• October 18, 2021

Tax-exemption from income from the F.Y.2021-22| With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2021-22

Tax-exemption from income as per Income Tax Act. Is there any section of income that is tax-free in  India? If so, please provide a general definition of this section.

Some of the following items of compensation are not taxable:

Tax Exemption U/s 80C

It may be noted that in the case where the person chooses the new tax systemTherefore, the person does not have the scope of the prescribed exemption and deduction.

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Tax Exemption from income tax U/s 80C
Tax Exemption from Income Tax

General discount from income 80C. 

What is the general discount from the permitted income in India?

In other words, Discounts are allowed in India as opposed to taxable income (limited to taxable income) based on the type of investment, expenses incurred, income earned, etc.

Life Insurance Premium Maximum 1,50,000 / –

# Subscription for National Savings Certificates(NSC) and interest earned a maximum of 1,50,000 /

# Contribution to Provident Fund / Approved Retirement Fund recognized by Employee / Public Provident Fund. Maximum Rs. 1,50,000 / –

# Contribution to National Pension System (NPS) Maximum Rs.1,50,000 / –

# Repayment of the loan per purchase/construction cost of new residential house 1,50,000 / –

# Amount paid as stamp duty and registration charge at the time of home purchase. Maximum 1,50,000 / –

Term deposit for a fixed term of fewer than 5 years with a designated bank as per the scheme formulated and notified by the Central Government.

# Subscription in Units of Unit Trust of India Specific Mutual Fund or United Linked Insurance Plan 1971 (ULIP)

Tuition Fee (excluding any development fee or donation or payment of similar nature)

# Unit of LIC Mutual Fund contributes to Unit Linked Insurance Plan up to a maximum of Rs.1,50,000 / –

# Informed Mutual Fund or Unit Trust of India Pension Fund Contribution.

# Subscription of Notified Deposit Scheme / Contribution of any Notified Deposit Scheme Pension Fund of National Housing Bank.

# Investment in Senior Citizen Savings Scheme Rules Maximum Rs  1,50,000 / –

Time Deposit Rules, 5 years time deposit in an account under Post Office 1981 Maximum Rs  1,50,000 / –

# Contribution to Sukanya SamridhiAccount Maximum Rs  1,50,000 / –

*However, Above all, the above payments have been consolidated without any sub-limit and may be subject to the following conditions. The maximum allowable discount for all of the above payments is Rs 150,000. U/s 80C,

**For instance,  The reduction in the premium payable for a life insurance policy will only apply to premium payments that do not exceed ten per cent of the actual capital insurance (issued on or after 1 April 2012) and 20 per cent of the actual capital insurance (before 1 April 2012).

In addition, The total discount for NPS contributions is Rs 200,000 and are available in two parts:

Within the overall range of INR 150,000 per annum for all cuts listed above;

Similarly,  After the tax year 2014-15, an additional rebate of up to Rs 50,000 per person is available for an individual’s contribution to the NPS.

Download Automated Income Tax Salary Arrears Relief CalculatorU/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-22

Data Input Sheet
Tax Exemption from Salary Arrears Relief U/s 89(1)
income Tax Exemption from the section 80C

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