A Guide to Exemptions and Deductions Under Old Tax Regime for FY 2023-24 with Automated Form 16 Generation for 50 Employees

| Last updated: 13 December 2023

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This guide details exemptions and deductions available under the old tax regime for the Financial Year 2023-24. It covers popular sections like 80C for investments, Section 10 for HRA and special allowances, and Section 16 for standard deductions, entertainment allowance, and professional tax. Additionally, it outlines various deductions under Chapter VI A, including those for health insurance, education loans, and donations, providing a comprehensive overview for taxpayers.

Section 80C - Deductions on Investments Section 80C is one of the most popular and favourite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. Who can claim Section 80C deduction?: Section 80C deduction can be claimed by Individuals and HUFs Maximum deduction allowed under section 80C? Rs 1.5 lakh every year from the taxpayers total income. Companies, partnership firms, and LLPs cannot avail the benef

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

Pranab Banerjee

Software Maker & Income Tax Practisioner

I am a B.com from Kolkata University, West Bengal. I have some knowledge in Ms. Excel and ors DBMS in Computer. I have also some knowledge about Accounts and Income Tax. I have already prepared various Excel Calculation software and shared the same. Visit My Web Site www.itaxsoftware.net OR More Income Tax Related E ... Read more

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