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What Can I Do With a Project Management Certification?

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Project Management Certification – In today’s business world, the importance of project management is increasing rapidly. In fact, a consultancy firm Bain and company, reports that by 2027 almost all the tasks will be project-based. Project management is becoming essential for almost all organizations as it helps them save time, money, and effort. It can improve internal communication and help business leaders make better decisions. A good project management team can help organizations achieve their business goals within time and budget boundaries. 

Several companies have started realizing that good project management is crucial for stronger results and happier employees. Good project management enables companies to allocate tasks, resources, and accountability effectively. It also ensures that issues like time, budget, scope, and schedule are not compromised, along with gaining control over ongoing projects. It also makes sure that project processes are on the right track and within the company’s rules and regulations. 

Project management is aimed at delivering outputs that can maximize benefits and reduce costs through clear focus and objectives. It also ensures quality control and provides the ability to manage risks. So it is clear that project management is an essential part of any organization to get the project done successfully. Therefore there is a great demand for skilled project managers who are certified with any reputed project management certification course that can help them throughout their careers. 

So this article is all about the utility of project management certification. 

project management certification

What is Project Management Certification?

Project Management certification is a credential that is specially designed for the project managers and by the project managers. One of the best certifications in this field is PMP ( project management professional) certification which is offered by PMI ( project management institute). It is an industry-recognized credential for project managers. It provides you the ability to work as a project manager across the world as it is a globally recognized project management certification. 

A project management certification provides the fundamental education, experience, skills, and competency required to lead and direct projects. It enables project managers to demonstrate their expertise in project planning, development, access, and completion of a project successfully. 

Basically, a project management certification validates the skills and expertise of a candidate regarding abilities to manage the people, processes, and business priorities of a project. To get the project management certification, it is required to meet the prerequisite and experience to pass a certification exam. Normally 35 hours of project management training in learning objectives in project management is required that can be substituted with CAPM certification ( Certified Associate in Project Management). At least 36 months of experience in leading projects If you have a bachelor’s or four-year degree also required. If you have a secondary school or any associate degree that 60 months of experience is a must to complete for certification in this domain. 

How is a Project Management Certification Useful?

It is the most frequently asked question by people that how I use a project management certification. People also ask if it is worth investing time and money in any project management certification. So the answer is yes, it is worth investing your precious time, effort, and money in any reputed project management certification. You can use a PMP, CAPM, and any relevant course in this domain to validate your expertise/skills and launch a successful career in this dynamic project management field. You can get better job opportunities and enhance your career graph to new heights and levels. 

Project management is proof of abilities, knowledge, expertise, and skills to excel in any field. It can also boost your resume with a stamp of approval from a reputable industry organization. Any certification related to project management indicates to your employer that you are highly qualified in project management along with business management and leadership. In fact, it also enables the candidates to create a well-structured project schedule. It also helps candidates to learn project execution which includes the beginning of the project, planning, execution, controlling, evaluation, modifications, and terminations in the entire project processes. 

A project management certification helps you to showcase your skills in the areas such as Planning, Leadership, Execution, Time management, Budgeting, Organization, documentation, etc. This credential can also prove that you are highly organized and have excellent communication skills and acute attention to detail coupled with the ability to see the big scene ahead. It also indicates that you can manage resources perfectly and have experience in risk management. It also shows that you can think better in critical situations and shows your can-do attitude towards any situation or problem. While a certified project management professional also has the ability to inspire and motivate a team. 

A project management certification covers several important topics, such as Project Management Essentials, Project Integration Management, Project Time Management, Project Scope management, and many more relevant topics and subjects. So you can learn a lot of stuff that you can implement in your projects to get them done successfully. It can help you gain experience that can make your resume stronger than others. 

A project management certification can help you learn new and in-demand career skills that you can add to your resume and achieve brighter career opportunities. It can help you apply for many important job roles and find a niche in this domain. It enables you to make your career as a Project Coordinator ( average salary $47,159 per year), Portfolio and program manager ( $82,719), Project Director ( $ 88,310), Product Owner ($100,905), Project manager consultant ( $106,426), Engineering Project manager ( $107,081), and many more job roles with attractive salaries. 

Last but not least, it is a must to say that candidates who want to land or switch a career in the project management field should pursue any project management certification as there are several reputed certification courses available and provided by many well-known and popular websites and institutes. It is also beneficial for the professionals involved in managing a small or large team on multi-dimensional projects should opt for the project management course as it helps them in improving their career opportunities. 

Budget 2023-24 – 5 Key Changes on Income Tax

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5 Key Changes on Income Tax – Budget 2023-24 is released. Nirmala Sitharaman, the union finance minister, and her team have done a very good job and tried to make the common man happy. In her budget speech, 5 major income tax-related changes are announced. These changes will directly give relief to middle-class and salaried individuals. Let’s take a look at 5 Key changes on Income Tax 2023-24.

Budget 2023-24 - Income Tax Changes

Budget 2023-24 – 5 Key Changes on Income Tax

#1 Income Tax Limit

Change in Income tax limit and slab is the first thing to consider. Earlier under the personal income category Income up to Rs 5 lakh was exempted from income tax under both the old and new tax regimes. In the new tax regime, the income tax limit is changed to a maximum to Rs 7 lakh. This means the rebate limit in the new tax regime is Rs 7 lakh. Thus, persons in the new tax regime, with income up to Rs 7 lakh will not have to pay any tax.

#2 New Income Tax Slab 2023-24

The new Income Tax Slab introduction is a second change made in Budget 2023-24. You must have noticed that a new simplified tax regime was introduced in the year 2020 where the income tax slab was starting at Rs 2.5 lakh. 

In budget 2023-24 new default tax regime is introduced with an income tax slab starting from 3 Lakh. Earlier tax slab was 6 now it is reduced to 5 and the new tax structure or Income Tax Slab from FY 2023-24 onwards is given below. 

a) Rs 0 to Rs 3 lakh – 0% tax

b) Rs 3 to 6 lakh – 5% tax

c) Rs 6 to 9 lakh – 10% tax

d) Rs 9 lakh to Rs 12 lakh – 15% tax

e) Rs 12 lakh to Rs 15 lakh – 20% tax

f) Above Rs 15 lakh above – 30% tax

#3 Standard Deduction

A standard deduction of Rs 50000 is extended for the new tax regime. This standard deduction is available only for salaried and pensioners including family pensioners. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.

The new tax regime becomes more attractive due to the introduction of a standard deduction of Rs 50000 to salaried and pensioners.

#4 Tax Surcharge Reduction

The highest Tax surcharge applicable on the individual is reduced from 37% to 25%. This means the maximum tax rate on the highest income slab with income above 5 crore which is 42.744% is reduced to 39%.

However, this reduction of surcharge will only be applied under the new tax regime as no change in surcharge is proposed for those who opt to be under the old regime.

#5 Tax Exemption Leave Encashment 

The limit on leave encashment of non-government salaried employees was Rs 3 lakh which was introduced in 2002, under the Atal Bihari Vajpayee administration, when the highest monthly basic pay was Rs 30,000. This limit is proposed to be enhanced to Rs. 25 lakh to keep up with increases in government pay. 

Download Income Tax Calculator FY 2023-24 (AY 2024-25)

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Income Tax Calculator FY 2023-24 (AY 2024-25). An Income Tax Calculator is a Microsoft Excel-based utility designed to estimate the tax liability of salaried individuals based on their income. It makes the complicated tax calculation process easier, giving users precise numbers quickly. By using this calculator you can calculate your tax liability and decide on tax-efficient investment options and the suitable tax regime for FY 2023-24.

Before downloading the Excel-based income tax calculator let’s get acquainted with the Latest Income Tax Slab for FY 2023-24 and the Income Tax changes made in the Budget 2023.

Income Tax Slabs for FY 2023-24 (AY 2024-25)

The new Income Tax Slab is allowed in the Budget 2023. The new tax slab would be the default tax slab.

The new Tax Slab FY 2023-4 is given below.

Rs 0 to Rs 3 lakh – 0% tax

Rs 3 to 6 lakh – 5% tax

Rs 6 to 9 lakh – 10% tax

Rs 9 lakh to Rs 12 lakh – 15% tax

Rs 12 lakh to Rs 15 lakh – 20% tax

Above Rs 15 lakh above – 30% tax

The old Tax Regime also continued. This means if you want to invest in 80C and save tax you can still use the old tax regime.

The new tax regime announced is more tax efficient and less complicated as you need not exempt any income and remember any complicated tax exemptions such as 80C, 80CCD, 80D, 80DD, etc.

So, still, the taxpayer has two options –

Option 1 – Income Tax Slab – Higher Tax Rate

The first tax slab is with a higher tax rate. In case an individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc. the tax rate with a higher rate is applicable. The tax slab in case exemption is claimed is given below.

Income Tax Slab % Rate
Up to Rs. 2,50,000 0%
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above 10 Lakh 30%

Option 2 – Income Tax Slab  – Lower Tax Rate

The second tax slab is with a lower tax rate. If the taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The new simplified tax regime with a lower tax rate is given below.

Income Tax Slab % Rate
Up to Rs. 3,00,000 NIL
Rs. 3,00,001 to Rs. 6,00,000 5% (With Tax Rebate under Sec.87A)
Rs. 6,00,001 to Rs. 9,00,000 10% (With Tax Rebate under Sec.87A up to 7 Lakh)
Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Rs. 15,00,001 and above 30%

The taxpayer is not allowed to claim any exemption under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC.

However, there are certain deductions you can still claim using the new tax regime and they are as below.

  • Retirement benefits, gratuity, etc.
  • Commutation of pension
  • Leave encashment on retirement
  • Retrenchment compensation
  • VRS benefits
  • EPFO: Employer contribution
  • NPS withdrawal benefits
  • Education scholarships

Salaried can select any tax slab. They can switch between old and new tax regime. The option of switching between tax slab is not allowed if an individual or HUF have business income.

Income Tax Calculator FY 2023-24 (AY 2024-25) – Excel Free Download 

Download the latest income tax calculator FY 2023-24 (AY 2024-25) from the link given below and calculate your income tax liability easily. There are two parts of this calculator. Both are given in different sheets.

Part 1 – Calculate Tax as per Higher Tax Rate

The first sheet includes a calculator that considers a higher tax rate and allows for deductions and exemptions.

In order to determine your income tax responsibilities at the elevated tax rate, you must supply information like your total income and the amount of exemptions. Furthermore, you must also submit details regarding the investments you have made across different categories. The document includes sections for different inputs like 80C, 80D, 80CCD, and others.

Once you have entered the information, you must proceed to the lower section and choose the appropriate tax bracket by selecting options for Male/Female, Senior Citizen, and Very Senior Citizen.

You will be able to see your tax liability instantly in the Tax Liability with Cess Section.

Part 2 –  Calculate Tax as per Lower Tax Rate

The calculator included in the second sheet follows the new tax system that has lower tax rates and does not permit deductions.

In order to determine your income tax obligations based on the updated lower tax rate bracket, you are only required to input your gross income once.

The calculator will calculate tax liability automatically and display it in the Tax Liability with cess Field.

download income tax calculator

Download the Income Tax Calculator in EXCEL Format.

Note – It is not a comprehensive calculator, it is designed to give you a quick idea about your income tax liabilities so that, you can start tax planning. It also helps you to select an appropriate tax slab.

Key Features of this Income Tax Calculator are given below

  • This calculator is a two-in-one calculator. You can make use of this calculator for calculating tax liabilities as per old as well as new tax slabs.
  • You can compare your tax and decide which tax slab to opt.
  • This calculator is designed exclusively for the salary income only.
  • It is an Excel-based calculator. You can download and use it forever.
  • This calculator is for people with a single home.
  • You will not able to calculate long-term capital gain tax from this calculator.

Conclusion

The Income Tax Calculator for FY 2023-24 is an essential tool for understanding the intricacies of the Indian tax system. Taxpayers can attain precision, effectiveness, and adherence in their tax activities by utilizing its capabilities.

If you have any suggestions share them at info@moneyexcel.com. It will help me to add new features and improve this calculator.

New Income Tax Slab 2023-24

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New Income Tax Slab 2023-24 is announced by Union Finance Minister Nirmala Sitharaman. New Tax Regime is announced. New Tax Regime will be the default tax regime.

The income tax rebate limit is increased to 7 Lakh. With the new tax regime, those with incomes of Rs 7 lakh would no longer need to pay any income tax. Earlier this limit was Rs 5 lakh. A 5% direct tax would be applicable on a total income between Rs 3 lakh to 6 lakh. 10% direct tax would be applicable on total income between Rs 6 lakh to 9 lakh. 15% on Rs 9 lakh to Rs 12 lakh, 20% on Rs 12 lakh to 15 lakh, and 30% on Rs 15 lakh and above.

The government has reduced the highest surcharge rate from 37 percent to 25 percent in the new tax regime.

This means the basic exemption limit is hiked from Rs 2.5 lakh to 3 lahks. Rebate under section 87A has been hiked from Rs 5 lakh to Rs 7 lakh.

New Income Tax Slab 2023-24

a) Rs 0 to Rs 3 lakh – 0% tax
b) Rs 3 to 6 lakh – 5% tax
c) Rs 6 to 9 lakh – 10% tax
d) Rs 9 lakh to Rs 12 lakh – 15% tax
e) Rs 12 lakh to Rs 15 lakh – 20% tax
f) Above Rs 15 lakh above – 30% tax

Income tax slab 2023-24

A new Income Tax slab is beneficial as it leads to good savings on income tax.

Tax savings due to Income Tax Slab 2023

Earlier if your total income was Rs 7 lakh you were paying Rs 33800 as tax but now you need not pay any tax on Rs 7 lakh.

In case your income is 9 lakh earlier you were paying Rs 62400 as tax but now you need to pay Rs 46800 tax on income of 9 lakh so your total saving would be Rs 15600.

If your income is 10 lakh earlier you were paying Rs 78000 as tax but now you need to pay only Rs 62400 as tax so the total saving would be Rs 15600.

If your income is 12 lakh earlier you were paying Rs 119600 as tax but now you need to pay only Rs 93600 as tax so your total savings would be Rs 26000.

If your income is 15 lakh earlier you were paying Rs 195000 as tax but now you need to pay only Rs 158000 as tax so the total saving would be Rs 37000.

The new income tax regime becomes the default tax regime. However, the individuals will have the option to continue with the old income tax regime.