List of different exceptions under section 80C. The exception under Section 80C Leaves U/S 80C for 

Life Insurance Premium, Commitment to PF, and so forth (Individual/HUF as it were). Discover the 

list of personal expense exclusions under section 80C. Section 80C to an individual

 

(A) Makes concessions;

 

(B) A Hindu unified family is dependent upon a limit of one lakh and 50,000 rupees for interest in explicit resources. In this article, you can get a list of discounts accessible just to Individuals, a list of discounts accessible to Individuals and HFF, other uncommon focuses for quite a long time. 80C. presently you can look down and check the total list of various deductions under section 80C

 

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Should Peruse - Discount for Clinical Insurance Premium U/Sec 80D

 

Individual discounts are accessible as it was:

 

Any instalment made by the individual to keep in actuality a non-movable conceded annuity understanding about the life of the individual, the spouse, any offspring of the individual

 

Any sum deducted from the compensation payable by the public authority to pay the commemoration payable to him. In any case, the discount ought not to surpass 1/5 of the compensation.

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SPF/RPF commitments.

 

Commitments to the Endorsed Endorsement Asset.

 

Public Reserve funds Plan Membership.

 

NSC membership, even interest in it is qualified for a discount

 

Shared Asset/UTI Membership Unit

 

Commitment to Shared Asset/UTI/Benefits Asset set up by Public Lodging Bank

 

Submitted to Public Lodging Bank, HIDCO

 

Stores with a PSU giving long haul financing to the development or acquisition of private homes in India.

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Stores with informed lodging board according to law for arranging, advancement and enlistment of towns/urban areas/towns.

 

Educational expenses paid for full-time instruction of kids in colleges, universities, schools or other instructive establishments situated in India, for other advancement awards. (Most extreme 2 kids)

 

Lodging/Consumption

 

Memberships of approved value offer or elements of any open company or an administration monetary establishment and the whole continuation of the issue are utilized for the full and selective utilization of force age or foundation offices. (Holding period least 3 years)

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Term store with a booked bank for somewhere around 5 years.

 

Educated NABARD Bond Membership.

 

Stores under the Senior Residents Investment fund Plan.

 

5-year time store in any record under Mailing station Store Rules.

 

Should peruse - Genuine installments dependent on Section 43B discounts

 

Individual and HFF discounts accessible:

 

Any sum paid by an individual to apply insurance or power in the life of an individual, his/her companion, any kid (wedded/unmarried or subordinate/not reliant). On account of HUF, a premium must be paid for the life of any relative.

 

Note: A premium of over 20% in an insurance strategy isn't qualified for a premium discount on the life insurance strategy (pertinent for an approach gave before 01/04/2012) Greatest premium dis countable = 10% of the insured sum. (15% for people covered by U/s 80U/80DDB)

 

A PPF commitment. At least 2,000 rupees. 500 and greatest Rs. 1 lakh rupees

 

LIC/UTI's ULIP commitment and proceeded for at least 5 years.

 

Add to the insurance organizations' yearly plans.

 

Should peruse - Discount for awards under section 80G

 

Different focuses for quite a long time is 80C

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As far as possible under this section is 2014-1. Financial year/appraisal year 2011-16-1 from 1.50 lakh. 2014-1. The cutoff before the monetary year was Rs1 lakh. Many little reserves funds plans like NSC, PPF and other annuity plans under this heading are likewise qualified for an exception under section 80C for the instalment of life insurance premiums and interests in certain administration framework securities.

 

On the off chance that the appraiser moves HP, no waiver is guaranteed, before the termination of the five-year term toward the finish of the monetary year, where the public property was procured. No concession will be permitted in the house to which the place of PIO is moved. The measure of discount permitted in earlier years will be treated as the payment of the appraiser of PY, where the house is moved.

 

In the event that a part taking an interest in ULIP ends before 5 years of commitment, similar treatment as given in point 2 will be given.

 

The discount is accessible just if the earlier year for example 31st Walk or prior is paid/contributed/contributed.

Download Automated Income Tax Preparation Excel Based Software All in One for the Assam State Government Employees for the F.Y.2021-22

The Main Feature of this Excel Utility-

#This Excel Utility can prepare at a time your Tax Computed Sheet

 

# Individual Salary Sheet

 

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On July 26, 2021 by www.taxexcel.net

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  Section 10 of the Income-tax Act allows certain income to be counted as tax-free.

 

According to the Income Tax Act,1961, every Indian citizen who earns above a certain limit of income is liable to pay tax. Thus, with each financial year declining, taxpayers look for ways to reduce their tax liability.

You may also, like - Prepare One by One Automated Form 16 Part A&B and Part B in Excel for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

In order to reduce the burden on the taxpayer, to save tax, to invest and to pay, the law lists certain incomes as exempt.

Tax relief under Section 10 of the Income Tax Act

Department and sub-division category discounts

10 (1) There is no tax on self-employed agricultural income

10 (2) There is no tax on the income of a member of a Hindu recognized family 

10 (10c) Voluntary Contribution Compensation Rs. 5 lakh rupees

There is no tax on life insurance benefits including 10 (10d) bonus

10 (11) (12) No tax was withdrawn from the Provident Fund

10 (10BC) There is no government compensation for losses due to disasters

10 (13A) House Rent Allowance (HRA) is exempted in the following lowest cases: If the rent in the metro city pays rent outside of 10% salary, the actual HRA is 40% or salary 50%.

10 (15) Earnings from tax-free security is not a duty

Other exemptions under section 10

Salary employees are given various benefits excluding regular income. Most of these benefits are considered part of the total income, with some of them allowed under Section 10.

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Special Allowance under Section 1 (14):

Certain allowances are classified as special discounts under section 10 and no duty is levied. Exceptions depend on the amount allowed or the actual amount used for the specific purpose, whichever is less.

Entitled under sub-section (14) of section 10 of the Income-tax Act include:

2. Daily Allowance: This includes daily compensation paid for the draft of expenses incurred during official travel or relocation/relocation to a new place of work.

3. Travel Allowance: Employees are allowed to deduct their travel expenses during official travel or any job transfer. This includes the cost of moving personal belongings

4. Assistant Allowance: This exemption has been given for the remuneration of the assistant appointed to assist in the discharge of official duties.

5. Uniform Allowance: In any case when it is required to wear a uniform while on official duty, this allowance is given to bear the cost of purchase and maintenance of the uniform. 

Vehicle. Carrying Allowance: This grant is provided to cover the expenses incurred on government travel. It does not compensate for the cost of travelling from home to work.

Research. Research or Academic Allowance: Education and research institutes have given this exemption to encourage research or academic training, education, etc.

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8. Special allowance under section 10 (14) (ii):

Allow exemption under sub-section (14) (ii) of section 10 of the Income-tax Act

Mastic Climate Allowance: This includes compensation for working in high altitude or mountainous areas.

Rs. 800 for Himachal Pradesh, Uttar Pradesh, Jammu and Kashmir and Northeast Mountains.

Discount up to 7,000 / month per month for Si Siachen

High Discount up to Rs.300 for other high-altitude places

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• Tribal Area Allowance: ড 200 grant for those working in pre-classified tribal, scheduled or agency areas such as Karnataka, West Bengal, Madhya Pradesh, Assam, Orissa, Tamil Nadu, Bihar, Uttar Pradesh and Tripura.

Order Border Area Allowance: Under Rule 2 BB of Section 10 (14) (i), allowances ranging from Rs. 200 to Rs.

Ens Compensation Field Allowance: Grant of Rs.2,600 / month is sanctioned under Section 10 (14) (ii), if it is given to a person for assigning duties in unusual cases like Nagaland, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Sikkim, Andhra Pradesh And Manipur.

Education Children's Education Fund: This Section 10 (14) (ii) exemption is given for a maximum of                                                                                                                                                                                                                                                                                                                                                  100 / child allowance for up to 2 children. A hostel allowance can be claimed up to Rs.300 / month / 2 children.

Counter-militant allowance: In section 10 (14) (ii) med 3,900 / month this grant is directed to persons employed in the anti-terrorist armed forces.

Prepare at a time 50 Employees Automated Form 16 Part B in Excel for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

On July 25, 2021 by www.taxexcel.net

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