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 […]
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
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 […]
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 […]
Which is better- the old or the new tax? With Auto Calculate Income Tax Preparation Excel-Based Software All in One for the Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25
Which is better- the old or the new tax regime? Therefore, The Budget 2023 for the current financial year brought a major change for the assessee by introducing the new tax regime as voluntary compliance for all taxpayers. However, Although a private individual can choose to switch to the old tax regime if he/she wishes. In other […]
Section 16 of the Income Tax Act| With Auto Calculate Income Tax Preparation Software All in One in Excel for the Non-Govt Employees for the F.Y.2023-24 & A.Y.2024-25
Section 16 of the Income Tax Act| Section 16 deductions help revise your taxable income to reduce your tax liability. Standard deduction Deduction from entertainment allowance paid by your employer Deduction at the professional rate from salary income Therefore, The standard deduction under Section 16(ia) – Under Section 16(ia), the standard deduction is the fixed deduction allowed from […]