Tag: Download Auto Calculate Income Tax Calculator for the Govt & Non-Govt Employees for the A.Y.2024-25

Understanding Income Tax Arrears Relief-A Comprehensive Guide| with Auto Calculate Form 10E for the F.Y.2023-24

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Understanding Income Tax Arrears Relief: A Comprehensive Guide |In the realm of personal finance and taxation, navigating the intricacies of income tax can often be a daunting task. Therefore, One concept that individuals should be well-informed about is “Income Tax Arrears Relief.” This article aims to shed light on what income tax arrears relief entails, its significance, and how it can be leveraged to alleviate financial burdens. Table of Contents Understanding Income Tax Arrears Relief 1. Introduction In other words, Income tax arrears relief refers to the legal provision that allows taxpayers to alleviate the burden of…

U/s 80GG – Tax benefits on paid house rent for self-employed persons| With Income Tax Auto Calculate Arrears Relief Calculator U/s 89(1) from the F.Y.2000-01 to F.Y.2023-24

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TAX BENEFITS

U/s 80GG – Tax benefits on paid house rent for self-employed persons. When it comes to tax deductions for people living in rented properties, there is good news for both salaried and self-employed people. While salaried taxpayers can claim a tax credit exemption (HRA), self-employed individuals are also subject to the tax exemption provision. Let’s explore the details of this rule and the conditions that need to be met. Therefore,  Who can get the benefit of U/s 80GG? Pursuant to Section 80GG of the Income Tax Act, persons who do not own residential premises where they…

Download Auto Calculate and Automatic Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2023-24 with  Benefits to New Tax Regime U/s 115 BAC for the F.Y.2023-24 as per Budget 2023

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TAX BENEFITS

Download Auto Calculate and Automatic Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2023-24 with  Benefits to New Tax Regime U/s 115 BAC for the F.Y.2023-24 as per Budget 2023 |The Finance Bill 2023, presented by Mr. FM on February 1, 2023, proposes changes in the area of Personal Taxation to make the new 115BAC personal tax regime more palatable to taxpayers. Therefore, The mandatory forfeiture of several deductions to taxpayers who opt for the new u/s 115BAC tax regime introduced in the 2020 Finance Act has made the new regime less popular with…

Section 87A allowed the New Tax Regime up to Rs.25000/- as per Budget 2023| With Auto Calculate Income Tax Preparation Software in Excel for the Non-Govt(Private) Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023

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Tax Rebate

Section 87A allowed the New Tax Regime up to Rs.25000/- whose taxable Income is not above 7 Lakh as per Budget2023| If your taxable income is less than Rs 5 lakh in tax year 2022-23 (accounting year 2023-24),  Therefore, you may be eligible for a tax rebate under Section 87A of the Tax Act of Income of 1961. This reduction can give you a maximum benefit of Rs 12,500 irrespective of whether you follow the old and new tax regime rebate of Rs.25000/- whose taxable income mot above 7 Lakh. However, there are certain types of income that do not…

What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25 with Auto Calculate Income Tax Preparation Excel-Based Software All in One for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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chapter Vi A

The central government introduced a new tax regime with concessional tax rates under section 115BAC in the 2020 budget. Therefore, In the income tax regime of UnionBudget 2023, the government has made the following important  changes for the financial year (F.Y) 2023-24: Therefore, Complete exemption from income tax up to Rs. 7 lakhs has been provided under the new tax regime under Section 87A of the Income-tax Act, 1961. In other words, Limits on tax exemptions under the old tax system for the 2023-24 tax year Limits on tax exemptions under the new tax system for the 2023-24…

Tax Exemption as per the old tax regime for the F.Y.2023-24 and A.Y.2024-25 with Auto Calculate Income Tax Preparation Software All in One for the Non-Govt Employees for the F.Y.2023-24

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Income Tax Deductions

Tax Exemptions as per old tax regime for the F.Y.2023-24 and A.Y.2024-25 | When it comes to tax planning, deductions under Section 80C, 80CCC, 80CCD, and 80D are some of the most popular options for tax savings. These deductions allow taxpayers to reduce their tax base by investing in various financial instruments and insurance policies. You may also Download – Automated Income Tax Arrears Relief Calculator U/s 89(1) with form 10E from the F.Y.2000-01 to F.Y.2023-24 (Updated Version)  However, with so many options available, choosing the right one to meet your financial goals and tax savings can be confusing.…

Income Tax Exemption from income on salary with Auto Calculated Income Tax Preparation Software in Excel for the Government and Non-Government Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023

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TAX BENEFITS

 Income Tax Exemption from Income on Salary |Housing Allowance-HRA [Section 10(13A) and Rule 2A]. Prescribed special grants which are exempt to some extent – Section 10(14). Entertainment exemption, Exemption in case of certain individuals You may also like-Download and Prepare at a time 50 Employees Form 16 Part B for the Financial Year 2022-23 Therefore, Grants that are fully taxable An allowance is a fixed monetary amount paid by the employer to the employee to cover certain expenses, whether personal or for the performance of his duties. These allowances are generally taxable and should be included…

What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25 with Auto Calculate Income Tax Preparation Excel-Based Software All in One for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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Tax Rebate

The central government introduced a new tax regime with concessional tax rates under the section 115BAC in the 2020 budget. Therefore, In the income tax regime of UnionBudget 2023, the government has made the following important changes for the financial year (F.Y) 2023-24: Therefore, Complete exemption from income tax up to Rs. 7 lakhs has been provided under the new tax regime under Section 87A of the Income-tax Act, 1961. In other words, Limits on tax exemptions under the old tax system for the 2023-24 tax year Limits on tax exemptions under the new tax system for the 2023-24…

Income Tax Exemption from income on salary with Auto Calculated Income Tax Preparation Software in Excel for the Government and Non-Government Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023

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Tax Rebate

 Income Tax Exemption from Income on Salary |Housing Allowance-HRA [Section 10(13A) and Rule 2A]. Prescribed special grants which are exempt to some extent – Section 10(14). Entertainment exemption, Exemption in case of certain individuals You may also like-Download and Prepare at a time 50 Employees Form 16 Part B for the Financial Year 2022-23 Therefore, Grants that are fully taxable An allowance is a fixed monetary amount paid by the employer to the employee to cover certain expenses, whether personal or for the performance of his duties. These allowances are generally taxable and should be included…

Download Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2023-24 and A.Y.2024-25 with Deduction from Salary Income (Section 16)

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ARREARS RELIEF

 Download Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2023-24 and A.Y.2024-25 with Deduction from Salary Income (Section 16). According to Section 89(1) of the Income Tax Act, 1961, relief for income tax is available in the financial year when the salary is received or received in advance. Therefore, Under Rule 21AA of the Income Tax Rules, 1962, Form 10-E is filed for claiming relief. In other words, According to the Act, either a public servant or an employee of a society, co-operative society, local authority, university, institution,…