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LATEST INCOME 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))
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