As per the Budget 2020 has introduced a New Income TaxSection 115 BAC for the Financial Year 2020-21, also the CBDT declare A Notification about this New Section that how to calculate your Income Tax under this Section. You can choose your option that you can get the Old Tax Regime or New Tax Regime. It also appears that if you choose the New Tax Regime, you can not avail any Income Tax benefits except the NPS benefits by the employer to the employees and no additional Tax Slab for…
Category: Advance Income Tax Software for A.Y. 2021-22 as per Budget 2020
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…
Automated Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E For the F.Y.2020-21 ( Amended Version)
Did you get any development salary or arrears of salary? In the event that truly, you may be stressed over the tax ramifications of the equivalent. Do I need to pay taxes on the total amount? Shouldn’t something be said about the tax counts of the earlier year, etc? Taxpayers who have such inquiries in their brain here is all that you have to know At this point, you would have just made sense of that income tax is calculated on the total income of a taxpayer for a specific year. The…
Download Automated Income Tax Calculator All in One for the West Bengal Govt Employees for the F.Y.2020-21 and A.Y.2021-22 as per the Budget 2020 with New and Old Tax Regime U/s 115BAC
In the Budget2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt-in the New TaxRegime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC. As per the Budget, the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020. Also, it is clear that no…
Download Automated Income Tax Calculator All in One for the Govt and Private Employees for the F.Y.2020-21 and A.Y.2021-22 as per the Budget 2020 with New and Old Tax Regime U/s 115BAC
In Budget 2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt-in the New Tax Regime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC. As per the Budget, the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020. Also, it is clear that…
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…
Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2020-21 with Income Tax Section 80TTA – Details about Claiming Exemption on Interest
This article is tied in with asserting deduction on interest under Section 8oTTA. On the whole, what is 80TTA? Section 80TTA gives a deduction of Rs 10,000 on interest income. This deduction is accessible to an Individual and HUF. This deduction is allowed on interest earned – • From an investment account with a bank • From an investment account with a co-usable society carrying on the matter of banking • From an investment account with a mail station This deduction isn’t allowed on interest earned on time deposits. As…
Major Changes in Income Tax Rules FY 2020-21 (AY 2021-22) & FY 2019-20 Along with the Automated Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt Employees for the F.Y.2020-21 & A.Y.2021-22 With New and Old Tax Regime U/s 115BAC as per Budget 2020
The income Tax return has to be filed by each eligible candidate as per rules and regulations. The income tax rules for the new financial year 2020-21 have undergone some major changes. Since April 1, 2020, these changes are being followed. Income tax return has to be filed by each eligible candidate as per rules and regulations. With the Union Budget, the 2020-21 FM Nirmala Sitharamanhos made some major changes to the income tax rules. From 1 April 2020, these changes will take effect. From April 1, 2020, FM Nirmal…
Automated Income Tax Arrears Relief Calculator From the F.Y.2000-01 to F.Y.2020-21 (Updated) With Major Changes in Income Tax Rules FY 2020-21 (AY 2021-22) & FY 2019-20
As per the rules, every eligible candidate has to file an income tax return. 2020-21 The income tax rules for the new financial year have undergone some major changes. These changes are being followed from 1 April 2020. As per the rules, every eligible candidate has to file an income tax return. Through the Union Budget, 2020-21 FM Nirmala Sitharamanhos has made some major changes to the income tax rules. From 1 April 2020, these changes will take effect, From April 1, 2020, FM Nirmal Sitharamanhas introduced a new tax system. Those…
Budget 2020-21: New tax regime for taxpayers, lower rates for people foregoing exemptions With Automated Income Tax Preparation Excel Based Software All in One for Private Employees for the A.Y.2021-22 and F.Y.2020-21
The new tax changed has reduced the income tax rate for new slabs and individual slabs from separate income to Rs 2,000. If any taxpayer chooses the aforesaid exemption and deductions option, then Rs. 15 lakhs per annum. Finance Minister Nirmala on February 1 with the aim of reducing rates and simplifying the structure Sitharaman announced the new government with personal income tax. The new tax changed has reduced the income tax rate for new slabs and individual slabs from separate income to Rs 2,000. If a taxpayer chooses the…