Income tax deduction on chapter VIA for the F.Y.2022-23 | With Automated Income Tax Calculator All in One for the Govt and Non-Govt Employees for the F.Y.2022-23

 Income tax deduction on chapter VIA for the F.Y.2022-23 | The income tax department, in order to

 encourage savings and investment among taxpayers, has provided several deductions from taxable

 income under Chapter VI A deductions. With the 80C being the most famous, there are other

 deductions that are beneficial for taxpayers to reduce their tax liability. Let's try to understand this

 deduction in detail: 

Section 80C - Investment Reduction

Section 80C is one of the most popular and preferred sections by taxpayers because it allows you to reduce your taxable income by making tax savings investments or incurring eligible expenses. Allows a maximum deduction of Rs 1.5 lakh annually from the total income of the taxpayer.

 

These benefits can be used by both individuals and HUF. Companies, partnerships, and LLPs cannot take advantage of this reduction.

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Section 80C along with subsections, 80CCC, 80CCD (1), 80CCD (1b) and 80CCD (2).

 

It is important to note that the overall limit, including the subsection for requesting a deduction, is Rs 1.5 lakh except for an additional deduction of Rs 50,000 which is permitted u/s 80CCD (1b)

 

 

Section 80CCC - Insurance Premium / Section 80CCD - Pension Contribution

 Investments that qualify for tax deductions

 

80C  enlisted deductions for investments made in PPF, EPF, LIC premiums, capital savings schemes, payment of the principal amount for home loans, stamp duty and registration fees for property purchases, Sukanya smriddhi yojana (SSY), National Savings Certificate (NSC)), Senior Savings Plan (SCSS), ULIP, FD Tax Savings for 5 years, Infrastructure Bonds etc

 

80CCC Discount on Life Insurance Annuity Plans. The 80CCC allows reduced payments for annuity pension plans. The pension received from the annuity or the amount received on the return of the annuity, including any interest or bonus earned on the annuity, is taxed in the year it was received.

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80CCD (1) Deduction for NPS employee contributions under section 80CCD (1) Maximum allowable deduction from at least the following

• 10% of salary (if the taxpayer is an employee)

• 20 & of total gross income (for self-employed)

• Rs 1.5 Lakh (allowable limit u/s 80C)

80CCD (1b) Deduction for NPS Additional deduction of Rs 50,000 is allowed for the amount deposited in the NPS account

 

80CCD (2) Withholding of employer contributions NPS is allowed for deductions of up to 10% of base salary plus the number of benefits in this section. The benefits in this section are only allowed for employees and not for the self-employed.

Here are some investment options that are allowed as a deduction of u/s 80C. Not only do they help you save on taxes, they also help you grow your money.

 

Section 80C Piece List

 

Investment options Medium interest Freezing period for risk factors

ELSS Fund

NPS Scheme

ULIP 8%

FD tax savings

PPF 7.10% 5 years Low

Sukanya Samriddhi Yojana 8.4% Until the girl reaches the age of 21 years

(partial withdrawals are allowed after reaching the age of 18) Low

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Section 80 TTA - Savings Interest

Subtraction from the total gross income for interest on a checking savings account

If you are an individual or a HUF, you can request a deduction of up to Rs 10,000 from the interest income from your savings account at a bank, cooperative or post office. Include savings account interest in other income.

The 80TTA -discount is not available for interest income from fixed deposits, recurring deposits, or interest income from corporate bonds.

 

 

Section 80GG - House rent paid

Deductions for paid house rent where HRA is not accepted

a. An 80GG share deduction is available for rent paid when the HRA is not accepted. Taxpayers, spouses or minors may not have residential accommodation at work

b. Taxpayers may not own residential property for their own use elsewhere

c. Taxpayers have to live on rent and pay rent

d. Deductions available to all individuals

The available deductions are the following minimums:

a. Rent paid minus 10% of total adjusted income

b. Rs 5,000/- per month

c. 25% of total adjusted revenue 

Total adjusted gross income is obtained after adjusting the total gross income for certain deductions, exempt income, long-term capital gains, and income relating to non-residents and foreign companies.

From fiscal 2016-17, the available reduction was increased to Rs 5,000 per month from Rs 2,000 per month.

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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 employees 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.2022-23 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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Chapter VIA List of All Deductions at a Glance, With Automatic Master of Form 16 Part B for 100 and 50 employees for F.Y.2016-17

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The feature of this Excel Utility:-

1) Automatic Income Tax Calculate as per Tax Slab 2016-17

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5) All the Income Tax Amended Section have in this Excel Utility

Chapter VIA List of All Deductions at a Glance, List of all Income Tax deductions from u/s 80C to 80U. Hi, Friends Here we are providing a list of all deductions covered under  Chapter VIA of Income tax act. In this article, we provide the complete list of deductions with Name of Section, Brief details for Section, List of Assessee’s who can avail that exemption, Amount of Deduction etc. Find Short details for Every Deduction like – Deduction under Section 80C, Maximum Deduction allowed u/s 80C, Deduction u/s 80CCC, Deduction u/s 80G, Deduction u/s 80U, Deduction u/s 80E, Deduction u/s 80D, Deduction u/s 80IA etc. Recently we provide a special article on “Paying Tax is better than Saving Tax!“. Now you can scroll down below and check more details for Chapter VIA List of All Deductions at a Glance

Chapter VIA List of All Deductions at a Glance

In this article, we provide a list of all Deductions are available under Chapter VIA of Income tax. In this article, we provide a list of all deductions by section wise covered under Chapter VIA. Now check below table for Chapter VIA List of All Deductions at a Glance.

Sections	Particulars	Allowed to	Quantum of deduction
80C	Deduction in respect of Life Insurance Premium, Contribution to Provident Fund, etc. Deduction in respect of contribution to certain pension funds	Individual and HUF	Max. Rs.1,50,000
80CCC	Deduction in respect of contribution to certain pension funds	Only individuals	Max. Rs.1,50,000
80CCD (1)	Deduction in respect of contribution to notified pension scheme of Central Government	Salaried employee or self-employed individual	Employer and employee contribution not exceeding 10% of salary in each case. Maximum deduction to an employee or self-employed person for his contribution limited to Rs.1,00,000
80CCD(2)	Deduction in respect of contribution to the Employee’s Pension Fund by the Emplyer	Salaried employee or self-employed individual	Contribution to the Employee’s Pension Fund by the Employer.This Additional Deduction out of the limit of U/s 80C Max. Rs.1.5 Lakh
80CCD(1B)	Additional deduction U.s 80C out of 1.5 Lakh to the employees Pension Scheme	Salaried employee or self	Max Rs. 50,000/ as additional deduction out of 1.5 Lakh.
80CCE	Limit on deductions under sections 80C, 80CCC and 80CCD (1)	N.A.	Rs.1,50,000
80CCG	Deduction in respect of investment made in an equity saving scheme	Individual who is resident in India	50%  of the amount invested or Rs.25,000 whichever is less
80D	Deduction in respect of medical insurance premium	Individual or HUF whether resident or non – resident	In case of individual – Maximum Rs.25,000 & Rs. 30,000/- for Sr.Citizen
80DD	Deduction in respect of maintenance including medical treatment of dependent who is a person with disability	For senior citizen Individual or HUF resident in India	Addl. Rs.5,000 Rs.75,000 or Rs.1,25,000 in case of a person with severe disability
80DDB	Deduction in respect of medical treatment, etc.	Individual or HUF resident in India	Max.Rs.60,000
80E	Deduction for interest paid on loan	For senior citizen Individual whether resident or not	Addl. Rs.20,000 Actual amount paid
80EE	Deduction in respect of interest on loan sanctioned during the financial year 2013 – 14 for acquiring residential house property	Individual only	Maximum Rs. 50,000
80G	Deduction in respect of donations to certain funds, charitable institutions, etc.	All assesses	(a)   100% or 50% of eligible donations, without applying qualifying limit in certain cases

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