Income tax Software - 80 C Deductions

Income tax Software - 80 C Deductions

By teacherbook - Tuesday 27 December 2022 - No Comments

 Income Tax Software - Deductions under 80c

Income come tax Financial Year 2022-23 Assessment Year 2023-24

Calculate Income - Tax Relief - Tax Benefits - Income and Tax Calculator 

'calculate income tax'

*Income tax benefit 100%* 

 *If you want to take insurance to get tax relief, the employee or wife will get health insurance on children up to Rs 25,000 for parents up to 25,000 (up to 50,000 in case the parents are senior citizens) and get 100% full tax benefit (other than savings 1,50,000).* Similarly* *Up to Rs 40,000 for medical treatment of diseases prescribed by the Income Tax Act.

 *Similarly, in case the employee or his dependent has disability, he/she will get 100% tax benefit up to Rs 75,000 for his medical expenses. 100% tax benefit up to 1,25,000 will be available if the disability is 80%*

Key tax terms to know

1. AGI
2. Tax credits
3. Tax deductions
4. Standard deduction
5. Itemized deductions
6. Tax exemption
7. Progressive taxation
8. Taxable income

Income Tax Calculator by Income tax department

Income Tax Software by Sri K.S.S.Prasad Garu

Section 80C provides the  deductions  up  to ₹ 1,50,000/-  on various investment and expenses provided by  Income Tax department. It is one of  the most popular sections availed  by  most taxpayers.  Find  below a list of investment & expenses options available under Sec 80C.

Investment Option	Details
Provident Fund (EPF/VPF)	A government managed retirement saving scheme to secure a better future for employees.
Public Provident Fund (PPF)	A Central Government Saving Scheme under the PPF Act of 1968.
LIC Premium	Amount paid periodically to the life insurer by  the insured for covering risk.
National Savings Certificate(NSC)	Fixed income investment scheme that can be opened with any post office.
Tax Savings 5 year FD from Bank	Fixed deposit scheme with 5 year lock-in.
Senior Citizen Savings Scheme (SCSS)	Government of India Savings Scheme for Senior Citizens for receiving fixed  quarterly interest.
Sukanya Smriddhi Yojona (SSY)	Government Backed deposit scheme for Girl child.
Unit Link Insurance Plan (ULIP)	Investment Plan from Life Insurance companies offering investment in Equity as well as Life Coverage.
Equity Link Savings Scheme	Investment in Equity Oriented Mutual Fund with 3 years lock-in.
Principal Amount payment towards home loan	Principal portion of Home Loan EMI paid for the Year.
Stamp Duty  & Registration Charges for purchase of Property	Deduction for stamp duty and registration charges paid in the year
Tuition Fee for maximum 2 children	Parents can claim the tuition fee paid by  them towards their children’s education as education

Software

80 C deductions

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