Calculate your Income Tax for the Financial Year 2020-2021 and Assessment Year 2021-2022 As per Budget 2020

The Leading News Web Site Economic Times of  India Published Nice Income Tax Calculator for the Financial Year 2020-2021 and Assessment Year 2021-2022 As per Budget 2020. You can calculate your Income Tax Liability for the Financial Year 2020-21 As per New Income Tax Slab and as per the New and Old Income Tax Section as defined by the Finance Minister of the India in  the Budget 2020. CLICK HERE TO CALCULATE YOUR INCOME TAX CALCULATOR ONLINE FOR THE FINANCIAL YEAR 2020-2021 

Maximizing Home Loan Benefits in Income Tax with Auto Calculate and Auto Preparation Income Tax Software All in One in Excel for the F.Y.2023-24 and A.Y.2024-25

 Introduction: Owning a home is a dream for many individuals, and the government recognizes the importance of this investment. To encourage homeownership, several tax benefits are available to individuals who have taken a home loan. Understanding Maximizing Home Loan Benefits in Income Tax| These benefits can help you make the most of your home loan while minimizing your tax liability. In this article, we will explore the key home loan benefits in income tax. 1. Deduction on Interest Payment: Maximizing Home Loan Benefits in Income Tax| One of the significant advantages of a home…

Employees have to inform their employers must intimate to their Option about New Or Old Tax Regime U / s 115 BAC- with Automated Income Tax Arrears Relief Calculator U / s 89 (1) for the F.Y.2020-21

The CBDT states that the employee can change the option of tax structure while filing the income tax return and the amount of TDS payment will be adjusted accordingly in the CBDT prescribed Form 10-IE given below the Option Form 10-IE is given below. In the old Tax Slab, income up to Rs 2.5 lakh is exempt from personal income tax The Income Tax Department said on Monday that employees need to inform their employers about their intentions in choosing a new tax system to enable them to reduce Tax…

Income Tax Deductions F.Y 2020-21 New Vs Old Tax Regime With Automated Income Tax All in One for the Govt & Non-Govt (Private) Employees for F.Y.2020-21 as New and Ole Tax Regime U/s 115 BAC

In Financial plan 2020 present Another Tax Section U/s 115 BAC which can alternative basis as the taxpayers can give their choice whether they can remain in the Old Tax System where they can get the all Tax Advantages and Old Tax Previous Rate according to F.Y.2019-20 and Who are Select in the New Tax System they can not profit any Tax Advantages aside from NPS benefits and likewise they can entitle the New Tax Piece Rate. In such manner underneath given a few hints of Personal Tax benefits section-wise…

Download Income Tax Preparation Excel Based Software for the Govt and Non-Govt(Private) Employees for the F.Y.2020-21 as per the new Section 115 BAC ( Old & New Tax Regime)

Planning for your income tax or calculating your income tax liabilities seems to be a very daunting task for many of us. If you believed in this myth, surely the Finance Budget 2020 would prove you wrong. As per Finance Budget 2020, some taxpayers are benefited, not only you are required to manage your taxes but also you have to decide which income tax regime is beneficial to you so you must Opt-in that tax regime New or Old. It is not clearly known to me whether there are any…

How to Save Income Tax for the F.Y.2020-21 If you choose the Old Tax Regime U/s 115 BAC for F.Y.2020

There is a large group of whole legitimate ways of saving tax under the Income Tax Act, 1961. These include tax-saving mutual assets, NPS, insurance expenses, medical insurance and many others. In this article, we spread all the major tax deductions under the Income Tax Act 1. Go through your Rs 1.5 lakh limit under Section 80C The below-referenced investments/deductions are all dependent upon a cap of Rs 1.5 lakh. In other words, they are either/or investments and making one sort of the investment will decrease space for another: Download…

Employees need to inform employers about intention to opt for new tax regime, CBDT circular says

The new income tax regime announced in Budget, give an option to individuals and Hindu Unified Families (HUFs) to be taxed at lower rates on the off chance that they don’t profit determined exclusions and reasoning’s The income tax office on Monday said employees should advise their employers about their expectation to select the new optional tax regime to empower the last to deduct TDS while paying compensations.  The new income tax regime announced in Budget, give an option to individuals and Hindu Unified Families (HUFs) to be taxed at lower rates in the…

Income tax deduction U/s 80C With Automated Income Tax Revised Form 16 Part B for F.Y.2020-21 & A.Y.2021-22 as per Budget 2020( New Tax Regime and Old Tax Regime U/s 115BAC)

In chapter VIA of the income tax act, 1961, the most widely used option to save tax is section 80C. This section allows an individual and HUF to save tax by investing in or spend on certain specified avenues. The maximum limit up to which you can claim tax deduction under section 80C is Rs 1,50,000 for the financial year 2018-19 and 2019-20. In this article, we will discuss certain expenses which are allowed as a deduction under section 80C before calculating tax payable on your taxable income. Before discussing…

Difference between New Tax Regime and Old Tax Regime U/s 115 BAC for the F.Y.2020-21 With Automated Income Tax Revised Form 16 Part A and B for the F.Y.2020-21 and A.Y.2021-22

When a new tax regime was reported in Money Bill, 2020 people got inquisitive and began calling their specialists to ask what tax  regime they ought to pick and what is the new tax regime and is it for everybody or not.  Essentially the new tax regime should apply for FY 2020-21, however, people couldn’t hold it till next money related year and began posing inquiries and it was difficult to offer some response to each and everybody as this section needs one to concentrate each case independently and ascertain…

What is Section 115BAC? Calculate Your Income Tax Labiality As per the new section 115BAC for the F.Y.2020-21 with the Excel Based Tax Calculator All in One for the Govt & Non-Govt Employees for the F.Y.2020-21

Section115BAC is the newly inserted section in the Income Tax Act, 1961 that deals with the new income tax regime. This section and alternate tax regime was introduced in Union Budget 2020 and are applicable to individuals and Hindu Undivided Families (HUFs) only. A key feature of this new regime is that the income tax slab rates have been significantly reduced. However, the new rates come at the cost of various key income tax exemptions and deductions, which are currently available under the old (existing) income tax regime.  The following…