Tax Exemption Chapter VI-A of the Income Tax Act: With Tax Software in Excel

 Tax Exemption Chapter VI-A of the Income Tax Act: Chapter V-A  has various of section allow an assessee to claim a deduction from the total income on account of various tax-saving investments, approved expenditure, grants etc. Reduce taxes due. Pun rat than gurukulam is eligible for 50 or 100 deductions under section 80 G 

Chapter VI -A of the Income Tax Act have the following sections:

80C: LIC Primum, provident fund (PF), equity shares or debentures, etc., the exemption limit is not more than Rs 1.5 lakh, including section 80CCC and section 80CCD(1). Is any rule like deductions should not be more than 2/3rd of salary?

 Chapter V-A has various sub-sections of the section which allow an assessee to claim a deduction from the total income on account of various tax-saving investments,

sanctioned expenditure, grants etc. Reduce taxes due.

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Chapter VI-A contains the below sections:

80C: L.I.C.Premum &, contribution to provident fund (PF), etc., the Maximum Exemption limit is not more than Rs 1.5 lakh, including section 80CCC and section

80CCD(1).

 

80CCC: Deduction in contribution to Fixed Pension Fund. The exemption limit with section 80C and section 80CCD(1) is Rs 1.5 lakh.

 

80CCD (1): Exemption in contribution to Central Government Pension Scheme - In case of an employee, 10 per cent of salary (Basic + DA) and in any other case, 20 per cent of his total income in a financial year shall be tax-free. With 80C and 80CCC, the total limit is Rs 1.5 lakh.

 

80CCD (1B): Exemption up to Rs.50,000 for contribution to Central Government Pension Scheme (NPS).

 

80CCD(2): Deduction of employer's contribution to the pension scheme of the Central Government. The tax benefit is given on 14 per cent contribution by the employer, where such contribution is made by the Central Government and 10 per cent tax benefit.

 

80D: Deduction in health insurance premium. Premiums up to Rs 25,000 are paid for people other than senior citizens. For senior citizens, the limit is Rs 50,000 and the total limit under 80D is Rs 1 lakh.

 

80DD: Reduction in maintenance including treatment of a disabled person who is a disabled person. The maximum limit is Rs 75,000.

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80DDB: A neurologist, oncologist, urologist, haematologist, immunologist or such other specialist can give a rebate of up to Rs 40,000 for the treatment of a prescribed disease.

80E: Exemption without any upper limit in case of interest on a loan taken for higher education.

 

80EE: Deduction of interest up to Rs.50,000 on loan taken for residential house property.

80EEA: Deduction of interest up to Rs.

80EEB: Interest exemption up to Rs 1.5 lakh on loan taken for the purchase of an electric car.

 

80G: Donations are made to specific funds, charities etc. Depending on the nature, the limit varies from 100 per cent of the total grant, 50 per cent of the total grant or 50 per cent to 10 per cent of the grant. Total Earnings.

 

80GG: Reduction in rent paid by non-salaried persons who do not get the benefit of HRA. The limit of deduction is Rs.5,000 per month or 25% of the total income per annum, whichever is less.

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80GGA: Full exemption for specific grants for scientific research or rural development.

 

80GGC: Full exemption for grants to political parties, if such grant is not in cash.

80TTA: Exemption up to Rs.10,000 in case of interest on savings bank account in case of assessees other than a resident senior citizen.

 

80TTB: Exemption in interest on deposits up to Rs.50,000 The benefits can be availed only for Senior citizens.

 

80U: Exemption in case of a disabled person. Depending on the type and extent of disability, the maximum allowance allowed under this sectionis Rs 1.25 lakh.

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Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

 

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

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

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Investments Qualifying for deduction under section 80C as per budget 2019, With Automated 50 Employees Master of Form 16 Part B for F.Y. 2019-20

• Investments Qualifying for deduction under section 80C Max Rs. 1.5 Lakh
• i. Provident Fund (PF) & Voluntary Provident Fund (VPF):
• ii. Public Provident Fund (PPF):
• iii. Life Insurance Premiums:
• iv. Equity Linked Savings Scheme (ELSS):
• v. Home Loan Principal Repayment:
• vi. Stamp Duty and Registration Charges for a home:
• vii. Sukanya Samriddhi Account :
• viii. National Savings Certificate (NSC) (VIII Issue): 
• ix. Infrastructure Bonds:
• x. Pension Funds – Section 80CCC:
• xi. 5-Yr bank fixed deposits (FDs):
• xii. Senior Citizen Savings Scheme 2004 (SCSS):
• xiii. Amount Contributed (for a fixed period of not less than 3 years) by a Central Government employee to his NPS (Tier –II) account (Applicable from the Assessment Year 2020-21):
• xiv. 5-Yr post office time deposit (POTD) scheme:
• xv. NABARD rural bonds:
• xvi. Unit linked Insurance Plan :

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At atime 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 50 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

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How to maximize tax benefits on a joint home loan, With Automated TDS on Salary for West Bengal Govt Employees for F.Y.2017-18

Generally all of us think that taking a loan to buy a residential property is not a good idea and so, they start saving some amount from their monthly income into recurring investment or a Systematic Investment Plan (SIP) offered by mutual funds. But the financial planners recommend that for acquiring a house for self use, one should go for a housing loan and pay EMIs in place of going for recurring investment or SIP in other investment product.

Download Automated Income Tax Preparation Excel Based Software All in One TDS on Salary for West Bengal Govt employees for F.Y.2017-18.

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

·         This Excel Utility can prepare at a time your House Rent Exemption Calculation U/s 10(13A)

·         In build Salary Structure as per W.B. Govt Employees Salary Pattern

·         Automatic Prepare Form 16 Part A& B for F.Y. 2017-18 as per new Tax Slab

·         Automatic Prepare Form 16 Part B for F.Y. 2017-18 as per new Tax Slab

·         Automatic Convert the Amount to the in-Word

A payee can get income tax benefits through home loan under two different Sections of Income Tax Act.

1. Under Section 24– Deduction on interest on home loan for self-occupied property up to Rs 2 lakh.
2. Under Section 80C– Deduction on repayment of principal amount on home loan up to Rs 1.5 lakh. 

Tax Benefits under Section 24 and Section 80C: Mr. X is eligible to claim tax benefits under Section 80C for the principal repayment of the home loan and under Section 24 for interest components. He can claim deduction up to Rs 1.5 lakh along with all other permissible instruments like, life insurance premium, PPF, ELSS, NSC etc under Section 80 C and up to Rs 2 lakh under Section 24 B.

Total deduction will be Rs 3.5 lakh and if Mr. X is in the highest income tax slab, he will get a income tax benefit of Rs 1,05,000.

Income Tax Benefits on Joint Home Loan: One can avail income tax benefit on home loan up to Rs 1.5 lakh under Section 80C and 2 lakh under Section 24. But if you go for a joint home loan along with your spouse in the ratio of 50: 50, then both of you can claim these benefits separately. So the combined limit will be Rs 3 lakh under Section 80C and 4 lakh under Section 24. This can reduce your overall cost of loan for the family considerably.

Total deduction will be Rs 7 lakh and if both spouses are in the highest income tax slab, they will get a income tax benefit of Rs 210000/- which is just double compared to an individual home loan, although this provision may vary from person to person.

Before going for a joint home loan, you should mutually work out your ownership share if you wish to optimize the income tax benefit. That is, if you and your spouse own the house jointly in the ratio of 50:50, both can claim deductions in equal proportion. Therefore, if your income tax slabs are different, you need to work out your ownership share in a manner that the spouse in the higher income tax bracket owns a bigger share.

Please note that it is essential to be co-owners to be eligible for income tax benefits. The co-ownership share also plays a role in determining your deductions.

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