These deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115BAC, except for deduction u/s 80CCD (2), 80CCH which will be applicable for New Tax Regime as well. Tax deductions specified under Chapter VIA of the Income Tax Act Interest on loan u/s 24(b) allowable is tabulated below: Nature of PropertyĬonstruction or purchase of house property ![]() However, this deduction is not available for person opting for New Tax Regime. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. ![]() Investments / Payments / Incomes on which I can get tax benefit Health & Education cess 4% shall also be paid on the amount of income tax plus Surcharge (if any) The amount payable as Surcharge shall not exceed the amount of income earned exceeding ₹ 50 lakh, ₹ 1 crore, ₹ 2 crore or ₹ 5 crore respectively Marginal relief is a Relief from Surcharge, provided in cases where the Surcharge payable exceeds the additional income that makes the person liable for Surcharge. Maximum rate of Surcharge on Income by way of Dividend or Income under the provisions of Sections 111A, 112, and112A is 15%.Note: Kentucky, Illinois, and Tennessee tornado victims have until to file 2021 individual income tax returns, as well as various 2021 business returns. Last day to contribute to Roth or traditional IRA or HSA for 2021. 25% - Taxable Income above ₹ 2 crore - up to ₹ 5 crore 17, 2022 for individuals whose tax return deadline is April 18, 2022.15% - Taxable Income above ₹ 1 crore - up to ₹ 2 crore.10% - Taxable Income above ₹ 50 lakh – up to ₹ 1 crore.Surcharge is an additional charge levied for persons earning Income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates ![]() Central & State Government Department/Approved Undertaking Agency.Deductions on which I can get tax benefit Tax rates for married individuals filing joint returns, heads of households, unmarried individuals, married individuals filing separate returns, and estates and trusts.
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