period. Interest earn will be taxable as per the Income Tax Act.

10. Sukanya Samriddhi Project

The discount amount for 21 special accounts is open until a girl child reaches the age of 21.

Investment The minimum amount of investment is up to Rs. 1000

Premature deposit of marriage or education of the girl child is allowed at the age of 18 years.

Investment Interest income from this investment is also exempt from tax.

You may also, like-Download and prepare at a time 100 Employees Automated Form 16 Part B for theF.Y.2020-21

11. Veterans Conservation Project

Discounts are available for special accounts opened for senior citizens over 60 years of age.

A minimum investment of Rs.1000 is required. Maximum investment of Rs. 2,000. 15 lakh can be made.

Citizens 55 years of age or older who have opted for voluntary retirement will also be able to take advantage of this scheme.

Scheme Interest income from this project is taxable under income tax.

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Income Tax Revised Form 16 for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC.

What does Form-16 (Salary Certificate) say, what is the due date for getting Form-16 from the employer, Is it compulsory to file an income return even after leaving TDS on salary? The employer, in relation to Form 16 of some FAQ, has the date of filing the ITR for the individual salaried person.

About Form-16;

India has a population of 125 cores and most of the population's salaried persons receive a large amount of taxes from government salaried persons. The reason is to make an employer responsible for tax deduction at source. This means that taxes have to be deducted while paying salaries. TDS is levied on salaries because it will be difficult for the government. Looking for someone who is paid and can't file an ITR. Form-16 Part A certificate under section 203 of the Income-tax Act, 1961 for deduction of tax from the source of salary.

Download and prepare One by One Automated Income Tax Revised Form 16 Part A&B and Part B for the Financial Year 2020-21 as per new and old tax regime

This certificate is provided to the employee by the employer. 2. Form-16 Part B Issue Deadline According to the Income-tax Act, the last date for filing a TDS return for an employer is May 31 and if the date is not extended by the government, Form-16 must be issued by June 15th. Due to Covid-19, the last date for issuance of Form-16 has been extended to 15 August 2020. Upon receiving Form-16

3. Form-16 Part A includes Form-16 Part B, which details the deduction of tax from separate sources of income and the amount deposited in the account of the Central Government. It has two sections - Part A and Part B. It contains the details of the tax paid by the employer, i.e. the details of the invoice. Government cutters are allowed to pay through book coordination. If there is payment through book adjustment more than the book identification number (BIN), it should be mentioned in Form-16.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 as per new and old tax regime

Part-B contains details of salary income and deductions claimed to reach taxable income in accordance with the Income Tax Act and the tax payable tax. Click here to download the format of Format-16.

4. Is it mandatory to file an income return even after deducting TDS? There are many clients who ask me a question that received the Form-16 after-tax exemption. Does this mean taxes have been deducted from salaries and we do not need to file income returns?

I often laugh and say this is the biggest mistake that salaried people make. The employer calculates the taxable income based on the information in his possession. There may be investments, housing loans may be repaid, grants may be paid, tuition fees may be paid, the property may be sold, etc., on which tax urgency still needs to be calculated. You should always file ITR.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 as per new and old tax regime

Furthermore, if the owner defaults to deduct TDS, it is your responsibility. You should always declare the correct income and pay taxes. Each cutter must provide Form-16 to the cutters within the required timeframe.

The cut is reflected in the TDS Form-26 AS and can file individual ITRs using these details. Form 16 is the most important document. Compared to Form-16, many people quote incorrect statistics in the ITR, claim a wrong refund and invite income tax notices into their lives. Thus, it is necessary that a return should be submitted after analyzing all the aspects on the basis of the document.

Download and prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 as per new and old tax regime

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Download and Prepare at a time 50 Employees Automated Income Tax Form 16 Part A and B for the Financial Year 2020-21 and save money with PPF.Account.

Have you thought about the Public Provident Fund? If you do not think so, you can open this account without thinking. This account can now be opened in almost all banks including the post office.

Remember to deposit at least 500 rupees a year to keep the account running. However, if more than one and a half lakh rupees are invested in this project, no interest is earned on it. But it must be kept in mind. If you want to withdraw money after fifteen years, you have to fill Form-C.

Many banks, however, want to keep money in that bank account. If you do not have an account, you are asked to open one. You can also withdraw money from your other bank account after maturity.

Download and Prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

Salary Structure with Income Tax Sections

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Income Tax Revised Form 16 Part B for the F.Y.2020-21 as per the New and Old tax Regime U/s 115 BAC.

Most taxpayers make the most of the tax deduction benefits under Section 80C. But in many cases, it is limited to one stage. But did you know that even more taxes can be saved? Yes, there are several tax saving options. For those who have already reached the limit of Rs 1.5 lakh, there is a way to save more.

Download and prepare One by One Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 as per new and old tax regime

1. Section 80D: Health insurance premium

If you pay a health insurance premium up to Rs. 25,000 for yourself, wife or child, you will get an additional discount as per Section 80D. In addition, if you pay a health insurance premium for your parents, you can still get an additional discount of around Rs 25,000. If the parents are senior citizens, the discount can be up to Rs 50,000.

2. Section 80CCD (1B): Additional deduction for NPS investments

If you invest up to Rs 1.5 lakh per annum in the National Pension Scheme, you will usually get an 80c-one discount. However, if you invest in NPS Tier 1 account, you will get a discount of up to Rs 50,000.

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 as per new and old tax regime

3. Section 80GG: Deduction on rent for those not receiving HRA

Those who live in a rented house and work in a place where HRA is not paid or do business - will get an income tax exemption as per Section 80GG for rent.

4. Section 10 (13A): Availing exemption on HRA by paying rent to parents

It's a little different. Although many receive a paid HRA from the workplace, many stay with their parents at their ancestral home. There are ways in their case. If they rent to their parents on a monthly basis as tenants, they will be covered under Section 10 (13A) of the HRA Tax Exemption. However, in this case, it should be kept in mind that there should be rent paper, proof of bank transfer, etc. At the same time, the landlord has to mention the income from rent in his income tax file.

5. Section 80DDB: Deduction for medical treatment of certain diseases

In the case of certain diseases, the income tax exemption is given in accordance with Section 80DDB for the cost of health services for the affected. If the patient is a senior citizen, then the discount is up to about 1 lakh rupees. In other cases, discounts of up to Rs 40,000 may be available.

Download and prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 as per new and old tax regime