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Wednesday, 8 March 2023

INCOME TAX


Income tax Softwares from 2011-12 to till to date

Income Tax 2011-12
Income Tax 2012-13
Income Tax 2013-14
Income Tax 2014-15
Income Tax 2015-16 
Income Tax 2016-17
Income Tax 2017-18
Income Tax 2018-19
Income Tax 2019-20
Income Tax 2020-21
Income Tax 2021-22
Income Tax 2022-23
Income Tax 2023-24

Various Special Feature of IT Software FY 2023-24 by Seshadri 

  • Salary Sheet(Annexure-I), IT Calculation(Annexure-II) are editable, no cells are locked
  • Can edit anywhere in the software if needed.
  • Used VB Script appropriately  wherever is necessary.
  • With very few entries, more output.
  • It is a compatible version, even works in old MS Office.
  • All prints can be taken in A4 formats.

All Pages of IT Software in A4 Sheets.

The IT Software by Seshadri FY 2021-22 is enriched with VB Script to take printout easily. Once you take all printouts you can submit the same to the concerned DDO.

Tax Rebate U/s 87A is Rs.12,500

The salaried employee, who has taxable income is up to Rs.5,00,000/- can avail the rebate up to Rs.12,500/- as per the provisions available in the Budget 2019. Employees can avail upto Rs.12,500 tax benefit who’s taxable income is below Rs.5,00,00/-.

Tax Rebate U/s 87A Up to Rs.50,000/-

In Budget 2019, Rs.50,000 standard deduction, a fixed amount, that helps to reduce tax burden to salaried persons as well as pensioners. This standard deduction is not useful to family pensioners. For the tax purpose, one can reduce Rs.50,000 from their gross salary.

The New Tax Regime FY:2023-24

The new tax regime offers six tax slabs, with zero tax for income up to ₹3 lakh, and a tax rate rising by 5 percentage points for incremental income of ₹3 lakh each.

On IncomeTax Rate
Up to ₹ 3,00,000Nil
From ₹ 3,00,001 to ₹ 6,00,0005%
From ₹ 6,00,001 to ₹ 9,00,00010%
From ₹ 9,00,001 to ₹ 12,00,00015%
From ₹ 12,00,001 to ₹ 15,00,00020%
Above ₹ 15,00,00030%

The Old Tax Regime FY 2023-24

The income tax slabs were not tweaked for the old tax regime for FY 2023-24 and remain as below.

Total IncomeTax Rate
Up to ₹ 2,50,0000%₹
₹ 2,50,000 to ₹ 5,00,0005%
₹ 5,00,000 to ₹ 10,00,00020%
Above ₹ 10 lakh30%
Latest Income Tax Slabs FY 2022-23 (AY 2023-24)
Resident (Age below 60 Yrs.)Senior citizen (60 Years and Above)Income Tax rates
Up to Rs 2,50,000/-Up to Rs 3,00,000/-NIL
Rs 2,50,001–5,00,000/-Rs 3,00,001–5,00,000/-5%
Rs 5,00,001–10,00,000/-Rs 5,00,001–10,00,000/-20%
Above Rs 10,00,000/-Above Rs 10,00,000/-30%

Tax Exemption Provisions Under U/s 80C IT Act FY 2023-24

1Repayment of Home Loan principleMax Rs 1,50,000/-
2LIC Insurance Premium- AnnualMax Rs 1,50,000/-
3Tuition Fee- Two ChildrenMax Rs 1,50,000/-
4National Savings Certificates (NSC)Max Rs 1,50,000/-
5Unit linked Insurance PlanMax Rs 1,50,000/-
6Equity linked Savings Schemes (ELSS)Max Rs 1,50,000/-
75-Years fixed deposits with bank/post officeMax Rs 1,50,000/-
8Public Provident FundMax Rs 1,50,000 /-
9ULIP FundMax Rs 1,50,000
10PLIMax Rs 1,50,000

Beyond 80C Deductions and Max Value

Deduction NameMax Value Rs.
80CCD(1B)-National Pension Scheme (For Non CPS)50000
80TTA-Intrest on Saving Account (Not Fixed Deposit )10000
80EEB-Interest of Purchase Of Electric Vehicle150000
80E-Interest of Educational Loan 80E1000000
80EE-Interest of Housing Loan 80EE50000
80EEA-Interest of HBA Loan 80EEA150000
80EEB-Interest of Purchase Of Electric Vehicle150000
80D-Medical Insurance Self, Spouse & Children25000
80CCG-Rajiv Gandhi Equity Saving Scheem25000
80D-Medical Insurance Family & Parents (< 60)50000
80D -Medical Insurance Family (< 60) but Parents (>60)75000
80D-Medical Insurance Family & Parents (>60)100000
80DDB-Medical Treatment of Specified Diseases (<60)40000
80DDB-Medical Treatment of Specified Diseases (>=60)100000
80DD-Dependent Disabled Person (< 80% )75000
80DD-Dependent Disabled Person (> 80% )100000
80U-Physically Disabled Assesse (Below 80% )75000
80U-Physically Disabled Assesse (Above 80% )125000
80G-Donation of Charitable Institution-50%500000
80G-Donation of Charitable Institution-100%250000
80G-Donation on certain specified funds-100%500000
80G-Payments Made to Electoral Trusts-100%500000





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