Income Tax deduction under chapter VI-A | With Automated Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23

Income Tax

Income Tax deduction under chapter VI-A |  Chapter VIA of the Income Tax Act contains several

 subsections of section 80 that allow the liquidator to claim deductions from the total gross income.

Therefore,

 In other words, Chapter VIA of the Income Tax Law contains several subsections of section 80 which allow the liquidator to claim deductions from the total gross income from various investments to save taxes, eligible expenses, donations, etc. to reduce the tax payable.

However,

Chapter VI A of the Income Tax Law has the following sections:

 For instance

80C: Deduction in respect of life insurance premium, deferred annuities, pension fund (PF) contributions, subscriptions to certain shares or debentures, etc. The deduction limit is Rs 1.5 lakh including section 80CCC and section 80CCD(1 ).

In addition

80CCC: Deductible for contributions to certain pension funds. The deduction limit is Rs 1.5 lakh Including section 80C and section 80CCD(1).

80CCD(1): Deduction relating to the contribution to the Central Administration Pension Scheme – in the case of an employed person, 10 % of wages (base + DA) and in any other case, 20 % of your total gross income in the tax year will be exempt from taxes. The general limit is 1.5 lakh along with 80C and 80CCC.

After that,

80CCD(1B): Deductible up to Rs 50,000 against contributions to the Central Government Pension Scheme (NPS).

Similarly

80CCD(2): A deduction relating to an employer’s contribution to a Central Administration pension plan. A tax credit is available on an employer contribution of 14 % when the central government contributes, and a tax credit of 10 % when a contribution is made by any other employer.

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form 16

80D: Deduction of health insurance premiums. Premium paid up to Rs 25,000 is eligible for deduction for individuals other than senior citizens. For the elderly, the limit is 50,000 rupees and the total limit of u/s 80D is 1 lakh rupees.

Above all,

80DD: Deduction for maintenance, including treatment, of a disabled dependent. The limit in this section is Rs 75,000.

80DDB: Deduction for expenses up to Rs 40,000 for the treatment of a certain disease by a neurologist, oncologist, urologist, haematologist, immunologist or another specialist as prescribed.

In conclusion,

80E: Graduate student loan interest deduction with no cap.

80EE: Interest deduction up to Rs 50,000 on residential property loan.

Therefore,

80EEA: Interest deduction up to 1.5 lakh on a loan taken out to purchase a certain residential property (affordable housing).

80EEB: Interest deduction of up to 1.5 lakh on a loan taken out to purchase an electric car.

In other words,

80G: Donations to certain foundations, charities, etc. Depending on the nature of the donor, the limit ranges from 100 % of the total donation to 50 % of the total donation, or 50 %of the donation, with a limit of 10 % of gross income.

80GG: Deductions on income paid by self-employed individuals who do not receive HRA benefits. The deduction limit is Rs 5,000 per month or 25 %t of gross income per year, whichever is less.

80GGA: Full deductions for certain research or rural development grants.

80GGC: General deductions for donations to political parties provided such donations are not monetary donations.

80TTA: Deductions related to interest on savings accounts up to Rs 10,000 in the case of taxable persons other than senior citizens.

80TTB: Deductions related to interest on deposits up to Rs 50,000 in the case of senior residents.

80U: Disability deduction. Depending on the type and degree of disability, the maximum deduction allowed under this section is Rs 1.25 lakh.

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Income Tax deduction under chapter VI-A
Income Tax deduction under chapter VI-A
Income Tax deduction under chapter VI-A

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 employees Salary Struc