Many individuals procrastinate whilst it comes to submitting their income tax returns, particularly folks who are filing their tax returns for the first time. All character taxpayers having a total income of more than Rs. 2.5 lakh (Rs. three lakh for senior residents and Rs. five lakh for brilliant senior residents) are required to report the earnings tax returns on or earlier than the due date. Even if it isn’t always obligatory for you, filing a “Nil Return” can help you set matters on the record. The following are a…
Category: Finance Budget 2020
How to calculate taxable income on self occupied house property, with Automated Excel Based Income Tax Master of Form 16 Part A&B for the F.Y.2019-20
A person’s gross all out income is the aggregate of income under five distinct heads determined dependent on the tax laws. One of these heads is ‘income from house property’. This head incorporates lease earned from building or land appurtenant thereto which is chargeable to tax. Income is taxable under the head house property if conditions to Section 22 are fulfilled. According to this segment, to get income taxed under the head house property, the assessee must be the proprietor of the property and income must be gotten from building…
What is better Old V/s New Tax Regime FY 2020-21? With Automated Income Tax Excel Based Software All in One for Govt & Non-Govt employees for F.Y. 2020-21
New section 115BAC is embedded in Income Tax Act by the Finance Act 2020 and it is pertinent w.e.f first April 2020 and will be appropriate on Individuals and HUFs for evaluation year 2021-22 and resulting appraisal years. Under this section taxpayers i.e Individuals and HUFs has an option to pay the tax based on concessional piece rates subject to certain conditions. The new income tax chunk rates according to section 115BAC are as per the following: Along these lines, it is entirely clear that while the old regime had…
How to get exemption and tax relief on leave encasement calculated U/s 10(10AA) With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-2021 ( Updated Version)
Based on eligibility, employee can avail different types of leave. If the company has a policy to carry it forward, then unavailed leave remained for a year can be carried forwarded to the next financial year. Based on employer’s policy, an employee is allowed to encash accumulated unavailed leave either during the service or after retirement / resignation. It’s known as leave encasement. In this article we will be discussing tax on leave encasement. You will also get answers to following questions generally asked by many taxpayers: · How is…
Download and Prepare at a time your Income Tax Computed Sheet + Automated H.R.A. Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B in Revised Format + Automated Revised Form 16 Part B + Automated Income Tax Form 12 BA for the F.Y. 2020-21 In Excel All in One for only Non-Govt Employees for F.Y. 2020-21 With Old & New Tax Regime as per Budget 2020
How to do Income Tax Calculation for FY 2020-21? Which Tax Structure to Select? As per budget 2020, you cannot claim any tax deduction or exemption if you plan to opt new tax structure. So, as an individual tax payer if you opt for the new tax regime with reduce tax rate you need to forgo all tax breaks available today. Fortunately, you have option to continue with old tax structure. Salaried person can switch between old and new tax structure. Firstly, we will talk about which tax deduction and…
Major tax Amendments to the Salaried Persons for F.Y. 2020-21 And New Provisions of Finance Act 2020 With Automated Excel Based all in One TDS on Salary for Govt & Non-Govt Employees for F.Y.2020-21 (Old Regime and New Regime)
All Individuals & HUF can prefer to pay tax as per new slab rates without availing exemptions & deductions for the fiscal year 2020-21 and Assessment Year 2021-22 as per the Budget 2020. Option has been given to all or any individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, 2020 -Applicable from FY 2020-21 (AY 2021-22). Below table summarizes tax rates as per optional tax regime Vs. old rates:…
Download Automated All in One TDS on Salary for Govt & Non-Govt Employees for F.Y. 2020-21 & A.Y. 2021-22 and Choose Which is the best option How to calculate income tax?
Process of Income tax calculation for the Salaried Persons for F.Y. 2020-21 As per Budget 2020 Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as telephone bills reimbursement, leave travel allowance. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this HRA Calculator. However, on top of these exemptions, a standard deduction of Rs 40,000…
New Income Tax Regime Vs Old Tax Regime: Which is better for you? With Automated Income Tax House Rent Exemption Calculator in Excel
Union Budget 2020 offers individuals the choice of paying tax under the new regime of lower income tax rates by forgoing the tax exemptions/deductions or continue to pay tax under the existing income tax laws by claiming the applicable exemptions and deductions. Essentially, the more exemptions an individual claims, the less likely he/she is to benefit from the new optional tax regime however which regime is beneficial will vary on a case to case basis. Calculations show that salaried individual. An individual with gross salary up to Rs 12.5 lakh…
Download Automated Income Tax Calculator for the Financial Year 2020-2021 and Assessment Year 2021-22 on the basis of the Budget 2020 ( Optin as Old Tax Regime)
As we begin the new financial year, there was a demand for extension of FY 2019-20 to June 30, 2020, owing to the COVID – 19 outbreaks. However, the Government has not announced any changes, which aptly reminds us of Sir Benjamin Franklin’s famous words, “Only two things are certain in life, death and taxes.” During this lock down period, those who have amassed wealth for their future generations and those who earn their livelihood on a daily basis have come to a common ground. Therefore, though the world is…
New Income Tax Regime – Structural Shift in Taxation under Income Tax Act as per the Budget 2020, Structural Shift in Taxation under Income Tax Act as per the Budget 2020 Where you Opt in Old or New?
Honorable Finance Minister (FM) Nirmala Sitaraman in her budget has introduced a new taxation regime under personal taxation. Instead of giving relief to all the Individual & HUF by increasing the tax slabs directly, Budget 2020 have proposed to introduce new section 115BAC in the Income Tax Act 1961 in which Individuals or HUF have been given an option to give up various exemptions and get advantage of lower tax rates. Following is the comparison of the existing tax rates and the new tax slabs. INCOMES(In Rs) OLD RATE (IN…