Income Tax Calculation Examples (FY 2024-25)
Income Tax Calculation Examples.. Understand old tax regime and new tax regime slab rates with examples of income tax calculation, tax rebate
Income Tax Calculation Examples.. Understand old tax regime and new tax regime slab rates with examples of income tax calculation, tax rebate
Section 80G of income tax act allows you to claim donations made to relief fund or charitable organizations as deductions with old tax regime
Section 80EE of Income Tax Act allows Income Tax deduction on Home Loan Interest Amount with limit of Rs. 50,000 in financial year..
Section 80GG of Income Tax Act allows us to claim house rent amount paid in a financial year if you don’t receive HRA in salary payslip..
Section 80CCD of Income Tax Act helps to save income tax by contributing towards National Pension Scheme (NPS) or Atal Pension Yojana (APY).
Income Tax Calculation 2023-24. When income is 11 Lakh, you pay zero income tax by using various deductions in old tax regime. For 7.5 Lakh new regime..
No income tax upto 7.5 Lakh in FY 2023-24. standard deduction of Rs. 50,000 and Tax Rebate of Rs. 25,000 makes your income tax as Zero..
Old vs New Tax Regime.. If you claim maximum deductions in various sections, Old Tax Regime is better, else New Tax Regime is better to pay less income tax
Tax Rebate under Section 87A is Rs. 12,500 and Rs. 25,000 under old and new tax regime for taxable income Rs. 5 lakh and Rs. 7 lakh respectively..