Auto Tax Calculator All In One for the Govt and Non-Govt employees for F.Y.2020-21

According to the new Budget 2020, introduced a new Section 115 BAC in this section any 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 kind of Income Tax Slab is given below:- 

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

According to the New Income Tax Section 115 BAC introduced in Budget 2020. According to the 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 TTAor 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

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

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

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Newly Introduced In the Budget 2020 Form 10-IE To Select New or Old Tax Regime U/s 115 BAC For F.Y.2020-21

 

As per Budget 2020, taxpayers were given an opportunity (option) to choose between the old and new tax regime. In the new tax regime, taxpayers have an opportunity (option) to pay lesser tax on the complete income. That implies taxpayers won't be permitted to guarantee the derivations and tax benefits in any case accessible in the old tax regime if the new tax regime is chosen. The taxpayer needs to make his/her decision prior to recording the Income Tax Return (ITR) of the important Financial Year (F.Y).

The option to choose the new tax regime is just accessible for People and Hindu Unified Family (HUF).

 

As referenced above, taxpayers need to make their choice prior to recording the important ITR. This determination should be conveyed to the Income Tax Office before the ITR is documented.

Download Automated Income Tax Arrears ReliefCalculator U/s 89(1) with Form 10E from the financial year 2000-01 to the Financial year 2020-21 (Updated Version)

 

How to inform your Employer as well as the Income Tax Department that, which tax regime is chosen?

 

The Central Board of Direct Taxes (CBDT) has delivered Form 10-IE to respond to this inquiry. As such, any individual who wishes to pay income tax according to the new tax regime needs to convey his/her decision to the Income Tax Office through form 10-IE. On the off chance that a taxpayer needs to quit the new tax regime, a similar form (10-IE) should be submitted prior to recording the income tax returns for the pertinent Financial Year (F.Y).

 

Substance of Form 10IE

 

The essential subtleties needed to be entered in form 10-IE are;

 

•           Name of the individual/HUF

 

•           Confirmation – Regardless of whether the individual/HUF has any income under the head benefit or gains from business or calling

 

•           Permanent Account Number (PAN)

 

•           Address

 

•           Date of Birth/Joining (In DD/MM/YYYY format)

 

•           Nature of Business/Calling

 

•           Confirmation – Regardless of whether the taxpayer has any unit in Global Monetary Administrations Place (IFSC), as alluded to in sub-section (1A) of section 80LA (if true, the subtleties must be given)

 

•           Details of the past form 10-IE documented (If relevant)

 

•           Declaration

 

Download the form 10-IE from in PDF Format

 

Focuses to recall

 

•           Once the taxpayer practices his option to pay tax according to the new tax regime, in the earlier year, this option can't be removed for a similar earlier year. This can consequently be removed just a single time for whatever other earlier the year when the taxpayer is ineligible for practising the option.

 

•           This the form will be endorsed by the individual/Karta of the HUF/Approved Delegate as it was.

 

•           Form No. 10-IE must be outfitted electronically either with a computerized signature or through the Electronic Confirmation Code (EVC).

 

•           The choosing expert on the tax of form 10-IE is – The Important Chief General of Income-tax (Frameworks) or the Chief General of Income-tax (Frameworks).

 

•           This form will be relevant from F.Y 2020-21.

 

•           In case this form isn't documented by the taxpayer, Income Tax will be determined according to the old tax rates.      

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Non-Government(Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22U/s 115BAC (New and Old Tax Regime)

 

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 Form 12 BA

 

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

 

5) Individual Salary Structure as per the Non-Government (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

 

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

 

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

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Income Tax Calculation FY 2020-21 – Which Tax Structure to Select? With Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt Employees for F.Y.2020-21

How to do Income Tax Count for FY 2020-21? Which Tax Structure to Choose U/s 115 BAC?

According to Financial plan 2020, you can't claim any tax deduction or exception on the off chance that you intend to pick a new tax structure. Along these lines, as an individual taxpayer on the off chance that you choose the new tax system with diminishes tax rate you have to swear off all tax breaks available today. Luckily, you have an alternative to proceeding with the old tax structure. A salaried individual can switch among old and new tax structure. 

Right off the bat, we will discuss which tax deduction and exception you have to renounce on the off chance that you settle on new tax structure with decrease tax rate. Also, we will step through hardly any exam cases and do income tax figuring for FY 2020-21 to realize which tax structure to choose?

Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2020-21 as per New Section 115 BAC- New and Old Tax Regime Option [ This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

 A list of Tax Deductions and Exclusion not permitted in new Tax Structure

1 Tax Deduction Under Section 80 C

The most mainstream tax deduction of 1.5 Lakh under section 80C isn't material for new tax structure. This implies you can't claim any profit for venture made in the instruments, for example, PF, PPF, Disaster protection premium, school education costs of kids, ELSS, PPF, NPS and so forth.

You can claim deduction under section 80 CCD for the business commitment because of representative for NPS.

2 Tax Deduction Under Section 80 D

No tax deduction is considered the clinical protection premium and preventive wellbeing test under section 80D for new tax structure.

3 No LTA Advantages

For new tax structure LTA – Leave travel stipend exclusion which is right now available to a salaried representative for twice in a square of four years isn't permitted.

4 HRA

HRA is house lease stipend. HRA is paid to salaried people by the manager as a piece of compensation. The prior taxpayer had the option to claim HRA up as far as possible. In new tax structure it isn't passable.

5 Standard Deduction

A standard deduction advantage of Rs.50000 as of now available to the salaried tax payer isn't appropriate in new tax piece.

6 Section 80TTA Advantages

Section 80TTA gives a deduction of Rs.10000 on intrigue income. On new tax system of this advantage isn't available.

7 Section 80DDB Advantages

Advantages for handicap under section 80DDB up to Rs.40000 not available on the off chance that you are intending to choose new diminished tax structure.

8 Section 80E Instruction Credit

Tax break allowable on the intrigue paid on training credit won't be claimable under section 80E.

9 Section 80G 

You had the option to make gift under section 80G and claim income tax advantage of the identical sum. The said deduction isn't available in the decreased tax structure.

10 Section 24 Home Credit Intrigue

Under section 24 of the Income-tax act, an individual had the option to claim tax deduction on the intrigue instalment on the lodging credit up to a greatest measure of Rs.200000. This advantage isn't expanded on the off chance that you choose new tax structure.

So, all deduction material under part By means of 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 on) won't be claimable by those selecting the new tax system.

Conclusion:-

In a large portion of the cases old tax rate with deduction offers higher tax benefits. New diminished tax rate is helpful just in the event that you are not claiming any deductions starting at now. (which is uncommon)

On the off chance that you have home advance and higher income you will get higher tax benefits in old tax rate contrasted with new tax rate.

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

Feature of this Excel Utility:-

1) This Excel utility prepares and calculate 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 All the Non-Government (Private) Employee’s Salary Structure.

4) Automated Income Tax Form 12 BA

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

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