Rs.5 (Five) Lack Income tax deduction U/s 87A | With Automatic Income Tax Preparation Software in Excel for the Govt & Non-Govt Employees for the F.Y.2021-22 and Automatic Income Tax Form 16 Part A&B for the F.Y.2021-22

 The government has not changed the basic exemption limit of 2.50 lakhs for a while as the government

 does not want people to step out of the tax net and be exempt from filing the ITR. However, at the

 same time, successive governments have proposed tax exemptions for taxpayers up to certain income

 limits. Tax exemption is currently available for those whose income does not exceed Rs. 5 lakh. This

 exemption is available in section 87A.

 

Section 87A was introduced into the Finance Act 2003 which was amended from time to time. Currently, an individual taxpayer, resident in Indiafor income tax purposes, is entitled to claim tax exemption up to Rs. 12,500 up to his tax liability and his income does not exceed Rs.5 lakh. However, once your income exceeds this limit, your right to claim an exemption under section 87A ceases completely.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2021-22 and A.Y.2022-23

 

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

 

No one and everyone can take advantage of this exemption. Although the basic exemption limit of Rs. 2.50 lakh is applicable to all natural persons and HUF, resident or non-resident, but the exemption under section 87A is only available to a natural person and also only if a resident is for income tax purposes. Therefore not all HUF and non-resident persons are entitled to this exemption.

 

What income must be considered for the eligibility criteria

There is always this confusion in the minds of taxpayers as to what income should be considered in order to qualify for this exemption. In the first place, the income to be considered for this purpose is the income that is received after deducting all the old anticipated losses with the current year's income. Likewise, from the net profit after such loss adjustment, you must deduct all available deductions under the various sections of chapter VI A. Chapter VI A includes the deduction for various items such as Section 80C (for LIP, EPF, PPF, ELSS, tuition, home loan repayment etc.), Section 80 CCD (NPS), Section 80D (Health Insurance), 80 G (donations) and 80 TTA and 80 TTB (bank interest).

YOU MAY REQUIRE THE BELOW GIVEN FORM 16 FOR THE FINANCIAL YEAR 2021-22

Download and Get ready at a time 50 Employees Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC. 

Or

 

Download and Get ready at a time 50 Employees Annual Tax Revised Form 16 Part B for the Financial Year 2021-22 with new and old tax regime U/s115 BAC. 

Or

 

Download and Get ready at a time 100 Employees Revised Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC.

 

Or

 

Download and Plan at a time 100 Employees Revised Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

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Download Automated Income Tax Calculator All in One for the Govt and Non-Govt (Private) Employees for the F.Y.2021-22 as per New and Old Tax Regime U/s 115BAC

 

Download Automated Income Tax Calculator All in One for the Govt and Non-Govt (Private) Employees for the F.Y.2021-22|Introduce a new section 115 BAC in the 2020 Budget for the 2020-21 fiscal year. This section 115BAC has an option that allows you to continue with the old tax system with all income tax exemptions as in fiscal year 2021-22 and you can opt for the new tax regime except any income tax exemption as in the previous financial year. power. 2021-22 As clearly indicated in the Budget 2020 U / s 115BAC.

As per budget, the new U /s  tax slab is shown under 115BAC which was introduced in the 2021 Budget.

At the same time, it is also clear that according to section 115BAC (New Tax Regime), there is no exemption for the elderly in the new tax plan.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23 U/s 115BAC

 

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 the 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

 

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 in to the in-words without any Excel Formula

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Significant changes in income tax for the F.Y.2021-22| With Auto fill Income Tax Preparation Software All in One in Excel for the Government and Non-Government Employees for the F.Y.2021-22

 Significant changes in income tax which will be effective from 1st April 2021 The new financial year

 is going to start from 1st April The government has planned some major changes for this financial year

 (2021). In the 2021 budget, Finance Minister Nirmala Sitharaman did not provide any relief to the

 middle class and paid the class in terms of income tax. But those who are over 65 years of age are

 exempted from filing income tax returns this time.

 

Note this, this has been already decided to take major action against those who do not file income tax returns. All these changes will be effective from 1 April 2021

 

If any taxpayers do not file an income tax return (ITR) from 1st April, the interest rate on TDS on bank deposits will be doubled. This means that if a person does not come to the income tax outgo slab and file an ITR, the rate of TDS on him will be doubled.

You may also, like- Automatic Income Tax Preparation Excel Based Software All in One for the West Bengal State Employees for the F.Y.2021-22

The changes in income tax will be effective from 1st April 2021

 

        1. Pre-filled ITR form. A major change in ITR forms is expected as per Budget 2021 (Pre-filed ITR). The pre-filled ITR forms will contain information on capital gains, dividend income, interest from bank/post office, etc. on the listed securities. Previously pre-filed ITR forms were available to salaried employees where income was reflected on the basis of Form 16, but now the scope has expanded.

 

2. Interest tax on PF interest earned from the last fund of the payer is exempt from income tax. However, Budget 2021 proposes that the interest on employee contributions to the Provident Fund be Rs. 2.5 lakh should be taxable.

 

      3. Punishment for not linking Aadhaar and PAN. The date fixed for linking Aadhaar and income tax PAN is 31st March 2021. In the case of non-linking, your PAN card will be activated In the case of non-linking, you may be fined. Rupees Ten Thousand under Section 272B of the Income Tax Act. Link the pan to the reservoir

 

4. Income Tax Return (ITR) High TDS / TCS Rate for Non-Filers A new paragraph 206AB (ITR) has been inserted in the Income Tax Act as a special provision for an upper rate of TDS to non-filers of income tax returns. The proposed rate for non-filers is higher among the following: 5% Double the rate or double the effective rate mentioned in the relevant provisions of the law. Similarly, a new section 206CCA has been inserted in the Income Tax Act as a special provision for Income Tax Return (ITR) for TDS for non-filers. Arranging high rates. The recommended rate for non-filers is higher than the following: 5% double the rate specified in the relevant provisions of the law.

 

  5. Billing under LTC Cash Voucher Scheme To get tax benefits under LTC Cash Voucher Scheme, make sure that your employer has submitted the required bills in a proper format including GST amount and seller's GST number (Employer paid on or after March 31, 2021). The scheme is being offered earlier. According to the scheme, an employee has to spend three times the amount considered as LTA rent on goods and services attracting 12% or more GST.

 

6 There is no tax filing for citizens over 75 years of age who are over 75 years of age and whose pension income and interest on fixed deposits come to the same bank and who have only interest income, do not have to file an income tax return. The bank will deduct the income tax he has to pay and submit it to the government.

Relief for super senior citizens

 

Can this Rule apply to super senior citizens? In this regard, Pankaj Mathpal (Managing Director of Optima Money Managers) said that from April 1, 2021, senior citizens above 75 years of age will not have to file ITR. This exemption is given to senior citizens who are dependent on pension or fixed deposit interest. 

 

Income tax law came to the country 160 years ago. In 1860, James Wilson, a British officer, presented the first budget. Added to this is the income tax law. In the first budget of the country, income tax exemption was given to the annual income earners up to Rs. 200. The Income Tax Act of 1961 is still in force in the country. It is corrected from time to time.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2021-22 and A.Y.2022-23

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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Income tax allowances as well as deductions of salaried persons| With Auto-fill Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2021-22

Income tax allowances, as well as deductions of salaried persons | Salaried persons, constitute a major part of the overall taxpayers of the country and their contribution to tax collection is significant. Income tax deduction provides many opportunities for tax saving for the salaried class. With these discounts and rebates and one can significantly reduce his taxes.

Exemption of allowance

 

House rent allowance

A salaried person who has rented accommodation can get HRA (house rent allowance) benefit. However, if you do not live in rented accommodation and still get an HRA, it will be taxable. If you cannot submit the rent receipt to your employer as proof of HRA claim, 

You can claim one of the following as an HRA waiver.

A. Total HRA received from your employer

B. Rent paid 10% less (basic salary + DA)

C. 40% Salary for Non-Metros (Basic Salary + DA) and 50% Salary (Basic Salary + DA) for Metros

 

Standard deduction

In Budget 2018, announced a standard discount amounting to Rs. 40,000 for salaried employees. It was in place of transport allowance (Rs. 19,200) and medical compensation (Rs. 15,000). As a result, salaried employees can get an additional income tax exemption of Rs. 5,800 in FY 2018-19.

The exemption limit has been increased to Rs  50,000 in the interim budget of 2019.

 

You may also, like- Automatic Income TaxPreparation Software in Excel All in One for the West Bengal Government Employees for F.Y.2021-22[This Excel Utility can prepare at a time your Tax Computed Sheet as Per U/s 115 BAC+ Individual Salary Structure as per W.B.Govt Employees Salary Pattern + Individual Salary Sheet + Automatic Income Tax Form 16 Part A&B and Form 16 Part B]

Children's allowance

The employer can provide an education allowance for your children as part of your salary. Such allowances received by the employer for the education of children are tax-free.

 

However, the employee can claim the maximum amount. 100 per month or Rs. 1200 per annum. Discounts are allowed for a maximum of 2 children.

Approved deduction

 

Sections 80C, 80CCC and 80CCD (1)

Section 80C is the most popular option for reducing the income tax burden. The following are some of the investments which are eligible for rebates up to a maximum of Rs. 1.5 lakhs under Sections 80C, 80CCC and 80CCD (1).

Life insurance premium

Equity Linked Savings Scheme (ELSS)

Employees Provident Fund (EPF)

Annual / Pension Scheme

Payment of home loan principal

Tuition fees for children

Contribute to PPF account

Sukanya Samridhi Account

NSC (National Savings Certificate)

Fixed Deposit (Tax Savings)

Post office time deposit

National Pension Scheme

You may also like, Automatic Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E from the Financial Year .2000-01 to Financial Year 2021-22

Medical Expenses and Insurance Premium (Section 80D)

Section 80D is a deduction that you can claim for medical expenses. One can save tax on medical insurance premiums paid for the health of oneself, family and dependent parents.

 

Section 80D deduction limits are:

25,000 for premium for self/family.

Rs 50,000 for premium for Rupee Senior Citizen Parents.

In addition, health checks up to Rs 5,000 are allowed and are covered within the overall range.

Discounts up to 50,000 are subject to medical expenses incurred by senior citizens (60 years of age or older) or to senior citizen parents if they are not covered by a Mediclaim policy.

A taxpayer can claim a maximum discount of 50,000 including the amount of premium and medical expenses if he is a senior citizen

(60 years or older). In addition, if he has paid the medical bills of his senior citizen parents, he can claim an additional discount of up to Rs. 50,000

 

Your employer can pay the premium on your behalf and deduct it from your salary. Such premium paid is deductible under section 80D.

You may also, like- Automatic Income Tax Preparation Excel Based Software All in One for the Assam State Govt Employees for the F.Y.2021-22[This Excel Utility can prepare at a time your Tax Computed Sheet as Per U/s 115 BAC+ Individual Salary Structure as per Assam State Govt Employees Salary Pattern + Individual Salary Sheet + Automatic Income Tax Form 16 Part A&B and Form 16 Part B]

House Building  Loan Interest (Section 80C and Section 24)

Another key tax-saving tool is house building loan interest. Homeowners have the option to claim money 2 lakh discount for home loan interest for the self-acquired property. If the home property is abandoned, you can claim a deduction for the entire interest associated with such a home loan.

 

In addition to the above, one can claim the principal component of housing loan repayment as a rebate under section 80C up to a maximum of Rs 1.5 lakh.

 

 

Deduction for loans for higher studies (Section 80E)

The income tax law provides a deduction for the interest on education loans. Notable conditions attached to claiming such deductions are that the loan should have been taken by the person himself or his wife from a bank or financial institution for higher studies (in Indiaor abroad).

 

 

Grants (Section 80G)

Section 80G of the Income-tax Act, 1961 offers an income-tax exemption to an appraiser who donates to charities. This discount varies depending on the recipient organization, which means that anyone can receive a discount with or without a 50% limit on the amount donated.

 

Deduction on Savings Account Interest (Section 80TTA)

Section 80TTA of the Income-tax Act, 1961 offers a rebate of up to Rs.10,000 on income earned from interest on savings accounts. This discount is available to individuals and HUFs. If the bank's interest income is less than INR 10,000, the full amount will be approved as a deduction.

 

Home Loan Interest (Section 80EE)

Section 80EE entitled homeowners to claim an additional exemption of Rs. 50,000 (Section 24) for the EMI interest component of a home loan.

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23 U/s 115BAC

 

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

 

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 in to the in-words without any Excel Formula

Read More

Provision and explains of Section 115 BAC and Option Form 10-IE With Automated Income Tax Preparation Software all in one in Excel for the Govt and Non-Govt Employees for F.Y.2021-22

Provision and explanation of Section 115 BAC and Options Form 10-IE. In this article, we will mainly understand Article 115BAC and Form 10-IE. Finance Budget, 2020 introduces a new tax regime. The F.M. has declared a new tax slab for individuals, HUFs.

 

However, the Government has proposed two sections for the new tax slab:

115BAC: Section has  modified the  tax slab for individual and HUF income

This Section 115BAC: New tax rate on income of cooperative society.

In this article, we will discuss Sec 115BAC. These sections are implemented from. F.Y 2020-21.

Some key points in this section: -

Provision and explanation of Section 115 BAC and Options Form 10-IE. The new tax system continues from A.Y. after 2021-22.

The new income tax method implements to each and every person as per their age, meaning the tax slab also applies to senior citizens and super senior citizens.

The new tax system is in place.

The discount is available for those whose total income is less than 5 lakh rupees.

The exemption is not allowed when choosing a new tax regime: -

Standard deductions for salaried taxpayers;

Discount Travel Allowance (LTA);

• House Rent Allowance (HRA);

Children's education allowance;

You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Andhra Pradesh State Employees for the F.Y.2021-22

 

Other special allowances [Article 10 (14)];

Family Depreciation from family pension income;

Interest on housing loan in self-occupied property or vacant property (Article 24);

Chapter VI-A deductions;

Other Discounts or discounts for any other grant or allowance;

Carried forward without any loss or uncovered devaluation of the previous year;

32 Not permitted except in section (iia) of sub-section (1);

Deduction for SEZ  u / s 10AA;

Reduction between 32 32AD, 33AB, 33ABA, 35, 35AD, 35CCC;

You are not entitled In the case of self-occupied property deduction U/s 24 B,

If you choose the new tax regime some Deductions are allowed as given below

Deduction under CC 80CCD (2) (employer's contribution to your pension account);

J 80JJAA (Additional Staff Cost)

Transport allowance (Dibang) for various eligible employees;

Transport allowance for government duties;

Any allowance for travel/travel/transfer costs;

The daily allowance is given to employees under certain conditions.

you can change your option and back to your suitable tax regime :

Personal business income: - People who have business income have the option of moving to a new regime once in a lifetime. If any person chooses a new tax system and after that is willing to revert to the old system, such a person cannot choose a new tax slab without having any business income.

 

Who are salaried person and has no business income: - A person who has only salary income other than personal income can choose an option to choose within the old tax regime and the new tax regime every year,

You may also, like- AutomatedIncome Tax Preparation Excel Based Software All in One for the Jharkhand StateEmployees for the F.Y.2021-22

 

It is mandatory of the Taxpayers give 'Form 10-IE' electronically from the Income Tax e-filing portal. You can submit the form under digital signature or through Electronic Verification Code (EVC). 

Last date for submission of Form 10IE

If you have any business income: then submit of IRR Before the due date.

Form 10IE Submission Frequency: -

A person who is salaried and has no business income: - Every year, he has the option to file a 10IE form every year. 

Form 10-IE Content: -

Given below are the common details required for the newly introduced Form 10IE:

Person Name / HUF

Confirmation of whether there is any income or profit from the person or business and profession under the HUF.

• PAN number

• Address

Date of birth/date of inclusion

Type of Business / Occupation (Mandatory in case of business income)

Confirmation in 'Yes / No' of whether the taxpayer referred to in sub-section (1A) of LA 80LA has any unit in IFSC (International Financial Services Center).

Details of any previous Form 10IE filed.

• Announcement

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2020-21 and  Assessment Year 2021-22 U/s 115BAC

 

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 2020

 

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (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

Read More

Deduction under section 80C- 80CCC- 80CCD and 80D and 80CCD (1) - 80CCD (2) and 80CCD (1B) for A.Y 2022-23

Deduction under 80C- 80CCC- 80CCD and 80D and 80CCD (1) - 80CCD (2) and 80CCD (1B) for A.Y 2021-22 (including budget amendment). Exemption in Section C0C, CC0 CCC and CC0 CCD for the financial year 2020-21. In this article, you can get a complete description of how you can avail of discounts under 80C by investing in government schemes. Now see more details for cutting under section 80 C for A.Y 2022-23 from below- 

Section 80C Life Insurance Premium

Funding

Subscription to specific equity shares

Salary

National Savings Certificates,

Principal of Housing Anne

The combined discount limit for various other items is Rs. 1,50,000

Annual plan of LIC or another insurer for 80CCC pension scheme

80CCD (1) Central Government Pension Scheme

Cutting under Sections 80C, 80CCC, 80CCD (1)

80CCD (1B)

Except for deductions claimed under 80CCD (1), exemptions in respect of payments made under the Central Government Pension Scheme. 50,000

80CCD (2)

Reduction for the contribution made by an employer to the central government's pension scheme

If the employer has a PSU, state government or other 10% salary limit

If the employer limits 14% of the employer's salary

Discounts on Sections 80C, 80CCC, 80CCD and 80D

There are 80HH, 80RRB, 80U and many more discounts from 80C to 80U under Chapter VI-A. But this article is only for cuts that come under 80C.

You may also, like-Automated Income Tax Preparation Excel Based Software for the Assam StateGovt-Employees for the F.Y.2021-22

The total discount amount between 80C, 80CCC, 80CCD and new section 80CCE is limited to Rs.1,50,000.

1 Section 80CCC - Insurance premium (discount for a premium paid for LIC or other insurer's annual plan)

2 Section 80CCD - Pension Contribution (deduction for contributions to the pension account)

3 Deduction Section 80 TTA - Interest on Savings Account (deduction from total income for interest on Savings Bank Account)

4 Section 80GG - House rent paid (Discount for house rent where HRA is not available)

Payment.

Life insurance premium for 5 policies:

In the case of an individual, in the life of the assessor, the wife of the assessor and any child of the assessor

7 In the case of HUF, on the life of any member of HUF

8 Payments made under a suspended annual contract:

In the case of a person, in the life of the person, the person's spouse and any child of the person (however, the contract should not have the option of paying cash instead of annuity).

Contribute to the Public Provident Fund account in the name of 10

 

11 In the case of a person, such as a person or his wife or any child of such a person

12 in case of HUF, any member of HUF

13 Employee contributions to a recognized provident fund

14 Contributions to retirement funds approved by an employee

15 Subscription to any Notified Security or Notified Deposit Scheme of the Central Government. For this purpose, Sukanya Samridhi Account Scheme has been notified through Notification No. 9/2015 dated 21.01.2015. Any money deposited by an individual in the Sukanya Samridhi account during the year will be eligible for a discount.

Subscription to Notified Savings Certificate [National Savings Certificate (VIII Issue)]

16 Contributions to participation in UTI's unit-linked insurance plan:

17 tuition fees (excluding development fees, donations, etc.) paid by an individual to any university, college, school or other educational institution in India for the full-time education of any 2 of his / her children

18 Payment for purchase/construction of a residential property (H.B.L. Principle)

19 Contribution of an individual to the pension fund as determined by any mutual fund as specified by Section 10 (23D) or UTI (UTI Retirement Benefit Pension Fund)

20 Notification Bond Subscription issued by NABARD.

21 Deposit to an account under the Senior Citizen Savings Scheme Rules, 2004 (subject to certain conditions)

22 5 year term deposit in an account under Post Office Time Deposit Rules, 1981 (subject to certain conditions)

Discounts within the 80C scheme

You can avail discounts under 80C by investing in the following schemes.

23 Payment for life insurance premiums.

24 Payment for deferred annual plans.

25 Delayed annuities payable by the Government.

26 Contributions to the Public Provident Fund.

27 Contributions to the Provident Fund set up by the Central Government.

28 Subscription to any security or deposit advertised by the government.

29 Certificate Save Subscription.

Contributed to 30 recognized provident funds.

31 Contributions to recognized retirement funds

Subscription for 32 Unit Linked Insurance Plan 1971.

33 Units of LIC Mutual Fund Contribution for Linked Insurance Plan.

34 Payment for LIC or any other insurer's annual plan.

Subscriptions to 35 advertised mutual fund units.

Contribution of 36 Mutual Funds to Notified Pension Funds.

37 The Pension Fund has been set up by the National Housing Bank.

38 Subscription to the deposit scheme of a public sector company engaged in long-term payment for housing.

39 Tuition fees for two children in India.

40 of Payment of instalments for self-financing of a residential property for payment.

41 Subscription to equity shares or debentures as authorized for infrastructure.

42 Subscription to any unit of mutual fund approved by Central Board of Direct Taxes

43. A term deposit in a scheduled bank for a specified period of fewer than five years will also be eligible for tax exemption under section 80C as per the Finance Act, 2006-07 for FY. Lakh lakh. This cut in some rules.

44 Notified Bonds of NABARD.

45 credited to an account under the Senior Citizen Savings Scheme Rules, 2004.

46 Five-year time deposit in an account under the Post Officer Time Deposit Rules, 1981.

 

Allowed discounts - Overall discounts under 80C (including discounts of 80CCC and 80CCD) up to Rs. 1,50,000. But additional discounts can be made on U / s 80CCD (1), 80CCD (2) and 80 CCD (1B) which do not fall within the 80C limit. 1.5 lakh.

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2021-22 and The assessment Year 2022-23 U/s 115BAC

 

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

 

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

 

9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

 

10) Automatic Convert the amount into the in-words without any Excel Formula

Read More