Exemption from the Income Tax Under Chapter VI-A of the Income Tax Act, salaried persons below the age of 60 years is eligible for various tax exemptions. Below is a table illustrating the applicability of these income tax exemptions with their limits: Section 80C - Earnings from -
• Tax saving fixed deposit
• National Savings Certificate
• Equity Linked Savings Scheme National Pension Scheme Employee Provident Fund Public Provident Fund
Senior Citizens Savings Scheme
Limits of Sukanya Samridhi Yojana etc. - Maximum discount limit up to Rs. 1.5 lakhs.
Section 80CC - Above the amount deposited in LIC Annual Plans. Limit - The maximum discount limit is up to Rs 1.5 lakh.
Hope you may also, like- Automated Income Tax Form 16 Part B for the F.Y.2020-21 which can prepare at a time 50 Employees Form 16 Part B with new and old tax regime U/s 115 BAC
Section 80 TTA - Interest Limit on Bank Savings Account - Rs. 10,000
Category 80GG - Rent of payment of rent when the person does not earn house rent allowance - Short amount of - Rent payment - (10% of total income) 25% of total income 5000 per month Division
80E - Total interest paid for education - No limit
80EE - First time home interest limit - Rs 50,000
A) Rs. 25,000
B) 50% of the amount invested in equity schemes.
Hope you may also, like- Automated Income Tax Form 16 Part B for the F.Y.2020-21 which can prepare at a time 100 Employees Form 16 Part B with new and old tax regime U/s 115 BAC
Section 80D - Health Insurance Policy for Self and Family Premium Limit - Rs. 25,000 for Self, Wife and Dependent Children Self 25,000 (for Self, Wife and Dependent Children) + 25,000 for Parents ) + Up to 50,000 (for parents over 60). Up to 50,000 (self, spouse and dependent children with the largest member over 60 years) + up to 500,000 (for parents over 60)
Section 80DDB - Treatment of Dependent Persons with Specific Diseases. Limit - For persons below 60 years, Rs. 40,000 For persons above 60 years of age, the discount limit is Rs.1,00,000. Department
Hope you may also, like- Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 which can prepare at a time 50 Employees Form 16 Part A&B with new and old tax regime U/s 115 BAC [Who are not able to download the Form 16 Part A from the TRACES PORTAL, they can use this Excel Utility]
80GGC - Contribution Restrictions on Political Parties - There are no restrictions on the method of payment other than cash.
Section 80G - Contributions to charities and specific relief funds. Limited - a few charitable donations 50- Eligible for operations and eligible for a few operations.
Also listed some income tax benefits in the form of allowances and discounts that can help reduce tax liability for salaried individuals. These are:
Standard deduction U/s 16(ia) up to Rs 50,000 in place of previously available treatment reimbursement and transport allowance.
Leave the travel allowance, which can be claimed twice in a block of four years
Download and Prepare at a time 100 Employees Automated Income Tax Form 16 Part A&B for the F.Y.2020-21 which can prepare at a time 50 Employees Form 16 Part A&B with new and old tax regime U/s 115 BAC [Who are not able to download the Form 16 Part A from the TRACES PORTAL, they can use this Excel Utility]
