Are you ready to transform your workplace dynamics? Dive into the innovative world of HR system software with PeopleHR India. Discover how our cutting-edge technology can streamline your HR processes and elevate your organization to new heights of efficiency and productivity.
With the rapid evolution of technology, traditional HR processes are undergoing a significant transformation. Enter PeopleHR India’s HR system software – a game-changer in the realm of human resource management.
Our HR system software offers a comprehensive solution to streamline every aspect of HR operations. From recruitment and onboarding to performance management and payroll processing, we’ve got you covered.
Imagine a world where HR tasks are automated, allowing your team to focus on strategic initiatives that drive business growth. With PeopleHR India’s software, this vision has become a reality. Our intuitive interface makes it easy for HR professionals to navigate complex workflows with ease. Say hello to simplified processes and goodbye to unnecessary complications.
But it’s not just about efficiency – it’s also about empowerment. Our HR system software puts the power back in your hands, providing real-time insights into your workforce and enabling data-driven decision-making. Whether you’re analyzing employee performance or forecasting future staffing needs, our software provides the tools you need to succeed.
At PeopleHR India, we understand that every organization is unique. That’s why our HR system software is fully customizable to meet your specific needs. Whether you’re a small startup or a multinational corporation, our flexible solution adapts to your requirements, ensuring a seamless fit for your organization.
In conclusion, the future of HR is here, and it’s powered by PeopleHR India’s HR system software. Say hello to efficiency, productivity, and success. Say hello to PeopleHR India.
Introduction: In today’s fast-paced business landscape, the ability to attract and retain top talent is crucial for organizational success. However, traditional HR processes often struggle to keep up with the demands of modern recruitment. Enter the Applicant Tracking System (ATS) – a game-changing technology that streamlines the hiring process from start to finish. In this blog, we’ll explore how PeopleHR India’s innovative ATS is transforming HR management, empowering companies to make smarter hiring decisions and build high-performing teams.
Effortless Talent Acquisition: With PeopleHR India’s Applicant Tracking System, the days of drowning in piles of resumes are over. The system automates the entire recruitment process, from posting job openings to screening candidates and scheduling interviews. By leveraging customizable filters and automated workflows, HR professionals can quickly identify the most qualified candidates, saving time and resources.
Enhanced Candidate Experience: In today’s competitive job market, providing a positive candidate experience is non-negotiable. PeopleHR India’s ATS ensures a seamless and engaging experience for applicants, from the moment they submit their resumes to the final hiring decision. With features like personalized communication and status updates, candidates feel valued and informed throughout the recruitment journey, enhancing employer branding and attracting top talent.
Data-Driven Decision Making: Making informed hiring decisions requires access to real-time data and insights. PeopleHR India’s Applicant Tracking System provides comprehensive analytics and reporting tools, allowing HR professionals to track key metrics such as time-to-hire, source of hire, and candidate quality. By leveraging data-driven insights, organizations can identify trends, optimize their recruitment strategies, and continuously improve their hiring processes.
Seamless Integration: Integration with other HR systems is essential for maximizing efficiency and minimizing manual tasks. PeopleHR India’s ATS seamlessly integrates with existing HRMS platforms, ensuring smooth data flow and eliminating the need for duplicate data entry. Whether it’s payroll, performance management, or employee onboarding, the ATS simplifies cross-functional processes, enabling HR teams to focus on strategic initiatives.
In the ever-evolving landscape of HR management, staying ahead of the curve is paramount. PeopleHR India’s Applicant Tracking System offers a comprehensive solution for modern recruitment challenges, combining automation, personalization, and data-driven insights to revolutionize the hiring process. By leveraging this innovative technology, organizations can unlock efficiency, enhance the candidate experience, and build high-performing teams that drive business success. With PeopleHR India’s ATS, the future of HR management is brighter than ever.
Description: Discover how implementing a robust HR automation tool can revolutionize your HR processes, saving time, enhancing efficiency, and driving productivity. Dive into the world of PeopleHR India to unlock the potential of modern HR technology.
In today’s fast-paced business landscape, where time is of the essence and efficiency is key, Human Resources (HR) departments are constantly seeking ways to streamline their processes. One of the most effective solutions gaining momentum is the adoption of HR automation tools. These tools not only simplify HR tasks but also empower organizations to focus on strategic initiatives rather than getting bogged down by administrative burdens.
At the forefront of HR automation technology stands PeopleHR India, offering a comprehensive suite of features designed to optimize every aspect of the HR lifecycle. Let’s delve into how PeopleHR India can transform your HR operations and propel your organization towards greater success.
Effortless Recruitment and Onboarding: Recruiting and onboarding new talent can be a time-consuming process, involving numerous manual tasks such as posting job vacancies, reviewing resumes, scheduling interviews, and completing paperwork. With PeopleHR India, these processes become streamlined and efficient. From creating job requisitions to automated candidate screening and onboarding workflows, the platform automates repetitive tasks, allowing HR teams to focus on engaging and nurturing top talent.
Seamless Employee Management: Managing employee data, performance evaluations, leave requests, and attendance records can be overwhelming without the right tools in place. PeopleHR India simplifies employee management by centralizing all HR data in one secure platform. With intuitive self-service portals, employees can update their information, submit leave requests, and access important documents effortlessly. Automated notifications and reminders ensure that no task falls through the cracks, enhancing accountability and compliance.
Insightful Analytics and Reporting: Data-driven decision-making is essential for driving organizational growth and improving employee engagement. PeopleHR India offers powerful analytics and reporting capabilities that provide HR leaders with valuable insights into workforce trends, performance metrics, and compliance requirements. From turnover rates to training effectiveness, customizable reports empower HR professionals to identify areas for improvement and make informed decisions that drive business success.
Enhanced Compliance and Security: In today’s regulatory environment, ensuring compliance with labor laws and data protection regulations is non-negotiable. PeopleHR India helps organizations stay compliant by automating compliance workflows, generating accurate reports, and maintaining data security protocols. With robust encryption and role-based access controls, sensitive HR information remains protected, giving both employees and employers peace of mind.
As the demands on HR departments continue to evolve, leveraging the power of automation has become imperative for staying competitive in today’s market. With PeopleHR India as your trusted HR automation tool, you can streamline your processes, enhance efficiency, and unlock the full potential of your workforce. Say goodbye to manual tasks and hello to a future where HR empowers your organization to thrive. Experience the difference with PeopleHR India and embark on a journey towards HR excellence today!
In this insightful blog, discover how PeopleHR India is revolutionizing the landscape of performance management systems across India. Dive into a world of innovation, efficiency, and success as we explore the intricacies of optimizing performance management strategies tailored to the Indian market.
In today’s fast-paced business environment, the need for effective performance management systems has never been more critical. As companies strive for excellence and seek ways to enhance productivity, the role of a robust performance management system becomes paramount.
Enter PeopleHR India—the catalyst for organizational success in the realm of performance management. With its cutting-edge technology and intuitive interface, PeopleHR India offers a comprehensive solution designed to meet the unique needs and challenges faced by businesses in the Indian market.
One of the key features that sets PeopleHR India apart is its adaptability to the diverse cultural and operational nuances prevalent in India. From customizable performance evaluation criteria to localized feedback mechanisms, PeopleHR India empowers organizations to tailor their performance management processes according to their specific requirements.
Furthermore, PeopleHR India’s emphasis on continuous feedback and goal alignment fosters a culture of transparency and accountability within the workplace. By facilitating regular communication between managers and employees, PeopleHR India ensures that performance discussions are meaningful, constructive, and conducive to professional growth.
Moreover, with its advanced analytics and reporting capabilities, PeopleHR India provides valuable insights into employee performance trends, enabling organizations to make data-driven decisions and optimize their talent management strategies.
In conclusion, PeopleHR India stands as a beacon of innovation and efficiency in the realm of performance management systems. By leveraging the latest technology and understanding the unique dynamics of the Indian market, PeopleHR India empowers organizations to unlock their full potential and achieve unparalleled success. Embrace the future of performance management with PeopleHR India and embark on a journey towards greater productivity, engagement, and growth.
Description: Dive into the realm of efficient HR management with PeopleHR India’s cutting-edge Human Capital Management Software. Discover how this innovative solution can revolutionize your workforce management practices and elevate your organization to new heights of success.
In the dynamic landscape of modern businesses, managing human capital effectively stands as a crucial determinant of success. With the advent of technology, the role of Human Resource Management Systems (HRMS) has evolved significantly. Among the array of choices available, PeopleHR India emerges as a beacon of excellence, offering a comprehensive Human Capital Management Software designed to streamline HR operations and empower organizations to unleash their full potential.
At the heart of PeopleHR India’s offering lies its state-of-the-art Human Capital Management Software. This sophisticated tool transcends traditional HR practices, offering a centralized platform for managing all aspects of the employee lifecycle seamlessly. From recruitment and onboarding to performance management and talent development, every facet of HR administration is integrated within a single, user-friendly interface.
One of the standout features of PeopleHR India’s Human Capital Management Software is its unparalleled customization capabilities. Recognizing that every organization operates uniquely, the software allows for tailored configurations to align with specific workflows and requirements. Whether you’re a burgeoning startup or a multinational corporation, PeopleHR India adapts to your needs, fostering agility and scalability across the board.
Moreover, the software is fortified with advanced analytics and reporting functionalities, providing invaluable insights into workforce dynamics and trends. By harnessing the power of data-driven decision-making, organizations can optimize resource allocation, identify skill gaps, and cultivate a culture of continuous improvement.
Beyond its technical prowess, PeopleHR India’s Human Capital Management Software is distinguished by its unwavering commitment to user experience. Intuitive interfaces, seamless navigation, and responsive support services ensure a frictionless experience for both HR professionals and employees alike. This user-centric approach not only enhances productivity but also fosters employee engagement and satisfaction.
In today’s hypercompetitive landscape, organizations can no longer afford to overlook the importance of effective human capital management. With PeopleHR India’s Human Capital Management Software, you’re not just investing in a tool; you’re investing in the future success and sustainability of your business. Embrace innovation, unlock efficiency, and embark on a transformative journey towards excellence with PeopleHR India today.
In conclusion, PeopleHR India’s Human Capital Management Software epitomizes the convergence of technology and HR expertise, offering a comprehensive solution to the complex challenges of workforce management. Through its intuitive design, robust features, and unwavering commitment to customer satisfaction, PeopleHR India empowers organizations to harness the full potential of their human capital and drive sustainable growth in the digital age. Embrace the future of HR management with PeopleHR India, and witness your organization thrive like never before.
With the rise of remote work and flexible schedules, traditional attendance tracking methods are becoming obsolete. Enter PeopleHR India, the country’s foremost provider of HR solutions, revolutionizing the way businesses manage their workforce with its state-of-the-art online attendance management system.
In the digital age, where every aspect of business is swiftly transitioning online, managing employee attendance should be no exception. PeopleHR India recognizes this need and has engineered a comprehensive solution tailored to meet the demands of modern workplaces. Let’s delve deeper into how their online attendance management system is reshaping the HR landscape.
Streamlined Attendance Tracking: Bid farewell to cumbersome spreadsheets and manual attendance registers. PeopleHR India’s online attendance management system automates the entire process, allowing employees to clock in and out effortlessly from any location. This seamless integration ensures accurate attendance records without the hassle of manual data entry.
Real-time Insights and Analytics: Gone are the days of guesswork when it comes to monitoring employee attendance patterns. With PeopleHR India’s solution, HR managers gain access to real-time insights and analytics. From tracking late arrivals to identifying trends in absenteeism, the system provides actionable data to optimize workforce efficiency.
Enhanced Flexibility and Accessibility: Whether your team is working from the office or scattered across the globe, PeopleHR India’s online attendance management system offers unparalleled flexibility and accessibility. Employees can mark their attendance remotely through web or mobile platforms, ensuring no disruptions to productivity.
Seamless Integration with HRMS: Integration is key to maximizing the efficiency of HR processes. PeopleHR India understands this necessity and seamlessly integrates its attendance management system with its comprehensive HRMS platform. This cohesive approach ensures that attendance data seamlessly flows into other HR functions, such as payroll processing and leave management.
Robust Security Measures: Protecting sensitive employee data is non-negotiable. PeopleHR India prioritizes data security and incorporates robust measures to safeguard information within its online attendance management system. From encrypted connections to role-based access controls, rest assured that your data remains secure at all times.
In the age of digital transformation, investing in a robust online attendance management system is not just advantageous; it’s imperative for staying ahead in today’s competitive landscape. With PeopleHR India’s innovative solution, businesses can streamline attendance tracking, gain valuable insights, and empower their workforce like never before. Embrace the future of workforce management with PeopleHR India – where efficiency meets innovation.
In the dynamic landscape of modern workplaces, where agility and efficiency are paramount, traditional methods of attendance tracking have become outdated relics of the past. With the advent of technology, businesses are shifting towards smarter solutions to streamline their workforce management processes. One such revolutionary tool that has been transforming the way organizations handle attendance is the Online Attendance Management System.
Gone are the days of manual punch cards and cumbersome spreadsheets. The Online Attendance Management System offers a seamless and efficient way to monitor employee attendance, regardless of the size or complexity of the workforce. Let’s delve deeper into the myriad benefits and functionalities that make this system a game-changer for businesses in India.
Real-time Tracking: One of the standout features of an Online Attendance Management System is its ability to provide real-time insights into employee attendance. With just a few clicks, HR managers can access accurate data on who’s present, absent, or on leave, eliminating the need for tedious manual calculations and reducing the risk of errors.
Flexibility and Accessibility: Whether employees are working from the office, remotely, or on the go, they can easily clock in and out using the online platform. This flexibility not only caters to the needs of a modern workforce but also ensures transparency and accountability in attendance tracking.
Automated Processes: Say goodbye to the days of manual data entry and repetitive administrative tasks. With an Online Attendance Management System, mundane processes such as attendance calculation, leave approvals, and timesheet generation are automated, freeing up valuable time for HR professionals to focus on more strategic initiatives.
Integration with Payroll: Integration capabilities allow seamless synchronization between the attendance system and payroll software, ensuring accurate and timely processing of salaries.
Compliance and Regulation: In a country like India, where labor laws and compliance requirements are stringent, an Online Attendance Management System serves as a compliance ally for businesses. By maintaining accurate records of attendance, organizations can demonstrate compliance with labor regulations and mitigate the risk of legal penalties.
Analytics and Insights: Beyond just tracking attendance, these systems offer valuable analytics and insights that empower HR leaders to make data-driven decisions. From identifying attendance trends to predicting future staffing needs, the analytics feature provides valuable intelligence for workforce planning and optimization.
Employee Engagement: A transparent and efficient attendance management system fosters a culture of trust and accountability within the organization. When employees feel that their attendance is being accurately recorded and fairly assessed, it leads to higher morale, increased productivity, and ultimately, better business outcomes.
In conclusion, the adoption of an Online Attendance Management System represents a significant step towards modernizing workforce management practices in India. By leveraging the power of technology, businesses can streamline their attendance tracking processes, improve operational efficiency, ensure compliance, and enhance employee satisfaction. In today’s fast-paced world, where every minute counts, investing in an Online Attendance Management System is not just a choice but a necessity for organizations striving to stay ahead of the curve.
In today’s fast-paced corporate landscape, managing payroll efficiently is paramount for any organization. With the complexities of Indian tax laws and regulations, businesses often find themselves grappling with payroll-related challenges. Fortunately, the digital age brings forth an array of solutions, and one of the most transformative among them is Payroll Management Software India.
Gone are the days of tedious manual calculations and paperwork. Payroll management software India offers a streamlined solution, simplifying the payroll process and empowering HR professionals to focus on strategic initiatives. Let’s delve into how these innovative tools can revolutionize your payroll operations:
Automation for Accuracy: Payroll processing involves numerous calculations, deductions, and compliance requirements. With payroll management software India, manual errors become a thing of the past. Automation ensures accurate calculations of salaries, taxes, and deductions, thereby minimizing the risk of discrepancies and compliance issues.
Comprehensive Compliance: Staying compliant with Indian tax laws and regulations is a daunting task. Payroll management software India is equipped with built-in features that automatically update to reflect changes in tax policies, statutory requirements, and labor laws. This ensures that your payroll processes remain compliant, avoiding potential penalties and legal hassles.
Efficient Time Management: Time is a precious resource, and manual payroll processing consumes a significant amount of it. Payroll management software India streamlines the entire process, from attendance tracking to salary disbursement, saving valuable time for HR professionals. By automating repetitive tasks, employees can focus on strategic HR initiatives that drive organizational growth.
Employee Self-Service Portals: Empowering employees with self-service portals is another advantage offered by payroll management software India. Through these portals, employees can access their payroll information, submit leave requests, and download payslips with ease. This not only enhances transparency but also reduces the administrative burden on HR personnel.
Data Security and Confidentiality: Payroll data is sensitive and confidential, requiring robust security measures to safeguard against unauthorized access and breaches. Payroll management software India employs advanced encryption techniques and secure servers to protect sensitive information. With role-based access control, administrators can ensure that only authorized personnel have access to payroll data, enhancing data security and confidentiality.
Scalability and Flexibility: Whether you’re a small startup or a large enterprise, payroll management software India offers scalability and flexibility to accommodate your evolving needs. As your organization grows, the software can seamlessly adapt to changes in workforce size, payroll complexities, and regulatory requirements, ensuring uninterrupted payroll operations.
Real-time Insights and Reporting: Informed decision-making relies on access to accurate data and insights. Payroll management software India provides real-time visibility into payroll metrics, allowing HR professionals to generate customized reports and analytics. From payroll costs to employee trends, these insights empower organizations to make data-driven decisions that optimize payroll processes and resource allocation.
In conclusion, Payroll Management Software India is a game-changer for organizations seeking to streamline their payroll operations. By embracing automation, ensuring compliance, and enhancing efficiency, businesses can unlock new levels of productivity and profitability. Say goodbye to manual payroll headaches and embrace the future of payroll management with innovative software solutions tailored to the Indian market. Experience the transformation today and revolutionize your payroll process for a brighter tomorrow.
Unlock the power of Payroll Management Software India and embark on a journey towards payroll excellence. Your HR team deserves it, and your organization will thrive because of it.
Let’s be honest – payroll processing can sometimes feel like watching paint dry. Cumbersome calculations, tax law changes, manual data entry… It’s enough to make any HR professional wish for a rocket ship to blast through the process!
But what if there was a better way? Imagine a world where payroll processing is so efficient and error-free, it practically feels like it’s flying on autopilot.
That world exists, and it’s powered by cutting-edge payroll management software in India.
Payroll Management Software in India: Your Ticket to Speedy Success
Think of payroll management software in India as your launchpad for high-speed payroll processing. Here’s what this powerful tool can do:
Automate Away the Tedium: Wave goodbye to manual calculations and data entry! Your software handles complex salary structures, taxes, deductions, and compliance updates automatically, saving you massive amounts of time.
Accuracy – It’s in the Bag: No more sleepless nights worrying about payroll errors. Payroll management software in India offers built-in safeguards and validation checks to ensure your payroll is always right on target.
Reporting at the Ready: From in-depth summaries to custom reports, you’ll always have access to the payroll insights you need to make strategic decisions.
Employee Empowerment: Many solutions offer self-service tools so employees can access payslips, manage tax declarations, and view leave balances – reducing administrative workload for you.
Ready for Takeoff?
It’s time to upgrade your payroll operations! Investing in the right payroll management software in India will streamline processes, ensure accuracy, and free your HR team to focus on strategic initiatives. Here’s the best part: you’ll find plenty of fantastic options designed specifically for the complexities of Indian payroll regulations.
So, buckle up! Get ready to experience payroll processing moving at the speed of a rocket – with payroll management software in India leading the way!
The fiscal landscape of Budget 2023 has stirred considerable perplexity among taxpayers, particularly concerning the selection between the traditional and contemporary tax regimes. The government’s endeavors to advocate for the adoption of the new regime were evident through various incentives unveiled in the 2023 Budget. These amendments underscore the government’s inclination towards steering taxpayers towards the new regime while maintaining the existence of the old one. Despite the default transition to the new tax regime, the option to adhere to the old regime persists.
Interim Budget 2024-2025 Report:
The Interim Budget 2024-2025 has sustained the status quo concerning direct taxes, with no alterations introduced.
Exploring both tax regimes is imperative to determine the optimal choice for 2024.
New Tax Regime:
The introduction of the new tax regime in Budget 2020 brought forth modifications in tax slabs and offered taxpayers concessional tax rates. However, opting for the new regime entails forfeiting several exemptions and deductions like HRA, LTA, 80C, and 80D, which diminished its attractiveness. In the wake of Budget 2023, five pivotal changes were introduced to incentivize the adoption of the new regime, which persist into FY 2024-2025. These changes include a higher tax rebate limit, streamlined tax slabs, standard deduction extension, reduced surcharge for high net worth individuals, and higher leave encashment exemption.
Default Regime:
As of FY 2023-24, the new income tax regime is set as the default choice. Taxpayers desiring to remain under the old regime must submit a form during return filing. The flexibility to switch between regimes annually is retained.
Old Tax Regime:
The old tax regime predates the advent of the new regime, offering over 70 exemptions and deductions, including HRA and LTA, to alleviate taxable income and minimize tax liabilities. Notably, Section 80C is among the most favored deductions, allowing for a substantial reduction in taxable income.
Selecting Between Old Vs. New Tax Regime: Which is Optimal?
The decision hinges on the tax-saving deductions and exemptions available under the old tax regime. A breakeven threshold has been calculated for various income levels, aiding in making an informed decision. This threshold reflects the point at which there’s no disparity in tax liability between the two regimes.
The fiscal landscape presented in Budget 2023 has led to significant ambiguity among taxpayers regarding the optimal choice between the conventional and contemporary tax regimes. The government, in its endeavor to promote the adoption of the new regime, unveiled various incentives in the 2023 Budget.
These alterations underscore the government’s inclination towards transitioning taxpayers to the new regime while preserving the existence of the old one. Despite the default transition to the new tax regime, taxpayers still retain the option to adhere to the old regime.
Interim Budget 2024-2025 Updates:
No amendments were introduced in direct taxes in the Interim Budget 2024-2025.
Examining Both Regimes: Choosing the Optimal Regime for 2024
New Tax Regime:
The introduction of the new tax regime in Budget 2020 brought about modifications in tax slabs, offering taxpayers concessional rates. However, opting for the new regime entails forfeiting several exemptions and deductions like HRA, LTA, 80C, and 80D, which diminished its attractiveness. In Budget 2023, the government introduced five key changes to encourage the adoption of the new regime. These changes persist into FY 2024-2025, as no amendments were made in the Interim Budget 2024. They include:
Higher Tax Rebate Limit: Tax rebate on income up to ₹7 lakhs introduced, compared to ₹5 lakhs under the old regime.
Streamlined Tax Slabs: Tax exemption limit raised to ₹3 lakhs with revised tax slabs.
Standard Deduction Extension: Standard deduction of ₹50,000 extended to the new regime.
Reduced Surcharge for High Net Worth Individuals: Surcharge rate on income over ₹5 crores reduced from 37% to 25%.
Higher Leave Encashment Exemption: Exemption limit for non-government employees raised from ₹3 lakhs to ₹25 lakhs.
Default Regime:
The new income tax regime is set as the default option starting from FY 2023-24. Taxpayers preferring the old regime must submit a form during return filing. Annual switching between the two regimes remains an option.
Old Tax Regime:
The old tax regime, predating the new regime, offers over 70 exemptions and deductions, including HRA and LTA, to reduce taxable income and lower tax payments. The most significant deduction is Section 80C, allowing a reduction of taxable income up to ₹1.5 lakh.
Determining the Optimal Choice:
The decision hinges on the tax-saving deductions and exemptions available under the old tax regime. A breakeven threshold has been calculated for various income levels, facilitating an informed decision.
Here’s a detailed comparison of the deductions and exemptions available under both regimes:
Particulars
Old Tax Regime
New Tax Regime (until March 31, 2023)
New Tax Regime (from April 1, 2023)
Income level for rebate eligibility
₹ 5 lakhs
₹ 5 lakhs
₹ 7 lakhs
Standard Deduction
₹ 50,000
–
₹ 50,000
Effective Tax-Free Salary Income
₹ 5.5 lakhs
₹ 5 lakhs
₹ 7.5 lakhs
Rebate u/s 87A
₹ 12,500
₹ 12,500
₹ 25,000
HRA Exemption
✓
X
X
Leave Travel Allowance (LTA)
✓
X
X
Other allowances
✓
X
X
Standard Deduction (₹ 50,000)
✓
X
✓
Entertainment Allowance and Professional Tax
✓
X
X
Perquisites for official purposes
✓
✓
✓
Interest on Home Loan u/s 24b (Self-occupied or vacant property)
✓
X
X
Interest on Home Loan u/s 24b (Let-out property)
✓
✓
✓
Deduction u/s 80C (EPF, LIC, ELSS, etc.)
✓
X
X
Employee’s (own) contribution to NPS
✓
X
X
Employer’s contribution to NPS
✓
✓
✓
Medical insurance premium – 80D
✓
X
X
Disabled Individual – 80U
✓
X
X
Interest on education loan – 80E
✓
X
X
Interest on Electric vehicle loan – 80EEB
✓
X
X
Donation to Political party/trust etc – 80G
✓
X
X
Savings Bank Interest u/s 80TTA and 80TTB
✓
X
X
Other Chapter VI-A deductions
✓
X
X
All contributions to Agniveer Corpus Fund – 80CCH
✓
Did not exist
✓
Deduction on Family Pension Income
✓
✓
✓
Gifts upto Rs 50,000
✓
✓
✓
Exemption on voluntary retirement 10(10C)
✓
✓
✓
Exemption on gratuity u/s 10(10)
✓
✓
✓
Exemption on Leave encashment u/s 10(10AA)
✓
✓
✓
Daily Allowance
✓
✓
✓
Conveyance Allowance
✓
✓
✓
Transport Allowance for specially-abled person
✓
✓
✓
How to Decide Between Old and New Tax Regimes?
When choosing between the two regimes, consider the tax exemptions and deductions available under the old tax regime. After deducting all eligible exemptions and deductions, determine the net taxable income. Compare the tax liability based on this income under both regimes, opting for the one with lower tax liability. Inform your employer of your choice for appropriate Tax Deducted at Source (TDS) deduction from your salary.
Conclusion:
The disparities between the old and new tax regimes prompt many individuals to deliberate over their choice. The new regime accommodates those favoring minimal deductions or seeking to avoid extensive tax preparation. However, the old regime incentivizes taxpayers to cultivate saving habits through numerous exemptions and deductions. Each regime presents distinct advantages and disadvantages, necessitating a thorough comparison based on individual circumstances to determine the most suitable option.
In Conclusion:
The choice between the old and new tax regimes necessitates a comprehensive assessment of individual circumstances and tax implications. While the new regime caters to those favoring simplicity and reduced deductions, the old regime appeals to individuals seeking extensive tax-saving avenues. Each regime possesses distinct advantages and disadvantages, underscoring the significance of informed decision-making based on individual financial profiles.
FAQs on Old Tax Regime vs New Tax Regime:
Here are detailed calculations and comparisons for different income levels:
Income Level
Less: Standard Deduction
Net Income
Tax under both regimes
Additional Deductions Required in Old Regime to Break Even
Which Tax Regime to Choose: Old or New?
₹7,00,000
₹50,000
₹6,50,000
₹0
₹1,50,000
You will benefit only in new regime.
₹8,00,000
₹50,000
₹7,50,000
₹36,400
₹1,38,500
Old regime: if deductions > Rs 1,38,500; New regime: if deductions < Rs 1,38,500
₹9,00,000
₹50,000
₹8,50,000
₹41,600
₹2,12,500
Old regime: if deductions > Rs 2,12,500; New regime: if deductions < Rs 2,12,500
₹10,00,000
₹50,000
₹9,50,000
₹54,600
₹2,50,000
Old regime: if deductions > Rs. 2,50,000; New regime: if deductions < Rs 2,50,000
₹12,50,000
₹50,000
₹12,00,000
₹93,600
₹3,12,500
Old regime: if deductions > Rs. 3,12,500; New regime: if deductions < Rs 3,12,500
₹15,00,000
₹50,000
₹14,50,000
₹1,45,600
₹3,58,000
Old regime: if deductions > Rs. 3,58,000; New regime: if deductions < Rs 3,58,000
₹15,50,000
₹50,000
₹15,00,000
₹1,56,000
₹3,75,000
Old regime: if deductions > Rs. 3,75,000; New regime: if deductions < Rs 3,75,000
₹16,00,000
₹50,000
₹15,50,000
₹1,71,600
₹3,75,000
Old regime: if deductions > Rs. 3,75,000; New regime: if deductions < Rs 3,75,000
These tables provide clarity on the tax implications for various income levels under both the old and new tax regimes.
