Six income tax exemptions allowed in the New Tax Regime as per Budget 2023 | The new tax system may have been introduced as a simpler, less burdensome alternative for taxpayers, but it is not necessarily without tax elimination. From the financial year 2023-2024, the new regime will become the standard tax system. That is, the rates and rules of this system will apply unless you explicitly choose the former regime, which offers various exemptions. You may also like: – Automatic Income Tax Master of Form 16 Part B for the Financial Year 2022-23[ This…
Tag: Income Tax Calculator for the Assessment Year 2024-25
DOWNLOAD THE INCOME TAX CALCULATOR FOR THE A.Y.2024-25 WITH INCOME TAX READY RECKONER FOR F. Y. 2023-24 (A.Y. 2024-2025)
DOWNLOAD THE INCOME TAX CALCULATOR FOR THEA.Y.2024-25 WITH INCOME TAX READY RECKONER FOR F. Y. 2023-24 (A.Y. 2024-2025). A quick review (Limited Information) of the applicable provisions under the Income Tax Act, 1961 for the F. Y. 2023-24 (A. Y. 2024-25), after incorporating amendments (only key and selective amendments) proposed by the Union Budget of 2023, are given below for ready reference and information.:- (NOTE: The Budget of 2023 has made the New Tax Regime u/s 115BAC a “Default Regime” and the Old Tax Regime has become “Tax Inefficient” for Assessees (other than having brought forward and carried…