Income Tax

 Retirement Employees Income Tax Calculation Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction and with CPS Employees Additional Benefit 80 CCD (1B).

Rates of income tax for the Financial year 2021-22 | Assessment Year 2022-23

No change in the Income Tax Slabs rate and exemption limit for Individual  Person in Assessment Year 2021-22 and Financial year 2021-22. There is no change in the rate of Education Cess and Secondary 2%  & Higher Education cess 1% on . Official Income Tax of India Indusual Income Tax.Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction Income Tax 2020-21 .Educational Loan and Two Children Tuition fee Reimbursement No tax

Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2021-22

S. No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 250,000	No Income Tax
2.	Rs. 250,001 to 500,000	5%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2021-22

S. No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 300,000	No Income Tax
2.	Rs. 300,001 to 500,000	5%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

80C & 80CCE- Maximum Exemption up to Rs.150000

Investments up to Rs.1.5 lac in PF, VPF, PPF,   Employee Contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.

Ø Provident Fund (PF) & Voluntary Provident Fund (VPF)

v  Postal Life Insurance ( PLI )

v  APGLI / TGLI

v  Life Insurance Premiums

v  Unit linked Insurance Plan

v  Public Provident Fund (PPF)

v  National Savings Certificate (NSC)

v  Home Loan Principal Repayment & Stamp Duty and Registration

v  Tuition fees for Two children

v  Equity Linked Savings Scheme (ELSS)

v  5-Yr bank fixed deposits (FDs)

v  Pension Funds or Pension Policies – Section 80CCC

v  Infrastructure Bonds

v  NABARD rural bonds

v  Senior Citizen Savings Scheme 2004 (SCSS )

Income Tax Deductions Section wise Details below :

Section	Deduction on	FY 2021-22
80CC	For amount deposited in annuity plan of LIC or any other insurer for pension from a fund referred to in Section 10(23AAB).	–
80CCD(1)	Employee’s contribution to NPS account (maximum up to Rs 1,50,000)	–
80CCD(2)	Employer’s contribution to NPS account	Maximum up to 10% of salary
80CCD(1B)	Additional contribution to NPS	Rs. 50,000
80TTA(1)	Interest Income from Savings account	Maximum up to 10,000
80GG	For rent paid when HRA is not received from employer	Least of rent paid minus 10% of total income Rs. 5000/- per month 25% of total income
80E	Interest on education loan	Interest paid for a period of 8 years
80EE	Interest on home loan for first time home owners	Rs 50,000
80CCG	Rajiv Gandhi Equity Scheme for investments in Equities	Lower of – 50% of amount invested in equity shares or Rs 25,000
80D	Medical Insurance – Self, spouse, children Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old	Rs. 25,000 Rs. 30,000
80DD	Medical treatment for handicapped dependant or payment to specified scheme for maintenance of handicapped dependant Disability is 40% or more but less than 80% Disability is 80% or more	Rs. 75,000 Rs. 1,25,000
80DDB	Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD For less than 60 years old more than 60 years old  For more than 80 years old	Lower of Rs 40,000 or the amount actually paid Rs 60,000 lower or the amount actually paid Lower of Rs 80,000 or the amount actually paid
80U	Self suffering from disability Individual suffering from a physical Disability (including,blindness) or  mental retardation Individual suffering from severe disability	Rs,75,000     Rs. 1,25,000
80GGB	Contribution by companies to political parties	Amount contributed (not allowed in cash)
80GGC	Contribution by individuals to political parties	Amount contributed (not allowed in cash)
80RRB	Deduction on Income by way of Royalty of a Patent	Lower of Rs 3,00,000 or income received