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
