Income tax exemptions under head salary| With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23

 

Income tax exemptions under head salary | Income tax exemption below Rs.2.5 Lakh | Salary-Based Income Tax Exemption Individuals who choose to tax income under the new tax regime will not be able to take advantage of some of the popular exemptions under the Income Tax Act, 1961. For the new tax system U/s 115 BAC

 

Section 80C - Rs. 1.50.000/- (For example Insurance, PPF (General Insurance Fund), National Conservation Certificate, etc.)

Section 80D - Rs. 25.000-50.000/- (doctor)

Standard discount - 50.000 /

Discount allowance (LTA)

House rental allowance (HRA)

Housing Interest 24 (B)

Download Auto Calculate Income Tax Revised Form 16 Part B for the F.Y.2021-22 which can prepare at a time 50 Employees Form 16 Part B Accurately

Various tax saving methods:

1) House rental allowance (HRA)

Paid persons living in a rented house/apartment can apply for a reduced amount of the rental benefit tax or HRA.

Discounts are available in quantities lower than the following amounts:

Actual HRA receipts;

50% of the base salary of those living in a metropolitan city (40% non-metropolitan); OR

Rent pays less than 10% of base rent base salary

You can apply for a discount on a home loan and HRA interest together.

You can apply for an HRA while you are with your parents.

 Example: Rahul works in a multinational company in Gurgaon and receives a monthly salary. 12,000,000 per year and lives in his parents' house in Delhi. Even if he lives in a private home, he can get income tax benefits from the company to pay for housing allowances. All he had to do was pay his parents' monthly rent and send the rent receipt to HRT. His parents must show the rent he paid on his tax return. But they can save a lot as a family.

2) Tax relief at home

Each borrower provides interest and principal material for the loan. The Income Tax Act provides benefits to both components

 

Interest Share: You can claim a maximum of Rs. 2,000,000 / - deducted (expense) interest on home loans Homes owned or in an empty position. However, if the house is rented, you can ask for a discount on the unlimited amount of interest paid mentioned above. This discount can be adjusted to match your wage income, reducing your overall tax liability.

Download Auto Calculate Income Tax Revised Form 16 Part A&B for the F.Y.2021-22 which can prepare at a time 50 Employees Form 16 Part A&B Accurately

 

Main components: You can request a maximum of Rs. 2,000 / -. 1.50.000/- as an exception under section 80C for original components. This is consistent with overall revenue and consequently reduces the overall tax burden.

Facts about tax sellers: If the co-loans are taken together, the holders can apply for a discount of up to Rs 10,000 each. 200,000/- each as well as Rs. 1.50.000/- each in a separate SPT.

 

3) Discounts under Sections 80C, 80CCC, 80CCD and 80D Investment-Discounted Investments on 80C Maximum limit Rs. 1.50.000/-: 80C PPF, EPF, LIC accepted as a gift, principal stamp duty and registration fee for property purchase, Sukanya Smriti Yojana (SSY), National Savings Certificate (NSC) allows for investment discount, Senior Citizen Savings Exemption Scheme (SCSS), ULIP, FD tax savings for 5 years, infrastructure bonds etc. NPS: 80 CCD (2) Additional limit Rs. 50,000/-: 60 CCD (2) allows an additional discount of Rs. 50.000/- for the money deposited into the employee's NPS account. Discount for Mediclaim: 80D You can request a discount of Rs 25000/- under 60 years old and Rs. 50,000/- over the last 60 years

 

Additional discount for parental medical visits is available up to Rs 25,000 if they are under 60 years old. Maximum exclusion limit of Rs. 50,000 for Seniors over 60 years old.

Download Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.202-23(Updated Version)

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Income tax exemptions under head salary| With Automated Income Tax Revised Form 16 for the F.Y.2020-21 as per new and old tax regime

 

Income tax exemptions under head salary | Income tax exemption under salary head People who choose the income tax slab under the new tax will not be able to avail some of the popular concessions and exemptions under the Income Tax Act, 1961. To go under the new tax system:

- Section 80C - Rs. 1,50,000 / - (e.g., Insurance, PPF (Public Provident Fund), National Conservation Certificate etc.)

- Section 80D - Rs. 25,000-50,000 / - (Medical)

- Standard discount - 50,000 /

- Discount Allowance (LTA)

- Home Rent Allowance (HRA)

- Interest for housing 24(B)

You may also, like-Automated Income Tax Preparation Excel Based Software All in One for theNon-Govt (Private) Employees for the F.Y.2021-22 as per Budget 2021[This Excel Utility prepare at a time your Tax Computed Sheet as per new or Old Regime + Individual Salary Structure as per the Non-Govt Employees Salary Pattern + Automated H.R.A. Calculation U/s 10(13A) +Automated Form 12 BA + Autofill Form 16 Part A&B and Part B] 

Different tax saving methods:

1) House Rent Allowance (HRA)

Paid people living in rented houses/apartments can claim a reduction in the amount of tax on the house rent allowance or HRA. 

The discount available in the lowest of the following amounts:

Actual HRA receipt;

50% of the basic salary of those who live in metro cities (40% of non-metro); Or

Rent pays less than 10% of the basic rent basic salary

You can claim a discount on home loans and HRA interest together.

You can claim HRA while staying with your parents.

 Example: Rahul works in an MNC in Gurgaon and gets a monthly salary. 12,00,000 annually and lives in a proprietary house with his parents in Delhi. Even though he is living in a private home, he can get income tax benefits from the company to pay the housing allowance. All he has to do is pay the rent monthly to his parents and send the rent receipt to HRT. His parents must show the rent he paid on their income tax return. But they can save a lot as a family.

Download Automated Income Tax H.R.A. Exemption Calculator U/s 10(13A) in Excel

2) Home tax benefits

Each borrower provides interest as well as key ingredients for the loan. The Income Tax Act provides benefits for both components

 

Part of interest: You can claim a maximum of Rs. 2,00,000/- discount (expense) for home loan interest The house is self-occupied or in a vacant position. However, if the house is rented, you can claim a discount on the amount of interest paid without the above limit. This discount can be adjusted against your salary income, thereby reducing your overall tax liability.

You may also, like-Automated Income Tax Preparation Excel Based Software All in One for the BiharState Government Employees for the F.Y.2021-22 as per Budget 2021[This Excel Utility prepare at a time your Tax Computed Sheet as per New or Old Tax Regime + Individual Salary Structure as per the Bihar State Employees Salary Pattern + Automated H.R.A. Calculation U/s 10(13A) + Autofill Form 16 Part A&B and Part B] 

Main Component: You can claim a maximum of Rs. 2,000 / -. 1,50,000 / - as exemption under section 80C for the original component. This is consistent with the overall income and consequently reduces the overall tax liability.

Tax Seller Fact: If the joint loan is taken jointly, the holders can claim a rebate of up to Rs 10,000 each. 2,00,000 / - each as well as Rs. 1,50,000 / - each in their separate tax return.

 

3) Discounts under Section 80C, 80CCC, 80CCD and 80D Invest Investment-Discount on 80C Maximum limit Rs. 1,50,000 / -: 80C PPF, EPF, LIC accepted in premium towards, payment of the principal amount for stamp duty and registration charge for purchase of property, Sukanya Smriti Yojana (SSY), National Savings Certificate (NSC) allows a discount for investment, Exemption for Senior Citizen Savings Scheme (SCSS), ULIP, tax saving FD for 5 years, infrastructure bonds etc. N NPS: 80 CCD (2) Additional limit Rs. 50,000 / -: 60 CCD (2) allows additional rebate of Rs. 50,000 / - for money deposited in the NPS account by the employee. Discount for  Mediclaim: 80D You can claim a discount of Rs.25000/- below 60 years of age and Rs. 50000/- for the above 60 years

 

Additional discounts for parental medicals are available up to Rs 25,000 if they are under 60 years of age. The exemption limits a Maximum of Rs. 50,000 for Senior citizensabove 60 Years of age.

Download Autofill Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 as per new and old tax regime (This Excel Utility can prepare at a time 50 Employees Form 16 Part A and B) [Who are not able to download the Form 16 Part A from the Income Tax Department, they can use this Excel Utility]

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