Join My whatsapp GroupINCOME TAX SOFTWARE
INCOME TAX software FY 2021-22 UPDATED AS NEW PRC
Tax Saving Under Section 80C - Rs. 1,50,000/-
1. Employees Provident Fund
2. Voluntary Provident Fund
3. Public Provident Fund ( PPF )
4. National Saving Certificate (NSC)
5. Tax Saving Mutual Funds
6. Insurance Premium Paid
7. Savings in Pension Plans
8. Tax Saving 5years Fixed Deposit with
Banks
9. Senior Citizens Savings Scheme
10. National Pension System (NPS)
11. Children Education Fee
12. Housing Loan Principal Repayment/Stamp
13. Duty Paid Others (Post Office Saving,ULIP,
etc.)
"A resident individual (whose net income does
not exceed Rs. 5,00,000) can avail rebate under
section 87A. It is deductible from income-tax
before calculating education cess. The amount of
rebate is 100 per cent of income-tax or Rs.
12,500, whichever is less."
List of common Exemptions and deductions “ not
allowed” under New Tax rate regime
1. Leave Travel Allowance (LTA)
2. House Rent Allowance (HRA)
3. Conveyance allowance
4. Daily expenses in the course of employment
5. Relocation allowance
6. Helper allowance
7. Children education allowance
8. Other special allowances [Section 10(14)]
9. Standard deduction on salary
10. Professional tax
11. Interest on housing loan (Section 24)
12. Deduction under Chapter VI-A deduction
(80C,80D, 80E and so on) (Except Section 80CCD(2))
List of deductions “allowed” under new Tax rate
regime
Income Tax Slab Existing Regime Slab Rates for FY 19-20 and FY 20-21 New Regime Slab Rates for FY 20-21
Resident Individuals & HUF < 60 years of age & NRIs Resident Individuals & HUF > 60 to < 80 years Resident Individuals & HUF > 80 years Applicable for All Individuals & HUF
Rs 0.0 – Rs 2.5 Lakhs NIL NIL NIL NIL
Rs 2.5 – Rs 3.00 Lakhs 5% (tax rebate u/s 87a is available) NIL NIL 5% (tax rebate u/s 87a is available)
Rs. 3.00- Rs 5.00 Lakhs 5% (tax rebate u/s 87a is available) NIL
Rs. 5.00 – Rs 7.5 Lakhs 0.2 0.2 0.2 0.1
Rs 7.5 – Rs 10.00 Lakhs 0.2 0.2 0.2 0.15
Rs 10.00 – Rs. 12.50 Lakhs 0.3 0.3 0.3 0.2
Rs. 12.5 – Rs. 15.00 Lakhs 0.3 0.3 0.3 0.25
> Rs. 15 Lakhs 0.3 0.3 0.3 0.3
1. Transport allowance for specially abled people
2. Conveyance allowance for expenditure incurred
for travelling to work
3. Investment in Notified Pension Scheme under
section 80CCD(2)
4. Deduction for employment of new employees under
section 80JJAA
5. Depreciation u/s 32 of the Income-tax act
except additional depreciation.
6. Any allowance for travelling for employment or
on transfer
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