Chapter VI A of the Income Tax Act contains several subsections of Section 80 that allow a valuer to
claim deductions from total gross income due to various tax savings investments, allowable expenses,
donations, etc. Such deductions enable a valuer to recover the amount due to reducing tax.
Chapter VI A of the Income Tax Act contains the following articles:
80C: Deduction related to the life insurance premium, deferred annuity, contributions to the pension fund (PF), subscription of certain stocks or bonds, etc. The deduction limit is Rs 1.5 lakh along with section 80CCC and section 80CCD (1).
80CCC: Deduction for a premium from some pension funds. The exemption limit is Rs 1.5 lakh including section 80C and section 80CCD (1).
80CCD (1): Withholding as Contribution to Central Administrations Pension Plan - in the case of an employee, 10 % of salary (Base + DA) and in any other case 20 % of his total gross income in an exercise will be tax-free to be. The Maximum limit is Rs 1.5 lakh Including 80C and 80CCC.
80CCD (1B): Deduction of up to Rs 50,000 related to the contribution to the Central Government Pension Scheme (NPS).
80CCD (2): Deduction in connection with the employer's contribution to the pension scheme of the Central Government. The tax benefit is granted on the employer's contribution of 14 %, where that premium is paid by the central government and where the premium is paid by another employer, the tax benefit of 10 % is granted.
80D: Deduction from the health insurance premium. The premium paid up to Rs 25,000 is eligible for deduction for persons other than the elderly. For seniors, the limit is Rs 50,000 and the general u/s 80D limit is Rs 1 lakh.
80DD: Deduction for alimony, including medical care of a dependent who is a person with a disability. The maximum exemption limit is Rs 75,000.
80DDB: Deduction related to the cost of up to Rs 40,000 for the medical treatment of a specific disease by a neurologist, oncologist, urologist, haematologist, immunologist or another specialist, as prescribed.
80E: Deduction for interest on the loan granted for higher education with no upper limit.
80EE: Interest deduction up to Rs 50,000 on the loan taken out for owning a residential house.
80EEA: Interest deduction of up to Rs 1.5 lakh on the loan taken out for a particular home property (on affordable housing).
80EEB: Deduction for interest up to Rs 1.5 lakh on the loan taken out for the purchase of an electric vehicle.
80G: Donations to certain funds, charities, etc. Depending on the nature of the donee, the limit varies from 100 % of the total donation to 50 %of the total donation or 50 % of the donation with a ceiling of 10 % of the total donation. Gross Income.
80GG: Deductions from rent paid by non-salaried subjects who are not receiving HRA benefits. The deduction limit is Rs 5,000 per month or 25 % of total income in a year, whichever is lower.
80TTA: Deductions for interest on savings accounts up to Rs 10,000 in the case of experts other than senior residents.
80TTB: Deduction of interest on deposits up to Rs 50,000 in case of older residents.
80U: Deduction for a person with a disability. Depending on the type and size of the maximum disability allowance allowed in this section is Rs 1.25 lakh.
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)
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3) This Excel Utility has a unique Salary Structure for Government and Non-Government employees 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.2022-23 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23
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