Standard deduction for employees | With Automated Income Tax Arrears Relief Calculator U/s 89(1) for the F.Y.2022-23 and A.Y.2023-24

 The deductions in the Income Tax Law give taxpayers a reason to smile because they help reduce tax

 liability. One of those fun provisions for salaried people in IT law is the "standard deduction."

 

As its name implies, a standard deduction allows you to deduct a certain amount from your gross wages so that your total taxable income is reduced. The most important point to note is that the standard deduction feature is not available to those who opt for the new tax system, which comes with lower tax rates than previous deductions.

Download and Prepare at a time 50 Employees Form 16 Part B for theF.Y.2021-22

The standard deduction provision was made in the 2018 budget (through the withdrawal of tax benefits on Medicare allowance and transport available thereafter) that those with wage income are eligible for a deduction of Rs 40,000 or gross salary, whichever is less. The limit was increased to Rs 50,000 in the subsequent budget. For example, a taxpayer named "X" has an annual gross salary of Rs 5 lakh a year. The standard deduction available in this case is Rs 50,000 (less than the standard deduction limit of Rs 50,000 and a salary of Rs 5 lakh).

 

Suppose X only worked for one month in the fiscal year and earned approximately Rs 42,000 as salary income. For that year, the qualified standard deduction will be Rs 42,000 per application of the provision.

Download and Prepare at a time 50 Employees Form 16 Part A&B for the F.Y.2021-22 

What happens if the employee changes jobs within a tax year? The standard deduction is not based on the number of jobs changed by the employee.

 

“Gross salary here includes all salary components and covers the taxable portion of allowances and benefits paid by the employer

 

By extending the benefit of the standard deduction for pensioners, the TI law allows pensioners to also claim this deduction. Please note that the pension here does not include the family pension, which is awarded to dependent family members, after the death of the employee; the family pension is charged to income tax from other sources.

 

Discount, no discount

 

A deduction is different from a reduction, which is a type of partial refund of the tax to be paid. It is allowed to claim income tax deductions from the income, while it is allowed to claim deductions from the tax payable.

Download and Prepare at a time 100 Employees Form 16 Part B for theF.Y.2021-22

 

Section 87A of the Income Tax Act gives a deduction to those who have an income of not more than Rs 5 lakh (after allowing deductions) to reduce their tax liability.

The deduction is 100% of the tax liability or Rs 12,500, whichever is less.

 

How is the standard deduction calculated for multiple employers?

The standard deduction is not available without basis. from employers The standard deduction is the general limit for a full year rather than not. of employers

Let's assume that Mr. A worked for 2 employers during the 2019-2020 tax year. In this case, you may be suspicious of how much standard deduction Mr. A can claim.

Option 1 Rs. 50000

 

Option 2 Rs. 1,00,000 (Rs.50,000 per employer)

The correct answer is option 1, ie Mr. A can avail of the standard discount up to Rs. 50,000/-

Download and Prepare at a time 100 Employees Form 16 Part A&B for the F.Y.2021-22

 

Frequent questions

 

Q- Is the standard deduction also available for the elderly?

Yes, the standard deduction is available to all taxpayers and retirees, regardless of age.

 

 

Q- Can the employee claim both the standard deduction and the income tax deduction?

Yes, the employee can claim both standard deductions and income tax deductions.

 

Q- What article of the Income Tax Law covers the standard deduction?

Section 16(ia) of the Income Tax Law deals with the standard deduction.

 

Q- Is the standard discount available for freelancers in India?

Self-employed workers do not earn income from wages. They have a business income. Therefore, self-employed individuals cannot claim the standard deduction because the standard deduction is only available from earned income.

 

Q: Does the standard deduction of Rs 50,000 under Section 16 apply to a person whose only source of income is FD interest?

No, the standard deduction is only available from salary and pension income and not from income from other sources.

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) from the F.Y.2000-01 to F.Y.2022-23(Updated Version)

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Income Tax Deductions U/s 80 CCD (1B)| With Automatic Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt Employees for F.Y.2022-23

 Income Tax Deductions U/s 80 CCD (1B)| Payment of income tax is required for every Indian citizen

 who has an income tax, in accordance with the rules and regulations of the Income Tax Act1961. But

 this does not mean that you have to pay tax on all the income you earn. . in this financial year. There

 are several provisions in the Income Tax Act that allow you to claim deductions for certain investments

 and expenses.

 

Plan your taxes to save on your income

By carefully planning your taxes, you can save a significant amount on your tax liability and create an additional source of income for yourself. With the double benefit of tax savings and income generation, these deductions give you significant benefits. From time to time, the government introduces new deductions or amendments, which you should keep an eye on. One of these deductions available to you is U/s 80 CCD (1B), which applies to contributions paid to the NPS.

Download and prepare at a time 50 Employees Master of Form 16 Part B for the F.Y.2021-22

About NPS

 

NPS or National Pension System is a pension scheme available to both civil servants and individuals. NPS is one of the most popular options available for people looking to set up a retirement fund along with regular monthly income. Money deposited with NPS is invested in a variety of stocks and investment opportunities, including the stock market. It is widely regarded as one of the cheapest capital investment options. Since the revenues are directly related to the market trend, there is no guarantee of any specific amount, but over time the NPS revenues are among the highest in the market.

Two types of NPS accounts you should know about

NPS has two types of accounts: NPS level 1 and NPS level 2.

 

Level 1 account: This has a fixed blocking period until the subscriber reaches the age of 60. Only partial withdrawals are allowed under certain conditions. Contributions paid at Level 1 are non-taxable and are deductible in accordance with Section 80CCD (1) and Section 80CCD (1B). However, you can invest up to Rs. 2 lakh in the level 1 NPS account and request the full amount deducted eg. rupees. 1.50 lakh under section 80CCD (1) and Rs. 50,000 under section 80CCD (1B).

Download and prepare at a time 50 Employees Master of Form 16 Part A&B for the F.Y.2021-22

 

Level 2 Account: This is a mandatory voluntary savings account that allows subscribers to withdraw funds as they wish. But a contribution paid to a Tier 2 account is not eligible for a tax deduction. To open a Tier 2 account,  Contributing to NPS is now subject to the Exempt-Exempt-Exempt (EEE) tax regime, under which the amount deposited in NPS, the income received and the reimbursement amount is tax-deductible. According to the latest guidelines, you can withdraw up to 60% of the amount at maturity, and the remaining 40% must be reinvested to purchase an annuity that gives you a regular monthly annuity.

What is Section 80CCD (1B)

 

Section 80CCD of the Income Tax Act deals with the deductions offered to individuals contributing to the NPS. Under section 80CCD, prior to 2015, an individual could claim a tax deduction of up to Rs. 1 lakh against contributions paid to NPS. In the 2015 budget, the government increased the maximum amount payable to the NPS to Rs. 1.50 lakh per year. Additionally, a new subsection 1B was introduced which offered an additional deduction of up to Rs. 50,000 / - for contributions paid by individual taxpayers to the NPS. Additional deduction in the amount of Rs. 50,000 / - under section 80CCD (1B) available for valuation in excess of the benefit of Rs. 1.50 lakh is available as a deduction under section 80CCD (1). Therefore, raising the maximum exemption limit to Rs. 2.00 lakh with Section 80CCD (1) + Section 80CCD (1B).

Download and prepare at a time 100 Employees Master of Form 16 Part B for the F.Y.2021-22

 

DID YOU KNOW?

Section 80C + Section 80CCC + Section 80CCD (1) For example, consider yourself an individual who invests Rs. 1 50 000 / - pursuant to Section 80C (PPF, Tax Saver FD, ELSS, etc.). You have now decided to deposit Rs. 70,000 / year in favor of NPS. Now you can apply for a deduction of 50,000 rubles. 2.00 lakh, i.e. rupees. 1.50 lakh under section 80C and Rs. 50.000 / - pursuant to section 80CCD (1B).

 

What to look for when applying for deductions under section 80CCD (1B)

Here are some important points related to Section 80CCD (1B) that you should be aware of. Additional deduction in the amount of Rs. 50,000 / - Available only for contributions paid to NPS Tier 1 accounts.

Download and prepare at a time 100 Employees Master of Form 16 Part A&B for the F.Y.2021-22

 

Level 2 accounts are not eligible for deduction under section 80CCD (1B).

Deductions under Section 80CCD (1B) are available to both employees and self-employed persons.

Documentary evidence of the operation related to the contribution to the NPS must be provided.

 

Partial withdrawals are allowed under the NPS but are subject to certain conditions.

 

The general exemption limit under section 80CCD (1B) is Rs. 50,000 / - and is not subject to exceptions under section 80 C. As such, you may be eligible for a maximum deduction of Rs. 2.00.000 / -

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government (Private) Employees for the F.Y.2022-23 and A.Y.2023-24

 

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 Non-Government employees 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.2022-23 (Update Version)

 

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2022-23

 

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2022-23

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Tax Exemption on Interest U/s 80TTA | With Automatic Income Tax Form 16 for the F.Y.2021-22

 Tax Exemption on Interest U/s 80TTA | We all have a tendency to check the amount of interest earned

 on savings accounts during the year, but do we know how this interest is calculated and the tax on

 interest on savings accounts that is due? In this article, we will try to give you an idea of such points

 and interest tax deductions under section 80TTA.

Savings account interest rate

 

Previously, the RBI set interest rates on savings accounts at 4% per year. These interest rates were controlled by the RBI and all banks were required to pay the same interest rates regardless of the amount of money held by the Bank.

Download and Prepare One by One Auto Fill Income Tax Form 16 Part A&B for the F.Y.2021-22

 

But on October 25, 2011, the RBI deregulated this interest rate-setting system. This deregulation meant that all banks were now free to set the interest rates payable. This resulted in different banks paying different interest rates, which is how it should be in a free economy.

Furthermore, RBI said that banks can also choose to pay differentiated interest rates, which means that they can pay a different interest rate if the amount is less than Rs. 1,000,000 rubles and miscellaneous interest on Rs. 100000.

 

After this interest rate deregulation announcement, different banks started paying different interest rates. To encourage more customers to open savings accounts at their banks, banks also started offering higher interest rates on savings accounts, which ultimately benefited the customer. From the 4% per year paid on savings accounts before deregulation, interest rates have risen significantly, with some banks paying as much as 6-7% per year.

Download and Prepare One by One Auto Fill Income Tax Form 16 Part B for the F.Y.2021-22

Another change that has taken place since the deregulation of interest rates concerns the way interest is calculated. Previously, interest was accrued on the minimum balance of funds in a bank account within a month. Therefore, if I had Rs. 90,000 in his bank account for the whole month and for 1 day the balance was Rs. 10,000, you will only be paid interest on Rs. 10,000 and not Rs. 90,000 (a simple example was taken for understanding).

 

 

But now this has changed and interest is paid daily on the account balance at the end of the day. This has once again benefited clients as they will now earn more interest not only due to the higher interest rates, but also the change in the way they are calculated.

Tax on interest on savings accounts

 

Interest on savings accounts was previously taxed at flat rates. But as of April 1, 2012, there was an amendment to the Income Tax Law and a deduction of Rs. 10,000 is allowed under Section 80TTA for interest earned in the tax year on deposits of

Save a bank account

Cooperative bank

Postal Savings Plans

Download and Prepare at a time 50 Employees Auto Fill Income Tax Form 16 Part A&B for the F.Y.2021-22 

The amount earned in excess of this amount, Rs. 10,000 will be taxed according to income tax rates. This Section 80TTA deduction is only available to individuals and HUF and is in excess of Section 80C deductions.

 

The taxpayer is asked to note that this is a deduction, not an exemption. Therefore, it will first be included in the taxpayer's total income and then allowed as a deduction under Chapter VI-A.

 

The difference between the interest on a savings account and a fixed-term deposit

 

With a fixed deposit, you must deposit the amount in the bank over a certain period, while with a savings account, you can withdraw the amount at any time. Since the amount of a term deposit is kept in banks for a certain period, it pays a higher interest compared to the interest on a savings account.

Download and Prepare at a time 50 Employees Auto Fill Income Tax Form 16 Part B for the F.Y.2021-22

 

However, deductions for interest received on a fixed-term deposit are not allowed and are taxed at the individual beneficiary's income tax rates. In addition, TDS @ 10% is also deducted from fixed deposit interest if the interest earned is more than Rs. 10,000.

 

On the other hand, a deduction of Rs. 10,000 is given for interest on savings accounts. Also, no TDS will be deducted from the savings account interest, regardless of the amount of interest earned. Interest income (whether from a savings account or a time deposit) is disclosed in Income from other sources.

 

Even though the deduction is Rs. The 10,000 is for interest on a savings account and not on time deposits, however, time deposits are desirable because the interest paid on time deposits is much higher than the interest paid on a savings account.

 

The PPF account is also a good investment option for those who are interested.

Download and Prepare at a time 100 Employees Auto Fill Income Tax Form 16 Part A&B for the F.Y.2021-22

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How to save on taxes without investing| With Automated Income Tax Salary Certificate Form 16 for the F.Y.2021-22 in Excel

How to save on taxes without investing| The Department of Income Tax has provided taxpayers with various deductions and exemptions that may be deducted from taxable income under Section 80, Chapter VIA to reduce the tax burden.

 

Among all, there are deductions that are obtained with investments, but there are also some deductions that are obtained without any investment, but with daily expenses.

 

The 80C deductions are the most famous; there are other deductions that can reduce the tax burden on taxpayers even without much savings on tax savings tools. Some of them are the following

Download Automatic Income Tax Salary Certificate Form 16 Part A&B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B]

1. Tuition for children

You can claim deductions from your child's full-time college tuition fees for up to two children up to Rs. 1.5 lakh under section 80C of the 1961 Income Tax. You can also save under section 80E on interest paid on your child's education loan for 8 consecutive years.

 

2. Interest paid on a mortgage loan. For first-time homebuyers, there are deductions of up to Rs. 50,000 on the EMI interest component of interest paid on mortgages pursuant to section 80EE. In this case, the loan amount should not exceed 10,000,000 rubles. 35 lakhs and the value of the residential property must not exceed 50 lakhs.

 

3. Rental allowance Self-employed and employees who do not own their own residential property may benefit from the rental allowance (HRA) deduction under section 10(13A) of the Income Tax Act, at least for the following: :

 

To claim the tax credit, the taxpayer must provide the employer with rental receipts as well as other details to claim the exemption amount.

 

4. Medical expenses of elderly parents. If your parents are 60 or older and do not have any health insurance coverage, you can claim a deduction for the money you spend on their medical bills. You can request a maximum deduction limit of Rs. 50,000 under section 80D of the Income Tax Act.

Download Automatic Income Tax Salary Certificate Form 16 Part B for the F.Y.2021-22[This Excel Utility can prepare at a time 50 Employees Form 16 Part B]

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Income Tax benefits from Medical Insurance U/s 80 D | With Automatic Income Tax Preparation Software in Excel for the Govt & Non-Govt Employees and Master of Form 16 Part B for the F.Y.2021-22

 Income Tax benefits from Medical Insurance U/s 80 D | The Income Tax Act, 1961, allows personal

 income tax deduction by reducing the amount of tax payable. It is important to know the relevant

 sections to make the most of these deductions.

 

What is section 80D?

Section 80D of the Income Tax Act provides for tax deduction relating to medical insurance premiums paid for you and your family members. You can claim a tax deduction for health insurance premiums paid for yourself, your parents, your children and your spouse.

 

Additionally, this section also allows Hindu Undivided Families (HUFs) to claim a deduction of 80D. If you want to know how you will benefit from this section, read on to know more about Section 80D deductions and the proposed tax deduction.

Download and prepare at a time 50 Employees Form 16 Part B for the F.Y.2021-22 as per new and old tax regime

Which investment comes under section 80D?

Deduction under section 80D of the Indian Income Tax Act can be claimed on the premium paid for a health insurance policy and the cost of preventive health check-ups.

 

Individuals can also claim a deduction on the health insurance premiums paid for the policies of their parents. The amount of deduction will depend on the age of the main policyholder.

 

Critical illness coverage available with life insurance plans like health bikers is also covered under Section 80D of Income Tax.

 

Deduction under section 80D: Deduction of medical expenses

80D deduction pertains to medical insurance policies only. These deductions are shown as follows:

personal and family

If you pay insurance premiums for yourself, your spouse and your children, you can claim a maximum tax allowance of Rs.25,000 per year. In the case of senior citizens, the limit is Rs. 50,000 per annum

Download and prepare at a time 100 Employees Form 16 Part B for the F.Y.2021-22 as per new and old tax regime

If you pay health insurance premiums for your parents, you can claim a maximum tax benefit of Rs 25,000 per year if your parents are below 60 years of age. However, if your parents are elderly, you can apply for tax benefits up to Rs 50,000 per year

Preventive health checkup under section 80D

 

In 2013-14, the government implemented a preventive health check-up cut to encourage citizens to become more health-conscious. The goal of preventive health check-ups is to detect any disease early and reduce risk factors by consulting a doctor on a regular basis.

 

Payment for preventive health check-ups under section 80D is deducted at the rate of Rs 5,000. This exemption is limited to Rs 25,000/ Rs 50,000 depending on the situation. Individuals can claim this deduction for themselves, their spouse, their dependent children or their parents. Additionally, cash can be used to pay for preventive health checkups.

 

80D. additional deduction of

You are eligible to claim an additional 80D income tax deduction of Rs 5,000 for health check-up related expenses. This includes all expenses for the family check-up.

Download and prepare One by One Form 16 Part B for the F.Y.2021-22

What the exclusions are under section 80D?

The exemption U/s 80D is as follows:

If you are making payments on behalf of your grandparents, siblings or working children, you are not eligible for tax benefits. This applies to any other relative not explicitly covered by your policy.

 

If you are paying your health insurance premiums in cash, you will not be eligible for health insurance tax benefits. Preventive health benefits can also be used with cash payments.

 

If the company pays a group health insurance premium on behalf of the employee (non-contributory), it will not be eligible for tax exemption. However, if taxpayers choose to pay additional premiums to improve group (contributory) coverage, they can claim tax benefits on the additional amount paid.

You will not be required to avail of any GST and Cess tax benefits on premium payment.

 

Who is eligible for tax deduction under section 80D?

You are entitled to claim tax deduction under section 80D for yourself, your spouse, your children and your parents. Also, as mentioned above, HUFs can also apply for deduction in this section. Any member of HUF can claim tax deduction on the amount paid towards the health insurance premiums. This deduction is subject to the upper limit under section 80D of the Income Tax Act.

 

Who is eligible for tax deduction under section 80D of the Income Tax Act, 1961?

Individuals and Hindu Undivided Families (HUFs) can apply for tax deduction from taxable income under section 80D.

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

 

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 Non-Government 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

 

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Five key elements of the 2022 Budget | With Automatic Income Tax Preparation Software All in One for the Non-Govt Employees for F.Y.2021-22 and Automatic Income Tax Master of Form 16 Part A&B and Part B for the F.Y.2021-22

 

 Five key elements of the 2022 Budget | FM has made a number of other statements that have a direct

 impact on the general public and the payroll community, although it hasn't made any statements to the

 Income Tax Department. 

New Delhi: Finance Minister Nirmala Sitharaman has not released any statement regarding the income tax department, which is eagerly awaited by individual taxpayers. However, FM has made many other claims that have a direct impact on the common man and the wage class.

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

 

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 all amended Income Tax Section as per Budget 2021

 

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-Govt(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.2021-22

 

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

 

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

 

Here are five key tax points that pertain to the common man and the wage category

FM introduced a new updated ITR Return Filing Window

 

India is developing at a rapid pace and people are conducting more financial transactions. The CBDT has established a robust framework for reporting taxpayers' transactions. In this case, some taxpayers may realize that they have made mistakes or errors in accurately estimating their income for tax purposes.

 

To provide an opportunity to correct such errors, This updated declaration can be submitted within two years from the end of the relevant evaluation year. Currently, if the department discovers that it has lost revenue to the evaluator, it goes through a lengthy evaluation process.

 

With this proposal, however, now comes the confidence to the taxpayer, which allows the assessor to declare for himself the income previously lost at the time of the declaration.

Download and Get ready at a time 50 Employees Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC

Full details of the proposal are set out in the Finance Act. This is a decisive step in the direction of voluntary tax compliance.

 

Tax exemption for people with disabilities

Parents or guardians of a disabled person can take out an insurance plan for that person. The current legislation provides for an exemption for parents or guardians only in the event that the disabled person, upon the death of the member or parents or guardians, has a lump-sum allowance of annuity available.

 

Dependents with disabilities may also have to pay annuities or lump-sum payments during the lifetime of their parents/guardians. "FM said to allow a yearly income and a lump payment for taxpayers with disabilities who are dependent on their parents/guardians for the entire life of their parents/guardians over the age of sixty," said FM.Equality between state and central government employees

Download and Get ready at a time 50 Employees Annual Tax Revised Form 16 Part B for the Financial Year 2021-22 with new and old tax regime U/s115 BAC.

 

Currently, the central government contributes 14% of its employees' salary to level 1 of the National Pension System (NPS). This is allowed as an exception in the calculation of employment income. 23 However, in the case of state employees, such an exemption is only allowed up to 10 % of the salary.

FM propose to increase the tax exemption limit on the employer contribution to the NPS contribution of state government employees from 10% to 14%. This will help improve performance. state government employees' retirement benefits and put them on par with central government employees,

”FM said.

A scheme for taxing virtual digital assets

Download and Get ready at a time 100 Employees Revised Form 16 Part A&B for the Financial Year 2021-22 with new and old tax regime U/s 115 BAC.

 

It is also noted that there has been a dramatic raised in transactions in virtual digital assets. The extent and frequency of these transactions made it mandatory to provide for a specific fiscal policy. Consequently, in order to tax virtual digital assets, FM proposes to impose a tax of 30% on any income generated from the transfer of any virtual digital asset.

 

No deductions will be permitted in respect of any expenses or allowances other than the acquisition cost in calculating such income. Furthermore, the loss caused by the transfer of a virtual digital asset cannot be attributed to other income.

TDS on payments made in connection with the virtual digital ownership transfer

 

In addition, to capture transaction details, FM also proposes to provide TDS at a rate of 1% above the monetary threshold on payments made in connection with the virtual digital ownership transfer. It is also proposed that the gift of a virtual digital asset be taxed at the hands of the recipient.

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

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