Download All-In-One Income Tax
Calculator for
Year 2023-24 and Assessment Year 2024-25
Budget 2023 contains 5 important announcements on personal income tax. In this budget, the new tax regime becomes the standard tax regime. But taxpayers will have the option of choosing the old regime. Know everything.
The standard deduction limit has been increased for salaried taxpayers and pensioners, but it will apply to incomes of Rs 15.5 lakh. From this huge income, he earns a profit of Rs.52, 500. For incomes below that, the standard deduction limit remains 50,000.
You may also like;- Automated Income Tax
Master of Form 16 Part A&B for the Financial Year 2022-23 and Assessment
Year 2023-24[ This Excel Utility can prepare at a
time 50 Employees Form 16 Part A&B in Excel]
New income tax record 2023 and budget: country budget presented. Finance Minister Nirmala Sitharaman presented the Union Budget of the country in parliament on February 1, 2023. There was hope for relief for employees across the country due to income tax and the Treasury Secretary has made major announcements on income tax.
There are 5 major announcements on personal income tax. First, he said that the rebate available for income up to Rs 5 lakh under the new tax regime would be applicable for income up to Rs 7 lakh. i.e. new tax regime Tax is not payable on income up to 7 lakhs with reduction. In this budget, the new tax regime becomes the standard tax regime. But taxpayers will have the option of choosing the old regime.
In addition, the 5 income tax plates that started in 2020 have been reduced to 5 now. Under the new regime, the basic income tax exemption will be up to Rs 3 lakh. In addition, the benefit of the standard deduction will become available under the new tax regime.
You may also like;- Automated Income Tax
Master of Form 16 Part A&B for the Financial Year 2022-23 and Assessment
Year 2023-24[ This Excel Utility can prepare at a
time 100 Employees Form 16 Part A&B in Excel]
Income Tax Slab Budget 2023 Notes: 5 Major Income Tax Announcements
1. Under the old and new tax regimes, people with income up to 5 minutes do not pay any kind of tax. But the rebate limit has been increased to Rs 7 lakh with the new tax regime. This means that, under the new tax regime, those with an income of Rs 7 lakhs no longer have to pay tax.
2. By 2020, a new tax regime was introduced for the middle class, which had 6 tax brackets, reduced to 5. And the tax exemption threshold increased from 2.5 deficiencies to 3 deficiencies.
You may also like;- Automated Income TaxMaster of Form 16 Part B for the Financial Year 2022-23 and Assessment Year2023-24[ This Excel Utility can prepare at a time 50
Employees Form 16 Part B in Excel]
3. The standard deduction limit has been increased for salaried taxpayers and pensioners, but it applies to an income of Rs 15.5 lakh. From this huge income, he earns a profit of Rs.52,500. For incomes below that, the standard deduction limit remains 50,000.
4. The new tax regime becomes the default tax regime, but you can opt into the old tax regime.
5. Notice is made of the taking of leave. Now the exemption limit has been increased to Rs 25 lakhs for taking leave from the retirement of a salaried employee. Till now, this exemption was available with a limit of up to Rs 3 lakhs.
Feature of this Excel Utility:-
1) This
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115 BAC (New and Old Tax Regime)
2) This
Excel Utility has an option where you can choose your option as a New or Old Tax
Regime
3) This
Excel Utility has a unique Salary Structure for
4) Automated
Income Tax House Rent Calculation U/s 10(13A)
5) Automated
Income Tax Revised Form 16 Part A&B for the F.Y.2023-24
6) Automated
Income Tax Revised Form 16 Part B for the F.Y.2023-24
7) Individual Salary Sheet
