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27/07/2024

17/06/2024

📢 *Job Openings in Surat!* 📢

We are looking for dynamic and dedicated individuals to join our team in Surat. Our firm has the following openings:

1. *Audit Assistant*
- *Responsibilities:* Assisting in audit processes, verifying financial records, ensuring compliance with regulations.
- *Qualifications:* Bachelor's degree in Commerce/Accounting, knowledge of auditing standards, attention to detail, good analytical skills.

2. *Income Tax Return Filing Assistant*
- *Responsibilities:* Preparing and filing income tax returns, ensuring compliance with tax laws, assisting clients with tax-related queries.
- *Qualifications:* Bachelor's degree in Commerce/Accounting, familiarity with income tax laws, proficiency in tax filing software, good communication skills.

*Location:* Surat Office

*How to Apply:* Interested candidates can send their resume to [[email protected] ] or WhatsApp us at [9825729206] for more details.

Join our team and grow your career with us!

24/05/2024

The Income Tax Act provides various allowances and deductions for salary income, which differ under the old tax regime and the new tax regime. Below is a comprehensive breakdown of these allowances and deductions under both regimes:

# # # Old Tax Regime (Applicable till AY 2023-24)

Under the old tax regime, individuals can claim several deductions and exemptions, reducing their taxable income.

# # # # Allowances

1. **House Rent Allowance (HRA)**
- Exempt under Section 10(13A), subject to certain conditions.
- Exemption is least of the following:
- Actual HRA received.
- 50% of salary if residing in a metro city (40% for non-metro cities).
- Rent paid minus 10% of salary.

2. **Leave Travel Allowance (LTA)**
- Exempt under Section 10(5).
- Exemption for travel expenses incurred for self and family on leave to any place in India.
- Allowed twice in a block of four years.

3. **Children Education Allowance**
- Exempt up to ₹100 per month per child for a maximum of two children.

4. **Hostel Expenditure Allowance**
- Exempt up to ₹300 per month per child for a maximum of two children.

5. **Standard Deduction**
- Flat ₹50,000 deduction from salary income.

6. **Conveyance Allowance**
- Exempt up to ₹1,600 per month for commuting between home and office.

7. **Special Allowances**
- Exempt for specific purposes such as travel, uniform, etc.

# # # # Deductions

1. **Section 80C**
- Maximum deduction of ₹1,50,000.
- Includes investments like PPF, EPF, LIC premiums, NSC, ELSS, and principal repayment on home loan.

2. **Section 80CCC**
- Deduction for contributions to certain pension funds.
- Maximum deduction of ₹1,50,000 (combined with 80C and 80CCD(1)).

3. **Section 80CCD(1)**
- Deduction for contributions to NPS.
- Maximum deduction of ₹1,50,000 (combined with 80C and 80CCC).

4. **Section 80CCD(1B)**
- Additional deduction of ₹50,000 for NPS contributions.

5. **Section 80D**
- Deduction for medical insurance premiums.
- Up to ₹25,000 for self, spouse, and dependent children.
- Additional ₹25,000 (₹50,000 for senior citizens) for parents' insurance.

6. **Section 80E**
- Deduction for interest on education loan.
- No upper limit on the amount.

7. **Section 80TTA**
- Deduction for interest on savings account.
- Up to ₹10,000.

8. **Section 80TTB**
- Deduction for interest on deposits for senior citizens.
- Up to ₹50,000.

9. **Section 80G**
- Deduction for donations to specified funds and charities.
- Ranges from 50% to 100% of the donation amount.

10. **Section 24(b)**
- Deduction for interest on home loan.
- Up to ₹2,00,000 for self-occupied property.

# # # New Tax Regime (Applicable from AY 2020-21)

Under the new tax regime, taxpayers are given the option to forego various exemptions and deductions for lower tax rates. Here are the details:

# # # # Allowances

1. **Standard Deduction, HRA, LTA, and Other Allowances**
- These exemptions are not available under the new tax regime.

# # # # Deductions

1. **Section 80C, 80CCC, 80CCD, 80D, 80E, 80TTA, 80TTB, 80G, 24(b)**
- These deductions are not available under the new tax regime.

# # # Comparison of Tax Rates

# # # # Old Tax Regime Slabs:

- Income up to ₹2,50,000: Nil
- ₹2,50,001 to ₹5,00,000: 5%
- ₹5,00,001 to ₹10,00,000: 20%
- Above ₹10,00,000: 30%

# # # # New Tax Regime Slabs:

- Income up to ₹2,50,000: Nil
- ₹2,50,001 to ₹5,00,000: 5%
- ₹5,00,001 to ₹7,50,000: 10%
- ₹7,50,001 to ₹10,00,000: 15%
- ₹10,00,001 to ₹12,50,000: 20%
- ₹12,50,001 to ₹15,00,000: 25%
- Above ₹15,00,000: 30%

# # # Choosing Between Old and New Regime

Taxpayers can choose between the old and new tax regimes based on their income, deductions, and exemptions they are eligible for. The new regime offers lower tax rates but no exemptions and deductions, while the old regime offers higher tax rates but allows for multiple exemptions and deductions.

Taxpayers should compute their tax liability under both regimes to decide which one is more beneficial. For those with significant exemptions and deductions, the old regime might be more advantageous. For those without substantial deductions, the new regime could result in lower tax liability.

24/05/2024

Chapter VI-A of the Income Tax Act, 1961, provides for various deductions from gross total income, which can help reduce the overall tax liability of an individual or entity. These deductions are aimed at encouraging savings, investments, and specific expenditures that are beneficial for the economy and individuals. Below are the key sections under Chapter VI-A and their respective deductions:

# # # Section 80C: Deduction in respect of Life Insurance Premium, Provident Fund, etc.
- Maximum Deduction: ₹1,50,000
- Investments and payments eligible under this section include life insurance premiums, contributions to Employees' Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), 5-year fixed deposits with banks and post offices, tuition fees for children, etc.

# # # Section 80CCC: Deduction in respect of Pension Funds
- Maximum Deduction: ₹1,50,000
- Contributions to certain pension funds such as the LIC's pension scheme are eligible for deduction under this section.

# # # Section 80CCD: Deduction in respect of Contribution to Pension Scheme of Central Government
- **Section 80CCD(1)**: Employee’s contribution to NPS or Atal Pension Yojana (up to 10% of salary for salaried individuals and 20% of gross total income for self-employed)
- **Section 80CCD(1B)**: Additional deduction of ₹50,000 for contributions to NPS (over and above the limit of ₹1,50,000 under Section 80C)
- **Section 80CCD(2)**: Employer’s contribution to NPS (up to 10% of salary) is also eligible for deduction without any monetary ceiling.

# # # Section 80D: Deduction in respect of Medical Insurance Premium
- Maximum Deduction: ₹25,000 for self, spouse, and dependent children (₹50,000 for senior citizens)
- Additional deduction of ₹25,000 (₹50,000 for senior citizens) for insurance of parents.

# # # Section 80DD: Deduction in respect of Maintenance including Medical Treatment of a Dependent with Disability
- Maximum Deduction: ₹75,000 (₹1,25,000 in case of severe disability)
- Expenses incurred for the medical treatment, training, and rehabilitation of a dependent who is a person with disability, including payment or deposit to specified schemes.

# # # Section 80DDB: Deduction in respect of Medical Treatment for Specified Diseases
- Maximum Deduction: ₹40,000 (₹1,00,000 for senior citizens)
- For expenses on medical treatment of specified diseases or ailments.

# # # Section 80E: Deduction in respect of Interest on Loan for Higher Education
- Deduction for interest paid on loans taken for higher education. There is no upper limit on the amount of deduction.

# # # Section 80EE: Deduction in respect of Interest on Loan for Residential House Property
- Maximum Deduction: ₹50,000
- For first-time homebuyers, interest on home loans sanctioned between April 1, 2016, and March 31, 2017.

# # # Section 80G: Deduction in respect of Donations to Certain Funds, Charitable Institutions, etc.
- Deduction varies from 50% to 100% of the donation amount, depending on the institution and the type of donation.

# # # Section 80GG: Deduction in respect of Rent Paid
- Maximum Deduction: ₹5,000 per month or 25% of total income or rent paid minus 10% of total income, whichever is less.
- For individuals not receiving HRA.

# # # Section 80GGA: Deduction in respect of Donations for Scientific Research or Rural Development
- Donations made to entities engaged in scientific research or rural development are eligible.

# # # Section 80GGC: Deduction in respect of Contributions Given by Any Person to Political Parties
- 100% deduction for donations made to political parties or electoral trusts.

# # # Section 80TTA: Deduction in respect of Interest on Savings Account
- Maximum Deduction: ₹10,000
- Interest earned on savings accounts with banks, post offices, or co-operative societies.

# # # Section 80TTB: Deduction in respect of Interest on Deposits for Senior Citizens
- Maximum Deduction: ₹50,000
- Interest earned on deposits with banks, post offices, or co-operative societies by senior citizens.

# # # Section 80U: Deduction in respect of a Person with Disability
- Maximum Deduction: ₹75,000 (₹1,25,000 in case of severe disability)
- For individuals with disabilities.

These sections collectively help taxpayers reduce their taxable income, thereby lowering their tax burden. Taxpayers should ensure that they maintain the necessary documentation and proof of investments, payments, and expenses to claim these deductions accurately.

20/07/2023

Need Accountants
Job profile: handling of account up finalization
Minimum 5 years experience require
Send your bio data on
[email protected]

07/07/2023

Urgently require
Accountants
Audit assistant
Income tax assistant Audit assistant
At
MEVADA AND ASSOCIATES
CHARTERED ACCOUNTANTS
G9 BHATAR TRADE CENTER
BHATAR CHAR RASTA
SURAT
SEND CV ON
[email protected]
Salary no bar for right candidates

05/07/2023

Require
Full time Accountant
Article clerks
For
MEVADA AND ASSOCIATES
CHARTERED ACCOUNTANTS
ONLY FOR SURAT