In the Budget 2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt-in the New Tax Regime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC.
As per the Budget, the New Tax Slab is given below U/s 115BAC which introduced in the Budget 2020. It is clear that as per the New Income Tax Section 115 BAC introduced in Budget 2020. As per the Section 115 BAC, you should give your option as you are opt-in as New Tax Regime or Old Tax Regime in the newly prescribed Form 10-IE. If you choose the New Tax Regime you can not avail this exemption U/s 80 TTA or if you choose the Old Tax Regime then you can avail this Exemption U/s 80 TTA.
Also, it is clear that no relaxation to the Senior Citizen in the New Tax Slab as per U/s 115BAC ( New Tax Regime). We Prepared a Unique Income Tax Preparation Excel Based Software only for the Bihar State Government Employees for the F.Y.2020-21 as per the new Budget 2020 with New and Old Tax Regime U/s 115BAC introduced in the Budget 2020.
Also, it is mentioned in the Budget 2020, that you should fill a Form for your Option in the New Form 10-IE if you opt-in the New Tax Regime U/s 115 BAC in the time of ITR Filling for the F.Y.2020-21 in due time.
Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Government( Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 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 Government & Non-Government (Private) Employee’s Salary Structure.
4) Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)
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
8) Automatic Convert the Amount to the In-Words without any Excel Formula
9) You can prepare more than 100 Employees Tax Calculation Sheet One by One including all Tax Form.