CBDT Circular No.20/2020 Dated 03/12/2020 on TDS on Salary F.Y 2020-21 U/s 115 BAC

New and Old Tax Regime U/s 115 BAC

Consistently, CBDT issues a yearly circular No.20/2020 Dated 03/12/2020 around December/January to direct employers and employees to understand the different standards identifying with TDS on pay rates. The Circular is useful in understanding under all the applicable arrangements under the Income-tax Act, circulars, warnings, and so on which an employer and employee should know about and go along before the financial year-end of 31st March.

You may also like:- Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) for the F.Y. 2020-21 with Form 10E

According to the above mentioned, CBDT has given a Circular No. 20/2020 on third December 2020 containing directions according to TDS U/s 192 on salary TDS during the F.Y 2020-21 (A.Y 2021-22), remembering clarifications for following issues:

Old and new tax slab U/s 115 BAC
Old and new tax slab U/s 115 BAC

Download CBDT Circular No.20/2020 Dtd.03/12/2020 in PDF Format

• Rates of Income-tax according to Finance Act, 2020

• Wide plan of TDS on compensations

• Employee/Employers answerable for deducting tax at source and their obligations

Calculation of income under the head ‘Compensations’

Discount u/s 87A of Rs. 12,500 for people having all-out income up to Rs.5 lakh

TDS on an salary of amassed balance under perceived fortunate asset and commitment from affirmed superannuation amount

• Customs to acquire proof/confirmation of cases

• Computation of tax to be deducted

• Delineations and Structures

Old and new tax slab U/s 115 BAC
Old and new tax slab U/s 115 BAC

What’s more, the circular likewise clarifies about the calculation of tax under the recently embedded concessional tax system u/s 115BAC of the Income-tax Act where absolute income is needed to be registered without the advantage of determining exceptions, derivations, set-off of misfortunes and extra deterioration. A preview of tax rates for F.Y 2020-21 under the ordinary arrangements of the Act viz a viz section 115BAC.

Download Automated Income Tax Preparation Excel Based Software All in One for the Non-Government (Private)Employees for the F.Y.2020-21As per New Section 115 BAC (New and Old Tax Regime)

Income Tax Calculator
Income Tax Calculator

Feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Non-Government Employee’s Salary Structure.

4) Automated 12 BA for the F.Y.2020-21

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

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