Tax Section 80C – With Automated Income Tax Excel Based Software All in One for the Private Employees for the F.Y.2020-21 as per New Section 115 BAC

Income Tax Form 16

Section 80C explained: Did you realize that Section 80C, under the Income Tax Act 1961, encourages you to lessen the tax trouble by allowing a deduction from the total taxable income in a financial year? Section 80C is a popular decision in the event that you want an answer to the inquiry: How might I save tax on salary?

Income Tax Exemption u/s 80C

Section 80C explained: Did you realize that Section 80C, under the Income Tax Act 1961, encourages you decrease the tax trouble by allowing a deduction from the total taxable income in a financial year? Section 80C is a popular decision on the off chance that you want an answer to the inquiry: How might I save tax on salary? Under Section 80C of the Income Tax Act 1961, taxpayers can claim deduction advantage on payments, commitments, or investments in a way determined by the Income Tax law. These include payment for extra security premium, commitment to any perceived opportune reserve and superannuation support, membership to National Savings Certificate, commitment to ULIP, Open Fortunate Store (PPF), Sukanya Samriddhi Yojana, 5-year tax-saving fixed store plans offered by banks, among others.

What is Section 80C breaking point?

In one financial year, the maximum amount of deduction under Section 80C or the Section 80C breaking point is Rs 1.5 lakh. To make the greater part of the arrangement, you have to restrict your total commitment to determined items qualified for deduction under Section 80C.

Download Automated Income Tax Excel Based Revised Form 16 Part A&B for the F.Y.2020-21 and A.Y.2021-22 [ This Excel Utility Prepare at a time 50 Employees Form 16 Part A&B as per New and Old Tax Regime U/s 115 BAC for F.Y.2020-21]

Automated Income Tax Revised Form 16 for the F.Y.2020-21
Automated Income Tax Revised Form 16 for the F.Y.2020-21
Automated Income Tax Revised Form 16 for the F.Y.2020-21

 What investments are secured under 80C? Does a fixed store go under 80C? Deduction list:

A portion of the popular investments/payments qualified for tax deductions under Section 80C are:

•           Investment in five-year bank fixed deposit, with a maximum score cutoff of Rs 1.5 lakh in a financial year

•           Investment in five-year mail centre time store, Senior Residents Savings Plan

•           Investment in EPF or into voluntary opportune reserve

•           Investment in PPF

•           Investment in National Savings Certificates

•           Contribution to NPS Level II account made by Central Government Workers

•           Contribution to Sukanya Samriddhi Account

•           Payment for Life coverage Strategy (including ULIP) a premium of an individual and/or his or companion or any youngster

•           Contribution to any approved superannuation finance

•           Contribution to Unit-linked Insurance Plan (ULIP) 1971 and ULIP of LIC Mutual Reserve; Commitment to an approved annuity plan of LIC

•           Payment for subscribing to ELSS of a mutual store; Commitment to informed annuity support set up by mutual reserve or UTI

•           Repayment of Housing Loan Principal; the amount paid for stamp obligation, registration expense and so forth.

•           Payment of educational expenses – For full-time education of his/her youngsters (maximum of two kids.) in any college, school, school, or other educational institution located in India.

Section 80CCC:

When U/s 80C choices through which taxpayers can claim deductions to lessen their tax trouble, Section 80CCC specifically accommodates deductions against the commitment to certain annuity reserves. These assets could be set up by LIC or any other insurer under a benefit conspire approved by IRDAI. Under Section 80CCC, one can claim deduction up to Rs 1.5 lakh on payments made for continuing an existing plan or buying another approach in a financial year. Notwithstanding, this deduction limit is clubbed with the cutoff gave in Section 80C and Section 80CCD. Conclusion, the amount for which one can claim tax deduction under all three sections (Section 80C, Section 80CCC, Section 80CCD) cannot be more than Rs 1.5 lakh per financial year.

Download Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt (Private) Employees for the F.Y.2020-21 and A.Y.2021-22

Automated Income Tax Calculator All in One for the F.Y.2020-21
Automated Income Tax Calculator All in One for the F.Y.2020-21
Automated Income Tax Calculator All in One for the F.Y.2020-21
Automated Income Tax Calculator All in One for the F.Y.2020-21
Automated Income Tax Calculator All in One for the F.Y.2020-21
Automated Income Tax Calculator All in One for the F.Y.2020-21
Automated Income Tax Calculator All in One for the F.Y.2020-21

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 Non-Government Employee’s Salary Structure.

4) Automated Income Tax Form 12 BA

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

Enter your email address:

Delivered by FeedBurner

PRANAB BANNERJE

Author

About Author

Hi, Welcome to a leading Income Tax and Accounts Providing Web Site merataxplan.com, merataxplan.com Blog is owned and maintained by Pranab Bandyopadhyay. Basic Idea behind Income Tax & it’s to help people in achieving excellence for save tax. Data shows that even urban Indian taxpayers are less aware about Income Tax and importance of financial planning.

I thought to start a blog and write about Articles related to Income Tax, Income Tax News, Income Tax  planning, Income Tax Easy Excel Based Software and other financial Software in Excel like as Gratuity Calculator, Pension Calculator, Central and Various State Employees Accounts Software in Excel that interest me most, and which I feel will help others make better financial decisions about their money with Tax. I have sound knowledge about in MS Excel, MS Access, Visual Basic, C++, JAVA and much more knowledge on the Computer Applications.

If you are seeking professional advice tailored to your situation – I am sure there are  good certified financial professionals doing that but at merataxplan.com we just try to educate people about how to calculate Income Tax.

There are much more products for sale here but all are related to Income tax And Account Software, and merataxplan.com is not affiliated with any agents or brokers, so I can help you sell any Income Tax & Accounts Software in Excel etc.

The purpose of this blog is to spread Taxation s awareness and help people in achieving excellence for Save Tax. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Hope you find this site useful, in fulfilling your goal towards Income Tax.