Prepare at a time Tax Compute sheet+Individual Salary Structure+Arrears Relief+HRA Exemption+Form 16 Part B +Form 16 Part A&B for Govt & Non Govt employees for FY 2014-15

Click here to download Master of For 16 Part B for FY 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part B with all amended Tax Section and New Tax Slab)

The below given Excel based Software which can prepare at a time Income Tax Computed Sheet + Automatic Arrears Relief Calculator + Automatic House Rent Exemption calculation + In built Salary Structure for both Govt & Non Govt employees which prepared on the basis of Salary Pattern of each Govt and Non Govt concerned + Automated Form 16 Part A&B + Automated Form 16 Part B for the Financial Year 2014-15 and Assessment Year 2015-16.

It is most hazard to calculate individually HRA Calculation separately a another sheet and also it is hazard to calculate the Arrears Relief Calculation from the financial Year 2000-01 to 2014-15. This Excel Utility can prepare all the calculation just a moment. Thus your time may reduce for calculating the actual Income Tax of each employee.

This Excel Based Software Can prepare more than 500 employees Tax Computed One by One
Feature of this Utility:-

·         Automatic Calculate Income Tax with Tax Computed sheet individually

·         Individual Salary Structure for calculating the Gross Salary Income 

·         Salary Structure have prepare on the Basis of Govt and Non Govt Salary Pattern

·         Automatic Calculate the House Rent Exemption Calculation U/s 10(13A)

·         Automatic Calculate the Arrears Relief Calculation with Form 10E since 2000-01 to 2013-14

·         Automated Form 16 Part A&B

·         Automated Form 16 Part B

·         Automatic Convert the Amount in to In Words

Click here to Download Automated Master of Form 16 Part B for FY 2014-15

Tax benefits on Paying Rent & taking Home Loan,Plus Master of Form 16 Part A&B for Financial Year 2014-15

Download & Prepare at a time 100 employees Form 16 Part A&B for FY 2014-15 [ This Excel Based Software can prepare at time 100 employees Form 16 Part A&B]
 The people who are paying rent for their accommodation or those who have bought or constructed a property by taking home loans are eligible for certain tax benefits. The Tax Benefits that can be availed by you have been discussed in this article which is divided into two parts:

I. If you are paying rent.
II. If you have bought / constructed property by taking home loan
.

These are discussed as follows:

I. IF YOU ARE PAYING RENT.

a) Deduction under section 10(13A) for House Rent Allowance.

House Rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer.

The HRA deduction is based on salary, HRA received, the actual rent paid and place of residence. The place of residence is important. For Mumbai, Kolkata, Delhi or Chennai, the tax exemption on HRA is 50 percent of the basic salary, while for other cities it is 40 percent of the basic salary.

The city of residence is to be considered for calculating HRA deduction.

The least value of these is allowed as tax exemption on HRA:
  • Actual rent allowance the employer provides as part of salary in the relevant period during which the rental accommodation was occupied
  • Actual rent paid for the house, less 10 per cent of basic pay
  • 50 percent of basic salary if you reside in Mumbai, Calcutta, Delhi or Chennai, or 40 per cent if you reside in other cities.
Click here to download HRA Calculator U/s 10(13A)

b) Deduction under Section 80GG for Rent Paid. [View the Section 80GG]
Under Section 80GG, an Individual can claim deduction for the rentpaid even if he does not get HRA. Not many people are aware of this deduction.

Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence.

Such deduction is permissible subject to the following conditions :-
  • The Individual has not been in receipt of any House Rent Allowance from his employer specifically granted to him which qualifies for exemption under section 10(13A) of the Act;
  • The Individual files the declaration in Form No. 10BA.
  • The employee does not own: 
    1. any residential accommodation himself or by his spouse or minor child or where such Individual is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or
    2. at any other place, any residential accommodation being accommodation in the occupation of the Individual, the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be.
  • He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income, subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out these percentages will be computed before making any deduction under section 80GG. In other words, eligibility will be least amount of the following :- 
    1. Rent paid minus 10 percent the adjusted total income.
    2. Rs 2,000 per month.
    3. 25 percent of the adjusted total income.
  • The deduction will also not be available to an assessee if any residential accommodation is owned by the assessee at any other place, which he is occupying, and the concessions in respect of self-occupied house are claimed by him for that property. In such a case, no deduction will be allowed in respect of the rent paid, even if the person does not own any residential accommodation at the place where he ordinarily resides.
II. IF YOU HAVE BOUGHT/CONSTRUCTED PROPERTY BY TAKING HOME LOAN.

a) Deduction available under Section 80 C for Principal repayment of home loan.
 Click here to view the amended U/s 80C
As per section 80C an Individual and an HUF can claim principal repayment component of a loan along with other eligible items like Life Insurance Premium, NSCs, EPF, ELSS and stamp duty and registration charges etc.
  • The overall deduction is restricted to Rs. 1.5 lakh in a year.
  • Remember the deduction is only for residential house property and not for commercial property. Besides it is also available only for purchase or construction of a house and not for renovation, additions or repairs on any existing house property.
  • You can claim principal repayment if you have taken loan from specified entity like banks, HFCs, Central & State government, LIC, NHB, Public Company or a Public Sector Undertaking. Even a University established by law or a local authority or corporation established under State or Central laws also are covered under the category.
  • Moreover in case you sell the house acquired with home loan, within five years from the end of the year in which possession of the house was taken, all the deduction allowed for Principal repayment in earlier years shall be withdrawn. This shall be treated as income of the year in which this property is sold. Moreover no deduction under Section 80 C shall be allowed for principal repayment made during the year.
b) Deduction available under Section 24(b) for Interest payment. [Click here to view the Section 24B]
In addition to deduction for Principal, Section 24(b) of the Income Tax Act allows you deduction for interest payable on loan taken to buy or construct a house property, or even for repair or reconstruction of an existing property.
  • This benefit is available for residential and commercial property as well.
  • It may be interesting to note that even processing fee paid in respect of home loan shall also be treated as interest so you can claim deduction in respect of processing fee paid for taking such loan.
  • Even in cases where you prepay your loan, you will be entitled to claim the amount of any prepayment fee paid to the bank for such prepayment. Here you can claim the benefits in respect of loans taken from your friends and relatives besides banks and financial institutions.
  • The deduction is available for self-occupied as well as let-out properties too. For self -occupied property, the deduction is restricted to Rs. 2 lakhs p.a. For let-out property, you can claim full interest. If you have more than one self- occupied houses, you have to select one house as self-occupied and the other house/s shall be treated as let-out. In this case you have to offer notional rent for taxation and can claim the full interest payable. So in order to maximize your tax benefits, it is always advisable to treat the property on which interest is lower as self-occupied in case interest payable on any or all of the property is more than Rs.2 lakhs.
  • For under construction property, you can only claim the interest deduction from the year construction is complete and possession taken. However in respect of interest paid for the period prior to the year for taking possession, you can claim aggregate of such interest in five equal installments from the year in which construction is completed. There is no reversal of interest benefit even if you sell the house before five years as is applicable for repayment benefits.
c) Deduction under Section 80EE.
Finance Minister inserted a new section 80EE relating to the additional deduction in respect of interest on loan taken for residential house property. Assessee can avail the benefits of this section in two A.Y. 2014-15 & 2015-16. Purpose of this section is to promote house ownership & give a fill up to a number of industries like steel, cement, brick, wood etc. besides jobs to thousands of construction workers.

Applicability- Benefit of this section can avail by Individual assessee. Deduction under this section is not available for any other assessee (like HUF, firm etc.). Individual can claim benefit under this section only when all the following conditions are satisfied, these are-
  • Purchaser should be first time buyer. i.e. he has never purchased any house and now he is going to purchase a house.
  • Value of the house should not more than 40 lakh.
  • Loan taken by Individual for the purpose of buy a house should not be more than 25 lakh.
  • On the date of sanction of loan individual does not have any own residential house property.
  • Loan for this purpose taken by individual should be from the Financial Institution or Housing Finance Company.
  • For this purpose, loan should be sanctioned between 01.04.13 to 31.03.14.
  • Also, where a deduction under this section is allowed for any interest payable on loan only when deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year.
Quantum of Deduction- Assessee can take deduction u/s 80EE on interest payable on home loan upto 1 Lakh in A.Y.2014-15. It can claim deduction in two assessments year. Means if whole amount of interest payable upto 1 lakh is not claim as deduction in A.Y.2014-15 then remaining balance amount upto 1 lakh can claim in A.Y.2015-16.Total deduction under this section shall not be more than 1 lakh.

Example- Assessee has taken a loan for the purpose of residential house property & interest payable on loan Rs. 90000/- for the A.Y.2014-15.In this case assessee can claim deduction 90000/- in A.Y.2014-15 and other remaining balance i.e. Rs. 10,000/- ,can claim in A.Y.2015-16.

Click here to Download Master of Form 16 Part B for FY 2014-15 [ This Excel Based Software can prepare at a time 50 employees Form 16 Part B for Financial Year 2014-15]



Availability of Rebate U/s. 87A for FY 2014-15 & AY 2015-16

Finance Act 2013 has introduced the rebate U/s. 87A and in this section it has not restricted the exemption to any particular Financial or Assessment year. Further in Recently Presented Budget 2014 by Finance Minister Arun Jaitley section 87A was not been amended.

So in our view Rebate U/s. 87A is Available to Resident Individuals , whose total income does not exceed 5 Lakh rupees in even for Financial Year 2014-14 and for Subsequent Years.

Download and prepare at a time your Tax Compute Sheet + Arrears Relief Calculation + HRA Calculation + Form 16 Part A&B and Part B for financial year 2014-15

Extract of Section 87A is as follows :-
The following section 87A shall be inserted after section 87 by the Finance Act, 2013, w.e.f. 1-4-2014 :

Rebate of income-tax in case of certain individuals.
87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.


Click to download Automatic Form 16 Part A&B and Part B for the financial year 2014-15

Automatic Form 16 Part A & B + Part B in One Excel Based Software For Assessment Year 2015-16

The latest Income Tax Department Notified Vide Notification No 11/2013 that the Salary Certificate Form 16 Part A is now Mandatory to Download from the TRACES Portal and the Form 16 Part B must be prepared by the Employer or Deductor. This Notification with effect for the Financial Year 2012-13 and on words. You can easily download the Form 16 Part A from the TRACES portal after registering the TAN WHICH FREE OF COST. If you have not Download the Form 16 Part A from the TRACES portal,you have to do this must. It is also observed that the various Concerned Govt and Non- Govt Concerned have not intimated about this Notification. In this Regard various Concerned have already prepared the both of Part A and Part B ( Amended) New Form 16 which also Notify vide Notification No 11/2013.

Below given the Excel based Software can prepare both of Salary Certificate Form 16 Part A and Part B for Financial Year 2014-15( New Amended Format) in one software and you can also prepared the Form 16 Part B in this one Software. This Excel Based Software is most handy.
Download this utility from below:- 
Download Income Tax Form 16 Part A&B and part B for FY 2014-15

Prepare at a time Tax Compute Sheet +HRA Calculation+Form 16 Part A&B and Part B with Budget FY 2014-15 – Tax on Salary

Click here to Download Automated TDS on Salary for Non-Govt employees for the Financial Year 2014-15 and Assessment Year 2015-16 [This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Structure (For Private Employees) + Automated House Rent Exemption Calculation U/s 10(13A) + Automated Form 16 Part A&B and Part B for the Financial Year 2014-15 with all the latest amended Tax Section]
As you are aware, the Union Budget for FY 2014-15 was tabled in the Parliament by the Finance Minister of India on 10-Jul-2014. There are some changes to the computation of tax on salary  need to consider for FY 2014-15.

1. Changes in tax rates

The revised tax rates for salaried employees (aged 60 years and below) for FY 2014-15 are as follows.
Total Income for the Year in Rs.
Tax Rate in %
Up to 2,50,000
Nil
2,50,001 to 5,00,000
10
5,00,001 to 10,00,000
20
Above 10,00,000
30
The revised tax rates for salaried employees (aged above 60 years but below 80 years) for FY 2014-15 are as follows.
Total Income for the Year in Rs.
Tax Rate in %
Up to 3,00,000
Nil
3,00,001 to 5,00,000
10
5,00,001 to 10,00,000
20
Above 10,00,000
30

2. Increase in deduction under Section 80C [Click to view total deduction U/s 80C]

The deduction under 80C (Life insurance premium, PPF, investment in National Savings Certificate, interest from notified bank deposits, principal repayment on housing loan, etc.) was restricted to Rs.1 lakh in 2013-14. The same has been increased to Rs. 1.5 lakh for 2014-15.
Consequent to the change in section 80C, section 80CCE has been amended so as to raise the limit of aggregate deduction under sections 80C, 80CCC and 80CCD from Rs. 1 lakh to Rs.1.5 lakh.

3. Increase in deduction under Section 24 – Interest on housing loan [Click to view 24B]

The tax deduction on housing loan interest payment (for a self occupied property) was restricted to Rs. 1.5 lakh per annum in FY 2013-14. For the year 2014-15, the limit has been increased to Rs. 2 lakh.
There is no reference to Section 80EE in the Finance Bill for FY 2014-15. Hence, the carry forward of unutilized tax deduction for first time owners of residential property, if applicable, is available for FY 2014-15.
Note:
1. The Education Cess stays at 3%.
2. In case the total taxable income goes beyond Rs. 1 crore in the year, a surcharge of 10% (subject to marginal relief) is to be deducted – as it was in FY 2013-14.

What about the tax credit of up to Rs. 2,000? [Click to view what says 87A in FY 2014-15]

The Financial Bill tabled in the Parliament does not provide for the removal of tax credit under Section 87A. Hence, the tax credit of Rs. 2,000 is available for FY 2014-15 as long as the total income does not exceed Rs. 5 lakh for the year.

Kisan Vikas Patra – A Best Tax Saving Scheme, Plus All in One Master of Form 16 Part B for FY 2014-15

Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Software can prepare at a time 50 employees Form 16 Part B with Individual Salary Sheet + Individual Salary Structure)

As per the Central Finance Budget 2014-15 the Kissan Vikas Patra has Re-introduce in the Section 80C and the maximum limit Rs. 1.5 Lakh. This K.V.P. was last introduce in the financial year 2011-12, and after few years it is Re-Introduce this K.V.P. This News it is great opportunity to tax savings to the tax payers.

Kisan Vikas Patra is a scheme introduced by the Indian Government for the welfare of Indian Farmers. As the name includes “KISHAN” it does not mean that is only scheme for the farmers.  It is a scheme of mobilisation of funds for the KISAN’S.

Where & How to Apply for Kisan Vikas Patra

Investment can be made in Kisan Vikas Patra through forms available at any post office of the country in cash/draft/demand draft with duly filled up form. The minimum amount required for it to deposit is Rs. 100 and there is no upper limit for investment in Kisan Vikas Patra as there is no Tax Rebate on it. KVP are available in the denomination of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs.10000, and Rs. 50000. It is a simple investment option and can be grabbed by filling up a single form with recent photograph and there is no need of opening an account.  A Certificate is issued by the post office called Kisan Vikah Patra, with your name mentioned, date of maturity, date of issue, maturity amount receivable etc.

Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Software can prepare at a time 50 employees Form 16 Part B with Individual Salary Sheet + Individual Salary Structure)

Loan on Kisan Vikas Patra

Business entities, company or institution are not eligible for the investment in the KVP scheme. Any NRI and HUF are also restricted to make investment in this.
Interest Income Accrued on Kisan Vikas Patra is taxable but the tax is not deducted at source, thus full amount is received by the investor at the time of maturity and there is no Wealth Tax liability for KVP. No rebate is given under section 80C, for the investment in Kisan Vikas Patra. These Patras can be pledged as security against a loan to Banks and Government Institutions. It can be easily transferred to any of the post offices of India and from one person to another person as well maintaining the same applicable individual status at the time of investment. Duplicate patras can be made issue for lost, stolen, destroyed, mutilated and defaced.
Kisan Vikas Patra is a good option for those individual investors who are risk averse, as Government of India take guarantee of the fund and fixed return on the invested amount. It gives lesser return than NSC and PPF but more than FD and freedom up to any investment amount. Patras are transferable to POST Office and can be encashed before maturity.
- See more at: http://www.lessmytax.com/kisan-vikas-patra/#sthash.PZdzAMpS.dpuf

Loan on Kisan Vikas Patra

Business entities, company or institution are not eligible for the investment in the KVP scheme. Any NRI and HUF are also restricted to make investment in this.
Interest Income Accrued on Kisan Vikas Patra is taxable but the tax is not deducted at source, thus full amount is received by the investor at the time of maturity and there is no Wealth Tax liability for KVP. No rebate is given under section 80C, for the investment in Kisan Vikas Patra. These Patras can be pledged as security against a loan to Banks and Government Institutions. It can be easily transferred to any of the post offices of India and from one person to another person as well maintaining the same applicable individual status at the time of investment. Duplicate patras can be made issue for lost, stolen, destroyed, mutilated and defaced.
Kisan Vikas Patra is a good option for those individual investors who are risk averse, as Government of India take guarantee of the fund and fixed return on the invested amount. It gives lesser return than NSC and PPF but more than FD and freedom up to any investment amount. Patras are transferable to POST Office and can be encashed before maturity.
- See more at: http://www.lessmytax.com/kisan-vikas-patra/#sthash.PZdzAMpS.dpuf

Download All in One TDS + Salary + HRA Calculation + Arrears Relief + Form 10E + Form 16 Part A&B and Part B for Assessment Year 2015-16

Download & Prepare at a time the Income Tax Calculation with Automatic Calculation of House Rent exemption U/s 10(13A) + Arrears Relief Calculation U/s 89(1) from the Financial Year 2001-02 to Financial Year 2014-15 + Form 10E + Automatic Form 16 Part A& B and Part B for the Financial Year 2014-15 and Assessment Year 2015-16.
This Excel Based Software can use the both of Govt and Non Govt employee as well as Concerned.

Snapshot of this Excel Utility :-
Salary Structure
Salary Statement
Tax Compute Sheet
Arrears Relief Calculation Sheet Form 10E
Main Feature of this utility  :-
1) All the Income Tax Section including the New all Section have in this Section

2) You can view at a glance the all Income Tax Section in this utility

3) Automatic Convert the Amount in to the In Words, without any Add-ins or Macro

4) You can prepare limit less Income Tax all Forms by this one Software

5) Salary Sheet (Auto Calculated) for Both of Govt and Non Govt Employees

6) Separate  Salary Sheet Print option also available

7 Tax Computed Sheet ( Automated)

8) Automatic Prepare Form 16 Part A&B after filling the Salary Sheet of employee

9) Automatic Prepare Form 16 Part B after filling the Salary Sheet of employee

Download the utility from below:- 
Click here to Download All in One TDS on Salary for FY 2014-15

Prepare at a time 50 employees Form 16 Part A&B with total list of deduction U/s 80C

Click here to download Master of Form 16 Part A&B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B). 

Who are not able to download the Form 16 Part A from the TRACES Portal, they can use this Excel Utility. The details of deduction U/s 80 is given below as per the latest amended for the Financial Year 2014-15.
Chart for deduction u/s 80C to 80U  Rebate u/s 87A
Section
Details of deductions
Quantum
Remarks
80C (Individual
& HUF)
A. ULIP of Spouse and Children and any member in case of HUF
B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years   PO Time deposit, Senior citizen Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office saving bank.
C. Bonds of NABARD, Deposit scheme of NHB, Notified deposit scheme,.
D. MF referred u/s 10(23D), Pension fund of MF[10(23D)], Eligible issue of securities.
E. Cost of purchase or construction of residential house including repayment of loan and expenses on transfer of property, tution fees to any educational institutions for full time eduction of 2 childrens.
Maximum Rs 1 ,50,000 is allowed Investment.
Click to view the deduction U/s 80C
No Dedcution Allowed:
Terminates the insurance policy within 2 years, Terminate ULIP within 5 years, transfer house within 5 years
Limit of eligible premium in case of insurance policy on life of disable person has been increased to 15 % instead of 10 % from FY 13-14.
Max. 10% of the minimum amt assured under Life policies
80CCC
(Individual)
Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.
Maximum is Rs 1,00,000
Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCD
(individual)  
Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.
Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.
Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCE
It should be noted that employer contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE
It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in aggregate of 80C ,80CCC  80CCD(1) is Rs 1,00,0000

80CCG
Individual having gross total income upto Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal fund units.
50 % 0f the invested amount . Limit is Rs 25,000 max.
The deduction is allowed for three years only.
80D
(Individual &HUF)
Medical insurance on self, spouse , children or parents. The deuction is also allowable for CGHS contribution to Cenral and State scheme. It is also for conducting health check up to Rs 6000.
Age Below 60 years: Rs 15,000 including Rs. 5000 on preventive checkup for self , spouse  children + Rs 15,000 for insurance on parents.
Age above 60 years: Replace Rs 15,000 with 20,000.
Cash payment not allowed. But for Preventive Checkup it is allowed.
80DD (Individual &HUF)
For maintenance including treatment or insurancing the lives of physical disable dependent relatives
Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.
dependent relatives includes spouse, child, parents, brother sister
80DDB (Individual &HUF)
For medical treatment of self or relatives suffering from specified disease
Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000.
Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
80E
(Individual)
For interest payment on loan taken for higher studies(after 12)  for self or education of spouse or children
Actual amount paid as interest and start from the financial year in which he /she starts paying interest and upto maximum of 8 years.
loan from any financial institution banking or approved charitable institution
80EE
interest on home loan sanctioned during Fy 2013-14. However, value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further assessee should not have any other residential house.
RS 1 lakh

80G
(All Assessee)
Donations to charitable institution
(Max. 10,000 if paid in cash from A/Y 13-14)
100% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. ).  50%  (Gandhi/ Drouhgt/ charitable purpose/infrastructural development fund). For Asst Yr 2014-15, Natital Children Fund will also get 100% deduction.
Where the aggregate
of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
80GG
For rent paid
This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month. Rule 11B is method of computation.

80GGA
For donation to entities in scientific research or rural development (Max. 10,000 if paid in cash from A/Y 13-14)
Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.
Cash payment not allowed
80GGB  80GGC
For contribution to political parties
100 % of donations
Cash payment not allowed
80QQB
Allowed only to resident authors for royalty income for books other than text book
Royalty income or Rs 3,00,000 whichever is less.

80RRB
For income receipt as royalty on patents of resident individuals
Actual royalty or Rs 3,00,000 whichever is less.

80U
Deduction in respect of permanent physical disability including blindness to taxpayer
RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.

87A
Rebate to individual having low taxable income
Amount of tax or Rs 2,000 which ever is less
Only resident individual gets this rebate.


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