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:
It may be noted that in the case where the person chooses the new tax system, Therefore, the person does not have the scope of the prescribed exemption and deduction.
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General discount from income 80C.
What is the general discount from the permitted income in India?
# 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.