Newly Introduced In the Budget 2020 Form 10-IE To Select New or Old Tax Regime U/s 115 BAC For F.Y.2020-21
As per Budget 2020, taxpayers were given an opportunity (option) to choose between the old and new tax regime. In the new tax regime, taxpayers have an opportunity (option) to pay lesser tax on the complete income. That implies taxpayers won’t be permitted to guarantee the derivations and tax benefits in any case accessible in the old tax […]
Standard deduction Rs.50,000/- U/s 16(ia) – With Income Tax Preparation Software in Excel for the F.Y. 2020-21 as per U/s 115 BAC
The standard deduction U/s 16(1a) was reintroduced in the 2018 budget and amended in the 2019 budget, with the aim of replacing medical allowances and travel allowances for salaried employees. The standard deduction for salaried persons for 2012-2019 will take effect from 1st April 2019. It is allowed to deduct every penny for standard deduction […]
Section 80EEA Exemption for interest on a home loan with Automated Income Tax Revised Form 16 for F.Y.2020-21
Section 80EEA has been introduced in the July Budget 2019 with the goal of “housing for all”. the Government increased the benefit for the financial year 2019-20. The main purpose of introducing the department is to provide affordable housing finance for every class of common people and to enable the home buyer to keep low […]
How to calculate your tax for the F.Y.2020-21as per Income Tax Act.
How to calculate your tax for the F.Y.2020-21 as per Income Tax Act. As per the new Budget 2020 introduced a new section 115 BAC, where given two option that is one is New Tax Regime ( New Tax Slab) and another is Old Tax Regime ( Old Tax Slab). If you opt-in the New […]