WebApr 15, 2024 · In this article, we are discussing the “Presumptive Tax Scheme” which is a very old Government initiative to reduce the compliance burden of small taxpayers. Two different sections have been framed under the Income Tax Act to provide for the “Presumptive Tax Scheme”: Section 44ADA: Meant for professionals; WebSep 21, 2024 · Section 80CCD (1B) of the Income Tax Act gives deductions of up to ₹50,000 for contributions towards these schemes. As a taxpayer, you can save up to ₹15,600 under this section. You can also claim tax benefits for premiums paid towards health insurance for self, spouse, children and parents and term insurance plans.
Old vs New Tax Regime - What Should You Opt for FY 2024-23?
WebMar 29, 2024 · Special Interest to Older Adults. Tax Counseling for the Elderly offers free tax return preparation to qualified individuals. Publication 554, Tax Guide for Seniors. People … WebJan 3, 2024 · Basically, with the Old scheme, you get deductions under Section 80 and Chapter VI A such as; 80 Deductions table: And, with Chapter VI-A, we get a Standard … new winner chinese brodheadsville pa
Old Tax Scheme vs New Tax Scheme - Taxofile
WebApr 12, 2024 · The deduction under the new tax regime for gratuity in a lifetime is Rs 20 lakhs for non-government employees. If taxpayers have opted for voluntary retirement, then monetary benefits are eligible for tax exemption. The maximum limit is up to Rs 5 lakh in both the current and the new tax structure. Taxpayers who have opted for leave … WebApr 11, 2024 · Income Tax Calculator to know the taxes to be paid for a given Income and to compare Old vs New tax regimes (scheme) for IT declaration with your employer or to … WebAug 3, 2024 · Interest on savings account or fixed deposit schemes; Rental income from renting out a house property; Income from Capital Gains; Senior citizen saving schemes; ... This gives the aggregate gross total income. Thereafter,under the old income tax slabs applicable for FY 2024-2024 (AY 2024-21) and optional for FY 2024-21 (AY 2024-22) there … new winner employment agency new york ny