Old versus new tax scheme according to relevant 2023 budget| With  automatic calculation of Income Tax Arrears Relief Calculator of U/s 89(1) with Form 10E for F.Y 2023-24 and A.Y 2024-25

Old versus new tax scheme according to relevant 2023 Budget| The Minister of Finance has announced a new tax regime in the 2020 budget, including additional tax brackets and lower tax rates. Many taxpayers had long requested it, but it came with the condition that all deductions and exemptions allowed under the old tax system would be revoked. Moreover, the tax component applicable to the new regime has been changed in the 2023 budget, which is applicable from the financial year 2023-24 (the reference year 2024-25). You may also like:…

Auto Calculate Income Tax Software All in One in Excel for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 with U/s 87A Rebate in New Tax Regime as per Budget 2023

Find out what the 2023 Budget proposes about Section 87A in New Tax Regime The 2023 budget announced that people will not have to pay any tax if their taxable income does not exceed Rs 7 lakhs in a tax year. Therefore, the maximum reimbursement limit available under section 87A of the Income Tax Act 1961 has been increased to Rs 25,000 from Rs 12,500 in the 2023 budget. Who is eligible for this section 87A rebate?  In other words, Pursuant to the Income Tax Act, reimbursement under section 87A is only available to resident individuals.…