Tax Benefits and Deductions U/s 80C for Old Tax Regime A.Y.2024-25 || Any individual or HUF is
eligible for tax deduction assistance up to Rupees One Lakh and Fifty
Thousand in a single financial year U/s 80C as per the Income Tax Act including sections like 80CCC
and 80CCD(1). This discount is not available to partnerships, companies, and other corporate bodies.
You have to claim this income in your income tax return (ITR) under section 80C, which must be filed
by July 31 every year for individuals.
Exemption under section 80C, 80CCC and 80CCD
Exemptions under this category are
under sections 80C, 80CCC, and 80CCD. Section 80C includes mutual funds,
insurance premium tax saving FD, PPF, and many other schemes. 80CCC governs
contributions to a special policy by a retiree or annuitant. 80CCD relates to
contributions to the National Pension System (NPS) of
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at a time 50 Employees Form 16 Part B in Excel
Limitation
of Section 80C
The upper limit of tax saving under section 80C is Rs 1.5 lakh. There is no minimum limit.
Section
80C Schemes
• Investment schemes: ELSS Mutual Funds, Linked Insurance Policies (ULIP).
Insurance Schemes: Term Insurance, Fund Insurance
• Pension protection schemes: Provident Fund (PPF), Employees Provident Fund, and National Pension System (NPS).
Income-tested schemes: National Savings Certificate (NSC), Old Age Savings Scheme, Sukanya Samriddhi Yojana
• Miscellaneous: Home loan repayment, tuition
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Form 16 Part A&B for the F.Y.2022-23 which can
prepare at a time 50 Employees Form 16 Part A&B in Excel
This
section contains the following:
1) Life insurance for yourself or for family members. But if the policy is single premium insurance, it cannot be canceled within two years after commencement. If it is a consecutive premium, you must pay the premium for at least two years. Failure to do so will result in the refusal of section 80C permission. Life Insurance Units (ULIPs) are also eligible for withdrawal under Section 80C.
Tax on declarations: The income from life insurance policies, where the insurance cover is at least 10 times the annual premium, is exempt from tax under Section 10(10)(D) of the Income Tax Act.
2) Investing in ELSS Mutual Funds. ELSS mutual funds are held for 3 years and invest 80% of their corpus in stocks (equities).
Income Tax: ELSS income above Rs 1 lakh is subject to long-term capital gains tax at the rate of 10%.
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at a time 100 Employees Form 16 Part B in Excel
3) Public Provident Fund (PPF): It is a government savings scheme with an interest rate controlled by the government.
Tax on Diversions: PPF income is tax-free. However, you have to declare your PPF income to income tax every year.
4) E.P.F. U/s 80C.
Tax on returns: the EPF interest rate is tax-free. But the EPF is taxable after you cease to be a registered company. If the EPF is withdrawn before the completion of 5 years of service with the registered company, the interest will be taxable.
5) Tax saving fixed deposit: A 5-year tax savings fixed deposit with banks and post offices is eligible for a tax deduction.
Tax on returns: Interest on such fixed deposits is fully taxable.
You may also like- Automated Income Tax
Form 16 Part A&B for the F.Y.2022-23 which can
prepare at a time 50 Employees Form 16 Part A&B in Excel
6) National Pension System (NPS): The provision of NPS is provided under Section 80CCD (1) and (2). Both employer and employee contributions to NPS are exempt from tax under Section 80C. However, to take advantage of this section, the employer contribution cannot exceed 10% of your base salary. A self-employed person can also claim this benefit for contributions up to 20% of gross income. Further, voluntary contributions to NPS up to Rs.50,000 are covered under section 80C over and above Rs.1.5 Lakh and those voluntary contributions are covered under section 80CCD (1B).
Tax on returns: NPS returns are tax-free until they are due. After maturity, 40% of the accumulated corpus is tax-free.
7) National Savings Certificates are these instruments government supports for a 5-year term.
8) Senior Citizens Savings Scheme (SCSS): This is a savings instrument guaranteed by the government for a period of 5 years. e extended for another 3 years.
Tax on returns: SCSS returns may be taxed in full at your flat rate
9) Sukanya Samriddhi Yojana: This is a government subsidy for a girl-child saving scheme. It can be opened by the parents of a girl up to the age of 10. The validity of the scheme is till the age of 21 years or till the girl child gets married after 18 years.
Tax on returns: Income collected under Sukanya Samridhi Scheme is tax-free.
10) Tuition fee for any school, college, or university for up to two children.
11) Home loan repayment
12) Tax/stamp duty for furnishing you
13) Investment with 5 years principal deposit and tax savings
Features 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 a New or Old Tax
Regime
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.2023-24 (Update Version)
5) Automated
Income Tax Revised Form 16 Part A&B for the F.Y.2023-24
6) Automated
Income Tax Revised Form 16 Part B for the F.Y.2023-24
