Introduced a New Revised Format of Salary Certificate Form 16 by the CBDT Vide Notification

 No.36/2019/F Dated dated 12th April 2019| The Central Board of Direct Taxes (CBDT) has issued an

 amendment to the Source of Annual Salary Tax Exemption Source

 (TDS) certificate issued to employees in Form No. 16. Part B of Form 16, which provides details of

 salary paid and other income details seek further details on allowances and exemptions under Section

 10 approved under Chapter VI-A of the Income-tax Act

Exemption under section 10:

Form 16 In the current format of a piece of marriage, an employer has the option to specify the nature of the allowance under section 10 with the corresponding amount. In the absence of mandatory disclosure requirements, different employers issued 16 forms in different formats. Some employers disclosed in full, others consolidated allowances and disclosed continued net amount under section 10.

You may also, like- Automated Revised Form16 Part B for the Financial Year 2020-21 which can prepare at a time 50 Employees Form 16 Part B

New Form 16 Now in the notification, employers will have to pay the amount of allowance as compared to the ear-marked areas. Specific fields for the following allowances have been informed:

 

Travel concessions under section 10(5)

 

Death cum Retirement Gratuity Exemption under Section 10 (10)

 

Leave encashment under Section 10(10AA)

 

House rent allowance under section 10 (13A)

 

The amount of any other exemption under section 10 shall be specified with reference to the notable article. A snapshot of the discount details is provided below:

 

Exemption under Chapter VI-A

 

Similar to the disclosure for the above exemption allowance, employers had the option to submit details of the exemption under Section 80C of the Income Tax Act.

You may also, like- Automated Revised Form16 Part B for the Financial Year 2020-21 which can prepare at a time 100 Employees Form 16 Part B

 

As notified in Form 16, employers are required to present a discounted amount compared to the earmarked areas. Such deductions are  given below are notified:

 

Contribution to PPF for life insurance premium paid under section 80C.

 

Deduction for contribution to pension fund under 80 CC

 

Exemption for Pension Scheme under Section 80CCD (1)

Exemption for taxpayer self-contribution in a notified pension scheme under section 80CCD (1B)

 

Exemption for Employer's Contribution to Pension Scheme under Section 80CCD (2)

 

Exemption for health insurance premiums paid under Section 80D

 

Discounts for donations under Section 80G

 

Discount for interest income on savings account under section 80TTA

 

The amount due for exemption under any section of this section should be quoted in the relevant section.

 

Other changes:

 

With reference to any other earnings reported by an employee, specific fields are introduced as follows:

You may also, like- Automated Revised Form 16 Part A&B for the Financial Year 2020-21 which can prepare at a time 50 Employees Form 16 Part A&B [Who are not able to download Form 16 Part A, they can use this Excel Utility]

 

 

A field has been introduced for the report of total salary received from other employers

 

A field has been introduced for exemption of standard approved in Section 16 of the Income Tax Act.

 

The new Form 16 has been implemented from 12th May 2019. Thus, most of the employers providing Form 16 from the financial year, 2018-19 and onwards will have to issue it in the new format. The changes outlined in Form 16 will ensure that employers follow the same format for reporting tax deductions and deductions.

 

Also, the amendment is in line with the changes introduced in the income tax returns advertised for AIY 2019-20. This will help employees file their tax returns for AY 2019-20.

 

In addition to the above, this step will help the Income Tax Department to cross-verify the income received by an employee with the TDS certificate issued by the employer.

Download and prepare at a time 100 Employees Form 16 Part A&B for the Financial Year 2020-21 in Revised Format as per the new and old tax regime U/s 115 BAC [Who are not able to download Form 16 Part A, they can use this Excel Utility]

On June 30, 2021 by www.taxexcel.net

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In the financial year, 2019-20 has corrected the arrangement of Form 16 by the CBDT (Focal Leading body of Direct Taxes) that is the 'pay TDS authentication." This new Format can break the tax-vindicated rewards in nuances that the region unit paid to the delegate and isolated from this, the full tax breaks that region unit proclaimed by the taxpayers.

 

Pay TDS Authentication Told Date and once it happened. The CBDT told the new organization of Form16 accompanies the impact from the long stretch of April '2019.

 

Fundamental supplant are made inside the new organization of the Tax Return?

 

The new arrangement of Form16 offers full nuances of the settlements actually like the house rent reward U/s 10(13A), Travel concession or helps beneath section 10(5).

 

It is noticed that according to the new Financial plan 2020 the Money Priest has presented a New Section 115 BAC just as presented a new arrangement of Annual Tax Estimation based on New and Old Tax Regime under this part. Presently it is important to make out what is the New and old Tax Regime?

 

1) In the New Tax Regime, you can not profit from any Annual Tax Areas benefits with the exception of NPS benefits. And furthermore profited in the new Tax Chunk just for the New Tax Regime.

 

2) In the Old Tax Regime, you can profit from every one of the Tax Segments benefits yet the Tax Section will be the Old Tax Chunk according to the Financial Year 2019-20. In this Spending plan, unmistakably you will give an alternative according to your decision as the new and old tax regime in the Endorsed Form No 10-IE

 

Presently pick your necessary Annual Tax Form 16 Readiness Dominate Based completely robotized Programming according to the New and Old Tax Regime U/s 115 BAC from the underneath 

 Hope you have to need the below given Income Tax Preparation Excel Based Auto-fill Form 16 for the Financial Year 2020-21 and The assessment Year 2021-22

Download and Get ready at a time 50 Employees Mechanized Personal Tax Updated Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

Or on the other hand

 

Download and Get ready at a time 100 Employees Robotized Annual Tax Revised Form 16 Part B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

Or on the other hand

 

Download and Get ready at a time 50 Employees Computerized Annual Tax Revised Form 16 Part Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

Or

 

Download and Plan at a time 100 Employees Mechanized Personal Tax Revised Form 16 Part A&B for the Financial Year 2020-21 with new and old tax regime U/s 115 BAC.

 

 

On June 29, 2021 by www.taxexcel.net

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Download Automated Income Tax Preparation Software in Excel for All in Excel for F.Y.2021-22 as per Budget 2021 |With the introduction of a new tax, discipline comes confusion as to which one is right for you| As a taxpayer, it can be challenging for you to identify which of the two administrations is good and relevant to your income|

 

Here is another question, what is the source of your income? Are you a salaried person, running your business or an entrepreneur or professional? With the change in existing categories, many of you are trying to assess the difference between old tax and new tax|

You may also, like-Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Updated Version)

New tax regime

 Let's start with the new tax system. It provides six tax slabs with which the amount of income on income is reduced to Rs 15 lakh. Multiple discounts and rebates due to income slabs and different tax rates do not apply here| He has an opinion in favour of the new tax.

 

Optimal:

The current tax system is still in place, and as a taxpayer, you have the option of choosing the one that best suits you, the old tax or the new tax discipline| The government has not imposed any obligation to maintain the new tax discipline\

 

The new tax system gives taxpayers the flexibility to invest the money of their choice. With the new scheme, there is no mandatory requirement to invest in tax saving schemes and insurance plans that may not be aligned with their financial goals.

 

With multiple tax slabs, you as a taxpayer fit into your tax slab that best matches your annual income.

 

Malicious:

Gradually, existing exemptions will be reviewed and gradually removed from the new tax discipline.

 

Without any rebates, your total taxable amount will be higher than the old tax discipline.

You may also, like-Download Automated IncomeTax Preparation Excel Based Software All in One for the Non-Government(Private) Employees for the Financial Year 2021-22 and Assessment Year 2022-23U/s 115BAC ( This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly + This Excel Utility has the all amended Income Tax Section as per Budget 2021+ Automated Income Tax Form 12 BA+ Automated Calculation Income Tax House Rent Exemption U/s 10(13A)+ Individual Salary Structure as per the Non-Govt(Private) Concern’s Salary Pattern +  Individual Salary Sheet + Individual Tax Computed Sheet +  Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22 +  Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22 +  Automatic Convert the amount into the in-words without any Excel Formula)

 

Although there are six tax slabs, it may not be beneficial for all taxpayers if the income tax authorities decide to remove the old regime completely. 

Discounts and Exemptions 

 

Several concessions and exemptions have also been removed with the new tariff system. Below is a comprehensive list if you move under the category of salaried person or business or professional.

Ride salaried persons can give a standard deduction U/s 16(1a) of Rs. 50,000.

Leave travel allowance

 

Structure The house rent allowance depends on the salary structure and the rent payable

Professional tax paid by maximum Rs. 2,500 / -

 

Discounts under Section 80TTA and 80TTB which are interest on savings account/deposit

 

Tax exemption on recreation allowance for government employees and exemption on professional tax

 

The amount of interest payable on a home loan for a self-occupied or vacant property is Rs.1 Lakh.

 

I. (ii) (a) Exemption of Rs. 15,000 from family pension under section 57 of

Special allowance provided under section 10 (14):

 

Transportation allowance is paid to the disabled employee

 

Vehicle allowance

 

Any allowance paid to cover travel expenses for travel or relocation of an employee

 

Daily allowance

 

Perquisites

 

Business owners and professionals will get discounts in special economic zones under section 10AA.

 

Sections 32 AD, 33 AB, 33 ABA, 35 (1) (ii), 35 (1) (ii ((a)), 35 (1) (iii), 35 (2AA), 35 AD and 35 ICC of the Income-tax Act. Discounts under it.

 

Tax Additional depreciation options under section 32 (ii) (a) of the Income Tax Act

Earlier the option of carrying down or declining in previous years

 

Income Tax Act, Chapter – VI-A, 80C, 80D, 80E, 80cc, 80cc, 80D, 80DD, 80DDB, 80E, 80EE, 80EB, 80G, 80GG Tax-saving investment exemptions under 80GG, 80GGC, 80I, 80-IAB, 60-IAC, 80-IB, 80-IBA etc.

You may also, like-Download Automated IncomeTax Preparation Excel Based Software All in One for the Bihar State Government Employees for the Financial Year 2021-22 and Assessment Year 2022-23 U/s 115BAC ( This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly + This Excel Utility has the all amended Income Tax Section as per Budget 2021+ Automated Calculation Income Tax House Rent Exemption U/s 10(13A)+ Individual Salary Structure as per the Bihar State Govt Employee’s Salary Pattern +  Individual Salary Sheet + Individual Tax Computed Sheet +  Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22 +  Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22 +  Automatic Convert the amount into the in-words without any Excel Formula)

 

These tax-saving investment options include ELSS, NPS, PPF tax exemptions. Discounts on medical insurance premiums, FDRs, dependents who are individually able, expenses for certain treatments, interest education loans and much more.

 

Old Tax vs. New Tax Regime| Which Would You Choose?

Depending on your financial situation and your annual income, there is no definitive answer to this question. Both the old tax slab vs. the new income tax slab have their advantages and disadvantages| It all depends on whether you are interested in claiming discounts and rebates by proposing a new tax slab bucket and a change in the rate of income associated with | The old tax slab gives discounts and rebates. Under both tax systems, it is advisable to do comparative analysis and assessment before you submit your tax.

 

With the picture above, if your annual income is higher, it is safer to choose the old tax system than the new one| Old income tax slabs vs new income tax slabs everyone has their qualifications and decency| With the old tax charges, discounts like PPF, ELSS, Mediclaim, etc. and changes in the discounts, there are more investment opportunities for the taxpayer.

 

So, new tax vs. old tax vs. whether it is suitable for you will be taken only for testing when you will know exactly how much you will input your earnings in both the systems| To learn more about the income tax you pay, HDFC Bank provides you with an income tax calculator to facilitate calculations.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Private Employees for the F.Y.2021-22 and A.Y.2022-23 

The main feature of this Excel Utility:-

 

1) This Excel utility prepares and calculates your income tax as per the New Section 115 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 Private Employee’s Salary Structure.

 

4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22

 

7) Individual Salary Sheet

On June 28, 2021 by www.taxexcel.net

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