22/04/2023
Blogs:
Income Tax Limit for 2023
Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e. tax liability will be nil of such individual in both - New and old/existing tax regimes. In Budget 2023, rebate under new regime has been increased and therefore, income up to Rs 7 lakh will be tax-free. The Budget 2023 has hiked the basic exemption limit to Rs 3 lakh from Rs 2.5 lakh currently. Thus, an individual's income becomes taxable if it exceeds Rs 3 lakh in a financial year. Under the new tax regime, the highest surcharge rate of 37% on income above INR 5, 00, 00,000 has been proposed to be reduced to 25%
Tax Savings Under Section 80C & 80D
Section 80C Provides deduction in respect of specified qualifying amount and enables you to reduce your taxable income by up to Rs.1.5 lakh every financial year. A rise is expected in the threshold from the existing amount of Rs. 1.5 lakhs to Rs. 2.5 lakhs.
The Income Tax Act, 1961 offers tax-saving benefits on investment instruments. Select: Life insurance premium paid, Deposit in provident fund/superannuation fund, Investment in fixed deposit/Bonds, Investment in NSC, Tuition fee of two children. Repayment of housing loan (principal component), PPF and much more under Section 80C and its sub-sections One can claim tax exemption and save tax on your ULIP investments under section 80C. National Pension System: This is a Government-sponsored Income Tax Savings scheme that lets you plan your retirement and save tax under 80C.
Tax deductions under Section 80CCC and 80CCD are for contribution to pension funds.
Section 80D - Deductions for Medical & Health Insurance
As per section 80D, a taxpayer can avail tax deduction on premium paid towards medical insurance for self, spouse, dependent parents and dependent children. Additional deduction of Rs 25000 is available for insurance paid for parents aged less than 60 years and Rs 50,000 if parents are above 60 years of age. The Union Budget 2023 is expected to grant tax relief by raising the previous maximum to Rs. 1 lakh to Rs. 1.5 lakhs.
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Subject Matter:
Tally ERP 9 Accounting Software
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Payroll (ESIC, PF, Gratuity)
Final Accounts-Trial Balance, Profit & Loss Account and Balance Sheet
Goods & Services Tax (GST)
E way Bill
Income Tax
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