Tax benefits to the salaried persons as per Budget 2021 | With Auto-fill Income Tax Preparation Software All in One in Excel for the F.Y.2021-22 as per Budget 2021

 Tax benefits to the salaried persons as per Budget 2021| Here is the list of Tax benefit deductions 

available to Hindu Undivided Family (HUF) assessee in Income tax act on various  Investments / 

Payments / Incomes in Income tax return for F.Y 2020-21 A.Y 2021-22

 

Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. 

 

In the case of self-occupied property, the upper limit for deduction of interest paid on housing loans is Rs.2 lakh. However, this deduction is not available for a person opting for New Tax Regime.

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Interest on loan u/s 24(b) allowable are tabulated below 

Nature of Property	When the loan was taken	Purpose of loan	Allowable (Maximum limit)
Self-Occupied	On or after 1/04/1999	Construction or purchase of house property	Rs 2,00,000
	On or after 1/04/1999	For Repairs of house property	Rs 30,000
	Before 1/04/1999	Construction or purchase of house property	Rs 30,000
	Before 1/04/1999	For Repairs of house property	Rs 30,000
Let Out	Any time	Construction or purchase of house property	Actual value without any limit

 

The amount of tax exemption specified under VIA in the chapter on income tax law

 

These exemptions will not allow any taxpayer to opt for the new tax regime U/s 115 BCA exemptions, except for the grant exemption U/s 80 CCD (2) which will be applicable for the new tax regime.

 

1. 80 C, 80 CC, 80 D (1) The combined discount limit is Rs.1,50,000

 

80C: Life Insurance Premium, Provident Fund, Subscription for Fixed Equity Shares, Tuition Fee, National Savings Certificate, Housing Loan.

  

2. Health insurance premium for any member for preventive health checks included above this limit and Rs. 250 for preventive health check-up (Rs. 50,000 if any person is a senior citizen)

 

2a. 80D discount for medical expenses for a senior citizen, Rs. 50,000 discount if no premium of health insurance coverage is paid for a member

 

80 DDB discount for payment of Rs. 4.04,000 for treatment of HUF member (Rs. 1, 00,000 if senior citizen)

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5. 80G Grants per grant to certain funds, charities, etc.

 

Grants are eligible for discounts under the following categories without any limit

 

Note: No concession will be allowed in case of grant in cash payment of Rs. 2000 / - under this section.

 

80. 60GGA discount for grants for scientific research or rural development grants.

Research associations or universities,

College or other institution for scientific research Sociology

 

Or statistical research associations or institutions for rural development

Conservation of natural resources or forest conservation

PSU or

 

Local authority or an association or

 

An institution approved by the National Committee to manage any eligible project

 

Forest Rural Development National Urban Poverty Alleviation Fund Notified as set up by Central Government and fund as notified by Central Government

 

Note: No concession will be allowed in case of cash grants of more than Rs.2000 / - under this section or if the total gross income includes profit / business / occupation.

 

80 TTA discount on interest on deposits in bank accounts of non-senior citizens

 

Download Automated Income Tax Preparation Excel Based SoftwareAll in One for the Government and Non-Government (Private) Employees for the F.Y.2021-22 as per Budget 2021

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

7) Automated Income Tax House Rent Exemption Calculation U/s 10(13A)