Income Tax Preparation Excel Based Software For FY 2014-15 with Income Tax Deduction Chapter VIA with 80C at a glance

Download Income Tax Preparation Excel Based Software for the Financial Year 2014-15 & Assessment Year 2015-16 [ This Excel Based Software can prepare at a time Tax Calculation+Tax Compute Sheet+Automatic HRA Exemption Calculation+Automatic Form 16 Part A&B and Form 16 Part B. This Utility Only for Non-Govt employees)

As per the  Finance Budget (Central) 2014-15, the most popular Section 80C has Raised up to Rs. 1.5 Lakh from the Financial Year 2014-15 The Income Tax Department as well as the Central Govt provides certain exemptions under various sections of the Income Tax Act, to encourage investors to save and hence reduce their tax liability. The tax benefits under section 80C allow one a maximum investment of Rs 1.5 lakh from the Financial Year 2014-15 and Assessment Year 2015-16.

Good Returns.in has explained the various sections with the instruments available for exemption.

Gross total income means total income computed in accordance with the provisions of the Act before making any deduction under sections 80C to 80TTA i.e. Under Chapter VIA Deduction.

The income of a person is computed under the following heads:
1. Salaries.
2. Income from house property.
3. Profits and gains of business or profession.
4. Capital gains.
5. Income from other sources.

Here is given a  chart of deduction from total income available under section 80C to 80U ( CHAPTER VIA) of the Income Tax Act. This chart will give you a fair idea of deduction which will help you while planning your tax.

Below given a Chart of deduction Under Chapter VIA after Finance Budget 2014-15

Deduction from total income u/s 80c to 80u
Sec Eligible assessee Nature of Deduction Amount
80C Indl/HUF General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc Amount deductible: Rs. 1,50,000/-
80CCC Indl Contibution to Pension funds Amount deductible: Rs. 1,00,000/-
80CCD(1) Indl Contibution by an employee or any other individual towards notified pension scheme Amount deductible: Rs. 1,00,000/- or 10% of Salary
80CCD(2) Employer ’s Contibution by an employer towards notified pension scheme Amount deductible: maximum of 10 % of salary.
80CCG Resident Individual Investment made under equity scheme if gross total income does not exceed Rs 10 lakh. Amount deductible: 50% of amount invested in equity shares, restricted to Rs 25,000.
80D Indl/HUF Medical insurance premia Amount deductible: Max upto Rs 30,000- 40,000 incase of senior citizen
80DD Resident Indl/ Resident HUF For maintenance including treatment or insurance the lives of physical disable dependent relatives. Amount deductible: Rs 50,000. In case disability is severe , the amount is Rs 1,00,000
80DDB Resident Indl/ Resident HUF Medical treatment expenses Amount deductible: Rs 40,000
80E Indl For interest payment on loan taken for higher studies for self or education of spouse or children Amount deductible: Entire amount of interest is deducatble for max of 8 years.
80G All assessees Donations to charitable institution Amount deductible: 100% or 50% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc.)
80GG Indl For rent paid Amount deducatble: 1). Rs 2000/- p.m

2).25% of total income
3). rent paid- 10% of total income

80GGA All assessees not having any income chargeable u/hPGBP For donation to entities in scientific research or rural development Amount deducatable: Sum paid as donations
80GGB Indian companies Contribution give to political parties Amount deducatable: Sum contibuted to political parties
80GGB Assessee Contribution give to political parties Amount deducatable: Sum contibuted to political parties
80TTA Indl/HUF Interest in savings account Amount deductible: Max is Rs 10,000/-
80U Indl/HUF Income of person with disability Amount deductible: RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.
80EE Ind/Huf Extra Tax Relief from House Building Loan Interest w.e.f. 1/4/2013 Maximum Rs. 1 Lakh get relief from the House Building Loan Interest since 01/04/2013 and on-words financial year

The most popular Income Tax Section 87A,Tax Rebate Rs. 2000/- ( Who’s taxable income less than 5 lakh) can get this Financial Year 2014-15 as before.

Download Income Tax Preparation Excel Based Software for the Financial Year 2014-15 & Assessment Year 2015-16 [ This Excel Based Software can prepare at a time Tax Calculation+Tax Compute Sheet+Automatic HRA Exemption Calculation+Automatic Form 16 Part A&B and Form 16 Part B. This Utility Only for Non-Govt employees)

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