Budget 2020, brings two tax systems, somehow benefit certain income taxpayers and pull additional taxes on certain taxpayers. The choice is yours from middle-class taxpayers. This Excel-based income tax calculator can be used to calculate income tax on income from salaries, pensions, gifts, fixed deposits, and bank interest and you will get the results according to the result of your tax duty selection.
Income Tax 2020-21 Fiscal Year Changes Highlights A new direct tax dispute settlement under FY 2020-21 has been launched under FY20-21. If taxpayers pay by March 31, 2020, no penalties will be levied. Here only the disputed tax has to be paid. The additional period of 1 year under Section 80EEA is additional INR 1. 5 lakh is extended to avail the discount. This feature is not approved if you choose the new tax discipline. Dividend Distribution Tax (DDT) has been withdrawn.
If you are interested in the new tax system LTA, HRA, transportation, other special allowances [Section 10 (14)], Standard discount, interest on housing loan (Article 24), Chapter-A discount (80C, 80D, 80E and so on) ) (excluding sections 80CCD (2) and 80JJA) is not allowed. Income Tax Slab for AY – (2021-22) Financial Year – (2020-21) Tax Slab for Men up to 60 years of age.
[ This Excel Utility can prepare at a time Income Tax Computed Sheet as per new section 115BAC (New and Old Tax Regime) + Automated Income Tax House Rent Exemption Calculation U/s 10(13A) + Automated Income Tax Form 12 BA + Automated Income Tax Form 16 Part A&B and Part B in Revised Format + Individual Salary Structure as per all Private Concerns Salary Pattern + Individual Salary Sheet]
Old Tax Regime vs. New Tax Regime The question is whether the old tax system is better for the common man than the new tax discipline, any change in the tax slab directly or indirectly affects the common man, So it is very important to understand the advantages and disadvantages of your choice.
Old Tax Regime vs. New Tax Regime The question is whether the old tax system is better than the new tax discipline for the common man, any change in the tax slab directly or indirectly affects the common man, So it is very important to understand the advantages and disadvantages of your choice.
Whether a taxpayer can choose between two tax systems in each financial year according to his financial convenience and income for that year. However the solution to this question is yes you can.
Which tax regime is better? There are different case studies of different sections for individuals who are paid at different pay levels under the current tax slab and the new proposed tax system.
Part- A – If a salaried employee does not claim a waiver. Looking at the above case, the new tax discipline looks attractive, except that “if the individual claims are exempted under section 50C, 60D, HRA exemption, LTA exemption and interest exemption on loans taken up to the allowable limit for self-occupied property.” But the selection criteria will change.
Part B- Not entitled to allow the exemption Under Chapter VI including U/s 80C and also not availed the exemption Medical Insurance U/s 80D if the employee chooses the New Tax Regime.
For all types of discounts /discounts, the whole picture of the tax system changes for the individual, but it is very clear. In the case of the above INR alone, more than 15 lakh + taxpayers will benefit from the new government.
Advantages and disadvantages If you choose the old regime for professionals Usual you can take advantage of all the discounts and discounts as usual. If you are under a higher tax slab, the old rule Law is a better option. This will allow you to drop all discounts. • The old not only save taxes but also increases your wealth corpus Lakh Income above five lakh has forced you to pay tax under the new regime but all the exemptions and rebates under the old regime filter your taxable income and exclude you from the tax.
Cons Old regime is conditionally forced to use tax breaks to save, otherwise, you will have to pay taxes. There are many categories that require additional tax knowledge which is somewhat difficult for people of other streams. You have to pay taxes.
There are many categories that require additional tax knowledge which is somewhat difficult for people of other streams. You have to pay taxes
[ This Excel Utility can prepare at a time Income Tax Computed Sheet as per new section 115BAC (New and Old Tax Regime) + Automated Income Tax House Rent Exemption Calculation U/s 10(13A) + Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y. 2020-21 + Automated Income Tax Form 16 Part A&B and Part B in Revised Format + Individual Salary Structure as per Government and Private Concerns Salary Pattern + Individual Salary Sheet]
