Deductions in the new tax regime as per Union Budget 2023-24 | The Union Budget 2023 scrapped around 70 deductions in the new tax regime for individual taxpayers. Exclusions include deductions up to Rs 1.5 lakh under Section 80 C and benefits on health insurance premiums U/ Section 80D. However, some deductions are only available to taxpayers under the new tax regime. This article will help you understand some of the exemptions and deductions that are valid under the new tax regime. What is the new tax regime for the financial year 2023-24 (A.Y 2024-25)? The Union Government…
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Which is better- the old or the new tax? With Auto Calculate Income Tax Preparation Excel-Based Software All in One for the Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25
Which is better- the old or the new tax regime? Therefore, The Budget 2023 for the current financial year brought a major change for the assessee by introducing the new tax regime as voluntary compliance for all taxpayers. However, Although a private individual can choose to switch to the old tax regime if he/she wishes. In other words, There are advantages and disadvantages to both the old tax regime and the new tax regime, but it can be confusing for taxpayers to choose the most appropriate regime for themselves. Let us examine the various aspects…
Section 16 of the Income Tax Act| With Auto Calculate Income Tax Preparation Software All in One in Excel for the Non-Govt Employees for the F.Y.2023-24 & A.Y.2024-25
Section 16 of the Income Tax Act| Section 16 deductions help revise your taxable income to reduce your tax liability. Standard deduction Deduction from entertainment allowance paid by your employer Deduction at the professional rate from salary income Therefore, The standard deduction under Section 16(ia) – Under Section 16(ia), the standard deduction is the fixed deduction allowed from your salary income. It replaced transport allowance and medical treatment deductibles and was introduced by the Government in the Union Budget 2018. The amount of standard deduction allowed was Rs.50,000. You can deduct this amount…