Income tax deduction as per U / s 115 BAC of F.Y.2021-22|Top 9 list of income tax deductions
as well as exemptions for F.Y 2021-22: You may only entitle the following deductions in the
running assessment year on deposit and investments done by the previous financial year (F.Y
2020-21).
Income Tax Deduction for A.Y 2022-23: The Income Tax Return (ITR) filing season has started. The central government has recently extended the deadline for filing ITR for the assessment year 2021-22 from July 31 to 31st December, in view of the second wave of the Kovid-19 epidemic and the problems faced by taxpayers. Now that you have more time to file your tax return, check out the following list of tax deductions that you can claim for various payments, income and investments.
1. Income from house property
Under section 24 (b), deduction from income from house property is allowed on interest paid on housing loans and housing improvement loans. As per the Income Tax Rules, the upper limit of interest paid on housing loans in the case of self-acquired property is Rs. 2 lakhs.
For those who choose to file a return under the new tax system, this will not be deducted from home property income from this year.
2. Deposited to LIC Premium, P.F., PPF, Pension Scheme(U/s 80ccd(1b)
• Under section 80C, the deduction may be claimed on investment/payment for life insurance premium, provident fund, PPF, certain equity share subscription, tuition fee, National Savings Certificate, Housing Loan Principal etc.
• Under section 80CCC, deductions may be made to the pension scheme for payments made by LIC or other insurers in an annual plan.
Under section 80 CCD (1), deductions may be sought for payments made under the Central Government Pension Scheme.
Note: Under Section 80C, Section 80CCC, Section 80 CCD (1) only a total concession of Rs 1.5 lakh can be claimed.
3. Payment for Central Government Pension Scheme
Under section 80 CCD (1B), a waiver of up to Rs.
Under section 80 CCD2, a deduction can be claimed for an employer's contribution to the central government's pension scheme. However, there are two conditions:
If the employer is a PSU, state government or others, the deduction limit is 10% of salary.
• If the employer is central government, the deduction limit is 14% of salary
4. Payment for health insurance premiums
Under section 80D, deductions can be made for health insurance premiums and payments made for preventive health check-ups. However, there are several limitations:
• For a spouse or dependent child or patent: Discount of Rs. 25,000 may be claimed. If any person is a senior citizen, the limit is Rs. 50,000. Also, a deduction of Rs 5,000 is allowed for a preventive health checkup. However, this amount is not above the overall limit of health insurance premiums.
• For Senior Citizen can get the benefits Rs.50,000/- Even if no premium is paid for health insurance coverage, a deduction can be claimed for the medical expenses of a senior citizen.
5. Pay for maintenance/treatment of disabled dependents
In addition, a rebate of up to Rs. However, the exemption limit for persons with severe disability (80 $ or more) is Rs. 1.25 lakhs.
6. Payment for treatment
Under Section 80 DD (1B), a waiver of up to Rs. If the person is a senior citizen, the limit of this discount is 1 lakh rupees.
7. Pay interest on education loans
Under section 80E, the total amount paid for interest on one's own or a relative's higher education loan may be deducted.
8. Payment of interest on home loan Under section 80EE, a rebate of up to Rs. However, this discount is only available for approved loans between 1st April 2016 to 31st March 2017. Under 80EEA, deduction of up to Rs 1,00,000/-
9. Payment of house rent for those who are not getting HRA If HRA is not part of your salary, deduction on rent paid for a house can be claimed under section 80GG. However, only one of the following is allowed as a discount: 10 Rent reduced by 10% of total income before deduction Rs. 5,000 per month 25 Assessment of 25% of total income prior to this deduction.
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 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.2021-22 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22
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