The Income Tax Administration has provided taxpayers with various deductions and benefits that can
be deducted from taxable income in accordance with Section 80 of Chapter VIA to reduce the tax
burden.
In all of this, there are some
deductions that you get through investing, but there are some deductions that
you get without investing, but some deductions that you make through daily
expenses.
The most popular is the deduction
below 80C; there are several other deductions that can reduce taxpayer tax liability even without solely saving on tax savings instruments. Some of them
are as follows
The main 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 Private Employee’s Salary
Structure.
4) Automated
Income Tax Form 12 BA
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) Individual Salary Sheet
You can pay a maximum of Rs. For
the education for a maximum of two children. 1.5 lakh In accordance with
Section 80C of Income Tax, 1961 You can save up for interest on a loan for your
child's education for 8 consecutive years under Section 80E.
2. Interest paid on a home loan
For first time home buyers up to Rs
reduction. 50,000 EMI on the interest rate for interest paid on home loan under
80EE. However, the advance amount can not exceed Rs. 35 lakhs, while the value
of the residential property should not exceed 50 lakhs
Self-employed salaried people who
do not own a home can benefit from an HRA deduction of at least 40-50% of the
total amount under the HRA deduction under Section 10 (13A) of the Income Tax
Act. Salary Amount (50% in the case of metropolitan areas) Actual amount
received as HRA Amount of rent minus 10% of an employee's salary.
4. Medical expenses of senior
citizen parents
If your parents are over the age of 60 and are not covered by any health insurance policy, you can claim a deduction from their medical expenses. You can request the maximum reduction limit. 50,000 In accordance with Section 80D of the Income Tax Act.
The main 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 Private
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) Individual Salary Sheet