Download Auto Calculate Income Tax Preparation Software in Excel for the Govt and Non-Govt
Employees for the F.Y.2023-24 and A.Y.2024-25 | Tax planning for salaried employees is all about
planning and discipline. Every salaried employee has some questions in his mind,
How reduce the Tax on my salary? Why does most of my salary go to taxes? How to reduce your tax burden? Can I deduct taxes in excess of 80C, 80D, and HRA? Are there any secret ways to save tax after 1,50,000? How can I reduce the tax on my salary earned? Can we change our salary structure to reduce payroll taxes? Is there a tax deduction for paying EMI? Most of the employees are paying their taxes as HRA rent payments, premium LIC, ULIP, PPF, NSC, tax savings FD, ELSS, medical premium, children's education, donations u/s.80G, etc. Ways to save on payroll taxes.
You may also like- Automated Income Tax Form 16 Part B for the Financial Year 2022-23 and A.Y.2023-24 which can prepare at a time 100 Employees Form 16 Part B in Excel
1. Choose Tax Regime Wisely (Old v/s. New Regime) before you start investing resources in tax planning, think once “Old v/s. New tax regime: Which tax regime is best for me? "The Government has made a new regime to most ease the tax. The new regime answers the question of many workers: how to save tax without investment? It is difficult for many people to claim deductions and exemptions and keep records. With the new tax regime, you don't have to worry about deductions, save tax You don't have to invest and think about ways to optimize your salary to reduce tax costs.
2. Tax Savings through Flexi Reimbursement Kitty / Flexi Benefit Plan (FBP) - "Working Salary" is the portion of salary that an employee can take against certain expenses, primarily to get tax deductions by changing the CTC salary components. With this benefit, employees get the opportunity to plan a flexible salary scale based on expected expenses. Simply put, reduce your tax bill by approving expenses at the flexi-pay rate shown above. An Intrinsic Benefits Plan is designed to provide tax savings and therefore:
You may also like- Automated Income Tax Form 16 Part B for the Financial Year 2022-23 and A.Y.2023-24 which can prepare at a time 50 Employees Form 16 Part B in Excel
Paying
personal phone/cell/internet bills
Zomato, Swiggy, Domino's, Big Cart, Reliance Smart Market, Tata Star Market, etc.
Transport expenses/car petrol
Health club/gym
Travel Authorization (LTA)
Medical expenses
Excerpts from books/newspapers/magazines/newspapers
Salary to drivers
Single Allowance
FBP varies from company to company and you can check your offer letter/HR policy to avail of these discounts and reduce your tax burden.
Tax exemption for individuals - Any individual who is a subscriber to NPS can claim tax exemption under Sec 80 CCD(1) within the general ceiling. 50 crore under Sec 80 CCE.
Exclusive Tax Benefit for All NPS Subscribers Section 80CCD(1B) – Additional deduction for investments up to Rs 50,000 in NPS (Tier I Account) is available only for NPS subscribers under Section 80CCD(1B). It is Rupees One Lakh and Fifty Thousand in this Section 80C of the Income Tax Act. 1961.
Tax relief for corporate sector employees - There is an additional tax relief u/s 80CCD(2) of the Income Tax Act for corporate sector subscribers. Employer's NPS contribution (for salary) up to 10% of salary (Basic + DA) is deductible from taxable income up to Rs.50 lakh.
You may also like- Automated Income Tax
Form 16 Part A&B for the Financial Year 2022-23 and A.Y.2023-24 which can
prepare at a time 50 Employees Form 16 Part B in Excel
4. Deduct tax on EMIs paid Yes, you can also deduct tax on the EMIs you pay. The following are the tax deductions-
Mortgage
loan:
Under the Income Tax Act, of 1961, various tax deductions and exemptions are provided for home loans to encourage residents to invest in property. All home loan borrowers should remember and be aware of the income tax deductions available on home loans as it allows you to significantly reduce your tax liability.
Under Section 24 - A home loan borrower who pays interest on the loan can deduct such interest from the annual gross income up to a maximum of Rs 2 lakhs.
Under Section 80C – The principal amount of the Home Loan can be withdrawn under Section 80C up to Rs.1.50 lakhs.
Under Section 80EEA - Housing for All, the government has extended the interest rate of Rs 1.50 lakh allowed for affordable housing loans from April 1, 2019, to March 31, 2022. This discount is available in the section. 80EEA d Addition to the tax relief available under Section 80C and Section 24 of the Income Tax Act
Education
loan
Section 80E provides tax relief on the “interest component” paid for higher education loans taken on behalf of individual taxpayers or spouses or children. There is no upper or lower limit on the deduction under section 80E
Features of this Excel Utility:-
1) This
Excel utility prepares and calculates your income tax as per the New Section
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 Government and Non-Government
Employees Salary Structure.
4) Automated
Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the
F.Y.2000-01 to F.Y.2023-24 (Update Version)
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
