Income Tax 2016-17
Income Tax 2017-18
Income Tax 2018-19
Income Tax 2019-20
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 Income | Tax Rate |
| Up to ₹ 3,00,000 | Nil |
| From ₹ 3,00,001 to ₹ 6,00,000 | 5% |
| From ₹ 6,00,001 to ₹ 9,00,000 | 10% |
| From ₹ 9,00,001 to ₹ 12,00,000 | 15% |
| From ₹ 12,00,001 to ₹ 15,00,000 | 20% |
| Above ₹ 15,00,000 | 30% |
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 Income | Tax Rate |
| Up to ₹ 2,50,000 | 0%₹ |
| ₹ 2,50,000 to ₹ 5,00,000 | 5% |
| ₹ 5,00,000 to ₹ 10,00,000 | 20% |
| Above ₹ 10 lakh | 30% |
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
| 1 | Repayment of Home Loan principle | Max Rs 1,50,000/- |
| 2 | LIC Insurance Premium- Annual | Max Rs 1,50,000/- |
| 3 | Tuition Fee- Two Children | Max Rs 1,50,000/- |
| 4 | National Savings Certificates (NSC) | Max Rs 1,50,000/- |
| 5 | Unit linked Insurance Plan | Max Rs 1,50,000/- |
| 6 | Equity linked Savings Schemes (ELSS) | Max Rs 1,50,000/- |
| 7 | 5-Years fixed deposits with bank/post office | Max Rs 1,50,000/- |
| 8 | Public Provident Fund | Max Rs 1,50,000 /- |
| 9 | ULIP Fund | Max Rs 1,50,000 |
| 10 | PLI | Max Rs 1,50,000 |
Beyond 80C Deductions and Max Value
| Deduction Name | Max 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 Vehicle | 150000 |
| 80E-Interest of Educational Loan 80E | 1000000 |
| 80EE-Interest of Housing Loan 80EE | 50000 |
| 80EEA-Interest of HBA Loan 80EEA | 150000 |
| 80EEB-Interest of Purchase Of Electric Vehicle | 150000 |
| 80D-Medical Insurance Self, Spouse & Children | 25000 |
| 80CCG-Rajiv Gandhi Equity Saving Scheem | 25000 |
| 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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