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…

Section 80EE-An additional income tax deduction for home loan interest| With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(ia) with Form 10E for the F.Y.2023-24 and A.Y.2024-25 in Excel.

ARREARS RELIEF

 Section 80EE-An additional income tax deduction for home loan interest|Indeed, the fortunes of buying your first home are different. Especially after going through the daunting process that begins – finding a home that fits your budget and meets your needs – to the more tiring steps of getting a home loan. However, this can be beneficial for a first-time home loan buyer. A tax deduction is available under section 80EE for interest paid on loans (received by a first-time taxpayer) for the purpose of purchasing a residential property. You (the taxpayer) can claim a deduction of up…

Section 80DD Expenses – Claim tax deduction on medical expenses for disabled persons| With Auto Calculate Income Tax Software All in One for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 in Excel

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Section 80DD Expenses – Claim tax deduction on medical expenses for disabled persons| Individuals or HUFs can claim an exemption under Section 80DD of the Income Tax Act for a disabled person who is wholly dependent on the Individual/HUF for support and services. Therefore, the Conditions for claiming exemption under section 80DD  To avail of this discount, need to the following conditions: • Taxpayers are entitled to payment, not taxpayers. • If the taxpayer claims exemption under section 80U for himself, the taxpayer cannot claim this exemption. In other words, Taxpayers include spouses, children, parents, siblings,…

Salary exemption under section 16 of the Income-tax Act, 1961|With Auto Calculate Income Tax Preparation Software in Excel All in One for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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Salary exemption under Section 16 of the Income-tax Act, 1961 Section 16 of the Income Tax Act, 1961 deals with allowances and deductions on taxable wages. Under Article 16, salaried taxpayers and pensioners*, regardless of their tax status, can claim deductions from their taxable income. However, The section  For instance, consists of three components – standard deduction under section 16 of the Income Tax Act,  entertainment allowance, and business tax deduction. The sole purpose of Section 16 is to provide tax  relief to wage earners. Let’s understand the details in detail. * Above all, Pensions…

Standard Deduction Relief – A big relief for salaried taxpayers who will now get Rs 7.5 lakh tax relief under the new tax regime | Auto Calculate Income Tax Preparation Excel Based Software All in One for the West Bengal Govt Employees for the F.Y.2023-24 and A.Y.2024-25

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Standard Deduction Relief: From April 2023 onwards, the process of calculating savings and income tax will start again. Due to the entry into force of the new default tax regime this year, there has been a lot of interest in this topic. The government has also given tax relief worth Rs 2 Lakh more than under the old regime. But somehow in the new scheme instead of 7, you can get a direct deduction of Rs 7.5 lakh. You may also like- Master of Form 16 Part A&B for the F.Y.2022-23 & A.Y.2023-24 which…

Which is better between the New and Old Tax Regime for F.Y.2023-24 and A.Y.2024-25? With Auto Calculate Income Tax Preparation Software in Excel for the All Salaried Persons for the F.Y.2023-24 and A.Y.2024-25

TAX BENEFITS

Which is better between the New and Old Tax Regime for F.Y.2023-24 and A.Y.2024-25? Now is the time for many participants; Salaried individuals, in particular, have to choose between opting for the New Tax Regime or continuing with the Old Tax Regime. Through this article, the author wants to help them in their decision-making process. Therefore,  There is no change in the slab rates for the old tax regime. No tax for income of 0 to 2.5 Lakh, a tax rate of 5% for income of 2.5 to 5 Lakh, a tax rate of 20% for…

New income tax regime disallowed deductions |With Auto Calculate Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 as per Budget 2023

TAX BENEFITS

New income tax regime disallowed deductions| Below is a list of key tax deductions that are claimed under the current tax regime but not under the new income tax regime: Therefore,  • Exemptions under Section VI-A, ie Section 80C; 80CCC; employee contribution 80CCD; 80D; 80DD; 80DDB; 80E; except under 80EEA, 80CCD(2) and 80JJAA; • Interest on home loans (Section 24 b); • Waiver of travel concession; • Housing rent subsidy; • Subsidy for the income of minors; • Standard discount;  In other words, Receiving an allowance for representation; • Exemption from SEZ unit; • Exemptions…

Income Tax Return for A.Y.2023-24: Major Update for ITR Filters, Income Tax Department has notified

INCOME TAX RETURN FILE

 Income Tax Return: If you file your income tax return (ITR File) every year, you need to read this update. The ITR-2 offline form has been issued by the Indian Income Tax Department for filing income tax returns for the tax year 2022-23 (A.Y 2023-24). Last month, CBDT notified ITR-1 and ITR-4 forms. We inform you that ITR online forms are not issued by Income Tax. Currently, only Excel support has been released for ITR-1, ITR-2, and ITR-4  In this case, if a person wants to declare ITR immediately, he has to download the tool on the Income Tax…

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

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.

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…