Income Tax planning- Deductions under chapter VI-A for FY2021-22 (AY 2022-23

 Dear friends, 

Make use of the following sections and reduce your INCOME TAX. 

DEDUCTIONS UNDER CHAPTER VI-A
Financial Year - 2021-22 ( Assessment Year - 2022-23)
Sl.No	Details of Excemption	Maximum Limit
I.	Sections 80C, 80CCC & 80CCD (1)	1,50,000.00
	Section 80C:
i.	EPF & VPF Contribution
ii.	Public Provident Fund ( PPF)
ii.	National Savings Certificate (NSC)
iv.	Tax Saving Fixed Deposits for 5 Years or More ( Bank or Post Office)
v.	Tax Saving Bonds Issued by NABARD
vi.	Life Insurance Premiums
vii.	Housing Loan ( Principal Repayment)
viii.	Sukanya Samriddhi Account Scheme
ix.	Tuition Fees for 2 Children
x.	Stamp Duty & Registration Charges
xi	Senior Citizen Savings Scheme (SCSS)
xii.	E.L.S.S (Tax Saving Mutual Fund)
	Section 80CCC:
	Contribution to Pension Funds of LIC or any other Insurers
	Section 80CCD:        (10% of Basic Pay + DA)
	Contribution to National Pension Scheme (NPS) or Atal Pension Yojana (APY)
II.	Section 80CCD (1B):	50,000.00
	Additional Deduction - Contribution to National Pension Scheme (NPS) or (APY)
III.	Section 80CCD (2):	Full Contribution
	Employer Contribution to NPS of the Employee
IV.	Section 80D: Medical Insurance (Including Preventive Health Checkup Rs.5000)
	i. Self, Spouse & Children - Below 60 years	25,000.00
	ii. Parents - Below 60 years	25,000.00
	iii.Parents - Above 60 years	50,000.00
	iv. Self, Spouse & Children - Above 60 years	50,000.00
V.	Section 80E:
	Interest paid on Educational Loan	No Maximum limit - Can claim up to 8 Years
VI.	Section 80DD:
	Medical treatment of Handicapped Dependant:
	i. Disability - Above 40% below 80%	75,000.00
	ii. Disability - Above 80%	1,25,000.00
VII.	Section 80DDB:
	Expenditure on selected medical treatment for self / dependant
	i. For Senior Citizens	1,00,000.00
	ii. For Others	40,000.00
VIII.	Section 80G:
	Donations to certain Relief Funds and Charitable Institutions	100% / 50%
IX.	Section 80GGA:
	Donations towards Scientific Research or Rural Development	100%
X.	Section 80GGC:
	Donations to Electoral Trusts or Political Party	Maximum - Up to Total taxable amount
XI.	Section 80GG:
	For Rent in case of NO HRA Component	60,000.00
XII.	Section 80U:
	For Physical Disable Assesses
	i. 40% Disability	75,000.00
	ii. 80% Disability	1,25,000.00
XIII.	Section 80TTA:
	Interest from Savings Account (Bank, Co-op Society - Banking & Post Office)
	i.Senior Citzens	50,000.00
	ii. Others	10,000.00
XIV.	Section 80TTB: Senior Citizens
	Interest from Fixed Deposits (Bank, Co-op Society - Banking & Post Office)	50,000.00
XV.	Section 80EEA:
	Interest paid on Home Loan for affordable Housing:	1,50,000.00
	i. Loan taken between 01.04.2019 to 31.03.2021
	ii. The Stamp Value of the House is less than Rs.45 Lacs
	iii. The buyers should not have any other house in his name at the time of loan sanction
	Note: This Rs.1,50,000 is in addition to Rs.2,00,000 Interest u/s 24)
XVI.	Section 80EEB:
	Interest paid on Purchase of Electric Vehicles:	1,50,000.00
	Loan taken between 01.04.2019 to 31.03.2023

Thankyou.

-

Keshava Reddy Cheraku

DL in English

TTWRDC MARIPEDA

Cell: 9494363595