Income Tax Software 2023-2024 for IT Calculation AP&TS Employees
 |
| Income tax calculation 2023-24 |
Additional deduction of Rs. 50,000 under Section 80 C, CCC, CCD(1): Deduction allowed under Section 80C, 80CCC, and Section 80 CCD(1) for savings/investments, premium for annuity / pension fund and employee contribution to NPS respectively has been increased to Rs. 1.5 lakh from Rs. 1 lakh (Section 80CCE Limit)
The list of IT Software have been provided here in the above tables for FY 2022-2023 prepared by above said persons. This allows you to assess Income Tax through the option in the Old / New Regime.
Those with an annual income of less than Rs.6 lakh and above Rs.18 lakh are advised to do IT calculation with 7 level IT slabs in New Regime. Also those with annual income above Rs.6 lakh and above Rs.18 lakh are advised to do Income Tax calculation in Old Regime.
IT can be computed with / without DA Arrears (@ 30.392%) coming in January, February 2023. No Savings other than CPS, Conveyance Allowance will be Allowed in New Regime. All Savings like Standard deduction, PT, CMRF, Housing loan interest, Section 80E, 80DDB, 80 U, 80DD, 80CC, 80G are Allowed in Old Regime. According to 87A of the New Regime, Relief is Rs12,500 so there will be no IT up to a net income of Rs.5 lakh.
Every Employee can use this Software facility. Every employee can download the software individually for using this for IT Calculation.
GAD Instructions on Income Tax
Government Of Telangana General Administration (Claims – A) Department has given Circular.No.10 on Income Tax for deduction of Tax at source from salaries of Officers & Staff working in General Administration Department and salary particulars during the financial year 2022-23 (AY 2023-24).
A proforma for Self Assessment of Income Tax payable for the financial year 2022-23 (Assessment year 2023-24) has been communicated along with circular instructions to the all officers and staff of General Administration Department.
They have to submit their Income tax particulars in the prescribed statement in duplicate on before deadline so as to enable the Drawing & Disbursing Officer to take further action in the matter.
From 1st April, 2020 onwards a new tax regime under section 115BAC is concurrently introduced to provide for a concessional rate of tax on the total income. Hence from FY: 2022-23 (AY: 2023-24) there are two are operative tax regimes.
- Old Tax Regime
- New Tax Regime
I. One is the old tax regime shown below, where are all the applicable deductions and exemptions are available and the tax rates per the tax specified in the Finance Act, 2020.
| Income Level | Income Tax Rate |
|---|---|
| Where the total income does not exceed Rs.2,50,000/-. | NIL |
| Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | 5% of amount by which the total income exceeds Rs.2,50,000/- |
| Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | Rs.12,500/- + 20% of the amount by which the total income exceeds Rs.5,00,000/- |
| Where the total income exceeds Rs.10,00,000/- | 1,12,500/- + 30% of the amount by which the total income exceeds Rs.10,00,000/- |
II. Second One is the new tax regime shown below, Section 115AC(l) of the Income Tax Act, 1961 provides an options for assesses to opt for the rates of Income Tax applicable for Financial Year 2022-23 (AY: 2023-24)
| Income Level | Income Tax Rate |
|---|---|
| Up to Rs.2,50,000/-. | NIL |
| From Rs.2,50,000/- to Rs.5,00,000/- | 5% |
| From Rs.5,00,000/- to Rs.7,50,000/- | 10% |
| From Rs.7,50,000/- to Rs.10,00,000/- | 15% |
| From Rs.10,00,000/- to Rs.12,50,000/- | 20% |
| From Rs.12,50,000/- to Rs.15,00,000/- | 25% |
| Above Rs.15,00,000/- | 30% |
Note: 1. Employees should exercise an option in writing to claims section on or before 28.02.2023 regarding the rates of Tax to be applied in respect of their taxable income.
2. Option once exercises shall be final and can be alter only at the time of filing IT Return for FY :2022-23 (AY 2023-24) with Income Tax Department.
Such Employees opting for the New Tax Regime will have to forego the following: Exemptions and Deductions:
- The Standard deductions Professional Tax and Entertainment Allowances on Salaries.
- Leave Travel Allowance (LTA)
- House Rent Allowance
- Children Education Allowance
- Other Special Allowances
- Interest on Housing Loans on the Self Occupied property or Vacant property(Section24)
- Chapter VI-A deductions (80C,80D,80E and so on) Exception Section 80CCD(2) and 80JJAA)
- Any other Allowances.
Tax Rates For A Senior Citizen Who Is 60 Years Or More But Less Than 80 Years Are As Follows:
| Income Level | Income Tax Rate |
|---|---|
| Where the total income does not exceed Rs.3,00,000/-. | NIL |
| Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- | 5% of amount by which the total income exceeds Rs.3,00,000/- |
| Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | Rs.10,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/- |
| Where the total income exceeds Rs.10,00,000/- | 1,10,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/- |
- Relief (Rebate) U/ S 87 A (Total income does not exceed 5 lacs. The amount of rebate shall be 100% of income tax or Rs.12,500/- whichever is less.
- Surcharge: C.P.S:- If total income of an assessee up to 50 Lacs – NIL , more than 50 Lacs but up to 1 crore 10%
- CESS: 4% of the income tax (Health Cess and 2%, Education Cess)
- CPS: C.P.S subscribers submit NSDL Statement to G.A (Claims-A) Department on or before 31.03.2023.
Deductions under Section 80
| Deductions | Under Section 80 |
|---|---|
| New Pension Fund:- Payment subject to maximum of Rs.1 to keep in force any annuity plan of the L.I.C. or any other insurer for Receiving pensions from the fund. | 80CCC |
| 80CCD(1 B): Any amount period in the National Pension Scheme(Pension Fund) up to Rs.50,000/- | |
| 80CCD (2) (CPS): Employee shall be allowed a deduction from his total income(Pay + DA) contributed by the Central Govt. subject to a limit of 10% of his salary(Pay + DA). This deduction shall be excluded from the limit of Rs. 1,50.000/-. Deductions under 80C, 80CCC and 80 CCD(I) shall not exceed FRS. | |
| Medical Insurance – Any Premium paid by CHEQUE for medical insurance subject to a maximum of Rs.25,000/- (Rs.50,000/- in case of Senior Citizens) | 80D |
| Handicapped dependant: -If any expenditure is incurred towards Treatment/ maintenance/rehabilitation of a physically handicapped/ Blind/ mentally retarded dependent relative, subject to maximum of Rs.75,000.(Rs.1 in the case of severe disability) | 80DD |
| Deduction in respect of medical treatment: -Special Deduction of actual expenditure limited to Rs.40,000/- to the patient of guardian of a patient incurred on the medical transferred of such disease or aliment as may be specified in the Rules 1 IDD i.e., Neurological diseases and 40% & above disability caused by Cancer, Full blown Aids, Chronic Renal Failure, Nemophiha & Thalasseamia. (This deduction cannot be taken into account bv the DDO) | 80DDB |
| Education Loan:- Interest paid by an individual on loan taken for purpose of Higher Education, for self/Spouse/Children can be deducted till the loan is cleared or for 7 years whichever is earlier. There is no restriction on the amount that can be claimed. | 80E |
| Handicapped Assessee:- If the employee is a person with disability, an amount of Rs.75,000/- or Rs.1,25,0000/- as the case may be, shall be deducted from the total income. The following disabilities are regarded as permanent physical disability:- a) Permanent physical disability of more than 50% in one limb; or b) Permanent physical disability of more than 60% in two or more limbs; or c) Permanent deafness with hearing impairment of 71 decibels and above; or d) Permanent and total loss of voice. | 80U |
| Interest on HBL (Sec 24): Limit for deduction of Interest borrowed capital in respect of self occupied property, prior to 1-4-1999 was a maximum of Rs.30,OOO/-. This limit was raised to Rs.2.00 lakhs in cases where loan was obtained after 1-4-1999, provided that the construction/ acquisition is completed within three(3) years from the end of the Financial year in which the loan was borrowed. (Please furnish the copy of sanction letter) H.B.A (REPAIRS) Interest -maximum deduction allowable-Rs.30,000/- | 24(b) |
| A deduction of maximum Rs. 10,000/- against interest income from 80 TTA savings A/c only with a bank, Co-operative Societ or Post office | 80 TTA |
| A deduction from HRA is allowed, which is least of the following Sec. 10(1 3A) Actual HRA received. 40% of salary(Salary includes Pay and DA only) Actual Rent paid less 10% of salary. If annual rent paid by the employee exceeds Rs.1,00,000/-p.a, it is mandatory for the employee to produce rent receipt along with PAN NO. and Address of the HOUSE OWNER. In case the House owner does not have a PAN, a declaration from the House Owner along with the Name and Address of the House Owner. | Sec.10 (13A) |
SLAB RATES:
A. Normal Rates of tax – Every Individual Less than of the age 60 Years
| Income In | Tax |
|---|---|
| Upto Rs. 2,50,000/- | No Tax ( Nil ) |
| Between Rs.2,50,001 to 5,00,000 | 5% (Total Income minus Rs.2,50,000) |
| Between Rs.5,00,001 to 10,00,000 | Rs.25,000+ 20% of (Total income minus Rs.5,00,000 lakhs) |
| Above Rs.10,00,000 | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Every Individual up to 60 years to Less than of the age 80 years: (Senior Citizens)
Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
| Income In | Tax |
|---|---|
| Upto Rs. 3,00,000/- | No Tax ( Nil ) |
| Between Rs.3,00,001 to 5,00,000 | 5% Income in excess of Rs.3,00,000 |
| Between Rs.5,00,001 to 10,00,000 | Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs |
| Above Rs.10,00,000 | Rs.1,30,000+30% of income in excess of Rs.1,00,000 |
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year: (Super Senior Citizens)
| Income In | Tax |
|---|---|
| Where the total income does not exceed Rs.5,00,000/- | No Tax ( Nil ) |
| Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- | 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| Where the total income exceeds Rs. 10,00,000/- | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Income Tax Assessment
| Net income range | Income-tax rates | Surcharge | Education cess | Secondary and higher education cess |
|---|---|---|---|---|
| Up to Rs.2,50,000 | Nil | Nil | Nil | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 10% of (total income minus Rs. 2,50,000) | Nil | 2% of income-tax | 1% of income-tax |
| Rs. 5,00,000 to Rs. 10,00,000 | Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) | Nil | 2% of income-tax | 1% of income-tax |
| Rs. 10,00,000 to Rs. 1,00,00,000 | Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) | Nil | 2% of income-tax | 1% of income-tax |
| Above Rs.1,00,00,000 | Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000) | 10% of income-tax | 2% of income-tax and surcharge | 1% of income-tax and surcharge |
Section 80C:
- Life Insurance Premium
- Premium / Subscription for deferred annuity For the individual, on the life of self, spouse or any child.
- Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
- The contribution made under the Employee’s Provident Fund Scheme.
- Contribution to PPF For the individual can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
- Contribution by an employee to a Recognised Provident Fund.
- Sum deposited in 10 year/15 year account of Post Office Saving Bank
- Subscription to any notified securities/notified deposits scheme. e.g. NSS
- Subscription to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
- Contribution to Unit Linked Insurance Plan of a Mutual Fund
- Contribution to fund set up by the National Housing Scheme.
- Housing Loan Principal amount paid
- Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full-time education of any two children. Available in respect of any two children.
Section 80CCG: As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2015-16) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for an income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).
Section 80E: Deduction in respect of Interest on Loan for Higher Studies
Section 80G: Deduction in respect of Various Donations 100% or 50% without Restrictions.
Section 80GGC: Deduction in respect of contributions given by any person to political parties. | – Source: Income Tax of India
I. Income Tax Slabs
A. Income Tax Slabs for Men and Women employees.
a. Up to Rs. 2.5 Lakhs – Nil
b. From Rs. 2.5 to 5 Lakhs @5%
c. From Rs. 5 to 10 Lakhs @20%
d. Above Rs. 10 Lakhs @30%
B. For senior citizens above 60 yrs.
a. Up to Rs. 3 Lakhs Nil
b. From Rs. 3 to 5 Lakhs @ 5%
c. From Rs. 5 to 10 Lakhs@20%
d. Above Rs. 10 Lakhs @30%
II. Surcharge and Cesses:
A. Surcharge @ 0% will be levied below Rs. 1 crore
B. Education Cess @ 3% on I.T. paid.
III. 100% Exemption from Income:
- HRA as per formula u/s 10, (without counting D.A.)
- Conveyance allowance u/s 10 Rs. 3,200/- p.m.
- Medical Reimbursement, P.T. u/s 16,
- Housing Loan interest upto Rs.1.5 Lakh u/s 24 (borrowed after 1-4-99) / interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014)
- Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E,
- Contribution to CMRF/PMRF/U/s 80G,
- P.P.F. Interest,
- Retirement benefits.
- LTC,
- LPG subsidy
IV. Deductions allowed under chapter VIA from Income:
- Health Insurance premium of self & Dependents up to Rs.25,000/ p.a. U/s 80D ( Rs. 30,000/- in case of senior citizens Expenses of Medical Treatment of Handicapped Dependent upto Rs. 75,000/ 80DD (for disability 80% or more deduction in Rs.1,25,000/).
- Expenses of Medical Treatment for cancer, Heart, Neuro, AIDS, chronic Renal failure, Haemophilia for self or dependent upto Rs. 40,000/- U/s 80DDB (Form 10-1 need no be enclosed from the Govt. Civil Surgeon from Fy 15-16) Rs.60,000/- for senior citizen (DDOs CAN NOT ALLOW IT)
- Physically Handicapped assessee (proper certificate should be enclosed) upto Rs. 75,000/- (for more than 80% disability Rs. 1,25,,000/-) may be exempted from income U/s 80U.V)
TOTAL DEDUCTIONS UPTO 1.5 LAKH ONLY - Amount deposited for getting pension scheme upto Rs.1,50,000/- U/s 80CC (Ex. LIC,Pension Fund)
- Premium to Contributory pension scheme upto 10% of the salary U/s 80CCD
- U/s 80C SAVINGS (Total Rs. 1.5 Lakh only)
LIC + PF +APGLI + NABARD BONDS + TAX SAVINGS Bonds + FIXED DEPOSITS FOR
MORE THAN 5 YEARS + HOUSING LOAN PRINCIPLE + GIS + PLI + ICICI BONDS + IDBI BONDS +TUITION FEES OF TWO CHILDREN (limited to 1.5 Lakh)+ Sukanya Samrudhi Yojana (Maximum 1.5 lakhs). Maybe deducted FROM INCOME UPTO Rs. 1.5 Lakh (savings, U/s80CC+80CCD+80C should be less than Rs. 1,50,001/- only.
VI. NEW SECTION 80 CCG FROM FINANCIAL YEAR 2017-2018:
Maximum savings @ Rs. 25,000/- (on 50% of Rs. 50,000/-investment) for savings under Rajiv Gandhi equity share U/s 80CCG from this financial Year . Hence the limit of 80C + 80CC + 80CCD + 80CCG = 1.75 lakhs).
VII. u/s 80EE: deduction of an amount maximum Rs.1 lakh is allowable in respect of interest payable on home loan if it sanctioned in FY 2022-23 not exceeding Rs. 25 lakhs and the interest claimed for deduction under this section cannot be claimed u/s 24.
Post a Comment