Exemptions under sections 80C, 80CCC, 80CCD and 80D for A.Y 2022-23. With Auto-Fill Income Tax Preparation Software All in One for the Govt and Non-Govt Employees for the F.Y.2021-22

 

Exemptions under 80C, 80CCC and 80CCD for F.Y 2021-22 or A.Y 2023-24 (with budget amendments). Deduction in Section 80C, 80CCC and 80CCD for F.Y 2021-22. 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 80C for A.Y 2022-23 from below

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

Section 80C

Life insurance premium

Funding

Subscription to specific equity shares

Salary

National Savings Certificates,

Principal of Housing Anne

Various other items

The combined discount limit is Rs. 1,50,000

 

80CCC

Annual plan of another insurer towards LIC or pension scheme

 

80CCD (1)

Central Government Pension Scheme

 

80CCD (1B)

Reduction in payments made under the Central Government Pension Scheme, excluding exemptions, claimed under 80CCD (1)

Money discount limit 50,000

 

80CCD (2)

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

If the employer is a Publick or Private sector or any state government or others

10% discount limit on salary

If the employer is the central government

14% discount limit on salary

 

80CCD (1B)

 

80CCD (2)

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

Deductions 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 can claim deduction under section 80C as follows:

An assessor can claim a rebate of Rs 1.5 lakh for your total income under section 80C. Simply put, you can deduct up to Rs 1,50,000 from your total taxable income and it is available to individuals and HUFs.

 

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

 

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

 

Section 80CCD - Pension contributions (deductions for contributions to the pension account)

Deduction Section 80 TTA - Interest on Savings Account (Deduction from Total Income for Interest on Savings Bank Account)

 

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

 

Deduction U/s 80 80C

 

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

 

1. Pay for life insurance premiums.
2. Payment for delayed anniversary plans.
3. A delayed annuity is payable by the government.
4. Contribute to the Public Provident Fund.
5. Contribution to the Provident Fund set up by the Central Government.
6. Subscription to any security or deposit advertised by the government.
7. Savings Certificate Subscription.
8. Contributions to recognized provident funds.
9. Contribute to a recognized retirement fund
10. Subscription for Unit Linked Insurance Plan 1971.
11. Contribution to LIC Mutual Fund Unit Linked Insurance Plan.
12. Payment for LIC or any other insurer's annual plan.
13. Subscriptions to advertised mutual fund units.
14. Contribution of Mutual Fund to Notified Pension Fund.
15. The Pension Fund established the National Housing Bank.
16. Subscription to the deposit scheme of a public sector company engaged in long-term payment for housing.
17. Tuition fees for two children in India.
18. Payment of instalments for self-financing of a residential property.
19. Subscription to equity shares or debentures as authorized for infrastructure.
20. Subscription to any unit of Mutual Fund approved by Central Board of Direct Taxes

21. Fixed deposit more than Five-year under the Post Officer Time Deposit Rules, 1981.

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 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