What is the Maximum Income Tax I can save for this Year (FY 2019-20)?
Broadly speaking If you are able to avail all these sections you can make more than Rs 11 Lakhs income tax-free. But unfortunately, not all sections would be applicable to you.
The table below given the details of all the tax exemptions available:
S. No.
|
Tax Sections
|
Description
|
Maximum Tax Exemption Limit (Rs.)
|
1
|
80C/ 80CCC/ 80CCD
|
Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA, and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty.
|
150,000
|
2
|
80CCD(1B)
|
Investment in NPS
|
50,000
|
3
|
24
|
Interest paid on Home Loan for Self occupied homes.
|
200,000
|
4
|
80E
|
Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value
|
50,000
|
5
|
80D
|
Premium payment for medical insurance for self and parents.
|
60,000
|
6
|
80DDB
|
Treatment of Serious illness for self and dependents (Limit of Rs 50,000/- 1,00,000 for Senior Citizens and Rs 40,000 for others)
|
80,000
|
7
|
80U
|
Physically Disabled Taxpayer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
|
125,000
|
8
|
80DD
|
Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
|
125,000
|
9
|
80G
|
Donation to approved charitable funds like Prime Minister Relief Fund, etc (assumed value)
|
50,000
|
10
|
80GGA
|
Donations for scientific research or rural development (assumed value)
|
50,000
|
12 A
|
80TTA
|
Interest received in Savings Account
|
50,000
|
12 B
|
80TTB
|
Interest Income for Senior Citizens Only
|
50,000
|
13
|
80GG
|
For Rent Expenses who do have HRA component in salary
|
60,000
|
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the Assam State Govt employee’s Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20