Month: May 2023

Salary exemption under section 16 of the Income-tax Act, 1961|With Auto Calculate Income Tax Preparation Software in Excel All in One for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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87a

Salary exemption under Section 16 of the Income-tax Act, 1961 Section 16 of the Income Tax Act, 1961 deals with allowances and deductions on taxable wages. Under Article 16, salaried taxpayers and pensioners*, regardless of their tax status, can claim deductions from their taxable income. However, The section  For instance, consists of three components – standard deduction under section 16 of the Income Tax Act,  entertainment allowance, and business tax deduction. The sole purpose of Section 16 is to provide tax  relief to wage earners. Let’s understand the details in detail. * Above all, Pensions…

Standard Deduction Relief – A big relief for salaried taxpayers who will now get Rs 7.5 lakh tax relief under the new tax regime | Auto Calculate Income Tax Preparation Excel Based Software All in One for the West Bengal Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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Standard Deduction Relief: From April 2023 onwards, the process of calculating savings and income tax will start again. Due to the entry into force of the new default tax regime this year, there has been a lot of interest in this topic. The government has also given tax relief worth Rs 2 Lakh more than under the old regime. But somehow in the new scheme instead of 7, you can get a direct deduction of Rs 7.5 lakh. You may also like- Master of Form 16 Part A&B for the F.Y.2022-23 & A.Y.2023-24 which…

Arrears Relief U/s 89(1) as per the Income Tax Act with Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 FY. 2023-24 as per Budget 2023

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ARREARS RELIEF

 Arrears Relief U/s 89(1) as per the Income Tax Act | Taxpayers can claim a deduction under Section 89 of the Income Tax Act when they receive any part of their salary in advance or arrears. This rule also applies to arrears of family pensions. What is the relief under Section 89 of the IT Act? If an employee receives back pay or compensation along with their wages, they often pay more in taxes.  If the employee had received the amount in the relevant year, the additional tax would have been  spread over the years, which…

Which is better between the New and Old Tax Regime for F.Y.2023-24 and A.Y.2024-25? With Auto Calculate Income Tax Preparation Software in Excel for the All Salaried Persons for the F.Y.2023-24 and A.Y.2024-25

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TAX BENEFITS

Which is better between the New and Old Tax Regime for F.Y.2023-24 and A.Y.2024-25? Now is the time for many participants; Salaried individuals, in particular, have to choose between opting for the New Tax Regime or continuing with the Old Tax Regime. Through this article, the author wants to help them in their decision-making process. Therefore,  There is no change in the slab rates for the old tax regime. No tax for income of 0 to 2.5 Lakh, a tax rate of 5% for income of 2.5 to 5 Lakh, a tax rate of 20% for…

New income tax regime disallowed deductions |With Auto Calculate Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023

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TAX BENEFITS

New income tax regime disallowed deductions| Below is a list of key tax deductions that are claimed under the current tax regime but not under the new income tax regime: Therefore,  • Exemptions under Section VI-A, ie Section 80C; 80CCC; employee contribution 80CCD; 80D; 80DD; 80DDB; 80E; except under 80EEA, 80CCD(2) and 80JJAA; • Interest on home loans (Section 24 b); • Waiver of travel concession; • Housing rent subsidy; • Subsidy for the income of minors; • Standard discount;  In other words, Receiving an allowance for representation; • Exemption from SEZ unit; • Exemptions…

Income Tax Return for A.Y.2023-24: Major Update for ITR Filters, Income Tax Department has notified

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INCOME TAX RETURN FILE

 Income Tax Return: If you file your income tax return (ITR File) every year, you need to read this update. The ITR-2 offline form has been issued by the Indian Income Tax Department for filing income tax returns for the tax year 2022-23 (A.Y 2023-24). Last month, CBDT notified ITR-1 and ITR-4 forms. We inform you that ITR online forms are not issued by Income Tax. Currently, only Excel support has been released for ITR-1, ITR-2, and ITR-4  In this case, if a person wants to declare ITR immediately, he has to download the tool on the Income Tax…

Don’t take FD of any amount from any bank, take advantage of these rules and know the trick with Automatic Income Tax Software in Excel for the A.Y.2023-24 & A.Y.2024-25

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TAX BENEFITS

 Fixed deposit rate – If you are planning to take a fixed deposit ie. FD, you need to know a few things before you invest any money. If you invest in the smart investor’s way, you will not only earn more interest, but you will also get many other benefits. Due to features such as favorable interest rates, low risk of money sinking, and withdrawals whenever you want, fixed deposit is a preferred investment tool by investors. If you invest in FD wisely by understanding the banking rules properly, then not only will you…

Tax Exemption in different sections of Income Tax for the F.Y.2023-24 for the Old Tax Regime with Auto Calculate Income Tax Preparation Software in Excel All in One for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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ARREARS RELIEF

 Tax Exemption in different sections of Income Tax for the F.Y.2023-24 for the Old Tax Regime | A tax exemption is a benefit granted by the government to individuals or organizations to exempt some or all of their income from taxation. As per the Income Tax Act exemptions are provided under different sections in India. Including Sections 80C, 80D, 80E, 80G, and 80GG. These sections provide tax credits and deductions for certain types of investments and expenses, such as provident fund contributions, health insurance payments, interest payments on education loans, donations to charities, and rent paid by non-employees. You may also like- Auto Prepare…

Which is better, the new or old tax regime for salaried employees? With Excel-based automatic income tax preparation software for salaried employees for the financial year 2023-24 and assessment year 2024-25.

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ARREARS RELIEF

Which is better, the new or the old tax regime for salaried employees? Remember the new 2020 tax regime? If you missed it, now might be a good time to revisit it. The Union Budget 2023 re-introduced the new tax regime, making it superior to the existing one. Even if the old tax regime is in place, the incentives for the new one seem to be satisfactory. Trying to balance the new income tax regime with the old income tax regime? Let us help you understand the old and new tax regimes. Compare the…

Income Tax Section 80D for Old Tax Regime with automatic computation of U/s 89(1) Income Tax Arrears Relief Calculator with Form 10E for Financial Year 2023-24 and Assessment Year 2024-2024

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80D

Income Tax Section 80D for Old Tax Regime | The India Government has given various income tax deductions to facilities to that people to buy health insurance and take care of their health. But if you oft the new tax regime you are not eligible to avail of these benefits. If you choose the old tax regime, you can avail of these deductions to reduce your tax expense in F.Y. 2023-2024. Therefore, Section 80D of the Income Tax Act 1961 provides tax exemption to individuals for amounts paid for health insurance premiums and medical…