Category: Automated House Rent Exemption Calculator U/s 10(13A) in Excel

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

admin
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…

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

admin
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…

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

admin
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…

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

admin
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…

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

admin
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.…

Changes in the new tax regime: everything you need to know | Excel-based Income Tax preparation program for Non-Govt Employees (private) employees for F.Y.2023-24 and A.Y.2024-25

admin
ARREARS RELIEF

 Changes in the new tax regime: everything you need to know | A new tax regime has been introduced through the Union Budget 2020. In this tax regime, the income tax rates are lower and if a person opts for this regime, he will have to lose most of the benefits. Who can choose the new tax regime? Only individuals and Indian Undivided Families (HUFs) can opt for the new tax regime. That is partnership firms, companies, associations of individuals, legal entities, and trusts cannot opt for this tax regime. Are there any changes…

Income tax rebate U/s 87A| With Automated Income Tax Preparation Software All in One in Excel for the Govt & Non-Govt Employees for the F.Y.2022-23

admin

 Income tax rebate U/s 87A | The Income Tax Act of 1961 allows for several types of tax credits so that  taxpayers can reduce their taxable income and therefore their tax liability. Therefore, one such provision under the Income Tax Act is the tax credit permitted under section 87A of the Act. Let’s see what this discount is about – What is the u/s 87A tax credit?  In other words, a tax deduction is a type of discount offered on your tax liability. If your annual income, net of deductions and exemptions, does not exceed INR 5…

Download and prepare 50 or 100 employees at a time Form 16 Parts A and B or Part B for the Fiscal Year 2021-22

admin

Download and prepare 50 or 100 employees at a time Form 16 Parts A and B or Part B for the Fiscal Year 2021-22 | In the Fiscal Year 2021-22, the location of CBDT Form 16 (Principal Lead Authority for Direct Taxes), which is “TDS Payment Authentication”, has been corrected. the unit is paid to and separated from the delegate, and the full tax benefits of that unit in the region are declared by the taxpayers. Therefore,  However, Pay for TDS authentication on the specified date and after it has happened. CBDT…

What is Form 16 for Income Tax? With Auto Calculate Form 16 Part B for the F.Y.2021-22

admin

What is Form 16 for Income Tax? Form 16 is nothing more than a certificate issued by your  an organization providing information about the salary you received during the financial year and the  amount of TDS withheld from your salary. In the event that the income from your annual salary exceeds the original withholding tax limit; then, your employer is required to deduct TDS from your salary and pay it to the Government of India. Employers provide 16 forms to their employees as proof of filing a tax return. If your annual income is…

Income tax exemptions under head salary| With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10 E for the F.Y.2022-23

admin

Income tax exemptions under head salary | Income tax exemption below Rs.2.5 Lakh | Salary-Based Income Tax Exemption Individuals who choose to tax income under the new tax regime will not be able to take advantage of some of the popular exemptions under the Income Tax Act, 1961. For the new tax system U/s 115 BAC Therefore, Section 80C – Rs. 1.50.000/- (For example Insurance, PPF (General Insurance Fund), National Conservation Certificate, etc.) Section 80D – Rs. 25.000-50.000/- (doctor) Standard discount – 50.000 / Discount allowance (LTA) House rental allowance (HRA)…