Income Tax Exemption U/s 80GG | With Automated Income Tax Preparation in Excel for the Govt and Non-Govt Employees for the F.Y.2020-21

 

Under the section, 80 GG, which is for claiming rent paid | Now who can claim tax deduction under Section 80 GG, it is for people who do not get HRA in their salary | It includes professionals and business people who do not get salaries | As such, section, 80 GG can be claimed by an Individual Taxpayer or an actuary section, 80 GG is not for people who get HRA in their salaries house rent allowance is given by employers to their employees to accommodate expenses on rent paid HRA in salaries, can be claimed under another section of income tax, section. 10(13A) |

It can be partially or fully claimed based upon your actual expense on rent, which is claimed by submitting rent receipts| If you get HRA in your salary and are not living in a rented space| The HRA component of your salary is fully taxable| The conditions for claiming tax reduction under the section 80 GG are that you your spouse minor children, or if you're a part of should not own a house in the place of your employment or from where you operate your business or profession from, or you your spouse minor children, or if you're a part of should not own a house at any other place for which you're claiming benefit of self occupied house, which means you cannot claim benefit of repaying your home loan, and also avail tax deduction under Section 80 GG at the same time |

 

And if you own a house in another city | It is treated as rented out | Why claiming tax reduction under the section, 80 GG, you need to fill and submit form 10 BA, which is a declaration, stating that you satisfy these conditions.

 

Now what is the amount that you can claim for tax deduction, under the section 80 GG, it is either Rs.5000/- per month, or Rs.60, 000/- per year, or 25% of your adjusted gross income, where adjusted gross income is nothing but, your gross income, minus all the tax deductions that can be availed except the section that we are talking about |

 

And in this case it is section, 80 GG or rent paid minus 10% of your adjusted gross income, whichever of these three is lower, can be claimed under the section 80 GG |

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Private Employees for the F|Y.2020-21 and A|Y.2021-22

Main 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 Private 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.2020-21 (Update Version)

 

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

 

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

 

7) Individual Salary Sheet