Category: Arrears Relief Calculator U/s 89(1)

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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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…

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…

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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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…

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

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ARREARS RELIEF

 Old vs. New Income Tax Regime Which Tax Regime is Better for the A.Y.2024-25? In the Finance Bill, 2023| New Tax Regime has been introduced with some benefits compared to the previous New Tax Regime. The earlier New Tax regime was not so attractive but the latest amendment has made this new regime more attractive to change from the old regime for most people with a gross salary of 15.5 Lakh.  Therefore,               Particulars                                                             Old Regime      New Regime Net profit for discount is                                                          Rs. 5 Lakh.    Rs.7 Lakhs In other words, the Reduction of standard                              Rs.…

Understanding Income Tax Arrears Relief Calculation U/s 89(1) with the Form 10E | With the automatic calculation of U/S 89(1) back tax exemption with Form 10E for the F.Y. 2023-24 and A.Y. 2024-25

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ARREARS RELIEF

Under Section 89(1) as per the Income Tax Act 1961: Understanding Income Tax Arrears Relief Calculation U/s 89(1) with Form 10E | Therefore, According to the Income Tax Law, a person must pay taxes on their income earned in a fiscal year. However, there may be cases where an employee has received back or anticipated wages from a prior financial year. In these cases, the employee’s tax liability may increase significantly due to the tax slab rates. To provide relief in such cases, the Income Tax Act 1961 has a provision in Section 89(1).…

Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E for the F.Y.2022-23

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Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E | What if they pay you late? If really,  you may be worried about the tax consequences of it. Do you have to pay taxes on the total tax base?  Shouldn’t something be said about last year’s tax checks and such? For taxpayers with these requests in  mind here’s everything you need to know. Therefore, Now, you would have recently resolved that income tax is calculated on a taxpayer’s total income for a given year. Income can be a salary or family annuity or…

Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23 with Section 80 CCD

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 Income Tax Arrears Relief Calculator U/s 89(1) | Paying taxes is part of adult life. Any citizen, who  earns income above a certain threshold, whether through employment, a self-employed person or a  the businessman will be liable for tax. But the schemes were announced by the Government of India. Not  only does this help save taxes, but these pension plans also encourage saving for retirement Therefore, 1. What is Section 80CCD? In other words, Section 80CCD of the Income Tax Act, 1961 allows individuals to get tax relief by investing in National Pension System…

Download Automatic Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23

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What is Section 89? Download Automatic Arrears Relief Calculator U/s 89(1) with Form 10 E | For the purposes of the Income Tax Law, income tax is levied on the total income earned or received during the previous year by the taxable person. There are cases when past debts are paid to an employee in the current year as salary arrears.  In other words, In this case, the income tax payable by the employee will in this case be higher in the current year. This may be due to a change in…

Home loan in case of joint ownership | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23

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 Home loan in case of joint ownership: If the mortgage is taken out for the purpose of buying, building, renovating, renovating, or renovating, interest is allowed under section 24 of the Income Tax Act of 1961. However, if the property is owned by a co-owner, the Home Loan Interest deduction is allowed if the property is jointly owned with each of the co-owners. Income Tax Regulation: Under section 24 of the Income Tax Law, the maximum amount of interest allowed in the case of own property is Rs 2,00,000 per co-owner, subject to…