WebTax Slabs for AY 2024-23. Non-Resident Individual can opt for the existing tax regime or the new tax regime with lower rate of taxation (u/s 115BAC of the Income Tax Act). The taxpayer opting for concessional rates in the new tax regime will not be allowed certain exemptions and deductions (like 80C, 80D, 80TTB, HRA) available in the existing ... WebDeduction Allowed Overall deduction u/s 80C (along with deduction u/s 80CCC & 80CCD) allowed is up to Rs. 1,50,000. Restriction on amount of deduction with respect to capital sum assured Deduction is restricted to 20% of capital sum assured in respect of policies issued on or before 31-3-2012 and 10% in case of policies issued on or after 1-4 …

Auto Excel Based Preparation Master of Form 16 for FY 2024-23 and AY ...

WebMar 22, 2024 · Since mother of the individual is not a specified person as per section 80C, no deduction would be available. (4) The deduction u/s 80CCD (1) shall be an amount not exceeding 20% of the gross total income for a self-employed individual. Therefore, a deduction of ` 1,20,000 (` 6,00,000 × 20%) shall be allowed. WebDeduction in respect of Profits and Gains from Housing Projects [Section 80-IBA] All Assessee: 80-IC: Deduction in respect of Profits and Gains of Certain Undertaking or Enterprises in certain Special Category States. [Section 80-IC] All Assessee: 80-ID: Deduction in respect of Profits and Gains from Business of Hotels and Convention … shannon m urso

FAQs on deduction available from Gross Total Income Taxmann

WebFeb 6, 2024 · The amount of rebate u/s 87A for FY 2024-22 2024-23 [(AY (2024-23 ) (2024-24)] has been kept unchanged under both the old and new income tax regime. ... Less: Deduction u/s 80C to 80U. Example to understand the calculation of Total Taxable Income for rebate u/s 87A Mr. Virat, a resident individual, aged 28 years, has. Total Income Rs. … WebOct 19, 2024 · Do keep in mind that those individuals who are planning to opt for a new, concessional tax regime will not be able to claim the common deductions such as Section 80C, 80D, 80DD etc. Here is how to claim these common deductions while filing ITR. It is possible that these deductions are already pre-filled in your ITR form. Make sure to … WebJul 21, 2024 · Deduction under Section 80C, Section 80CCC, Section 80CCD (Maximum amount of Income Tax deduction Rs. 1,50,000+Rs. 50,000) Deduction under Section 80C In order to calculate total income … shannon musick obituary