Exemptions under section VI-A, with Automated Income Tax Form 16 Part A and B and Part B for the F.Y.2020-21

 

Exemptions undersection VI-A  Look for short articles for each deduction, such as deduction under section 80C, deduction U/s 80CC, etc. "Taxes are better than taxes!" Let's provide a special article on. Now you can scroll down and check out all the discount list section VIA in more detail at a glance

At a glance deduction under chapter VI-A

 

In this article we provide a list of all exemptions available under the Income Tax Chapter VIA. In this article, we provide a list of all deduction according to the section covered by Chapter VIA. Now check the list of all discounts at a glance at the bottom of the table for chapter VIA

 

Departments are allowed the amount of the deductions as follows:

 

80C deduction on life insurance premium, contribution to provident fund etc.

deduction in the case of contributions to specific pension funds and individual and HUF maximum. 1,50,000

 

In case of contribution of fixed pension fund, 80 CC exemption is maximum for individual only. 1,50,000

Download Automated Income Tax Form 16 Part A&B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC [This Excel Utility Can prepare One by One Form 16 Part A&B and Part B]

 

80CCD Exemption for Contribution in case of Contribution of Central Government Salary Employee or Self-Employed Individual Employer and Employee not exceeding 10% of salary in each case Maximum Exemption for an Employee or Self-Employed Person

 

80 C deduction on investment in equity savings scheme is less than 50% of the resident investment in Indiaor Rs. 22,000 whichever is less.

 

80 D deduction in case of Medical Insurance Premium Individual or HUF, Resident or Non-Resident, Individual case - Maximum Rs. 25,000 for the below 60 years of age and Rs. 30,000/- above the age of 60 years.

 

80 DD deduction on maintenance including treatment of a dependent person with disability of senior citizen. Private or HUF resident in India. 5,000 Or 50,000 or Rs. 1,00,000 for a person with a severe disability

 

In case of medical treatment etc., 80 DDB deduction is the highest in India for individual or HUF residents. 40,000

 

80E deduction for interest in senior citizens

Individual whether residential or not. 20,000

Actual amount paid

 

80EE deduction of Rs. 50,000 / - in case of interest on the loan approved in FY 2013-13

 

80G Exemption in case of grants to some funds, charities etc. All assessments (a) 100% or 50% of eligible grants without imposing eligibility limit in certain cases

 

80GG deduction in case of rent payment is only individual (b) 100% or 50% of eligible grant, after application - 10% eligibility limit of Adjusted GTI, maximum Rs.2,000 p.m.

 

 

80 TTA deduction Max Rs.10,000/- deduction in case of interest on savings account

 

Download Automated IncomeTax Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115BAC [This Excel Utility Can prepare One by One Form 16 Part B]

Read More

Tax exemption U/s 80D- with Automated Income Tax Form 16 Part A and B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

Tax exemption U/s 80D for the F.Y.2020-21 as per New and Old Tax Regime U/s 115 BAC.

One of the most common expenses of the common man is medical / health insurance/health insurance premium if the tax is paid in the previous year outside the taxable income and is paid by any mode other than cash, then health insurance discount is allowed. Health insurance discounts are approved for individuals and HUFs. It agrees to the treatment / the health insurance premium paid for the notification schemes accepted in the case of certain persons:

A) Provided by individual

For: self, wife, dependent children

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

Eligible scheme

(A) the medical insurance policy of the GIC (approved by the Central Government) or any other insurer approved by the IRDA; Or

(B) Contributions of the Central Government Health projects or such national health projects may be informed by the Central Government.

(C) Preventive health check-up for: Parents 

I. Medical insurance policy or individual, wife and dependent children policy and contribution to CGHS 

At least 2 discounts will be allowed:

(1) The assessor, his / her spouse and all dependent children are kept together and deposited in any mode other than cash for the amount of preventive health examination and the amount of the preventive health, the examination is up to Rs. 5,000 and contributed to CGHS. Or 

(i) Rs. 25,000 (Rs. 50,000 for senior citizens). 

II. Medical insurance policy or parental or parental policies

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

At least 2 deductions will be allowed:

 

Deposit of actual premium in any mode other than cash for parent/guardian medical insurance policy and preventive health check-up. Parents may or may not be dependent on the determinant. Or

 

(ii) Rs. 25,000 (Rs. 50,000 for senior citizens).

 

III. Medical insurance policy adopted by HUF In this case, the exemption under Section 80D is HUF. The amount of medical insurance premium paid in any mode other than cash on the health of any of its members shall be Rs. 25,000 (Rs. 50,000 for senior citizens).

 

III. Medical insurance policy adopted by HUF

H.U.F. In this case, the exemption under Section 80D is HUF. The amount of medical insurance premium paid in any mode other than cash on the health of any of its members shall be Rs. 25,000 (Rs. 50,000 for senior citizens).

You may also, like-Automated Income Tax Revised Form 16 Part B in Excel which can prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC. 

Assessors will be allowed discounts for husband, wife and children’s medical insurance as well as discounts for parents. 2014-1. From the assessment year onwards, any amount paid to health insurance will be paid 

Other notified projects will also be eligible for exemption under this section within the existing limits

 Fourth. Medical expenses for senior citizens (age 60 years or older)

If a senior citizen does not receive health insurance coverage (sometimes insurance companies do not provide such coverage to senior citizens), senior citizens shall be allowed a maximum discount of Rs. 50,000 on any payment for medical expenses incurred. One parent is medically insured and the other is not medically insured as a senior citizen, but will have to bear the cost of treatment, health insurance premiums and overall discounts on medical expenses will be allowed but limited to Rs.500 only. 50,000

 Please note for this section-

 i) 'Senior Citizen' means any individual resident in Indiawho is 60 years of age or older at any time during the relevant previous year.

 ii) 'Family' means the wife of the assessor and the dependent children.

 In addition, if a single premium health insurance policy is adopted for a period of more than one year, discounts will be allowed on a proportional basis subject to the financiallimits mentioned.

Automated Income Tax Revised Form 16 Part B in Excel which can prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC.

Read More

Leave Travel Exemption (LTC / LTA) [U/s 10 (5)] with Automated Income Tax Form 16 Part A and B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

Leave Travel Exemption (LTC / LTA) [U/s 10 (5)].The employee is entitled to a waiver under section 10 (5) in respect of the value or honour of the travel waiver or assistance received by or from his own employer or ex-employer as relating to his activities—

A. Holidays anywhere in India.

B. Anywhere in Indiaafter retirement or termination of service.

You may also, like- Prepare at a time 50 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC 

The benefit can be allowed subject to the following:

 

i. Where the aircraft is flown - the maximum discount is not the amount the national carrier's air economy fare exceeds on the shortest route to the destination;

 

ii. Where the source of the journey and the destination are connected by rail and the journey is performed by a mode of transport other than by air - the maximum discount is not the amount of air-conditioned first-class rail fare on the shortest route shall be the destination; And

 

iii. Where the source of the trip and the destination or parts of it are not connected by rail and travel within these places - the amount eligible for the discount is:

 

A. Where there is a recognized public transport system, first-class or deluxe class fares will not be higher for the shortest route to the destination; And

 

B. Where there is no recognized public transport system, the air-conditioned first-class rail fare for the shortest route is the same as if the journey had been performed by rail.

You may also, like- Prepare at a time 100 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 as per the new and old tax regime U/s 115 BAC 

The exemption, will not exceed in any case, the actual cost will be on the performance of the ride.

 

How many times can a discount be claimed?

 

a) The appraiser can claim a discount on any two trips in the 4-year block. In this regard, the first block of 4 years was the calendar year 1986-89, the second block was 1990-93, the third block was 1994-97, the fourth block was 1998-2001, the fifth block was 2002-05, the sixth block was 2006-09, the seventh block was 2010. From 2013, the eight-block will be 2014-2017 and the ninth block will be 2018-2021

 

b) If the appraiser does not take advantage of LTC discounts on a particular block, for both trips or on one trip, he can claim that the first trip discount in the calendar year can immediately complete the completion of four calendar blocks. In other words, a maximum of one trip can be taken forward.

You may also, like- Prepare at a time 50 Employees Automated Income Tax Form 16 Part B for the F.Y.2020-21 asper the new and old tax regime U/s 115 BAC

 

And also only for the first trip in the next calendar year if the deadline is not extended otherwise. In the extended period, such journeys will not be considered for determining the tax exemption of two journeys for successful blocks.

 

Discounts are only available for two children

 

Download Automated Pan Card New Form 49A in Excel

Read More