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)