Monday, September 5, 2022

Earned Leave Proforma (Punjabi)

Wednesday, March 30, 2022

Mid day Meal Manager

 Mid-day Meal Manager

an easy approach for maintaining monthly Mid-day meal records

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Tuesday, February 15, 2022

HRA

Saturday, August 29, 2020

Old vs New Tax Regime

Comparison of 2 Tax Regimes (Old Vs New)

Old Tax Regime

             It encourages investment in tax saving instruments

             Existing income tax deductions are allowable

             Standard deductions and Professional tax are deducted from income

             This tax regime is more beneficial for income up to Rs.15 Lakh.

               New Tax Regime

             It discourages investments to save tax

             No existing deductions are allowable

             No deduction permissible for Standard Deduction & Professional tax

             This tax regime is more beneficial for income above Rs.15 Lakh.

important highlights of the New Income Tax Regime for F.Y 2020-21

1.           Standard Deduction on Salary income is not allowed anymore;

2.           Professional Tax also not allowed under the new tax regime;

3.           Deduction on account of Income from House Property i.e. interest on the self-occupied house    not allowed now;

4.           Set off of carried forward losses and Depreciation are not permitted now;

5.           Deductions for any allowance are not allowed now;

6.           Main deductions U/S 80 C, 80 CCC, 80 D, 80E, 80 U, 80 G and etc. are not allowed under the    new income tax regime.

Old Tax Regime for General Taxpayers up to 60 Years of Age

Sl No     Tax Slab(             Tax Rate              Income Tax

1             Income up to 2,50,000   0             Nil

2             2,50,00 to 5,00,000         5%          Taxable Income X 5%

3             5,00,001 to 10,00,000     20%       12,500 + (TI 5,00,000) X 20%

4             More than 10,00,000      30%       1,12,500 + (TI –10,00,000) X 30%

All Deductions are allowed under the Old Tax Regime

New Tax Regime for General Taxpayers up to 60 Years of Age

Sl No     Tax Slab              Tax Rate              Income Tax

1             Income up to 2,50,000   0             Nil

2             2,50,00 to 5,00,000         5%          Taxable Income X 5%

3             5,00,001 to 7,50,000       10%       12,500 + (TI 5,00,000) X 10%

4             7,50,001 to 10,00,000     15%       37,500 + (TI 7,50,000) X 15%

5             10,00,001 to 12,50,000  20%       75,000 + (TI 10,00,000) X 20%

6             12,50,001 to 15,00,000  25%       1,25,000 + (TI 12,50,000) X 25%

7             More than 15,00,000      30%       1,87,500 + (TI 15,00,000) X 30%

No Deductions are allowed as per New Tax Regime


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Thursday, June 25, 2020

MDM 2020 Version



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MDM Download

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