income tax 2022-23.xlsx

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1	WELCOME
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3	Income Tax Financial Year 2022-23
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5	Income Tax Assessment Year 2023-24
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7	Y.S.S.CHAITHANYA M.Sc., M.A., B.Ed.,	Every time work with Copied (from Original) file Only
8	CJL in Physics, Govt., Jr. College, Madhavaram, W.G.Dist
9	Cell : 9491719219		Don't use once used File
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12	Standard Deduction			Read about Standard Deduction
13	The Indian Finance Minister, while presenting the Union Budget 2018, announced a standard deduction amounting to Rs. 40,000 for salaried employees. This was in the place of the transport allowance (Rs. 19,200) and medical reimbursement (Rs. 15,000). As a result, salaried people could avail an additional income tax exemption of Rs. 5,800 in FY 2018-19. The limit of Rs. 40,000 has been increased to Rs. 50,000 in the Interim Budget 2019.
14	Section 80C, 80CCC and 80CCD(1)				Read about Deductions 80C, 80CCC
15	Section 80C is the most extensively used option for saving income tax. Here, an individual or a HUF (Hindu Undivided Families) who invests or spends on stipulated tax-saving avenues can claim deduction up to Rs. 1.5 lakh for tax deduction. The Indian government too supports a few as the tax saving instruments (PPF, NPS etc.) to encourage individuals to save and invest towards retirement.
16	Expenditures/investment u/s 80C isn’t allowed as a deduction from income arising due to capital gains. It means that if the income of an individual comprises of capital gains alone, then Section 80C cannot be used for saving tax. Some of such investments are given below which are eligible for an exemption under Section 80C, 80CCC and 80CCD(1) up to a maximum of Rs 1.5 lakh.
17	Life insurance premium			Contribution to PPF Account
18	Equity Linked Savings Scheme (ELSS)			Sukanya Samriddhi Account
19	Employee Provident Fund (EPF)			NSC (National Saving Certificate)
20	Annuity/ Pension Schemes			Fixed Deposit (Tax Savings)
21	Principal payment on home loans			Post office time deposits
22	Tuition fees for children			National Pension Scheme
23	Medical Insurance Deduction (Section 80D)
24	Section 80D is a deduction you can claim on medical expenses. One could save tax on medical insurance premiums paid for the health of self, family and dependent parents. The limit for Section 80D deduction is Rs 25,000 for premiums paid for self/family.
25	For premiums paid for senior citizen parents, you can claim deductions of up to Rs 50,000. Additionally, health checkups to the extent of Rs 5,000 are also allowed and covered within the overall limit.
26	Interest on Home Loan (Section 80C and Section 24)
27	Another key tax saving tool is the interest paid on home loans. Homeowners have the option to claim up to Rs. 2 lakh as a deduction for interest on home loan for self-occupied property. If the house property is let out, you can claim a deduction for the entire interest pertaining to such a home loan.
28	Deduction for Loan for Higher Studies (Section 80E)
29	Income Tax Act provides a deduction for interest on education loans. The significant conditions attached to claiming such deduction are that the loan should have been taken from a bank or a financial institution for pursuing higher studies (in India or abroad) by the individual himself or his spouse or children.
30	One may begin claiming this deduction beginning from the year in which the loan starts getting repaid and up to the next seven years (i.e. total of 8 assessment years) or before repayment of the loan, whichever is earlier. Even a legal guardian could avail this income tax deduction.
31	Deduction for Donations (Section 80G)
32	Section 80G of the Income Tax Act, 1961 offers income tax deduction to an assessee, who makes donations to charitable organizations. This deduction varies based on the receiving organisation, which implies that one may avail deduction of 50% or 100% of the amount donated, with or without restriction.
33	Deduction for House Rent (Section 80GG) HRA is not a part of Salary
34	80GG is a deduction under Chapter VI-A of the Income Tax Act, 1961. It has been introduced to provide relief to those individuals who do not receive any house rent allowance but are paying rent for the stay. Thus, an individual can claim a deduction for rent paid even if he or she does not get house rent allowance. Claim up to Rs. 60,000/- only ( Rs. 5000/- Per Month only)
35	Deduction on Savings Account Interest (Section 80TTA)
36	Section 80TTA of the Income Tax Act, 1961 offers a deduction of up to INR 10,000 on income earned from savings account interest. This exemption is available for Individuals and HUFs.
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