The Tax Rate Setup tool is used after migration of data from releases prior to 5.0 to Tally.ERP 9 release 5.x. This tool helps to configure tax rates and excise tariffs of all stock groups and items in release 5.x. If there are multiple stock items, this
Deduction under sub-section (2) of section 80CCD (employer contribution on account of the employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed. Tax Calculator choose old or new tax regime Use the calculator to find which tax regime is better. Enter the...
In some companies there is also an option of Employer Contribution (up to 10% of your salary) towards NPS where your taxable income would be calculated after deduction of the employer contribution, this might aid in keeping you within specific tax slabs as your salary grows over time. Share ...
Less: Deduction under section 80CCD(1B) (Contribution to NPS scheme)Rs. 50,000 Less: Deduction under section 80D for medical insurance of self, spouse, and dependent childrenRs. 25,000 Less: Deduction under section 80D for medical insurance of parents (assumed both are senior citizens)Rs. ...
According to the new budget, if you have a premium health insurance policy that has the validity of a year or more, the deduction made will be directly proportional to the number of years in totality, for which there is a cover available. NPS schemes will attract tax benefits: As of ...
Enter Basic deduction as per Section 80C Contribution to NPS/ National Pension Scheme – if any, Medical Insurance premium – if applicable Donation to Charity – if made during the financial year Interest on education loan – if applicable ...
People with net taxable incomes of less than or equal to Rs. 7 lakhs qualify for a tax rebate under Section 87A, meaning they have no tax obligations under the new tax regime. + What was the standard deduction specified in the Union Budget of 2024?
For those of you in the high tax bracket using corporate NPS for tax planning, there is some bad news. Currently, contribution by a company on behalf of the employee was exempt without a limit. Now an upper limit of Rs 7.5 lakh comes into force for NPS, superannuation and provident fund...
Invest in PPF, NPS, and NSC (Public Provident Fund, National Pension System, and National Savings Certificate). Income Slabs in India FAQs We have covered several FAQs to clear all your doubts. Let’s check: 1. Is a family pension considered salary income for tax purposes?
first invest₹2.5 lakh in EPF and VPF. Then, he/she can contribute₹1.5 lakh to Public Provident Fund (PPF). If there is a surplus still, VPF will still be better than products like corporate fixed deposits post-tax.One can also invest in NPS considering the additional deduction ...