Income Tax Slabs unchanged for the F|Y 2021-22, but Budget 2021 has these some announcements to the tax payers| Government to expectations of the middle class, Finance Minister Nirmala Sitharaman did not tweak personal income tax in Budget 2021. However, the Union Budget did bring about certain changes as part of income tax compliance.

1. In a relief to senior citizens, the finance minister Nirmala Sitharaman announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021.

“We shall reduce the compliance the burden on our senior citizens who are 75 years of age & above – for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return,” said finance minister Nirmala Sitharaman.

2. Presenting the Budget, FM announced that the central government planned to reduce the timeline for reopening of tax cases to 3 years from 6 years.

3. To further ease of income tax filing, capital gains from listing securities and interest income to come pre-filled in ITRs, FM announced.

4. The central government also proposed to make income tax appellate tribunals faceless and set up national income tax appellate tribunal centre.

5. Exemption from tax, audit limit doubled to Rs 10 crore turnover for companies doing most of their business through digital modes, announced finance minister.

6. Serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years, the finance minister added.

Download Automated Income Tax Revised Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

Feature of this Excel Utility are-

# This Excel Utility has compatibles to the Government and Non- Government Concerned.

# This Excel Utility can prepare at a time 100 Employees Form 16 Part B as per New and Old Tax Regime U/s 115 BAC

# This Excel Utility has all the Income Tax Section As per the Income Tax Act. 1961 along with the amended by the CBDT

# Compatibles the Salary Structure for the both of Government and Non-Government Concerned

# Easy to generate as this software is prepare in Excel. Any one can operate this Excel Utility.

# This Excel Utility can prevent your wrongly double entry of Name and Pan Number automatically.

# Amount to in-words Convert automatically, without any Excel Formula.

 

On February 04, 2021 by www.taxexcel.net

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 Latest Income Tax Slab F|Y 2021-22 (A|Y 2022-23) – Budget 2021 -22 Review| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget| The details about Income Tax Slab F|Y 2021-22 (A|Y 2022-23). Union budget 2021-22 and what are the main changes of Income Tax to the salaried persons|

Union Budget 2021-22 is released by Finance minister on 1st Feb 2021| Salaried people were expecting an Income tax slab change and other major reforms in the budget but this year also budget 2021-22 was a big disappointment for taxpayers| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget|

You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part A&B and Part B]

# 1 not required Income Tax Filling in ITR for the Senior Citizens who are above 75 Years of age|

As per new rule Senior Citizen above 75 Years age and above need not file an Income tax return| This is only if the senior citizens have income only from pension and interest|

 

If senior citizens have other income such as rental income, business incomes etc. still they need to file an income tax return|

You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part B]

 

Please note that rule change is for not filing an Income tax return| This means senior citizen can avoid the process of filing return| But Income tax is applicable as per the actual tax slab rate to the Senior Citizen|

 

You must be aware that under section 80TTB, the senior citizen can claim up to Rs.50000 interest received from bank and post office as exemption from tax. It is a welcome to step for the senior citizen|

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part A&B]

 

# 2 No changes in the Tax Slab F|Y 2021-22 (A|Y 2022-23)

 

Income tax slab for F|Y 2021-22 is the same as that of F|Y 2020-21|This means there is no change in the income tax slab for F.Y 2021-22| The old tax slab will continue in F|Y 2021-22 (A|Y 2022-23)|

 

The new simplified tax regime will continue| If you have adopted a new tax regime last time where the tax rate is lower and flat you cannot claim any tax exemption such as 80C, 80D etc|

You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part B]

 

If you are willing to opting to the old tax slab, you can be entitled to exemption under section 80C, 80D etc. and pay tax at a higher rate| Two types of tax slabs announced last year will continue|

 

•           Tax regime at a lower tax rate without any IT deduction and exemptions

 

•           Tax regime at the higher tax rate with IT deduction and exemptions

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2020-21 and A.Y.2021-22

Feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section115 BAC (New and Old Tax Regime)

 

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.

 

On February 02, 2021 by www.taxexcel.net

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All about Form16. Form 16 is a document or certificate, issued according to Section 203 of the Income-Tax Act 1961, to salaried experts in India by their individual employers. This Form 16 has detailed about the salary paid by the employer to the employee in a financial year and the income tax that has been deducted from the salary of the person by the payer| The TDS, so deducted, by the employer is stored with the Income Tax department and Form 16, thusly, is confirmation of the equivalent. Employers need to give Form 16 to their employees prior to fifteenth June of the financial year quickly following the financial year in which the income was paid and tax deducted. Qualification rules for Form 16? Each salaried person who falls under the taxable section is qualified for Form 16. On the off chance that an employee doesn't fall inside the tax sections set, he/she won't have to have Tax Deducted at Source (TDS)

You may also, like:- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21[This Excel Utility Prepare One by One Form 16 Part A&B and Part B]

        

 Income Tax of Form 16 is sub-separated into the accompanying two parts which include: Salary Certificate Form 16 Part A and Part B. Form 16 Part A gives the outline of tax gathered by the employer from the salary income, for the employee's benefit, and kept in the public authority's record. It is an accreditation appropriately endorsed by the employer that they have deducted the TDS from the employee's salary and stored it with the income tax department| This part is created and downloaded through the Follows entrance of the Income Tax department|

You may also, like - Automated Income Tax Revised Form 16 Part B for the F|Y.2020-21[This Excel Utility Prepare One by One Form 16 Part B]

 

It contains the accompanying details: Individual information of the employer just as the employee. Particulars, for example, the individual and employer's name, address details, Dish details of both, and employer's TAN details. The Appraisal Year (A|Y) The time-frame for which the individual was utilized with the employer in the concerned Financial Year Synopsis of the salary paid Date of tax allowance from the salary Date of tax store in the record of government Outline of tax deducted and saved quarterly with the Income Tax Department Affirmation Number of the TDS Installment|

You may also, like: - Automated Income Tax Revised Form 16 Part A&B for the F|Y 2020-21[This Excel Utility Prepare at a time 50 Employees Form 16 Part A&B]

 

Form 16 Part B Part B is a united assertion covering details regarding salary paid, some other income as revealed by the employee to his/her association, a measure of tax paid, and tax due assuming any| Salary Certificate Form Part B of Form 16 is related to Form 16 Part A| It addresses the information alongside the exclusions and allowances appropriate consequently. Employee details, for example, name and Skillet are referenced even in Part B|

You may also, like:- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21[This Excel Utility Prepare at a time 100 Employees Form 16 Part A&B ]

 

It contains the accompanying information: Complete Salary Got Exceptions Permitted U/s 10(5) 10(10) 10(10A) 10(10AA) 10(13A), a measure of some other exclusion U/s 10| The standard derivation permitted under section 16 of the Income Tax Act. Income (or acceptable misfortune) from house property revealed by employee offered for TDS, Income under the head Different Sources offered for TDS. A field for revealing the aggregate sum of salary got from different employers is available. Derivations from Salary: Section 80 C/80 CCC/80 CCD/80D/80E/80G/80TTA and other relevant sections are given|

 

The details for all these derivations require to be put together by the employee alongside the vital supporting documents to the employer. Net Taxable Salary. Instruction Cess and overcharges assuming any. Discount under Section 87, if material. Help under Section 89, if any Aggregate sum of tax payable on income. Tax deducted and the equilibrium tax due or discount material|

Download Automated Salary Certificate Revised Master of Form 16 Part B for the Financial Year 2020-21 with New and Old Tax Regime.

Feature of this Excel Utility:-

1) This Excel Utility Prepare at a time 50 Employees Form 16 Part B as per the new and old tax regime U/s 115 BAC |

 

2) This Excel Utility has the all Income Tax Sections as per the Income Tax Act |

 

3) This Excel utility has an option for opting your option as a New and Old Tax Regime |

 

4) This Excel Utility has instruction for how to calculate Income Tax As per U/s 115 BAC |

 

5) This Excel The utility can prepare more than 1000 Income Tax Form 16 Part B|

On February 01, 2021 by www.taxexcel.net

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According to the Finance Bill 2019, the threshold furthest reaches of tax rebate U/s 87A was reconsidered to Rs 12,500 for F.Y 2019-20. This tax rebate has been made relevant if a person's (Resident People including Senior Residents) taxable income does not exceed or equivalent to Rs 5 Lakhs.

 

The Finance Bill 2020 (F.Y 2020-21) has kept this Sec 87A tax rebate unaltered for Evaluation Year 2021-22 also.

 

In any case, there is some disarray among the tax assessees with respect to whether Section 87A is accessible under both old and new tax regimes?

 

The Finance Bill 2020 introduced a new tax regime, offers a discretionary lower rate of income tax to people with slab rates of 15% and 25% notwithstanding the 10%, 20% and 30% slab rates.

 

 

People picking to pay tax under the new proposed lower personal income tax regime should do without practically all tax breaks that you have been asserting in the old tax structure.

 

In this regard, all derivations under the section. Through (like section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, and so forth) won't be claimable by those choosing the new tax regime.

 

In any case, shouldn't something be said about the Income Tax Rebate of Rs 12,500 U/s 87A? Would you be able to guarantee Sec 87A rebate under new tax regime for A.Y 2021-22?

Download Automated Income Tax Revised Form 16 Part A&B for the F.Y. 2020-21 [This Excel Utility can prepare at time 50 Employees Form 16 Part A&B] (Who Are not abele to download Form 16 Part B from the TRACES PORTAL)

 

We should now first understand what is the importance of Tax Rebate?

 

What is a Tax Rebate?

 

Tax rebate is an exemption on taxes when the risk on tax is not exactly the tax paid or obligated to pay, by the individual is alluded to as Income Tax Rebate.

 

Income Tax Rebate Versus Tax Exception Versus Tax Allowance

 

Tax Rebate versus Tax Exclusion versus Tax Derivation | F.Y 2020-21/A.Y 2021-22

 

•           Income Tax Exceptions are permitted to be guaranteed from a particular type of revenue (ex: Compensation) and not from the Gross All out Income. Exemption of HRA

 

•           Income Tax Derivations are permitted to be asserted under each Head and furthermore from Net Absolute Income. The taxpayer can guarantee derivations in the event that he/she incurs indicated consumption or make determined ventures under different sections of the IT Demonstration. Models: Speculations u/s 80C (or) Medical coverage expense u/s 80D.

 

•           Whereas, Income Tax Rebate is permitted to be asserted from the complete tax payable. Thus, the exceptions and derivations are permitted to be asserted from the Income and Rebate is permitted from the tax payable.

 

Treatment and Appropriateness of Rebate under Section 87A AY 2021-22

 

Since you understand what precisely is tax rebate, how about we leap to our 'primary subject' with regards to whether you can guarantee Sec 87A Rebate of Rs 12,500 under both old and new tax regimes?

 

The appropriate response is, YES. Section 87A Tax rebate is accessible under both new and old tax regimes for FY 2020-21/AY 2021-22

 

People having taxable income of up to Rs 5 lakh will be qualified for tax rebate under section 87A of up to Rs 12,500, along these lines making zero tax payable in the Old and New Tax regimes.

Download Automated Income Tax Revised Form 16 Part A&B for the F.Y. 2020-21 [This Excel Utility can prepare at time 100 Employees Form 16 Part A&B] (Who Are not able to download Form 16 Part B from the TRACES PORTAL)

 Qualification of Rebate U/S 87A Breaking point FY 2020-21

 

As far as possible us/87A is Rs 12,500 for FY 2020-21/AY 2021-22. This implies that in the event that the complete tax payable is lower than Rs 12,500, at that point that sum will be the rebate under section 87A. This rebate is applied to the all out tax prior to adding the Training Cess (4%).

 

•           Only Individual Surveys acquiring net taxable income up to Rs 5 lakhs are qualified to appreciate tax rebate u/s 87A.

 

•           For Model: Assume your yearly compensation comes to Rs 6,50,000 and you guarantee Rs 1,50,000 u/s 80C (accessible under old tax regime). The all out overall gain for your situation comes to Rs 5,00,000 which makes you qualified to guarantee a tax rebate of Rs 12,500.

 

•           The measure of tax rebate u/s 87A is confined to a limit of Rs 12,500. In the event that the figured tax payable is not as much as Rs 12,500, state Rs 10,000 the tax rebate will be restricted to that lower sum, for example, Rs 10,000 in particular.

 

•           The Tax Assessee is first needed to add all incomes for example compensation, house income, capital additions, business or calling income and income from different sources and afterwards deduct the qualified tax allowance sums u/s 80C to 80U and under section 24(b) (Home Advance Interest) to think of the net taxable income. (In the event that you choose new tax regime, at that point, you can not guarantee income tax derivations u/s 80c, 80d and so on,)

 

•           If the above net taxable income turns out to be not as much as Rs 5 lakhs then the tax rebate of Rs 12,500 comes into the image and ought to be deducted from the determined absolute income tax payable (according to the income tax slab rates appropriate under old or new tax regimes).

 

Taxable Income (Rs.)        Rebate u/s 87A

 

Rs. 3, 00,000/ -                          2500/ -

 

Rs. 3, 50,000/ -                          5000/ -

 

Rs. 4, 00,000/ -                          7500/ -

 

Rs. 5, 00,000/ -                          12500/ -

 

Rs. 5, 00,100/ -                             Nil

 

Download Automated Income Tax Revised Form 16 Part A&B for the F.Y. 2020-21 [This Excel Utility can prepare at time 50 Employees Form 16 Part B] 

On January 18, 2021 by www.taxexcel.net

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 Section 80EEA has been introduced in the July Budget 2019 with the goal of “housing for all”.the Government increased the benefit for the financial year 2019-20.

The main purpose of introducing the department is to provide affordable housing finance for every class of common people and to enable the home buyer to keep low cost funds.

In this article, you will find all the features and benefits of this section for Indian Economy.

 Section 80EEA - Before reading the points

Landing U/s80EEA comes with some conditions to get the full benefit of affordable housing finance.

 • Loans were taken from a financial institution or a housing finance company to buy the residential home property between 1 April 2019, 312020 and 1 April 2019.

 • Only the first time home buyer or applicant has never applied for a home loan or has no residential home in his / her name can avail the benefits of this department

• The actual value of the house (value of stamp duty) should be 45 lakhs or less.

Bengal Applicant if applicable for carpet area of ​​Bangalore, Chennai, Delhi National Capital Region (Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad limited), Hyderabad, Kolkata and the entire city of Mumbai (entire Mumbai metropolitan area)

 • Not much, the carpet area of ​​a non-metropolitan city must not exceed 970 square feet.

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 50 Employees Form 16 Part A&B]

 Earlier you could save up to Rs 2 lakh on interest on home loan for 24 years.

If you are able to meet the requirements of both Section 24 and Section 80EEA of the Income Tax Act, you can claim benefits under both sections.

 Section 80EE for F.Y 2018-19 or A.Y 2019-20

 For the F.Y2017-2018 or A.Y 2018-2019, first time home buyers can claim an additional tax deduction of up to Rs 50,000 on u / s 80EE in case of interest on a home loan. The following criteria must be met in order to claim a tax deduction under section80EE.

 Home Loan FY 2011-17-1. Should have been approved during / after.

Amount should be less than Rs 35 lakh.

House value of the house should not exceed Rs 50 lakhs and

Buy the home a buyer should not have any other existing residential home in his name.

Deduction under Section 24 and Section 80EE / 80EEA, the only difference is your possession, Section 80EE / 80EEA does not require possession of your home.

Download Automated Income Tax Revised Form 16 Part A&B and Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC [This Excel Utility Prepare One by One Form 16 Part A&B and Part B]

 Income tax benefits on home loans

 The first income tax benefit on a home loan can be claimed in three parts. The home loan consists of the principal amount and the amount of interest and the EMI is calculated under a specific home loan calculation formula, resulting in higher interest payments and lower prince payments in the early stages and in the middle of your tenure You will have to repay the principal with interest ratio and below.

 Section 80C - Home Principal o Main Payment

 How much principal you have paid is clearly stated in the statement of your home principal account, you need to use section 80, which allows you to pay tax deduction up to Rs 1.5 lakh (maximum) for your principal payment.

 Section 24 - Home Interest Payment of Interest

Payment of interest on house interest up to Rs. 2 lakhs has been exempted under Income Tax Act 24 / B.

Section 80EE - Paying interest on additional homeowners

This section was introduced by 80EE first time buyers to take a home loan for the first time, first time home buyers can claim additional tax exemption up to Rs.1.5 lakh.

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC [This Excel Utility Prepare One by One Form 16 Part Part B]

 There are certain criteria for meeting benefits under this section.

Section 80EE introduced from the financial year 2016-17, divided by any 2016 except 2016-17.

 The amount must be less than 35 lakhs.

Home The value of the house is not more than Rs 50 lakh.

Home Lawn applicants never occupy any other residential home in their own name.

New Section 80EEA for F.Y2019-201 F [Y.E 2020-21]

 This section overlaps the 80s and by introducing this section, the interest payment discount limit has been increased to Rs 1.5 lakh.

 This tax benefit will be available from 1 April 2020 (F.Y 2020-21) and until the expiry of the home loan.

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC [This Excel Utility Prepare at a time 100 Employees Form 16 Part A&B]

 Section 24 vs. Section 80EEA

 While both categories are available to the taxpayer for home interest payments, there are a few minor differences that you must be aware of:

 If the applicant is living with the family property or its vacant space or leaving it for rent - in all cases, deduction of up to Rs 2 lakh is applicable.

 Friends also allows you to deduct up to 24 years of age from friends and relatives and the interest paid by them, in the case of Section 80 EEA, only home loans from banks and approved financial institutions.

 In order for you to claim 24/24, you must have possession of your home, on the other hand, Sections 80EE and 80EEA allow you to claim a discount as soon as you start paying the interest you need, without imposing any possession requirement.

 Only a few loans borrowers can get 100 unfit from this category, as there are many hurdles involved. I recommend reading and understanding this section thoroughly and calculating income tax returns for F.Y 2019-2020 [A.Y 2020-2021].

Download Automated Income Tax Revised Form16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115BAC [This Excel Utility Prepare at a time 50 Employees Form 16 Part B]

On January 08, 2021 by www.taxexcel.net

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Excel based Income Tax Preparation Software for the F.Y 2020-21–A.Y 2021-22 As per new and old tax regime U/s 115BAC

 

In Budget 2020 introduced two tax systems, somehow benefit certain income taxpayers and pull additional taxes on certain taxpayers. In the middle class taxpayers is your Excel-based income tax calculator can be used to calculate income tax on income from salaries, pensions, gifts, fixed deposits, and bank interest and you will get the result according to the result of your tax regime election.

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Non-Government Employees for the F.Y.2020-21 as per New and Old Tax Regime

Main Feature of this Excel Utility are:-

 

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

 

2) Individual Salary Structure as per the Non-Government (Private) Employee’s Salary Pattern

 

3) This Excel utility prepares and calculating your income tax as per the New Section115 BAC (New and Old Tax Regime)

 

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

5) Automated Income Tax Form 12 BA

 

6) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

 

7) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

 

8) Individual Salary Sheet

 

9) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)

  

Highlights the changes in the income tax in this financial year 2020-21

 A new direct tax dispute resolution F.Y 2020-21 has been introduced under the "Dispute is the World Boundary". No penalty will be levied if the taxpayers pay by March 31, 2020. Here only the disputed tax has to be paid.

 An additional period of 1 year under Section 80EEA is extended to avail additional INR 1.5 lakh discount. It can not   approved if you choose the new tax regime.

 Dividend Distribution Tax (DDT) has been withdrawn.

 If you have new tax charges LTA, HRA, transportation, other special allowances [Section 10 (14)], Standard deduction, interest on housing loan (Section 24), Chapter VI discount (80C, 80D, 80E and so on ) On) (excluding sections 80CCD (2) and 80JJA) is not allowed.

 

Download Automated Income Tax Preparation Excel Based Software All in One for the West Bengal Government Employees for the F.Y.2020-21 as per New and Old Tax Regime

Main Feature of this Excel Utility are:-

 

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

 

2) Individual Salary Structure as per the West Bengal Government Employee’s Salary Pattern as per ROPA 2019

 

3) This Excel utility prepares and calculating your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

 

7) Individual Salary Sheet

 

8) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)

 

Old tax regime vs. new tax regime

 

The question is whether the old tax system is better for the common man than the new tax discipline, any change in the tax slab directly or indirectly affects the salaried person, in this regard it is very indispensable to understand the advantages and disadvantages of your choice.

Whether a taxpayer can choose between two tax systems in each financial year as his financial benefits and income for that year.  Ans:- Yes you can.

 

Which tax regime is better?

 

There are different case studies of different scenarios for individuals who are paid at different pay levels under the current tax duty and the new proposed tax system.

 

If a salaried employee does not claim a waiver.

 

In the above case, the new tax discipline looks attractive, except that "if the individual claims are exempted under section 50C, 60D, HRA exemption, LTA exemption and interest exemption on loans taken up to the allowable limit for self-occupied property, the election criteria change." Will be. "

 

Salaried persons claim maximum deduction / waiver, considering Rs.1.5 lakh U/s 80C and Rs. 25,000 U/s 80D to the below 60 years of age and Rs 50,000/- for the Senior Citizen above 60 years of age.

 

All types of exemptions / deductions change the whole picture of the tax system for the individual, but it is very clear. In the case of the above INR alone, more than 15 lakh + taxpayers will benefit from the new government.

 

Advantages and Disadvantages if you choose Old Regime

 

 You can take advantage of all the discounts and discounts as usual.

If you are under a higher tax slab, the old regime is a better option. This will allow you to get rid of all the discounts

 

Pros:-

 

The old not only saves taxes but increases your wealth corpus

Income above Rs 5 lakh has forced you to pay tax under the new regime, but under the old regime, all exemptions and rebates filter your taxable income and pull you out of the tax.

 

Cons:-

 

Old rules conditionally force you to use discounts to save tax, otherwise, you will have to pay taxes. There are many categories that require additional tax knowledge which is somewhat difficult for people from other streams.

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government Employees for the F.Y.2020-21 as per New and Old Tax Regime

This Unique Software All in One prepare at a time your

 

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

 

2) Individual Salary Structure as per the Government & All Private Employee’s Salary Pattern

 

3) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

 

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

 

5) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)

 

6) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

 

7) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

 

8) Individual Salary Sheet

 

9) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)

 

On January 06, 2021 by www.taxexcel.net

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 According to the new Budget 2020, introduced a new Section 115 BAC in this section any a taxpayer can pick in their Option As new and old Tax Regime. Likewise, the Move has introduced a new Option Form 10-E for selecting the taxpayer's option as new or old tax regime U/s 115 BAC. 

Note That:- On the off chance that you like New Tax Regime, you can not have the option to entitled any Income Tax benefits. In any case, on the off chance that you pick your option as Old Tax Regime, you can get the all Income Tax Advantages.

In the Budget has introduced two kinds of Income Tax Slab is given below:- 

 
Yet, in new Tax Slab has not benefited to the Senior Resident.

According to the New Income Tax Section 115 BAC introduced in Budget 2020. According to Section 115 BAC, you should give your option as you pick in as New Tax Regime or Old Tax Regime in the newly endorsed Form 10-IE. In the event that you pick the New Tax Regime you can not profit this exclusion U/s 80 TTA or on the off chance that you pick the Old Tax Regime, at that point you can benefit this Exception U/s 80 TTA

Except Section 80CCD (2) (Entitle if the option is New Tax Regime)

Under this section, supervisor responsibility on account of the agent in exhorted benefits plans like EPF, NPS, and/or Super Remark Account can be affirmed up to Rs.7.5 lakh limit.

A business can contribute a total equal to 12% of the specialist's fundamental month to month pay to his/her EPF account. Furthermore, a business can contribute a total identical to 10% of the specialist's crucial remuneration to the Level I account of NPS (For Central Government Delegates it is by and by 14% of Fundamental + DA amazing from first April 2019). In a superannuation account, a business can contribute a constraint of Rs 1.5 lakh exonerated from tax in a monetary year.

Imply the point by point post on NPS Tax Favorable circumstances at "NPS Tax Preferences 2020 – Sec.80CCD (1), 80CCD (2) and 80CCD (1B)".

Download Automated Income Tax Preparation Excel Based Software All in One for the Government and Non-Government (Private) Employees for the Financial Year2020-21 and Assessment Year 2021-22 U/s 115BAC

Feature of this Excel Utility:-

1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.

2) This Excel Utility has the all amended Income Tax Section as per Budget 2020

3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)

4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)

5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern

6) Individual Salary Sheet

7) Individual Tax Computed Sheet

8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

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10) Automatic Convert the amount into the in-words without any Excel Formula

On December 29, 2020 by www.taxexcel.net

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