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According to the actual Tax Slab on your total income found under the old or new tax system, each salaried employee will be subject to tax. Payroll employees must file income tax returns at the beginning of the 2023-2024 tax year because, after various deductions, income tax is calculated based on various tax brackets.
How to save your income tax for AY 2023-24 with Auto calculate Income Tax Calculator All in One for the FY 2023-24 and AY 2024-25
Salary arrears are understood as unpaid wages of the previous period accrued in the current year. There may be a subsequent revision of the employee's wages or a disputed wage which is then issued by the employer.
A quick review (Limited Information) of the applicable provisions under the Income Tax Act, 1961 for the F. Y. 2023-24 (A. Y. 2024-25), after incorporating amendments (only key and selective amendments) proposed by the Union Budget of 2023, are given below for ready reference and information.
With Automatic Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2021-22
Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2021-22| a pay structure that can help you reduce your tax burden.
Senior citizens earning interest income from FDs, savings accounts and recurring deposits can get income tax exemption up to Rs 50,000 per annum under section 80TTB. This is through the amendment of the Finance Act 2018.
U/s 80DDB of the Income Tax Act, taxpayers can claim a deduction for medical treatment of certain specified ailments for self or dependent. Know everything about the section in this article.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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