Income tax Arrears Relief Calculator U/s 89(1) From the F.Y.2000-01 to F.Y.2020-2021 With U/s 115BAC in the Budget 2020 With New Tax Regime or Old – What should you pick?

Introduce new Section 115BAC in 2020 budget In the 2020 budget, Finance Minister Nirmala Sitraman announced a new tax system to further reduce tariffs and tax rates. It has long been claimed by most taxpayers, but it took up the issue of removing all available exemptions and exemptions. To add to this confusion, the finance minister gave taxpayers a choice between the new system of government and the existing government and left it up to them to decide which one to choose. Instead of simplifying tax laws by combining all…

Prepare One by One Preparation Automated Income Tax Form 16 Part B and Part A&B For F.Y.2019-20

The CBDT has changed the format of Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May  2019. This Format is more explore the employee’s Salary Details.  Download And Prepare One by One  Automated Income Tax Form 16 Part B and Part A&B (Modified Format) [This Excel Utility Prepare One by One Form 16 Part B and Part A&B in New Format for A.Y. 2020-21]   The main feature of this Excel Utility:- 1)   Prepare One by One  Excel Based  Form 16 Part B and…

Instant PAN through Aadhaar Card – How to apply for instant PAN?

Income Tax haslaunched the facility of issuing Instant PAN card through Aadhaar. Thisfacility is free and available on the Income Tax e-filing website. It is acompletely paperless process with the issuance of e-PAN card nearly real-time.The e-PAN card issue via this method holds similar value as a physical PANcard. This card contains a QR code. QR code holds complete information aboutPAN card such as Name of the holder, DOB, Father’s name as well as biometric.In order to get Instant PAN card all you need is Aadhaar card and linked mobilenumber.…

Relief under section 89(1) for arrears of salary With Automated Income Tax Arrears Relief Calculator U/s 89(1)

Did you receive any advance salary or arrears of salary? If yes, you might be worried about the tax implications of the same. Do I have to pay taxes on the total amount? What about the tax calculations of the previous year and so on? Taxpayers who have such questions in their mind, here is all that you need to know. By now, you would have already figured out that income tax is calculated on the total income of a taxpayer for a certain year. The income can either be in the form…

Relief under section 89(1) for arrears of salary

Did you receive any advance salary or arrears of salary? If yes, you might be worried about the tax implications of the same. Do I have to pay taxes on the total amount? What about the tax calculations of the previous year and so on? Therefore, Taxpayers who have such questions in their mind, here is all that you need to know. you can reduce your tax by the filling of arrears relief calculation U/s 89(1) and Form 10e By now, you would have already figured out that income tax is calculated on…

What is the utility of Income Tax Salary Certificate Form 16?

·         Form 16 is an Income Tax form issued under section 203 of the IT Act for Tax Deducted at Source from an employee’s salary. Form 16 contains a detailed record of every tax deducted from the salary of the employee by the employer. ·         Form 16 contains all details about salary paid by the employer, it contains salary structure, salary breakdown and the tax deducted from the employee’s salary. That’s why it is also called the Salary Certificate. Where can I get a Form 16? In other words, An…

Instant PAN through Aadhaar Card – How to apply for instant PAN?

Income Tax has launched the facility of issuing Instant PAN card through Aadhaar. Therefore, this facility is free and available on the Income Tax e-filing website. It is a completely paperless process with the issuance of e-PAN card nearly real-time. The e-PAN card issue via this method holds similar value as a physical PAN card. This card contains a QR code. QR code holds complete information about PAN card such as Name of the holder, DOB, Father’s name as well as biometric. In order to get Instant PAN card all…

India Govt gives permitted for Aadhaar-Voter ID linking

Aadhaar-Voter ID linking process gets the Modi government permitted. The Union Law Ministry has given its approval for Aadhaar Card Voter ID linking process, a proposal put forwarded by the Election Commission of India (ECI). The poll watchdog sought legal powers to resume the process of linking of 12-digit Aadhaar numbers with Voter ID. The poll watchdog has emphasized the need for seeding of Electors Photo Identity Cards (or EPIC) or Voter cards with Aadhaar claiming that the move would weed out duplicate entries and bogus voters, and thereby serves…

New Format of Form 16 for A.Y. 2020-21 With Automatic Excel Based Income Tax Form 16 Part B and Form 16 Part A&B in Revised Format.

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. Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees…

How To Reset Your Income Tax e-filing Password? – If Unable To Reset Through Forgot Password Options- With Automatic Income Tax Form 16 Part B for F.Y. 2019-20

Resetting Income tax e-filing password is not so difficult for a taxpayer but it becomes difficult when the mobile no. and email id. is not belongs to the taxpayer. Most of the taxpayers submits their income tax return through their tax consultant, CA or other concerned person. In many cases those experts gives their personal mobile no. and email id. in the taxpayer’s profile. As a result, when any taxpayer changes their tax consultant or CA, the taxpayer faces difficulty to reset password. In earlier so many easy options were…