The new Income Tax slab has come into power in the nation from 1 April 2020. The new tax slab rates have been kept discretionary by the administration. On the off chance that a taxpayer is benefiting more from the old slab, he can document it. The Income Tax Division has given a clarification for the individuals who need to choose the new tax slab declared in the Financial plan 2020.
What is the new tax Slab for the F.Y.2020-21?In the new arrangement of individual income tax in the financial plan 2020 as given below:-
Such employees, who don’t procure from business or any profession, will need to inform their managers about opting for the new tax system to deduct tax on TDS. In the event that employees don’t practice this alternative, they will be taxed distinctly under the old slab present in the Income Tax Act. Employees must inform the business of their intention to choose new tax rates for TDS. Employees can change the tax structure choice when filing income tax returns. In view of this, the measure of TDS instalment will be balanced.
According to the arrangement of Section 115 BAC of the Income Tax Act, the deductor will figure the total income and deduct TDS. On the of the chance that the employees don’t give much information, the business will make TDS without considering the arrangement of Section 115 BAC of the Demonstration.
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Feature of this Excel Utility:-
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2) This Excel Utility has the all amended Income Tax Section as per Budget 2020
3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)
4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)
5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern
6) Individual Salary Sheet
7) Individual Tax Computed Sheet
8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
10) Automatic Convert the amount into the in-words without any Excel Formula