Provision and explains of Section 115 BAC and Option Form 10-IE With Automated Income Tax Preparation Software all in one in Excel for the Govt and Non-Govt Employees for F.Y.2021-22

Provision and explanation of Section 115 BAC and Options Form 10-IE. In this article, we will mainly understand Article 115BAC and Form 10-IE. Finance Budget, 2020 introduces a new tax regime. The F.M. has declared a new tax slab for individuals, HUFs.

 

However, the Government has proposed two sections for the new tax slab:

115BAC: Section has  modified the  tax slab for individual and HUF income

This Section 115BAC: New tax rate on income of cooperative society.

In this article, we will discuss Sec 115BAC. These sections are implemented from. F.Y 2020-21.

Some key points in this section: -

Provision and explanation of Section 115 BAC and Options Form 10-IE. The new tax system continues from A.Y. after 2021-22.

The new income tax method implements to each and every person as per their age, meaning the tax slab also applies to senior citizens and super senior citizens.

The new tax system is in place.

The discount is available for those whose total income is less than 5 lakh rupees.

The exemption is not allowed when choosing a new tax regime: -

Standard deductions for salaried taxpayers;

Discount Travel Allowance (LTA);

• House Rent Allowance (HRA);

Children's education allowance;

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Other special allowances [Article 10 (14)];

Family Depreciation from family pension income;

Interest on housing loan in self-occupied property or vacant property (Article 24);

Chapter VI-A deductions;

Other Discounts or discounts for any other grant or allowance;

Carried forward without any loss or uncovered devaluation of the previous year;

32 Not permitted except in section (iia) of sub-section (1);

Deduction for SEZ  u / s 10AA;

Reduction between 32 32AD, 33AB, 33ABA, 35, 35AD, 35CCC;

You are not entitled In the case of self-occupied property deduction U/s 24 B,

If you choose the new tax regime some Deductions are allowed as given below

Deduction under CC 80CCD (2) (employer's contribution to your pension account);

J 80JJAA (Additional Staff Cost)

Transport allowance (Dibang) for various eligible employees;

Transport allowance for government duties;

Any allowance for travel/travel/transfer costs;

The daily allowance is given to employees under certain conditions.

you can change your option and back to your suitable tax regime :

Personal business income: - People who have business income have the option of moving to a new regime once in a lifetime. If any person chooses a new tax system and after that is willing to revert to the old system, such a person cannot choose a new tax slab without having any business income.

 

Who are salaried person and has no business income: - A person who has only salary income other than personal income can choose an option to choose within the old tax regime and the new tax regime every year,

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It is mandatory of the Taxpayers give 'Form 10-IE' electronically from the Income Tax e-filing portal. You can submit the form under digital signature or through Electronic Verification Code (EVC). 

Last date for submission of Form 10IE

If you have any business income: then submit of IRR Before the due date.

Form 10IE Submission Frequency: -

A person who is salaried and has no business income: - Every year, he has the option to file a 10IE form every year. 

Form 10-IE Content: -

Given below are the common details required for the newly introduced Form 10IE:

Person Name / HUF

Confirmation of whether there is any income or profit from the person or business and profession under the HUF.

• PAN number

• Address

Date of birth/date of inclusion

Type of Business / Occupation (Mandatory in case of business income)

Confirmation in 'Yes / No' of whether the taxpayer referred to in sub-section (1A) of LA 80LA has any unit in IFSC (International Financial Services Center).

Details of any previous Form 10IE filed.

• Announcement

Download Automated IncomeTax Preparation Excel Based Software All in One for the Government andNon-Government (Private) Employees for the Financial Year 2020-21 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 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

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Automated Income Tax Form 16 Part B U/S 203 for the F.Y.2020-21 as per New and Old tax Regime

 

Automated Income Tax Form 16 Part B, U / s 203.

 

(1) Every person who has been tax-deductible in accordance with the aforesaid provisions of this the chapter shall, within this period, from the time of payment of credit or payment of the prescribed period, or as the case may be, from the time of issuance shall issue a check to any shareholder for payment of any dividend. such credit has been given or to whom this payment has been made or the check or warrant has been issued, the certificate of duty specifying the amount deducted, and the amount deducted, the rate at which the tax has been deducted and other prescribed Description.

 

(2) Every person, as an employer, as referred to in sub-section (1a) of section 199, should submit, within the prescribed period, the person whose income has been taxed, the tax paid to the Central Government. Specifies a certificate and the amount paid in it, the rate at which taxes have been paid and other details as prescribed.

Who can the TDS certificate issue?

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Tax deducted at source Each person has been tax deducted under Section 203 along with some other details required to issue the certificate to the issuer. This certificate is commonly called a TDS certificate. Even tax-exempt banks have to issue such certificates when paying pensions. In the case of employees earning salary including pension, the certificate should be issued in Form No.-16. In all other cases, a TDS certificate must be issued in Form 16 B. The certificate is issued at the cutter's own stationery. However, in the case of source duty, there is no obligation to issue a TDS certificate. Discount / Discount is not deductible due to claim. 

Duplicate certificate issued

 

Where the original TDS certificate is lost, the issuers can go to the cutter to issue a fake TDS certificate. You may issue a duplicate certificate on Form No. 16 or Form 16 as deducted. However, this type of certificate must be duplicated by the cutter. Further, the cutter, in its alternative, can use digital signatures to authenticate such certificates. In case of issuing such certificate, the cutter can confirm-

 

Provisions of sub-rule (2) of rule 31 relating to the specification of TAN, PAN of containing the book identification number; Invoice identification number; Relevant quarterly statements etc. are agreed with the number of receipts;

 

2. Once the certificate is digitally signed, the contents of the certificates are not changeable; and

 

3. Certificates have a control number and are protected by a log of such certificates

Download and prepare at a time 100 Employees Automated IncomeTax Revised Form 16 Part B for the Financial Year 2020-21 as per new and old tax regime

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Know the new TDS Rules effect from July 1, 2021- with Automated Income Tax Revised Form 16 for F.Y.2020-21

  

Know the new TDS Rules effect from July 1, 2021. Non-filers will face higher fines than in the current fiscal year, which has already started from April 1, 2021. The Finance Act 2021 recently passed in Parliament has a special provision for deduction of withholding tax for non-source income tax return filers.

 

Insert a new section '206AB in place of section 206AA (I) have been added under the special section. Also, if one does not have a PAN, the tax exemption limit will be higher." As per the budget of the Finance Minister, the new TDS rule will come into force in July 2021. As a result, it is proposed to add a separate section 206AB as a special section of the Act which allows higher TDS rates for income tax non-filers.

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Similarly, Section 206CCA has been added to the Act as a special section to allow a higher TCS rate for non-filers of income tax returns. The new clause shall apply to any amount payable by a person, payable, or credited to a particular person (referred to herein as a waiver). The rate of TDS should be higher than below i.e. double the rate as described in the applicable section of the Income Tax Act or double the existing rate or rate or 5% TDS.

 

The new provision was enacted to enable persons subject to the new rules to file their income tax returns.

 

This will allow more people to file ITRs and improve government accountability. The below-mentioned taxpayers will be affected by the present provision: Non-filers who have paid TDS or TCS of Rs. 50,000 or more in the last two years but have not filed income tax return will be subject to the new provision (ITR).

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According to the Finance Act, if the provisions of section 206AA are applicable to a single person, in addition to the provisions of this section, more than the two rates given in this section and section 206AA will be deducted. Non-residents who do not have permanent residence in India have been exempted from the new rules.

 

If the pan is not equipped

 

If the specified person fails to provide the PAN to the payable person in addition to not filing the income tax return within the due date, the TDS rate will be higher or 20% higher than the above rate.

 

In the case of payment of TDS to certain persons, the present rule allows the issuers to verify the following three points at a time: 50,000 if the person responsible for TDS files his tax return for the last two years.

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The The deadline for filing original returns has expired for the previous two years. No higher tax deduction is required for any payment if the due date for filing ITR for any one year does not expire. Consequently, when the provider identifies these results in the third year, the tax should be withheld at a higher rate than previously mentioned.

 

As a result, the TDS rate should be 5% which is more than 2% of 1%. Moreover, if the person fails to deliver his pan payable, TDS will be deducted at the rate of 20%, which is higher than the rate of 5% or 2%.

 

What are sections 206AA and section 194N? Under Section 206AA, TDS is levied on payments made to non-residents and residents who do not have a PAN.

 

It was implemented in the financial year 2010-11 and it allows the taxpayer to provide their PAN to any taxpayer earning taxable income. Taxpayers who have not filed any return for three years have been issued Section TDS No. 194 for withdrawal of cash above Rs. 20 lakhs. 2% TDS is deducted under this section when withdrawing more than Rs. 20 lakhs.

Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 which can prepare at a time 100 Employees Form 16 Part B with the new and old tax regime

 

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Tax exemption U/s 80D- with Automated Income Tax Form 16 Part A and B and Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC

 

Tax exemption U/s 80D for the F.Y.2020-21 as per New and Old Tax Regime U/s 115 BAC.

One of the most common expenses of the common man is medical / health insurance/health insurance premium if the tax is paid in the previous year outside the taxable income and is paid by any mode other than cash, then health insurance discount is allowed. Health insurance discounts are approved for individuals and HUFs. It agrees to the treatment / the health insurance premium paid for the notification schemes accepted in the case of certain persons:

A) Provided by individual

For: self, wife, dependent children

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Eligible scheme

(A) the medical insurance policy of the GIC (approved by the Central Government) or any other insurer approved by the IRDA; Or

(B) Contributions of the Central Government Health projects or such national health projects may be informed by the Central Government.

(C) Preventive health check-up for: Parents 

I. Medical insurance policy or individual, wife and dependent children policy and contribution to CGHS 

At least 2 discounts will be allowed:

(1) The assessor, his / her spouse and all dependent children are kept together and deposited in any mode other than cash for the amount of preventive health examination and the amount of the preventive health, the examination is up to Rs. 5,000 and contributed to CGHS. Or 

(i) Rs. 25,000 (Rs. 50,000 for senior citizens). 

II. Medical insurance policy or parental or parental policies

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At least 2 deductions will be allowed:

 

Deposit of actual premium in any mode other than cash for parent/guardian medical insurance policy and preventive health check-up. Parents may or may not be dependent on the determinant. Or

 

(ii) Rs. 25,000 (Rs. 50,000 for senior citizens).

 

III. Medical insurance policy adopted by HUF In this case, the exemption under Section 80D is HUF. The amount of medical insurance premium paid in any mode other than cash on the health of any of its members shall be Rs. 25,000 (Rs. 50,000 for senior citizens).

 

III. Medical insurance policy adopted by HUF

H.U.F. In this case, the exemption under Section 80D is HUF. The amount of medical insurance premium paid in any mode other than cash on the health of any of its members shall be Rs. 25,000 (Rs. 50,000 for senior citizens).

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Assessors will be allowed discounts for husband, wife and children’s medical insurance as well as discounts for parents. 2014-1. From the assessment year onwards, any amount paid to health insurance will be paid 

Other notified projects will also be eligible for exemption under this section within the existing limits

 Fourth. Medical expenses for senior citizens (age 60 years or older)

If a senior citizen does not receive health insurance coverage (sometimes insurance companies do not provide such coverage to senior citizens), senior citizens shall be allowed a maximum discount of Rs. 50,000 on any payment for medical expenses incurred. One parent is medically insured and the other is not medically insured as a senior citizen, but will have to bear the cost of treatment, health insurance premiums and overall discounts on medical expenses will be allowed but limited to Rs.500 only. 50,000

 Please note for this section-

 i) 'Senior Citizen' means any individual resident in Indiawho is 60 years of age or older at any time during the relevant previous year.

 ii) 'Family' means the wife of the assessor and the dependent children.

 In addition, if a single premium health insurance policy is adopted for a period of more than one year, discounts will be allowed on a proportional basis subject to the financiallimits mentioned.

Automated Income Tax Revised Form 16 Part B in Excel which can prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 as per new and old tax regime U/s 115 BAC.

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Download Automated Income Tax Revised Form 16 for the F.Y.2020-21 with New and Old Tax Regime

 

 Income Tax Revised Form 16 for the F.Y.2020-21 with New and Old Tax Regime under the New Tax Section 115 BAC

  

This Excel Based Income Tax Revised Form 16 Prepare as per the new and old tax regime. The main highlight the new and old tax regime for taxpayers. It is a simplified tax duty where taxpayers cannot avail the number of concessions and exemptions that they can avail themselves of under the old system of governance.

 

It is currently available as an alchemical scheme for individual and Hindu undivided families; it was unveiled in the previous central budget.

 

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B For the F.Y.2020-21

 

With the introduction of this tariff structure, various questions have arisen in the minds of the taxpayers about the plan to change it. We solve these few questions here.

 

Which rule saves more taxes?

 

Tax savings will depend on tax income.

For example, you are eligible for an exemption and a deduction of Rs 1.5 lakh. With an estimated annual income of Rs 6,50,000, your tax liability under both governments will be the same (Rs 54,600). For income less than Rs 7.5 lakh, the old system of governance will save more taxes.

 

For income above Rs 8.5 lakh, for example, the new tax duty is beneficial. This is because the tax rate in the new regime increases at a lower rate than in the old regime

 

Download and prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part A&B For the F.Y.2020-21

 

 

What is the difference between the Old and New Regimes?

 

The important difference between the two governments is the tax rate.

 

* Tax exemption U/s 87a available in both systems

 

Another difference in the new tax system is that taxpayers can afford to invest less in discounted investments, which will increase household income.

 

The new system of governance does not require the maintenance and submission of tax protection documents applicable to the old system.

 

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B For theF.Y.2020-21

 

 

Can I change my tax regime every year?

 

The tax system can be changed every financial year in case of income from salary, home property, capital gain or other sources. In business or professional earning, this regime can only be selected once for a specific type of business.

 

When should my employer be intimate about my tax regime selection?

 

The employer may be notified of the elected regime at the beginning of the financial year. Once established and informed, governance cannot be changed for years for the purpose of TDS.

 

However, you can switch to other systems when filing an income tax return. In such cases, TDS will be adjusted accordingly.

 

* All tax rates for residential taxpayers under 60 years of age.

 

Download and prepare at a time 1000 Employees Automated Income Tax Revised Form 16 Part B For theF.Y.2020-21

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What Is Form 16 Part A and Part B? With 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

 

According to the Income Tax Act 1961, An individual making an instalment to someone else upon an edge limit need to deduct tax. If there should arise an occurrence of Employer making instalment to his Employee in a term of Salary. The employer gives the details of salary in form 16 his all-out salary paid and credited to his record in form 16A.

Form 16 is likewise called a salary endorsement is given by the Employer to his Employee independent of his income for the year. Form 16 is given on a yearly premise or part thereof according to the circumstance. Form 16 Contains all Details of Salary like Fundamental Salary Dearness Recompense house Lease Remittances and different stipends which is part of salary details of Perquisites and Deduction from salary under Chapter VI A like fortunate Asset disaster protection Expense Mediclaim Gifts and so on though Form 16 An is the Total of salary paid/Credited to his Record and tax deducted subsequently. Form 16A is downloaded from Follows. The Information in form 16A is like form 26AS of employee which can be downloaded from TRACES PORTAL.

 

Some contain Form 16 Part A and Part B

 

1. Part A contains

 

•           Name and address of the employer

 

•           Name and address of the employee

 

•           Permanent Record Number (Skillet) or Aadhaar number of the employer and employee

 

•           Tax Deduction Record Number (TAN) of the deductor

 

•           Assessment year on which tax is deducted or paid

 

•           Period of work

 

•           Details of TDS deducted and saved with the public authority.

 

•           Part A is produced and downloaded through the Follows gateway.

 

 

2. Part B Contains

 

•           Detailed separation of salary paid

 

•           Any other income answered to the employer other than salary

 

•           Allowance to the degree absolved under section 10

 

•           Deductions permitted under Section VI-An of the Income Tax Act

 

•           Relief under section 89

 

•           Tax payable

 

In the event that the employee worked more than one Employer in a year, every one of his employee issues form 16 for a term employee who worked with the association.

 

FORM 16 B

 

 

•           Form 16B is the TDS endorsement given against the income acquired on the deal or move of undaunted property.

 

•           Under Section 194-IA of the Income Tax Act, undaunted property alludes to a structure, a part of a structure, and land (other than rural land) whose worth is INR 50 lakhs or more.

 

•           The buyer should deduct the TDS at the pace of 1% against the Container of the dealer and store the tax within 30 days from month end.

 

•           However, if the dealer doesn't give Dish, TDS at the pace of 20% is to be deducted.

 

•           TDS should be accounted for consequently, cum-challan Form 26QB within 30 days from the month's end in which such an instalment is made.

 

•           The buyer needs to give Form 16B to the payee within 15 days determined from the due date of outfitting Form 26QB.

 

•           Property buyers don't need a TAN and can just outfit Skillet.

 

•           The segments of Form 16B

 

•           Name and address of the deductor (transferee/payer/buyer)

 

•           Name and address of the deductee (transferor/payee/vendor)

 

•           PAN or Aadhaar number of the deductor and the deductee

 

•           Financial Year of the deduction o Affirmation Number of Form 24/26QB Details of tax kept

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

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Deduction U/s 80C | With Automated Master of 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.

 

Taxpayers can look for Deduction under Section 80C, which would assist them with decreasing their taxable income. There are a ton of deductions accessible under different sections to assist taxpayers with bringing their taxable income. Every one of these sections caters to a particular kind of investments or costs

 

Section 80C is the main method of saving taxes. It permits taxpayers to diminish their taxable income by making investments and a few costs and hence save money on taxes they pay. Presently, section 80C permits a deduction from net complete income (prior to showing up at taxable income) of up to Rs 1.5 lakh per annum on qualified investments and indicated costs.

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One can contribute the whole measure of Rs 1.5 lakh in one investment or diversify across more than one. Allow us to become familiar with deductions under Section 80C.

 

Home Loan Principal 

 

•           The Indian government has consistently shown an extraordinary tendency to urge residents to put resources into a house. This is the reason a home advance is qualified for tax deduction under section 80C.

 

Life Insurance Premium

 

Instalment of a premium on extra security strategy gives insurance cover to a taxpayer as well as offers certain tax benefits. The investment in life coverage can be deducted up to Rs 1,50,000.

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Provident Fund Investment

 

A provident fund is a retirement fund run by the public authority. They are for the most part obligatory, frequently through taxes, and are funded by both employer and employee commitments. Governments set the standards with respect to withdrawals, including the least age and withdrawal sum. On the off chance that a member bites the dust, their enduring life partner and wards might have the option to keep drawing instalments.

 

Employee's commitment to any provident fund (aside from the unrecognized provident fund) is qualified for deduction under Section 80C up to Rs 1,50,000.

 

Investment in Value Connected Reserve funds Plan (ELSS)

 

•           ELSS funds are value funds that contribute a significant bit of their corpus into value or value related instruments.

 

•           ELSS funds are likewise called tax saving plans since they offer tax exception of up to Rs. 150,000 from your yearly taxable income under Section 80C of the Income Tax Act.

 

•           Further, these plans have a required lock-in time of 3 years.

 

•           Therefore, on recovering the units, investors get long haul capital additions or LTCG. These increases are not taxable up to Rs. 1 lakh in one monetary year. Any LTCG over this cutoff is taxed at 10% of the increases surpassing Rs. 1 lakh without indexation.

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Investment in (NSC)

 

•           The Public Reserve funds Authentication is a fixed income investment plot that investors can open with any post office.

 

•           An Administration of India activity, it is a reserve funds security that empowers subscribers, generally little to mid-income investors to contribute while saving money on income tax.

 

•           A fixed-income instrument like Public Provident Fund and Post Office FDs, this plan also is a protected and okay item.

 

•           One can get it from the closest post office in their name, for a minor or with another grown-up as a shared service.

 

•           The testaments acquire a fixed interest and accompany a fixed development time of five years. There is no most extreme cutoff on the acquisition of NSCs, however, just investments of up to Rs.1.5 lakh can acquire a tax break under Section 80C of the Income Tax Act.

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Investment in Fixed Deposits

 

Any term store with a residency of at any rate five years with a planned bank additionally fits the bill for deduction under section 80C and the premium acquired on it is taxable.

 

Investment Unit-connected Insurance Plan (ULIP)

 

•           Unit Connected Insurance Plan (ULIP) is a blend of insurance alongside investment.

 

•           From a ULIP, the objective is to give abundance creation along with life cover where the insurance organization puts a bit of your investment towards disaster protection and rest into a fund that depends on value or obligation or both and matches with the financial backer's drawn-out objectives.

 

•           Premium paid on ULIPs is qualified for a deduction under Section 80C up to a limit of Rs 1.5 lakhs during a year.

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Education Expenses

 

A parent can guarantee a deduction on the sum paid as educational expenses to a university, school, school or some other instructive establishment. Different segments of expenses like improvement charges and transport charges are not qualified for deduction under Section 80C.

Download Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21[This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B and Part B]

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Automated Income Tax Salary Certificate Revised Form 16 Part A&B for the F.Y.2020-21 as per U/s 115 BAC

As per the Budget 2020, introduced a New Tax Section 115 BAC, which means that the New Tax Regime and Old Tax Regime as you like you can choose the option Vide the new introduced Form 10-IE in this Budget.

If you choose the New Tax Regime as well as new tax Slab for the financial year 2020-21, you can not availed any income tax exemptions as per the Income Tax Act 1961 except the NPS benefits and have no benefits in the new tax slab rate to the Senior Citizen. But if you choose the Old Tax Regime as well as Old Tax Slab then you can availed the all of benefits of the Income Tax As per the Income Tax Act 1961.Look the below New and Old Tax Slab for the F.Y.2020-21 as per U/s 115BAC.

 

However here is a unique Excel Based Form 16 Preparation Software, prepared as per the New Section 115 BAC for the Financial Year 2020-21.

 

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

Feature of this Excel Utility:-

1) This Excel Utility Prepare at a time 50 Employees Revised Form 16 Part A & B [Who are not able to download Form 16 Part A from the TRACES PORTAL, they can use this Excel Utility.

 

2) In this Form 16 Part B have details of all the Income and Deductions as per New and Old Tax Regime 

 

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

 

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

 

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

 

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

 

7) Automatic Convert the amount in to the in-words without any Excel Formula

 

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