IT IncomeTax Softwares 2024 Updated Latest Calculation Excel Softwares Download for AP TS Teachers, Employees IT Calculation Software 2024-25 AY

IT Income Tax Software 2024 for AP TS Teachers, Employees Updated : IT Software Income Tax Software 2024 for Andhra Pradesh AP Teachers, Employees and Telangana TS Teachers,TS Employees.

 

KSS Prasad, PUTTA IT Income Tax Software 2023-2024 Updated IT Software Download Latest final version IT Caliculator Download Income Tax Software 2024 for calculation of IT from here for Financial Year 2023-2024  the Assessment Year 2024-2025. Instructions should be followed for using the IT Software which was given in IT program file. Always use a new soft copy for preparation of IT calculation statement .  Income Tax Software for AP & TS teachers.AP Teachers Income Tax Software 2024  Gunturbadi TS Teachers Income Tax Software for Teachers Income tax rates Employees Income Tax Calculation Financial year 2023-24 Income Tax Assessment year 2023-2024, 80c Saving limit ,  AP Retirement Employees Income Tax Calculation Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction and with CPS Employees Additional Benefit 80 CCD (1B). Income Tax Software 2023-2024 Developed by C. Ramanjaneyulu, Teachers Income tax calculation Updated Software 2023-2024.

INCOME TAX SOFTWARE FY 2023-2024 , A.YEAR 2024-2025 FOR AP &TELANGANA 

KSS Prasad AP Govt. Employees Income Tax Software FY:2023-24, AP, Telangana Income Tax Software by KSS Prasad for the financial year FY:2023-24 (AY:2024-25) This Income Tax Software is in Microsoft Excel and it is compatible for all versions. He has done great effort in preparing Income Tax Software on par with Seshadri Income Tax Software both in MS Excel and Online Income Tax Calculator, Ramanjaneyulu Income Tax Software. KSS Prasad Income Tax Software included Data Sheet, Annexure-I(Salary Sheet), Annexure(Income Tax Calculation Sheets along with deductions 80C, 80CCD) and beyond the 80C deductions.

Major Changes in Financial Bill 2023 for Personal Income Tax 2023-24

• Increase in Tax Rebate U/s 87A: Increase the rebate limit to 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to 7 lakh will not have to pay any tax. Means there is an exemption of Rs 25,000 Tax in New Tax Regime 2023-24.
• Change in Tax Structure in New Tax Regime: Reducing the number of slabs in the new tax regime to 5 and increasing the tax exemption limit to Rs 3 lakh
• Standard Deduction in Income Tax New Tax Regime 2023-24: Extend the benefit of Rs 50,000 Standard Deduction to the New Tax Regime. Standard deduction of ` 50,000 to salaried individual, and deduction from family pension up to ` 15,000, is currently allowed only under the old regime. It is proposed to allow these two deductions under the new regime also
• Reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime
• Increase tax exemption on leave encashment on retirement of non-government salaried employees limit to Rs 25 lakh
• The new tax regime for Individual and HUF, introduced by the Finance Act 2020, is now proposed to be the default regime
• Standard deduction of Rs 50,000 to salaried individual, and deduction from family pension up to Rs 15,000, is currently allowed only under the old regime. It is proposed to allow these two deductions under the new regime also

Latest Income Tax Slabs FY 2023-24 (AY 2024-25)

Income Tax Slab Rates For FY 2023-24 (AY 2024-25)
a. New Tax regime

Revised Income Tax Slab Rate FY 2023-24 (AY 2024-25) – For New Regime

 

 

 

80C & 80CCE- Maximum Exemption up to Rs.150000
Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.

1. Provident Fund (PF) & Voluntary Provident Fund (VPF) 
2. Postal Life Insurance ( PLI ) 
3. APGLI / TGLI 
4. Life Insurance Premiums 
5. Unit linked Insurance Plan 
6. Public Provident Fund (PPF) 
7. National Savings Certificate (NSC) 
8. Home Loan Principal Repayment & Stamp Duty and Registration 
9. Tuition fees for Two children 
10. Equity Linked Savings Scheme (ELSS) 
11. 5-Yr bank fixed deposits (FDs) 
12. Pension Funds or Pension Policies – Section 80CCC 
13. Infrastructure Bonds 
14. NABARD rural bonds 
15. Senior Citizen Savings Scheme 2004 (SCSS )

Income Tax Deductions Section wise Details below :

Income Tax Deductions Section wise Details below :

Section	Deduction on	FY 2019-20
80CC	For amount deposited in annuity plan of LIC or any other insurer for pension from a fund referred to in Section 10(23AAB).	–
80CCD(1)	Employee’s contribution to NPS account (maximum up to Rs 1,50,000)	–
80CCD(2)	Employer’s contribution to NPS account	Maximum up to 10% of salary
80CCD(1B)	Additional contribution to NPS	Rs. 50,000
80TTA(1)	Interest Income from Savings account	Maximum up to 10,000
80GG	For rent paid when HRA is not received from employer	Least of rent paid minus 10% of total income Rs. 5000/- per month 25% of total income
80E	Interest on education loan	Interest paid for a period of 8 years
80EE	Interest on home loan for first time home owners	Rs 50,000
80CCG	Rajiv Gandhi Equity Scheme for investments in Equities	Lower of – 50% of amount invested in equity shares or Rs 25,000
80D	Medical Insurance – Self, spouse, children Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old	Rs. 25,000 Rs. 30,000
80DD	Medical treatment for handicapped dependant or payment to specified scheme for maintenance of handicapped dependant   Disability is 40% or more but less than 80% Disability is 80% or more	Rs. 75,000 Rs. 1,25,000
80DDB	Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD   For less than 60 years old For more than 60 years old For more than 80 years old	Lower of Rs 40,000 or the amount actually paid Lower of Rs 60,000 or the amount actually paid Lower of Rs 80,000 or the amount actually paid
80U	Self suffering from disability:   Individual suffering from a physical disability (including blindness) or mental retardation. Individual suffering from severe disability	Rs. 75,000 Rs. 1,25,000
80GGB	Contribution by companies to political parties	Amount contributed (not allowed in cash)
80GGC	Contribution by individuals to political parties	Amount contributed (not allowed in cash)
80RRB	Deductions on Income by way of Royalty of a Patent	Lower of Rs 3,00,000 or income received