Tax benefits of the Public Provident Fund (PPF) U/s 80C with Automatic Income Tax Calculator All in One for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 in Excel

Income Tax Deductions

A tax benefit of the Public Provident Fund is popular for a Maximum number of individuals who want to earn high but stable returns. Saving the principal amount properly is the main objective of individuals who open a PPF account. Importance of PPF Account Therefore, A mutual fund scheme is ideal for low-risk individuals. This plan provides a guaranteed income to meet the financial needs of people in India as mandated by the government. Moreover, the money deposited in the PPF account is also not linked to the market. In other words, Investors can also opt for a government…

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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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…

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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 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…

Deductions in the new tax regime as per Union Budget 2023-24 with all-in-one automatic calculation income tax preparation software for Non-Government employees for F.Y.2023-24 and A.Y.2024-25

 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…

Income tax exemptions and deductions allowed to a salaried person under the old tax regime for the financial year 2023-24 with Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2023-24

Welcome to our guide to Indian income tax allowances and deductions. As taxpayers, it is important to understand the various deductions and deductions available to us as they can significantly reduce our tax liability. In this article, we cover everything you need to know about income tax deductions and credits so that you can make the right decisions when filing your tax return. Therefore, Understanding Income Tax Deductions Income tax deductions are specific deductions that can reduce your taxable income. The following are some of the most common income tax…

Don’t take FD of any amount from any bank, take advantage of these rules and know the trick with Automatic Income Tax Software in Excel for the A.Y.2023-24 & A.Y.2024-25

Fixed deposit rate – If you are planning to take a fixed deposit ie. FD, you need to know a few things before you invest any money. If you invest in the smart investor’s way, you will not only earn more interest, but you will also get many other benefits. Due to features such as favorable interest rates, low risk of money sinking, and withdrawals whenever you want, fixed deposit is a preferred investment tool by investors. If you invest in FD wisely by understanding the banking rules properly, then…

Download form 16 for 50 employees part B, for the financial year 2022-23, and prepare it at once

 Download Form 16 for 50 employees Part B, for the financial year 2022-23 and prepare it at the same  time. This Excel utility can readily prepare Employee Form 50 16 Part B in the revised format for  Fiscal Year 2022-23 and Assessment Year 2023-24 Download and Prepare at a time 50 Employees Automatic Income Tax Form 16 Part B for the financial year 2022-23 Feature of this excel utility:- 1) This Excel utility can prepare 50 employees at a time, Form 16, Part B, according to the 2022-23 budget 2) This utility can be…

Section 80E deduction of study loan interest | With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2022-23

 Section 80E deduction of study loan interest | Section 80E gives you a tax deduction on an “interest  item” charged on a loan taken out for the higher education of an individual valued. Educational credits  earned for higher studies in India or abroad are both eligible for deduction under this section. Therefore, What is Section 80E of Income Tax? Section 80E is an income tax exemption that applies to the deduction of an “interest item” paid by higher education borrowers to notified financial or charitable organisations. Interest paid on student loans taken out…

File income tax return by the last date otherwise you may get notice

[ad_1] House , do , Income tax , File income tax return by the last date otherwise you may get notice File Income Tax Return by 31st July for the current financial year. If you have not filed ITR yet, do so as soon as possible. According to tax experts, you should take some important precautions while filing ITR. Because if you do any mistake then you may have to face trouble. Today we are telling you about 8 such things that you should keep in mind while filing income…