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TaxGenie presents the avenues for tax saving by way of tables (representing each avenue) one below another. All the data provided in the TaxGenie window are annual figures. Please scroll down the TaxGenie window to see all the tax-saving avenues.
The table pertaining to each tax-saving avenue contains 3 columns.
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"Benefit" refers to the extent to which your taxable income can be reduced. When the taxable income gets reduced your tax liability too gets reduced. The term Max Benefit refers to the maximum extent to which your taxable income can be reduced as per the Income Tax Act.
In the screenshot above, the maximum benefit (or the maximum extent to which the taxable salary can be reduced for the purpose of calculating tax) available as per the Income Tax Act under sections 80C, 80CCC and 80CCD(1) is Rs 150,000 for the year.
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"Benefit" refers to the extent to which your taxable income can be reduced. When the taxable income gets reduced your tax liability too gets reduced. The term Benefit Provided refers to the extent to which your taxable income has been reduced as per the investment declaration you have made. The Benefit Provided amount cannot exceed the Max Benefit amount.
In the screenshot above, the employee's Public Provident Fund contribution and life insurance premium paid for the year have been considered by HRWorks for tax saving. In other words, while the Max Benefit amount is Rs 150,000 (under sections 80C, 80CCC and 80CCD(1)), the employee has availed a benefit of Rs 99,000.
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In other words, Benefit Remaining = Max Benefit - Benefit Provided.
In the screenshot above, the employee can avail additional tax benefit to the extent of Rs 51,000 (under sections 80C, 80CCC and 80CCD(1)), since the employee has availed a benefit of only Rs 99,000. In other words, the employee can invest up to Rs 51,000 in avenues available under sections 80C, 80CCC and 80CCD(1) in order to reduce her tax liability.
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