All employees get a tax exemption of Rs 50 thousand U/s 16(ia) in any tax regime.| If you are also a taxpayer, then this information will be very useful to you. As everyone knows, this time the government gave a big relief to the taxpayer in the budget. The government announced that those earning less than Rs 7 lakhs […]
Auto calculates Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25 with Standard deductions for employees and retirees in the New Tax Regime as per Budget 2023
Auto calculates Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2023-24 and A.Y.2024-25. This was introduced in the 2018 Budget in place of the exemption for transport costs and the reimbursement of various medical expenses. For the 2022-23 tax year, the standard deduction limit is Rs 50,000 under the […]
Standard deduction from salary and pensions| With Automated Income Tax Preparation Excel-Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23
Standard deduction from salary and pensions| Accordingly, A standard deduction means a fixed deduction for people who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the default deduction limit is Rs 50,000. In this guide, we’ll cover what […]
Standard deduction from salary and pensions| With Automated Income Tax Preparation Excel-Based Software All in One for the Govt and Non-Govt Employees for the F.Y.2022-23
Standard deduction from salary and pensions| Accordingly, A standard deduction means a fixed deduction for people who receive wages or retirement income. It was introduced in the 2018 budget in lieu of exemptions from travel expenses and reimbursement of various medical expenses. In the 2021-22 tax year, the default deduction limit is Rs 50,000. In this guide, we’ll cover what […]
Standard Deduction U/s 16(ia) | With Automated Income Tax Form 16 Preparation Excel Based Software for the F.Y.2021-22
Standard Deduction U/s 16(ia) | Section 16 of the Income Tax Act 1961 provides for a deduction from income charged to tax under the heading “salaries”. Provides deductions for the standard deduction, leisure allowance, and occupational tax. Through this deduction, a salaried taxpayer can reduce his or her taxable salary income. Moreover, with recent modifications to the standard deduction, the interest of this […]
Standard deduction u/s 16(ia) is not allowed to the New Tax Regime U/s 115 BAC for the F.Y.2020-21 – With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) for the F.Y.2020-21
Standard Deduction U/s 16(ia) first introduced in Budget from 2018, Advantage of Standard Deduction is just for Salaried Individuals. [This Standard Deduction is not allowed to the New Tax Regime U/ 115 BAC for the F.Y.2020-21, who are opt-in the New Tax Regime but who are opt-in the Old Tax Regime they can get this […]
