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]

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] 

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 80CD 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] 

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

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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)

On September 07, 2021 by www.taxexcel.net

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 Home loan tax benefits. Purchasing your own home is a dream come true for everyone. The

 Government of India has always shown a great tendency to encourage citizens to invest in a home.

 This is why a home is eligible for tax deduction under section 80C. And when you buy a home on a

 home loan, it comes with multiple tax benefits that significantly reduce your non-taxable benefits.

 

Many schemes, such as the Prime Minister's Jan Dhan Yojana, is giving the green light to the Indian housing sector in an attempt to bring down the problems of affordability and accessibility.

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A home loan must be taken for the purchase/construction of a house and the construction of the house must be completed within 5 years of the end of the financial year in which the loan is taken.

 

If you pay EMI for a housing loan, it has two components -

 Interest payments, and principal payments.

 

The interest of the EMI paid for Financial Year can be claimed as an exemption of Rs 2 lakh under Section 24.

 

From the assessment year 2018-19, the maximum deduction for interest paid on the self-occupied home property is Rs 2 lakh.

 

For leaving the property, there is no upper limit for claiming interest.

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However, anyone who can claim overall loss in the title of house property is limited to only Rs 2 lakh. This deduction can be claimed from the year the house is completed.

 

Deduction in interest paid for a home loan during the per-construction period

 

Say, you bought a property under construction and haven't gone yet. But you are paying EMI. In this case, your eligibility to claim interest on a home loan starts only after the construction is completed or if you have purchased a fully constructed property.

 

Does this mean that you will not get any tax benefit on the loan and the interest paid during the construction period? No.

 Let's understand why. The Income-tax Act also provides for this type of interest claim, called per-construction interest, as a deduction in five equal installments starting from that year, where the property is acquired or completed, on deductions and above you otherwise claim from your home property income. Worth doing. However, the maximum qualification is limited to Rs 2 lakh.

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Discount on original payment

 

The principal amount of the rebate under section 80C  of Rs. 1.5 Lakh.

Whether to demand this discount, the house property should not be sold between 5 years of possession. Otherwise, the previously claimed deduction will be added to your income in the year of sale.

 

Exemption for stamp duty and registration charges

In addition to claiming deductions for the original payment, a rebate for stamp duty and registration charges can also, be claimed under 80C but within the overall limit of Rs 1.5 lakh.

 

However, this can only be claimed in the year where these costs are incurred.

Additional exemption under section 80EE

Additional discounts are allowed under Section 80EE for home buyers up to a maximum of Rs 50,000. To claim this discount, the following conditions must be met

The loan amount should be Rs 5 lakhs or less and the value of the property should not be more than Rs 50 lakhs.

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And on the date of loan approval, the person is not the owner of any other house i.e.

 

Section 80 EE has been implemented from the F-Y fiscal year. Previously, the concession approved under Sec E0 EE was only available for 2 years for FY 2019-20 and FY 2021-22

 

Additional exemption under section 80EEA

 

Budget 2019 has introduced additional discounts under Section 80EEA for home buyers up to a maximum of Rs 1,50,000.

 

To claim this discount, the following conditions must be met:

The stamp value of the property is not more than Rs 45 lakh.

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On the date of loan approval, the person does not own any other home

 

A person claiming a deduction under this section should also not be eligible to claim a deduction under section 80EE.

 

Discount for a joint home loan

If taken jointly, each loan holder can claim up to Rs 2 lakh for interest on each home loan in their individual tax returns and up to Rs 1.50 lakh for principal repayment of 80C.

To claim this discount, they must be co-owners of the borrowed property.

 Download Automated Income Tax Preparation Software in Excel for the Govt & Non-Govt Employees for the F.Y.2021-22 as per New and Old Tax Regime U/s 115 BAC [This Excel Utility can prepare at a time your Tax Computed Sheet + Individual Salary Structure as per Govt & Private Employees  Salary Pattern + automated H.R.A. Calculation U/s 10(13A) + Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10-E for the F.Y.2021-22 + Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2021-22]

On September 06, 2021 by www.taxexcel.net

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 Income tax deduction under section 80. Income tax deduction under section 80C. Section 80C of the

 Income-tax Act, including Section 80CCC and Section 80CD, provides a special

 combination of activities that taxpayers can use to reduce their taxable income. By investing your income in

 this activity, you can claim a tax deduction of up to Rs. 50,000 / -

 

Tax Saving FDs: By investing in these you will get the dual benefit of tax exemption and a higher rate of return. Tax saving FD is a perfect investment option for those who want to invest their money in low-risk instruments.

 

 P.P.F (Public Provident Funds) is a unique option for many taxpayers. Since this is a government established savings scheme with a maximum duration of 15 years, your money is not only safe but also guaranteed return.

 

• ELSS Funds: ELSS or Equity Linked Savings Schemes is another popular means of saving on income tax deduction under section0. By selecting ELSS, the type of mutual fund you are investing in invests 0% of your money in equity shares. The lock-in period of the ELSS fund is years; However, these are great not only from the point of view of paying taxes but also from the point of view of returns.

 

• NSC -These schemes have a term of 5 years and a fixed rate of interest. The interest you earn on your NSC investment falls within the discount limit of Rs 1.5 lakh. If you still have room to claim deductions, you can use it to fill in the blanks and save your income tax.

 

Life Insurance Premium: If you have a life insurance policy, for yourself, your spouse or your children, for which you pay a regular premium, you can use this amount for a tax deduction

 

Home Payment: Premiums paid to pay the principal of your home loan are eligible for a tax deduction.

 

Payment of tuition fees: If you pay a certain amount of tuition fees for yourself, your spouse or children, you can claim that amount of tax deduction

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• EPF (Employees Provident Fund): Under the Employees Provident Fund Act, about 12% of an employee's salary is contributed to the Employees Provident Fund investment. The employee's portion of this contribution is eligible for a tax deduction.

Senior Citizen Savings Scheme: If you invest in SCSS, as an investment or you plan your retirement, this amount can be claimed as a deduction under section 80.

 

Section 80 CCC of the Income Tax Act proposes a reduction in contributions to the pension fund - if you invest in a pension plan offered by public or private sector insurers, the premium you pay for this fund can be used to claim deductions under section C0 CCC. It falls within the maximum money limit. 1.5 lakh

 

Section 80 CCD of the Income-tax Act proposes a waiver of contributions to the pension scheme by the central government - under this scheme, the contribution of both the employer and the individual is eligible for tax exemption up to 10% of the individual's salary.

 

The Income Tax Department offers discounts on premiums paid for 80D medical insurance - you get Rs. 25,000 in any financial year. These insurance policies can be for you, your spouse or your children. If one of the insured members is 60 years of age or above, the deductible tax is Rs. 30,000. Additional tax deduction on medical insurance for parents has been approved up to Rs. 25,000. In the case, the parents are 60 years of age or older; You can claim up to Rs 30,000. The maximum allowable exemption under section 80D is Rs. 60,000.

 

Section 80 D contains subsections that can be used to claim a fight if applicable to you. The subdivisions are as follows

 

Section 80DD for a tax deduction in two situations - If you pay for the treatment of the disabled, you will be deducted Rs. 10,000 per month. In case of severe disability Rs 1.5 lakh can be claimed and Rs. 75,000 in other disability cases.

 

Section 80GG of the Income Tax Act exempts the payment of house rent. If the HRA is not part of your salary, you can claim a discount on the house rent paid. However, you, your spouse or your children should not own residential housing in the workplace. The person claiming the deduction should be the tenant and the rent payer. The deduction under this section is Rs. 60,000.

 

 Under Section 80U of the Income Tax Act, persons with disabilities can claim a tax deduction of up to Rs 10,000 from local taxpayers. 75,000 per year. In case of severe disability, you can claim a discount of up to money. 1.25 lakhs, subject to various conditions laid down by the Government

 

Download Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-22 In Excel

On September 05, 2021 by www.taxexcel.net

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