Download Automated Income Tax Preparation Excel Based Software Revised Master of Form 16 for the F.Y.2020-21 With Income tax slab F.Y. 2020-21 and New introduce Tax Section 115BAC (New & Old Tax Regime)

Under the new tax rates as per the Budget 2020, there will be as given below:-

1) 10% tax required for incomes between 5 Lakh to 7.5 lakh per annum,

2) 15% for 7.5 Lakh to 10 lakh for every annum

3) 20% for 10 Lakh to 12.5 lakh per annum,

4) 25% tax for income between 12.5 lakh to 15 lakh,

5) 30% tax for income over 15 lakh

The Finance Minister Nirmala Sitharaman reported a critical cut in the tax rates for the salaried class in her Budget discourse, if they do without existing exclusions. This likewise ushers in a new tax regime where the taxpayer has the alternative of taking new rates without exceptions or adhering to old rates with exclusions.

Sitharaman said this was to disentangle the tax regime which was loaded with various exclusions and required taxpayers to take the assistance of the experts according to the new tax rates, income under Rs 2.5 Lakh per annum will stay un-taxable as it was before.

A tax of 5% will currently be charged on income between Rs 2.5 Lakh to Rs 5 lakh. Those acquiring between Rs 5 Lakh to Rs 7.5 lakh per annum will presently pay 10% tax on their incomes which were prior 20 %.

The Finance Minister proposed a cut of 5% from the current 20 % for those winning between Rs 7.5 lakh to Rs 10 lakh for each annum. They will presently need to pay 15% tax. Sitharaman reported that those procuring between Rs 10 lakh to Rs 12.5 lakh per annum will presently need to pay 20 % tax. Prior it was 30 %

The new tax rate appropriate to those procuring in the scope of Rs 12.5 lakh per annum to Rs 15 lakh for each annum will be obligated to pay tax at the rate of 25 %

According to the new tax regime, 30% tax will be charged on pay rates above Rs 15 lakh for every annum. New income tax rates for the assessment year 2021-22 

 1. New income tax rate: 5% tax for income between Rs 2.5 and Rs 5 lakh

2. New tax rate: 10% tax for income between Rs 5 and Rs 7.5 lakh

3. New income tax Slab Rate for the F.Y.2020-21- 15% tax for income between 7.5 lakh and 10 lakh

4. New tax rate: 20% tax for income between 10 lakh and 12.5 lakh

5. New tax rate: 25% tax for income between 12.5 lakh and 15 lakh

6. New income tax rate: 30% tax for income over 15 lakh

7. No income tax for those with taxable income beneath Rs 2.5 lakh

The new tax rates will apply to just those people who swear off specific exceptions and reasonings. The account serves said the proposition for the new tax regime will prompt an income penance of Rs 40,000 core for each annum for the legislature.

She additionally said that the legislature has started measures to prefill the income tax return with the goal that a person, who settles on the new regime, would require no help from a specialist to document his arrival and cover income tax.

Sitharaman said there are at any rate 100 tax exceptions in the current tax regime, which will be diminished by 70 under the new tax regime. The rest of the will be assessed and inspected at the appropriate time, she said.

The Budget likewise made changes to exceptions which permitted "people, who are really completing generous financial exercises from India, deal with their time to remain in India," so as not to proclaim their worldwide income in India. In the midst of the monetary lull, it was normal that the administration would cut tax rates for the salaried class to expand buyer spending and lift the household utilization of merchandise.

Download Excel Based Automated  Income Tax Revised Form 16 Part A&B  for the Financial Year 2020-21 and Assessment year 2021-22 in New Format & as per the new Tax Pattern U/s 115BAC ( New& Old Tax Slab or Regime).

Feature of this Excel Utility:-

THIS EXCEL UTILITY CAN PREPARE AT A TIME 50 EMPLOYEES FORM 16 PART A&B

1)    Calculate your Income Tax as per your option as new or old tax regime U/s 115BAC as per Budget 2020

2)    This Excel Utility can prevent the Double Entry of Pan Number of employees

3)    This Excel Utility can prepare at a time 50 employees Form 16 Part A&B in Revised Format

4)    In this Excel Utility have all the Modified Income Tax Section as per Budget 2020

5)    This Excel Utility can use Government and Non-Government (Private) Concern also

6)    This Excel Utility most easy to generate and easy to install in any Computer 

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How to calculate income tax for F.Y 2020-21 U/s 115BAC As per the Budget 2020 ( Old and New Tax Regime) With Automated Income Tax Revised Form 16 for the F.Y.2020-21 and A.Y.2021-22

The new income taxdiscipline came into effect on April 1, 2020. It gives an individual the option to continue with existing tax duties (with tax rebates and exemptions) or to opt for the 70 new tax rebates and tax exemptions. For the convenience of salaried persons who have no business income, they have to choose between the existing and new tax system every financial year.

On the other hand, those who have business income should carefully evaluate whether they want to continue the existing tax discipline or choose the new one. This is because once they choose the new tax system, they can return to the existing tax system once in a lifetime.

To choose between two tax structures, it is important that you know how much your tax liability falls under both rules.

Below is the income tax slab that applies to the new tax system for individuals:

The figure for tax slab for A.Y.2021-22

Under the new tax, a person is only eligible for a waiver under section 80CCD (2). This section allows the employer's contribution to the NPS account to be deducted for a maximum of 10 per cent of the employee's salary (here the salary means basic additional value-added allowance).

Other Exemptionsavailable exemptions such as Section 80C, 80D, etc., and tax exemptions such as HRA, LTA, etc. are not available in the new tax structure.

This can be explained by an example of the income tax liability that you have under the new tax. Suppose your total income in the financial year 2000-2011 is 1 lakh rupees. In addition, your employer has contributed Rs.60,000 to your NPS account during the year, which is eligible for exemption under Section 80CCD (2). Therefore, your net taxable income will be Rs. 15,40,000 (Rs. 16 lakh minus Rs. 60,000).

In the new tax the system, the income tax liability will be calculated at Rs 15.40 lakh. There will be no tax on the first two and a half lakh rupees from the above mentioned 15.40 lakh rupees. Now the income that still has to be taxed will be Rs 12.90 lakh (15.40 lakh minus Rs 2.5 lakh).

From the next Rs 2.99 lakh mentioned in the second phase of the table above, the next 2.5 lakh rupees (2.5 Lakh rupees under the exemption certificate) will be taxed at five per cent. The tax amount here will be Rs 12,500.

The applicable income for tax will be Rs. 10,40,000. The next two and a half lakh rupees (.5.5 lakh minus five lakh rupees) will be levied on the ten per cent tax as mentioned in the 3rd clause. The amount of tax comes out to Rs 25,000.

Adding taxliability from points 1, 2 and 3, at the moment, the total tax liability comes to Rs 37,500 (0 12,500 25,000).

At the moment, the tax that is still taxable is Rs 7,90,000. From the 4th point, two and a half lakh rupees (minus one lakh rupees Rs. 5 lakh) will be 15 per cent and the tax liability will be 3,500 rupees.

After the fifth point, the amount of taxable income is Rs 5,40,000. From the fifth point, the next two and a half lakh rupees (12.5 lakh minus 10 lakh rupees) will be taxed at 20 per cent. The duty liability comes out as Rs 50,000.

The remaining amount of tax income is Rs. 2,90,000. As mentioned in the point clause, Rs 2.5 lakh (minus Rs 12.5 lakh) will be taxed at 25 per cent. The tax liability will be Rs 62,500

Only Rs 40,000 is left which is still taxed. As mentioned in the table above, from point M it will be taxed at 30 per cent. Tax liability will be Rs 12,000

The new tax comes out as a total tax liability of Rs 1,99,500 (0 12,500 25,000 37,500 50,000 62,500 12,000). Health and education will be added at a rate of 4 per cent. The amount of cess is Rs 7,980.

Thus, the total tax liability under the new tax system will be Rs 2,07,480.

Now you need to compare it with the tax liability under your existing tax. The calculation of income tax under the existing tax duty works in the same way. First, you must deduct all tax deductions and deductions that you are entitled to from your total income, and then calculate your tax liability on net taxable income. Click here to read more about it.

Another way to compare the new and existing tax systems is to have the same tax liability in both tax systems so as to examine how many exemptions and/or tax exemptions are required.

Download Automated Income Tax Revised Form16 Part A&B for the Financial Year 2020-21 & Assessment Year 2021-22, as per the New Introduce Tax Section 115BAC in the Budget 2020 ( New & Old Tax Regime)

[This Excel Utility can prepare at a time 50 employees Form 16 Part A&B for the F.Y.2020-21]

Feature of this Excel Utility:-

1)    This Utility can prepare at a time 50 Employees Form 16 Part A&B as per new Rules of Income Tax U/s115BAC which introduced in the Budget 2020 ( New & Old Tax Regime)

2)    This Excel Utility can prevent the double-entry of Employee’s Pan Card No.

3)     This Excel Utilitycalculate the perfect Tax for each employee

4)      This Excel Utility can use Govt and Private Concerned

5)      All the Updated Income Tax Amended Section have in this Utility as per Budget 2020

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