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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 Popular Tax Exemptions under Chapter VI A for the F.Y.2021-22 as per Budget 2021. The income tax

 deduction is available for the business class person or salaried person.

 

A deduction is a relief provided by the government to taxpayers through which they can legally save their taxes through various platforms such as investing their money, spending allowances which are discounted such as children's tuition fees, donations to recognized institutions, self and dependents' treatment. Expenses, home loan or interest on an electric car, rental etc.

You may also, like- Automated Income Tax Calculator for the West Bengal State Employees for theF.Y.2021-22( This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Automated H.R.A. Calculation U/s 10)13A) + Individual Salary Structure as per W.B. Employees Salary Pattern + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B] 

What are all the possible deductions that can help us save our taxes?

 1. Discount of 80C

This discount is one of the most popular and easy ways out of all other discounts. It is available to certain individuals / HUFs for certain tax-saving investments or eligible expenses. The maximum amount of the limit is Rs. 1,50,000 / -. These are the following potential sources that should be used in full when calculating income tax:

Public Provident Fund (PPF)

L.I.C.Premium, or(ULIP)

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)

India Tuition fees are paid up to 2 schools, colleges, universities etc. located in India

Senior Citizens Savings Scheme

You may also, like- Automated Income Tax Calculator for the Bihar State Employees for theF.Y.2021-22( This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Automated H.R.A. Calculation U/s 10)13A) + Individual Salary Structure as per Bihar Employees Salary Pattern + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

2. 80D

This discount is available to individuals / HUFs on premiums paid for medical insurance in a mode other than cash.

The maximum amount is Rs. 25,000 / -, if health insurance is for self, wife and dependent children. And additional Rs. 30,000/- For the Senior Citizen above 60 years of age.

 

80CCC

An individual can claim payment for a specific pension plan. It is available only for premiums paid for the Annual Plan of the Life Insurance Corporation of India or for the funds referred to in Section 10 (23AAB). The limit of  (80C, 80CCC, 80CCD (1)).is Rs. 1,50,000 / -

 

80CCD

 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)

You may also, like- Automated Income Tax Calculator for the Assam State Employees for the F.Y.2021-22( This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Automated H.R.A. Calculation U/s 10)13A) + Individual Salary Structure as per Assam Employees Salary Pattern + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

 Section 80CCD (1B) - 50,000 / - (above and above the limit of Rs.1,50,000 / -) for money deposited in the NPS account is allowed for an additional deduction on contributions made by the employee (in case of salaried persons and self-employed)

 

 Section 80CCD (2) - Additional deduction on the contribution up to 10% of the employer's salary (basic salary + allowance). This discount is only allowed for salaried persons.

 

Discount between 80GG

This discount is available if the personal appraiser does not receive a home rent allowance. It is available in the following amount 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

To take advantage of this section, the assessor must make a declaration on Form 10BA

. You may also, like- Automated Income Tax Calculator for the Andhra Pradesh State Employees for the F.Y.2021-22( This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Automated H.R.A. Calculation U/s 10)13A) + Individual Salary Structure as per Andhra Pradesh Employees Salary Pattern + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

 80 G-

This discount is available up to 100% or up to 50% (with or without limitation) for grantees in approved charities etc.

Cash donations above Rs. 2,000 / - will not be accepted as a deduction.

 

80 E-

A person can get a discount on the interest on loans taken from a financial institution or an approved charity for himself, his wife or children for higher education.

It is available for a maximum of 8 years from the year interest payments begin.

 

 Discount of 80EEB

Discounts are available from a personal appraiser for the interest on a loan taken to purchase an electric vehicle. This could be for personal purposes or for business use. The condition for getting this discount is that the financial institutions have to approve the loan from 01.04.2019 to 31.03.2023.

You may also, like- Automated Income Tax Calculator for the Jharkhand State Employees for the F.Y.2021-22( This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Automated H.R.A. Calculation U/s 10)13A) + Individual Salary Structure as per Jharkhand Employees Salary Pattern + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

14. Discount of 80TTA

Discount up to Rs. 10,000 / - on interest income earned by individual / HUF from Savings Bank, Post Office Savings Account, or Co-operative Bank. This discount is not available for interest earned on term deposits (e.g. fixed deposit, recurring deposit).

 

Discount of u / s 80U

This discount is available for people with disabilities. Cuttable-

. 75,000 / - if disability is 40% - 80%

Severe Rs.1,25,000 / - if severe disability i.e. 80% or more

The assessor must provide a copy of the certificate issued by the medical authority.

General discounts other than discounts from 80C to 80U are available for salaried persons

 

Standard Deduction U/s 16(ia)- 50,000 / - Standard Deduction or Salary Income, whichever is less

Home Rent Allowance - Section 10 (13A) provides at least one of the following exemptions-

Allowance actually received

More than 10% of salary is rented

Sala Salary 50% (in Metro City) / 40% Salary (Non-Metro City)

You may also, like- Automated Income Tax Calculator for the Non-Govt(Private Employees for the F.Y.2021-22( This Excel Utility can prepare at a time your Income Tax Computed Sheet as per new and old tax regime U/s 115 BAC + Automated H.R.A. Calculation U/s 10)13A) + Individual Salary Structure as per all Non-Govt(Private) Employees Salary Pattern + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B]

 

Child Education Allowance - 100 / - per PM up to 2 children per child

Hostel Allowance - 300 / - PM Hostel expenses up to 2 children per child

Leave Travel Allowances 

Travel expenses in India can be claimed as actual travel discounts on travel expenses paid by the employer on himself or his family. It can be used for two trips performed in a block of four calendar years

 

Interest paid on a home loan- Section 24 ((b) provides a rebate of up to Rs. 2 lakhs on interest paid on the loan taken for acquisition, construction, repair, renewal or reconstruction of the home property. Purchase or construction will be completed within a year. To claim a deduction under this section, the person must own the home property and have a loan in his name.

You may also, like- Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) from the F.Y.2000-01 to F.Y.2021-22 [ You can easily calculate your Salary Arrears Received in past Financial Year from F.Y.2000-01 to Up-to-date F.Y.2021-22- This Excel Utility is handy and User Friendly just like an Excel File]

On August 18, 2021 by www.taxexcel.net

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