Teachers Income Tax Model Calculation for AP/ Telangana Employees IT Savings 2023
Teachers Income Tax Model Calculation for AP/ Telangana Employees IT Savings 2023 : Income Tax for FY 2023 | Check Slab Rates, Calculation & News unchanged for AY 2023 and AY 2023, some interesting change. Income Tax Software 2023 for Teachers/ Employees in AP & Telangana States, Employees IT Calculator, New Slab Rates, Latest Housing loan, 80C saving sections Download here. AP Teachers Income Tax Software 2023.Teachers Income Tax Model Calculation.
TS Teachers Model Income tax Calculation financial year IT 2023-24 Calculation. AP Employees IT Calculation Model Proforma TS Teachers income tax calculate, Income Tax 80c Saving, Housing Loan Interest and Principal Amount , Telangana Employees Indusual IT Calculation software IT Savings Income Tax Deductions IT Assessment year 2023-24. Teachers Income Tax Model Calculation.
📢 Join Our Official Channels for Daily Updates
📱 Join WhatsApp Channel 🚀 Join Telegram ChannelGet daily TeacherNews updates directly on your mobile.
Income Tax Software 2023 for TS / AP Teachers IT Calculator Download
Teachers Income Tax Model Calculation for AP/ Telangana Employees IT Savings 2023
Income tax slab rates in India for different age groups and tax benefits offered by various life insurance policies, for the financial year 2023. Income Tax Slabs for Financial Year 2023 (Assessment Year 23-24). Income Tax Deductions on Section 80C, 80CCC & 80CCD, Section 80 TTA, Section 80GG, Section 80E, Section 80EE, Section 80CCG, Section 80D, Section 80DD, Section 80DDB, Section 80U, Section 80G, Section 80GGB, Section 80GGC and Section 80RRB Deductions. Teachers Income Tax Model Calculation.
Download Excel based Income Tax Calculator for FY 2022-23 & AY 2023-24 /Income Tax Calculator AY 2023-24 Excel Free Download–Detailed Analysis
Before you use the Income Tax Calculator FY 2022-23 Excel Free Download tool, you Must first Determine which tax regime is Most Advantageous to you. Budget 2022 is more or less the Same as that of FY 2022-23 Because There Have Been No major income Tax-Related Changes. It is very much essential for a taxpayer to know the basic differences between the old and new tax regimes.
| Old Tax Regime | New Tax Regime |
|---|---|
| It encourages investment in tax saving instruments | It discourages investments in tax saving instruments |
| Existing income tax deductions are allowable | Major existing deductions are disallowed |
| Standard deductions and Professional Tax are deducted from income (Max Rs.52,400) | No deduction is permissible for Standard Deduction & Professional Tax |
| Benefit of Housing Loan interest payment is allowed U/S 24(b) | Housing loan interest payment deduction is not permitted |
| Only 3 tax slabs — 5%, 20% and 30% applicable | 6 tax slabs — 5%, 10%, 15%, 20%, 25% and 30% applicable |
| 5% Tax rate is basically non-functional as tax negated by Rebate U/S 87 | For every ₹2.5 Lakh, the tax slab changes by 5% |
| Deductions under Chapter VIA are allowed | No deductions under Chapter VIA are allowed except Employer’s contribution to NPS |
| This tax regime is more beneficial for income up to ₹15 Lakh | This tax regime is more beneficial for income above ₹15 Lakh |
IT Calculation Assessment year 2023 for Teachers
* Name of the Employee : Sri. K.Chandra Sekhar Rao
* Working Place ( Office ) : ZPHS, Jonnagiri , Tuggali (Mandal)
* Designation : Secondary Grade Teacher
* Office Address : ZP High School,Jonnagiri,Tuggali ( Mandal )
1 Whether living in : Rented House
PAN No : ASKPRT325V
Treasury Id. No : 098756
2 Gross Salary : Rs. 295,748
3 H.R.A. Exemption as per eligibility U/s. 10(13-A)
a) Actual HRA received Rs. 16,408
b) Actual House Rent paid by you minus 10% of your Salary Rs. 17,760
c) 40% of Salary (Salary means Basic Pay+D.A) Rs. 16,408
4 Total Salary (2-3) Rs.279,340
5 Deductions from Salary Income
a) Exemption from Conveyance Allowance U/s. 10(14) (i) Rs. –
b) Profession Tax U/s 16 (3) B Rs. 2,400
6 Income From Salary (4-5) Rs. 276,940
7 Add: Income From other sources Rs. –
8 Add: Income From Capital Gains Rs. –
9 Income or Loss from House Property U/s 24(vi) Rs. –
10 Gross Total Income (6+7+8+9) Rs. 276,940
11 Deductions
a) 80G E.W.F. & S.W.F & CMRF Rs. 1,170
b) 80E Interest of Educational Loan Rs. –
c) 80DDB Expenditure on treatment for diseases( senior citizen) Rs. –
d) 80E Interest of Housing Loan Rs. –
e) 80U Disabled Person(PH)-above 80%disability( Rule 11A) Rs. –
f) 80d Employees Health Cards Premium in AP Rs. 360
TOTAL———– Rs. 1,530
12 Gross Total Income (10-11) Rs. 275,410
13 Savings U/s 80C ( Limited to Rs.1,50,000 )
a) PF No: 56987 Rs. 17,883
b) APGLI No: L-236548 Rs. 12,000
c) GIS Rs. 360
d) LIC Policies Monthly Premium in Salary Rs. –
e) LIC Policies premium – Yearly Rs. –
f) Repayment of Home Loan installments Rs. –
g) Tuition Fee for Two children Rs. –
h) PLI Rs. –
i) Rajiv Gandhi Equity Saving Scheme Rs. –
j) Any Other Entry Rs. –
Total Savings Rs. 30,243
14 Net Taxable Income (12-13) Rs. 245,167
15 Tax on Income = 245167 – 250000 Tax Rs. 0
b) 2,50,001/- to 5,00,000/- 10% Rs. –
c) 5,00,001/- to 10,00,000/- 20% Rs. 0
d) above Rs.10,00,001 – 30% Rs. 0
16 Tax Rebate Rs. 2000/-upto Rs.5,00,000 Taxable Income( U/s 87 A) Rs. –
17 Total Tax Payable (15-16) – Rs. –
18 Education Cess 1%+ Secondary & Higher Education Cess 2% Rs. 0
19 Total Tax Rs. Nil
20 Details of Adv. Tax Deductions Advance Tax paid – 0
a) Mar-20 to May-20 Rs.
b) Jun-20 to Aug-20 Rs.
c) Sep-20 to Nov-20 Rs.
d) Dec-20 Rs.
e) Jan-21 Rs.
f) Feb-21 Rs.
Signature of the Drawing Officer Signature of the Employee
Old Tax Regime Income Tax Slabs for FY 2022-23 & AY 2023-24
| Tax Rate | Individual Tax Payer (Below 60 Years) | Senior Citizen (61-80 Years) | Super Senior Citizen (Above 80 Years) |
|---|---|---|---|
| NIL | Upto ₹2,50,000 | Up to ₹3,00,000 | Upto ₹5,00,000 |
| 5% | ₹2,50,001- ₹500,000 | ₹3,00,001- ₹5,00,000 | NIL |
| 20% | ₹5,00,001-₹10,00,000 | ₹5,00,001-₹10,00,000 | ₹5,00,001-₹10,00,000 |
| 30% | Above ₹10,00,000 | Above ₹10,00,000 | Above ₹10,00,000 |
