INCOME TAX SOFTWARE

By teacherbook - Wednesday 27 December 2023 - No Comments

INCOME TAX SOFTWARE

INCOME TAX SOFTWARE BY KSS PRASAD SIR

Tax Slabs for AY 2023-24

Individuals and HUFs can opt for the Old Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act)

The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D, 80TTB, HRA) available in the Old Tax Regime. However, the deductions under section 80CCD(2), 80CCH(2) and 80JJAA shall be available in the New Tax Regime.

Old Tax Regime

Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate

Up to ₹ 2,50,000 Nil

₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000

₹ 5,00,001 - ₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000

Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹ 10,00,000

New Tax Regime u/s 115BAC

Up to ₹ 2,50,000 Nil

₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000

₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000

₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000

₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000

₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000

Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

Note:

1. The rates of Surcharge and Health & Education cess are same under both the tax regimes

2. Rebate u/s 87A: Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of up to 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes.

Section 80C, 80CCC, 80CCD (1)

Deduction towards payments made to

80C

Life Insurance Premium

Provident Fund

Subscription to certain equity shares

Tuition Fees

National Savings Certificate

Housing Loan Principal

Other various items

80CCC

Annuity plan of LIC or other insurer towards Pension Scheme

80CCD(1)

Pension Scheme of Central Government

group Combined deduction limit of ₹ 1,50,000

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