INCOME TAX SOFTWARE

By teacherbook - Sunday 26 November 2023 - No Comments

INCOME TAX SOFTWARE

IT calculation can be done in 5 minutes in any of the Old or New Regime

TDS po, which has been it calculated in this month and excluded so far, and the rest of the Tax liability can be deducted in equal installments in Dec,Jan,Feb.

Savings can be planned if possible

Those with an annual income within Rs 8 Lakhs can compute IT in New Regime

Rs 50000 is allowed under Standard Deduction in both Old&New Regimes

1. Surcharge of 10 % for income between Rs 50,00,000 to Rs 1 Crore and surcharge of 15% on income above Rs 1 .00 crore .Surcharge at the rate of 25% of such tax,where total income exceeds Rs 2 crores to Rs 5 crores rupee . A surcharge at the rate of 37% of tax, where total income exceeds Rs 5 crores under the old tax regime (Since FM had announced that enhanced cess on income over Rs 2 crores will not be applicable for capital gains out of sale of Equities,MF etc) For FY 2023-24 , UNDER NEW TAX REGIME the highest surcharge rate is reduced from 37 per cent to 25 per cent in the new tax regime.

2. Education cess of 4% on Tax+ Surcharge

3. Tax rebate under Section 87A of IT Act up to Rs 12,500 for Resident individuals with income less than Rs.5 lakhs under old tax regime and Tax rebate of Rs 25,000 up to Rs 7.00 lakhs in the new tax regime

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NMMS Question Papers - FEBRUARY - 2023 - MARCH 2022

Also Read:
1.BLOSSMS - WORK BOOKS - ANSWERS
2. PRIMARY LESSON PLANS