Automatic Income Tax Preparation Excel Based Software for the Govt and Non-Govt employees.
Income tax deduction for payment of health insurance premium is defined under 80D
Section 80D of the IT Act provides a rebate of Rs 25,000 on premiums paid for insurance for the health of self, spouse and dependent children.
The Income Tax Act commends people for buying health insurance by allowing them to deduct premiums on their insurance policies. Section 80D of the IT Act provides a rebate of Rs 25,000 on premiums paid for insurance for the health of self, spouse and dependent children.
The paragraph allows for deductions for a premium up to a further Rs 25,000 paid for the health insurance policy of the assessee’s parents. It does not matter whether you are dependent on your parents or not.
Deduction for payment of premium for a health insurance policy if the parent is a senior citizen
Section 80D of the Income Act provides for an extended deduction of Rs. 50,000 if one of the assessee's parents is a senior citizen.
A person residing in
Deduction in payment for preventive health examination
The Rs 5,000 deduction is calculated within the overall limit of Rs 25,000 or Rs 50,000.
Deduction in the cost of treatment
Section 80DDB is entitled to the deduction of Income Tax on the treatment of a person as per the Income Tax Act or at the expense of the dependent person. The cost of deduction can be taken for the actual amount paid or Rs 40,000, whichever is less.
The maximum discount for a senior citizen is Rs 1 lakh.
The amount of deduction will be reduced by the amount paid by an insurance company or by the amount paid by the employer.
A person with a disability who is a dependent cut for his treatment
Discounts up to a maximum of Rs 75,000 will be allowed under the department. In case of severe disability, the maximum exemption limit is increased to Rs 1.25 lakh. Severe disability means where the disability percentage is 80% or more.
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime
3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.
4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22
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