The changes to the income tax rules are big! See listing for A.Y.2024-25 | There are several changes to
the income tax rules that are in effect as of this fiscal year. Changes in the income tax blocks to a high
tax deduction cap, and the absence of LTCG tax benefits in certain debt mutual funds are some of the
main changes w.e.f. 1st April 2023.
1) The new income tax system will be the
default system
From the 1st of April 2023, the new income tax system will be treated as the default tax system. It will still be able to choose from the old system. Salary persons and pensioners will get the standard deduction under the new tax regime for taxable income of more than Rs 15.5 lakhs is Rs 52,500. From the Budget 2020-21, the Indian Government has introduced a voluntary income tax system, under which HUF may tax at below rates if they do not get benefits from specific exemptions and deductions, such as the house rent allowance (HRA). , house loan interest and deposition made U/s 80C, 80D, and 80CCD. According to this, the total income amounting to Rs 2.5 Lakh was relaxed from tax.
You may also like- Automated Income Tax Form 16 Part B for the F.Y.2022-23 in Excel [This
Excel Utility can prepare at a time 50 Employees Form 16 Part B]
2) Enhance the tax exemption limit to Rs
7 lakh
Improving the tax deduction limit to Rs.7 lakh from Rs.5 lakh means that a person with income below Rs.7 lakh does not need to invest anything to claim the exemptions and all income will be exempt from tax no matter how much investment I've done. made like this guy.
3) Standard discount
There is no change to the standard deduction of Rs 50,000 provided to employees under the old tax system. For pensioners, the Minister of Finance announced the extension of the benefit of the standard deduction system to the new tax system.
4) Changes in income tax slabs
New tax rates
0-3 lakhs - none
3-6 lakhs - 5%
6-9 lakhs - 10%
9-12 lakhs - 15%
12-15 lakhs - 20%
Above 15 lakhs - 30%
You may also like -Automated Income Tax
Form 16 Part A&B for the F.Y.2022-23 in Excel [This
Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]
5) LTA
Leave pay for non-government employees is exempt to a certain extent. This limit was Rs 3 lakhs since 2002 and has now been increased to Rs 25 lakhs
6) Life insurance policies
Income from life insurance premiums exceeding the annual premium of Rs 5,000 will be taxable from the new fiscal year i.e. from 1 April 2023. Finance Minister Nirmala Sitharaman introducing the 2023 Budget also announced that the new income tax rule would not be. Apply for ULIP (Unit Linked Insurance Plan).
7) Benefits for the Sr.Citizen
The maximum deposit for senior savings plans will be increased from Rs 15,000 to Rs 30,00,000/-.
The maximum deposit for the monthly income plan will be increased from Rs 4.5 lakh to Rs 9 lakh for individual accounts and from Rs 7.5 lakh to Rs 15 lakh for joint accounts.
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
