Automated Income Tax Preparation Software in Excel for the All Govt and All Non-Govt Employees
Taxpayers are entitled to get the benefit of tax deduction U/s 80C as per the Income Tax Act for a LIC
policy, fixed deposit, superannuation / PF, tuition fee.
Taxes are an integral part of our country, accounting for a large portion of the revenue earned by the government, the income that is used to provide certain basic provisions to citizens. According to the existing tax slab, people earning more than a certain amount are expected to pay tax. Although these taxes can be strict on a taxpayer's bank balance, the government also provides some provisions where one can save taxes. Tax cuts can help a person reduce their taxable income, reduce their overall tax liability and, in turn, help them save tax. The deduction that one is eligible for depends on many factors, different limits are set for different purposes.
Tax deduction under section 80C
Maximum limit Rs. 1.5 Lakh with 80C,80CCD,80CCC(1) additional deduction U/s 80 CCD(1B) Rs.50,000/- and 80CCD(2) Employers Contribution to the Employees Pension Fund.
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Tax deduction under section 80D
Section 80D of the Income Tax Act allows deduction on the amount spent by an individual for the premium of a health insurance policy. This includes payments made by the spouse, children, parents or on behalf of the central government's health plan. An amount of Rs 15,000 can be claimed as a deduction when paying for insurance for spouse, dependent child or oneself, while this amount is Rs 30,000 if the person is over 60 years of age (Union Budget 2017).
On February 1, 2018, Finance Minister Arun Jaitley presented the Union Budget 2018 with some changes in the tax cuts applicable to senior citizens. Under Section 80D, the limit of the income tax deduction for senior citizens has been fixed at Rs 50,000 for medical expenses.
Both the individual and the Hindu undivided family are eligible for this deduction, subject to payment in a manner other than cash.
Subsection under section 80D
Section 80D is further divided into two sub-sections, providing clarity on the benefits available to taxpayers.
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80 Section 80DD: Section 80DD provides a tax deduction in two cases, Rs. 75,000 for general disability and Rs. 1.25 lakh for severe disability. This discount can be claimed for the following expenses.
On the money made for the treatment of dependents with disabilities
The amount paid as a premium for purchasing or maintaining an insurance policy for such dependents
75,000 for general disability and Rs. 1.25 lakh for severe disability Both Hindu undivided families and residents are eligible for this exemption. Dependents, in this case, can be either a spouse, siblings, parents or children.
Section 80DDB may be used by HUFs and residential persons and provides for deduction on expenses incurred by the individual/family for the treatment of certain diseases. The approved deduction is limited to Rs 40,000, which can be increased to Rs 60,000.
Tax deduction under section 80E
Section 80E of the Income Tax Act is designed so that educating oneself does not become an additional tax burden. Under this provision, taxpayers are eligible for a tax deduction on interest payments on loans taken for higher education. This loan can be sponsored by the taxpayer himself or his ward/child for education. Only individuals with approved loans for tax benefits from approved charities and financial institutions are eligible for this deduction.
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Tax deduction under section 80G
Section 80G encourages taxpayers to donate funds and charities, providing tax benefits on financial contributions. All appraisers are eligible for this deduction, subject to the provision of proof of payment, including the deduction limit set based on certain factors.
100 % without any limit: Debt: Grants donated to funds like National Defense Fund, Prime Minister's Relief Fund, National Illness Assistance Fund, etc. are eligible for 100 % remission.
100 with qualification limit: Grant to local authorities, associations or organizations for the development of family planning and sports 100 াকqualification for the post, subject to certain qualification limits.
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50% deduction without eligibility limit: Grants to funds like PMs Drought Relief Fund, Rajiv Gandhi Foundation, etc. are eligible for 50 %Diction.
Eligibility limit 50 % deduction: Donation to a religious organization, family planning and other charities in addition to donations to local authorities for the purpose 50 % Eligible for voting, subject to certain eligibility limits.
The eligibility limit refers to 10 % of a taxpayer's total income.
Tax deduction under section 80TTA
The deduction under Section 80TTA can be claimed by Hindu undivided families and private taxpayers. This allows the department to deduct Rs 10,000 per annum on interest earned on money invested in bank savings accounts in the country.
Tax deduction under section 80U
Tax deductions under section 80U can only be claimed by resident individual taxpayers who are a disability. Persons certified by the relevant medical authority as persons can claim a maximum discount of Rs 75,000 per annum. Individuals whose disability is above 80 % maximum exemption of Rs 1.25 lakh,
Tax deduction under section 87A
Maximum discount allowed Rs. 12,500 / - Those whose taxable income is below Rs. 5 lakhs can avail of this facility.
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 into the in-words without any Excel Formula
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