Income Tax Return filing Archives - Page 2 of 105

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

May 30, 2023May 30, 2023 admin

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 received by…

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

May 24, 2023May 24, 2023 admin

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; •…

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

May 23, 2023May 23, 2023 admin

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: • 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; 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

May 22, 2023May 22, 2023 admin

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

May 17, 2023May 17, 2023 admin

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…

Old vs New Income Tax Regime Which Tax Regime is Better for the A.Y.2024-25? With Auto calculate Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23 and A.Y.2024-25

May 9, 2023May 9, 2023 admin

Old vs New Income Tax Regime Which Tax Regime is Better for the A.Y.2024-25? In the Finance Bill, the 2023 New Tax Regime has been introduced with some benefits compared to the previous New Tax Regime. The earlier New Tax regime was not so attractive but the latest amendment has made this new regime more attractive to change from the old regime for most people with a gross salary of 15.5 Lakh. Particulars Old Regime New Regime Net profit for discount is Rs. 5 Lakh. Rs.7 Lakhs Reduction of standard Rs. 50,000…

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

May 8, 2023May 8, 2023 admin

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…

Understanding Income Tax Arrears Relief Calculation U/s 89(1) with the Form 10E | With the automatic calculation of U/S 89(1) back tax exemption with Form 10E for the F.Y. 2023-24 and A.Y. 2024-25

May 5, 2023 admin

Under Section 89(1) as per the Income Tax Act 1961: Understanding Income Tax Arrears Relief Calculation U/s 89(1) with Form 10E | Therefore, According to the Income Tax Law, a person must pay taxes on their income earned in a fiscal year. However, there may be cases where an employee has received back or anticipated wages from a prior financial year. In these cases, the employee’s tax liability may increase significantly due to the tax slab rates. To provide relief in such cases, the Income Tax Act 1961 has a provision in Section 89(1).…

New and old tax regimes? If the tax collection is below this break, the new tax regime is better| With Auto Calculate Income Tax Preparation Software in Excel for the Non-Govt (Private) Employees for the F.Y.2023-24 and A.Y.2024-25

May 4, 2023May 4, 2023 admin

New and old tax regimes? The new regime will be benefited those who are less invested to claim in any scheme, while the old regime will be benefited eligible taxpayers like that HRA, health insurance, home insurance, PPF, etc. This will be more beneficial to claim such deductions or exemptions. Therefore, As the financial year begins, one of the most pressing concerns of the salaried class is whether to choose the old or the new regime. If the new regime will be benefited who’s Investment less to claim, while the old regime will be…

Download Excel-based software all-in-one for the Government and Private employees for F.Y. 2023-24 and A.Y. 2024-25 with exemptions and deductions not claimable under the scheme’s new taxation

May 3, 2023May 3, 2023 admin

Download Automatic Income Tax Calculation Software based on Excel all in One | The following are some of the major deductions and exemptions you can’t claim under the new tax system: Therefore, Exemptions and deductions are available under the new regime for the Financial Year 2023-24 as per the Budget 2023 In the new tax regime U/s 115 BAC you can entitle to tax exemption as follows: After that, . Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25…