Standard deduction Rs.50,000/- U/s 16(ia) in the old tax regime and Rs. 75000/- for the New Tax Regime as per budget 2024.
All salaried workers will be subject to tax depending on the effective slab rates on their total income covered under the old or new tax regime. Salaried employees must file their income tax returns at the beginning of the 2024-2025 financial year because income tax is calculated across multiple tax slabs after multiple deductions.
Therefore, tax planning should begin at the beginning of the new tax year. Under the New Tax Regime, new income tax rates and rates have been proposed in the Finance Bill, 2024. The two major announcements made in the Union Budget for 2024-25 were that the FM increased the tax exemption limit under the new tax regime from Rs.2.5 lacks to Rs.3 laks and that the standard exemption of Rs.75,000 was included in the new tax regime, previously available only in the old tax system
Download and Prepare at a time Income Tax Computed Sheet with Salary Sheet + Automatic Arrears Relief Calculation U\s 89(1) +Form 10E + Automatic H.R.A. Calculation U/s 10(13A) + Form16 Part A&B and Form 16 Part B for All Govt and Non-Govt Employees for the F.Y. 2024-25 as per the Budget 2024-25 with New and Old Tax Regimes.
This Excel Utility Prepare as per the New Tax Slab(Modified 23rd July 2024).
Feature 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 and Old Tax Regime
3) This Excel utility has a unique salary structure for government and non-government employees.
4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2024-25 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2024-25
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2024-25
7) Individual Salary Sheet
