What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25 with Auto Calculate Income Tax Preparation Excel-Based Software All in One for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25 with Auto Calculate Income Tax Preparation Excel-Based Software All in One for the Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25

The central government introduced a new tax regime with concessional tax rates under the section

 115BAC in the 2020 budget.

Therefore,

In the income tax regime of UnionBudget 2023, the government has made the following important

 changes for the financial year (F.Y) 2023-24:

Income Tax Slab for the F.Y.2023-24

Therefore, Complete exemption from income tax up to Rs. 7 lakhs has been provided under the new tax regime under Section 87A of the Income-tax Act, 1961.

In other words, Limits on tax exemptions under the old tax system for the 2023-24 tax year Limits on tax exemptions under the new tax system for the 2023-24 tax year Rs..5 lakhs. 7 lakhs

Download and Prepare Automated at a time 50 Employees Form 16 Part B for the F.Y.2022-23 and A.Y.2023-24

Features of this Excel utility:-

1) However, This Excel utility can prepare 50 employees at a time, Form 16, Part B, according to the 2022-23 budgets

2) This utility can be used by government and non-government concerned

3) For instance, Calculate your income tax automatically according to the New and Old Tax Regime

4) This Excel utility contains all the income tax sections according to the Income Tax Act.

5) This Excel utility can only be used as an Excel file

6) This Excel utility can be used by anyone and is easy to use.

If you claim the standard tax deduction of Rs 50.000, you should not pay tax. At an income cap of Rs 50,000. 7.5 lakhs.

Above all, an Increase in basic tax exemption limit

The basic tax exemption limit of Rupees Two Lakh and Fifty Thousand under the old tax system increased to Rupees Three lacks under the new tax system.

In addition, the Age categories Limit basic tax exemption under the old tax regime for the 2023-24 tax year Limit of basic tax exemption under the new tax regime for the 2023-24 tax year

< 60 years of age Rs. 2.5 lakhs. 3 lakhs

60-80 years of age Rs. 3 lakhs

> Years Age Rs. 5 lakhs

If you opt for the new tax regime, the last exemption limit will take effect on April 1, 2023.

In other words

1. Standard tax deduction

Salaried persons are eligible to claim the benefit of a standard deduction of Rs. 50,000 under the new tax regime.

However,

Family pensioners can also claim the standard deduction of Rupees Fifteen thousand under the new tax regime.

Download and Prepare Automated at a time 50 Employees Form 16 Part A&B for the F.Y.2022-23 and A.Y.2023-24

Features of this Excel utility:-

1) This Excel utility can prepare 50 employees at a time, Form 16, Part A&B, according to the 2022-23 budgets

2) This utility can be used by government and non-government concerned

3)  For instance, Calculate your income tax automatically according to the New and Old Tax Regime

4) This Excel utility contains all the income tax sections according to the Income Tax Act.

5) This Excel utility can only be used as an Excel file

6) Above all, This Excel utility can be used by anyone and is easy to use.

In addition, The new tax system is the default option

After that, The new tax system is the default option for income tax deductions by an employer and the Internal Revenue Service.

Similarly, the Importance of exemptions and deductions in the new tax system

After that, Let’s understand the keywords from the list below:

1. Deductions under the new tax system

• Refers to expenditures or investments made by the taxpayer that can be subtracted from his total gross income to arrive at taxable income

Similarly, Deductions can help reduce the tax liability of an individual or business

2. Therefore, New tax system exemptions

• Refers to income or investments made by the taxpayer that are not included in the computation of his taxable income

In other words

However, Discounts and deductions are not available in the new tax system

Download and Prepare Automated at a time 100 Employees Form 16 Part B for the F.Y.2022-23 and A.Y.2023-24

Features of this Excel utility:-

1) This Excel utility can prepare 100 employees at a time, Form 16, Part B, according to the 2022-23 budget

2) This utility can be used by government and non-government concerned

3)For instance,  Calculate your income tax automatically according to the New and Old Tax Regime

4) Above all, This Excel utility contains all the income tax sections according to the Income Tax Act.

5) This Excel utility can only be used as an Excel file

6) In addition, This Excel utility can be used by anyone and is easy to use.

After that, From the table below, let’s find out the main exemptions and deductions in the new tax

Similarly, Not required by a natural person:

However, Unclaimed tax deductions and exemptions in the new tax system

The standard deduction under Section 80TTA and Section 80TTB

Deductions Under Section 80C to 80CCD(1) and  Chapter VI-A as per the Income Tax Act Act

In other words, Professional do

Entertainment subsidy on salary

House Rent Allowance (HRA)

License for Travel Allowance (LTA).

Pay helper allowance

Child Education Assistance

Income allowance for a minor child

Interest on occupied housing loans/vacant properties

Other Special Allowances A/ Section 10(14)

Employee contribution to the NPS account

Donations to political parties/foundations

In addition, Comparing cuts under the old regime versus. New regime for FY 2023-24

In conclusion,

The table below shows a comparative analysis of the deductions available in the old versus. The new tax system:

Exemptions/ Deductions Available                Old Tax System         New Tax System

After that, The standard deduction of Rs. 50,000 Yes,                             Yes

Employment/Business Tax  Section 10(5)       Yes                              No

Housing Rent Allowance (HRA) U/ S 10(13A)  Yes                             No

Free meals through food vouchers/coupons        Yes                            No

Deduction up to Rs. 1.5 lakh under

Chapter VIA U/ Sec for investments

 like 80C, 80CCC, 80CCD, 80DD, 80DDB,

80E, 80EE, 80EEA, 80G, etc.                              Yes,                            No

Deduction for employer’s contribution to

Employee NPS accounts u/ Sec 80CCD(2)           Yes                            Yes

Deduction u/sec 80CCD(1B) Up to Rs. 50,000    Yes                           No

Medical Insurance Premium U/Sec 80D               Yes                          No

Interest on Housing Loan for Autonomous

Property / Vacancy                                                 Yes                          No

Download Automated Income Tax Preparation Excel-Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2023-24 and A.Y.2024-25 

What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25
What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25
What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25
What is the new tax regime for the F.Y.2023-24 and A.Y.2024-25

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 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