Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 With Deductions under Chapter VI A of Income Tax Act

Chapter VI of the Income-tax Act contains various sub-sections of Article 70 which allow an assessor to claim exemption from total income.

Section VI of the Income-tax Act contains various sub-sections of section 80 which allow an appraiser to claim exemption from gross total income as a result of various tax-saving investments, approved expenditures, grants, etc.

Chapter VI of the Income Tax Act contains the following sections:

80C: Exemption in case of life insurance premium, deferred annuity, the contribution of Provident Fund (PF), subscription of certain equity shares or debentures etc. 

80CCC: Exemption limit for contribution to the fixed pension fund with Section 80C and Section 80CCD (1) is Rs. 1.5 lakhs.

80CCD (1): Exemption for contribution to the Central Government Pension Scheme – In the case of an employee, 10 % of his salary (Basic + DA) and in any other case, 20 per cent of his total income will be tax-free in a financial institution. The combined limit of 80C and 80cc together is Rs 1.5 lakh.

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80 CCD (1B): Discount up to Rs. 50,000 for contribution to Central Government Pension Scheme (NPS). 

80CCD (2): Concession by the employer for contribution to Central Government Pension Scheme Tax benefit is given by employer on 14% contribution, where Central Government makes such contribution and where any other employer contributes, the tax benefit is 10%. 

80D: Deduction in case of health insurance premium. Premiums paid up to Rs 25,000 are eligible for discounts for persons other than senior citizens. For senior citizens, the limit is Rs 50,000 and the overall limit u / s 80D is Rs 1 lakh. 

80DD: Disability is a reduction in maintenance, including the treatment of a dependent person. The maximum discount limit under this section is Rs 75,000.

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80 DDB: Neurologist, One Oncologist, Urologist, One deduction on expenses up to Rs. 40,000/- for treatment of a specific disease from a haematologist, immunologist or such specialist. 

80E: Exemption in case of interest on loan taken for higher education without higher limit.

80EE: Discount on interest up to Rs. 50,000 on loan taken for residential house property

80EEA: Discount in case of interest up to Rs. 1.5 lakhs on the fixed home property (taken for affordable housing) 

80 EEB: Discount on interest up to Rs 1.5 lakh for a loan taken to buy electric car. 

80G: Depending on the nature of donations to specific funds, charities, etc., the range varies from 100 % of total donations to 50% of the total donations or 50 % of donations to 10 %of total income. 

80GG: Discount on rent paid by non-salaried persons without HRA benefits. The discount limit is Rs 5,000/- per month or 25 per cent of the total income in a year, whichever is less. 

80 TTA: Discount on interest rate up to Rs. 10,000/- in savings bank account for any assessment other than a residential senior citizen 

80 TTB: Resident Senior Citizens deposited Rs. 50,000/- 

80U: Exemption in case of the disabled person. Maximum waivers are allowed depending on the type and extent of disability allowed under this section Max Rs.25000/- for below 60 Years and Rs. 50,000/- for Sr. Citizen above 60 Years

Download Automated Master of Revised Form 16 Par A&B for the Financial Year 2019-20 and AssessmentYear 2020-21 [ This Excel Utility can prepare at a time 50 Employees Form 16Part A&B in revised format]