Difference between new income tax regime with old tax regime , With Automated Income Tax Software All in One for Non-Govt (Private) Employees for F.Y.2020-21 and A.Y.2021-22 with New Section 115BAC as per Budget 2020

Budget 2020 has introduced a new income tax system for individual taxpayers. However, for the option of such discounted duty, the taxpayer will be required to deduct certain specific deductions. These include a standard rebate of Rs 50,000, a rebate of Rs 1.50 lakh under Section 80C and interest on the self-occupied property of Rs 2 lakh, a deduction taken by most taxpayers. As a result, exempt tariffs may not always be beneficial. Based on the table of examples below, it is clearly proven that the maximum benefit under the…

New Format of Form 16 for A.Y. 2019-20 With Automated Income Tax Master of Form 16 Part B for F.Y. 2019-20

The CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks claimed by them. In the previous format allowed the companies to give consolidated figures or break-up in different formats for both, thereby leaving some ambiguity regarding their individual composition. Several changes have been made in the format of the TDS certificate for the Assessment Year 2019-20, the new format of Form 16 will allow the Income Tax Department…

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…

Have the Coronavirus (COVID-19) antibodies been discovered? What is the method for Prevention from Coronavirus

First, look where and when from spreading the Coronavirus through the Whole World:- Novel coronavirus (2019-n CoV, or COVID-19) epidemic first broke out in Wuhan and has been spreading in whole China and the World The numbers of new infections and deaths in Wuhan are still increasing, which have posed major public health and governance concerns A series of mandatory actions have been taken by the municipal and provincial governments supported by the central government, such as measures to restrict travels across cities, case detection and contact tracing, quarantine, guidance…