The finance minister mentioned in his 2020 budget speech that he had simplified the income tax structure. Unfortunately, this is far from the truth. What has happened is that the budget has given you another option to calculate your taxes. More options mean more complexity. New Tax Regime U/s 115BAC We have come up with an income tax calculator that incorporates both the existing system and the new tax system. You can fill in the details and find out which one works best for you If you want to choose…
Tag: Automated Income Tax All in One TDS on Salary for Govt & Non-Govt Employees in Excel for F.Y. 2020-21
What is the Standard Deduction? With Automated Income Tax Software All in One for Only Private Employees for the A.Y. 2021-22
A standard deduction means a fixed rebate on a taxpayer’s income without the prerequisite of a bill, confirmation or record of assistance. Each individual can guarantee this discount rather than having to spend or speculate. Standard deduction of Rs. 50,000 from salary or pension income (40,000 from AY2019-20, 50,000 50,000 from 2020-21 onwards). Standard discount of flat 30% on net asset value under income from house property. The standard deduction for salaried persons or pensioners Rs. 50,000 flats basis. The Break Budget 2019 has brought a lot…
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:…