In Budget 2020 has introduced a new section 115 BAC. This Section has two options as Old Tax Regime and the New Tax Regime. You have an option for which tax slab or regime you choose. You should give you’re an option through a new Tax Form 10-IE which is introduced in Budget 2020. The New Income Tax Slab has also published in this Budget as New Tax Regime.
However, If you have got any salary arrears amount from your previous years to this financial year, your tax will be a hike in this financial year. But this arrears salary is got for the previous financial year.
What kind of salary arrears amount you have to get from your previous year., like as Arrears D.A., Arrears Salary. As per the Income Tax Section 89(1) you can distribute the arrears amount from the previous year also. So your tax liability reduced in this Financial year.
In this regard a Unique Excel Based Software Arrears Relief Calculator U/s 89(1) prepared, so you can easy to distribute the arrears amount to the previous year. This Excel Utility can distribute your arrears amount from the financial year 2000-01 to F.Y.2020-21.
The Arrears Salary distribute to the previous years through the Form 10E U/s 89(1).
Feature of this Excel Utility are:-
1) Easy to operate this Excel Based Software
2) This Excel Utility can use from the Financial Year 2000-01 to Financial Year 2020-21
3) Enclosed Form 10E in this Excel Utility.
4) The Tax calculating as per the each Financial Year’s Tax Slab
5) The Tax calculating for the Financial Year 2020-21 as per new introduced Section 115 BAC