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…

Old vs New Income Tax Regime Which Tax Regime is Better for the A.Y.2024-25? With Auto calculate Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23 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.               Particulars                                                             Old Regime      New Regime Net profit for discount is                                                          Rs. 5 Lakh.    Rs.7 Lakhs Reduction of standard                                                               Rs. 50,000     Rs.…

Old vs. New Income Tax Slab: Salary Is Best for A.Y.2024-25 and checks your tax liability by this Excel Utility for the F.Y.2023-24 and A.Y.2024-25

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TAX BENEFITS

Old vs. New Income Tax Slab – Everyone’s eyes are on the tax slab and the budget. Currently, there are two income tax slabs in the country. There are different provisions in both cases. If a person’s salary is 50 thousand, then how much tax will be deducted from the new or old tax slab? Let us tell you this. Therefore,  Budget 2023: The general budget will be presented on February 1. The fiscal year 202-23 is about to end. This time, people are hoping that the income tax exemption…

Deduction under Section 16 of the Income Tax Act: Understand the benefits and eligibility criteria with Excel Income Tax preparation software for government and non-government employees for F.Y.2023-24 and A.Y.2024-25

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Income Tax Deductions

Deduction under Section 16 of the Income Tax Act: Understand the benefits and eligibility criteria with  Excel Income Tax preparation software for government and non-government employees for F.Y.2023- 24 and A.Y.2024-25. Exemption under Section 16 of the Income Tax Act: Understanding Benefits and Eligibility Criteria | Therefore, The Income Tax Act of 1961 provides various exemptions to taxpayers to reduce their taxable income and save taxes. In other words, One such benefit is available under Section 16 of the Income Tax Act, which allows employees to claim deductions from salary income. In this…

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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 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.…

New tax regime: Update! Income tax provided excellent information on the TDS of employees. With Auto Calculate Income Tax tools in Excel as the all-in-one for the F.Y.2023-24 and A.Y.2024-25

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Form 16 New

New tax regime: Update! Income tax provided excellent information on the TDS of employees. Note that the new tax section is the default, so if you don’t want to choose the new tax section and want to keep the old one, you can choose the old tax section. Let’s find out all about it. What new or old tax regime do you want to choose for taxation, now your company will ask you this question. In this regard, the Income Tax Department has recently issued a notification. The Income Tax…

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

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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…

The new tax regime for senior citizens: Income tax calculator for the tax year 2023-24 in new and old tax regime with tax slabs and tax exemptions as per Budget 2023

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The New Tax Regime for Senior Citizens: as per the Union Budget, 2023, the Government has modified the income tax slab rates for taxpayers under the New Tax Regime. Therefore,  New tax regime for senior citizens: Through the Finance Bill, 2023, the Government has revised the income tax rates under the new tax regime for taxpayers, including senior citizens. Now there are 5 rates ranging from 5% to 30%, and income up to 7 Lakh is tax-free for those who opt for the New Tax Regime. In other words, Under the previous tax regime, residents…