Tag: Income Tax Standard Deduction U/s 16(ia)

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

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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…

All employees get a tax exemption of Rs 50 thousand U/s 16(ia) in any tax regime.| 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 as per Budget 2023

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 All employees get a tax exemption of Rs 50 thousand U/s 16(ia) in any tax regime.| If you are also a  taxpayer, then this information will be very useful to you. As everyone knows, this time the  government gave a big relief to the taxpayer in the budget. The government announced that those  earning less than Rs 7 lakhs will not have to pay income tax. However, this benefit will only be  available to those who opt for the new tax regime. The Finance Minister has increased the income tax  exemption limit to Rs…

Auto calculates Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 with Standard deductions for employees and retirees in the New Tax Regime as per Budget 2023

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 Auto calculates Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for  the F.Y.2023-24 and A.Y.2024-25.  This was introduced in the 2018 Budget in place of the exemption for transport costs and the reimbursement of various medical expenses. For the 2022-23 tax year, the standard deduction limit is Rs 50,000 under the old regime. Therefore, As per Budget 2023, salaried taxpayers are now eligible for a standard deduction of Rs. 50,000/- to the new tax regime also from the 2023-24 financial years. You may also like: – Auto…

Standard deduction from salary and pensions| With Automated Income Tax Preparation Excel-Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23

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Standard deduction from salary and pensions| Accordingly, A standard deduction means a fixed deduction for people who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the default deduction limit is Rs 50,000. In this guide, we’ll cover what deductions are available from a person’s wages and retirement income. Above all, The standard deduction for employees Additionally, Standard Income Tax Deduction – 2019 Provisional Budget After that, The standard deduction replaced travel and medical expenses. This gives…

Standard deduction from salary and pensions| With Automated Income Tax Preparation Excel-Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23

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Standard deduction from salary and pensions| Accordingly, A standard deduction means a fixed deduction for people who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the default deduction limit is Rs 50,000. In this guide, we’ll cover what deductions are available from a person’s wages and retirement income. Above all, The standard deduction for employees Additionally, Standard Income Tax Deduction – 2019 Provisional Budget After that, The standard deduction replaced travel and medical expenses. This gives…

Standard Deduction U/s 16(ia) | With Automated Income Tax Form 16 Preparation Excel Based Software for the F.Y.2021-22

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Standard Deduction U/s 16(ia) | Section 16 of the Income Tax Act 1961 provides for a  deduction from income charged to tax under the heading “salaries”. Provides deductions for  the standard deduction, leisure allowance, and occupational tax. Through this deduction, a  salaried taxpayer can reduce his or her taxable salary income. Moreover, with recent modifications to the standard deduction, the interest of this section has been extended to a higher amount. Moreover, there is no hassle in submitting bills for travel and medical treatment which makes it easy to claim them. Therefore, Download and Preparation One by One…

Standard deduction u/s 16(ia) is not allowed to the New Tax Regime U/s 115 BAC for the F.Y.2020-21 – With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) for the F.Y.2020-21

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Standard Deduction U/s 16(ia) first introduced in Budget from 2018, Advantage of Standard Deduction is just for Salaried Individuals. [This Standard Deduction is not allowed to the New Tax Regime U/ 115 BAC for the F.Y.2020-21, who are opt-in the New Tax Regime but who are opt-in the Old Tax Regime they can get this benefits.] Exemption from Income Tax U/s 16(ia) states that a taxpayer having pay chargeable under the head ‘Salaries’ shall be allowed a deduction of Rs. 50,000/- or the amount of salary, whichever is less, for…