Tax Planning – How to save income tax in F.Y 2020-21 (A.Y: 2021-22), With Automated Income Tax Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for the F.Y.2020-21 as per Budget 2020 with New Section 115BAC

Form 16 Part B

Income Tax Slabs

In the Budget 2020 is Introduce a new Section 115 BAC in this Budget 2020, where taxpayers can opt for all the alternative benefits (as in the old tax regime) or opt-in to the new tax regime, where they cannot qualify for the tax exemption.

And he’s getting the new tax slab. Personal tax slab Introduce another section 115BAC in Budget 2020, in which the tax slab can use the tax slab as the old tax regime for the previous financial year and the new tax slab as the new tax regime for the financial year 2020-21.

Income Tax Slab for F.Y.2020-21

Income Tax Exemptions: 

1)   Section 80 C ( For who Opt-in as Old Tax Regime

The discounted value of the premium paid for the method of actual existence inclusion, taken after April 1, 2020, will only be allowed if the annual premium is below 10% of the total. If it is more than 10% then it will not be eligible for u / sec discount till then. 80C , ELSS (Mutual Fund) PPF (up to Rs. 1,50,000) P EPF ,FD for five years Pension plan NSC.

Education Expenditure on child education (for full-time guidance only for 2 children) Expenses for training (excluding tuition development fees, grants, etc. only) Housing loan principal

Applied anniversaries Approved Super Annotation Fund Theories under the Sukanya Samriddhi Scheme. No doubt, even interest is redeemed.

2) Section 80CCD (2) – Old and New Tax Regime can entitled this benefits as per Budget 2020)

Discounts under this section can only be guaranteed if your NPS account is handled by your supervisor and the discount is limited to 10% of your basic salary. The benefits for NPS are tax-free, whatever the withdrawal is still taxable. Exemption under Section 80CCD (2) is a long way from exemption under Section 80C. The maximum discount allowed is Rs. 50,000.

3) Section 80 D – Eligible who are Opt-in the Old Tax Regime 

Exemption under section 80D . 25000 / – is allowed if the discount is taken for self / wards or if it is paid as premium as compared to medical insurance towards preventive enrollment enrollment (maximum Rs. 5000). If any of the self / wards are senior residents, the approved discount is Rs. 50000 / – . 15000 / – is allowed as a discount if the extra money is paid as premium as compared to the medical insurance taken for the gatekeepers. If the parents are a senior professional, the allowance is Rs. 30000 / –

4) Section 80 CCD (1B) –  Rs. 50,000/- out of  Max Limit of U/s 80C 1.5 Lakh

5) Section 80 DD – Eligible who are Opt-in the Old Tax Regime 

Under section 80DD Treatment Exemption for use for crippled dependence on treatment / training / rehabilitation. It also includes LIC / insurance premiums paid to assist dependents. Allowed Maximum Discount, 0005,000 / – if any event of general weakness and Rs. 1.25 lakh if there is a real shortage.

6) Section 80E – Eligible who are Opt-in the Old Tax Regime 

 Part of the higher education credit is allowed for interest payments. All preparation is allowed after class 12, either specialist or full time. However, the school / foundation / university must be seen by the board of directors.

7) Section 80G – Eligible who are Opt-in the Old Tax Regime 

Obligation Release Obligation – 50/100 ending on behalf of the organization and as approved 100% discount mp in case of blessing in o logical ideological assembly

8) Section 80U – Eligible who are Opt-in the Old Tax Regime 

Deduction up to Rs. Should be an event of permanent disability if Rs. 75,000 / – is allowed. 80 If any event of permanent disability arises beyond 60%, the amount of the most objectionable discount is 1,25,000 / -.

9) Section 24(B) + 80EE – Eligible who are Opt-in the Old Tax Regime 

Maximum Extraordinary Permitted Limit U / s 24 (B) Rs. 200,000 (for loans taken after 19 April 199 after that the maximum investment limit for the credit was 30,000).

An additional discount of Rs. 1 lakh for first house development persons Rs. 25 lakh for property worth 25 lakh. For 40 lakh such persons, the full scale discount will be Rs. 2.5 lakhs (1.5 lakhs open under section 24 (1) (vi) and 1 lakh available under this new section 80EE). .

10) HRA – Eligible who are Opt-in the Old Tax Regime 

Any house rent paid to an agent is tax-free up to the original estimate of the travel allowance (subject to conditions – when a worker may pay rent receipts from the landlord for a period of time and if the representative does not avail tax exemption for house development) interest / Principal payment):

1. Half of the Annual Basic (40% of the Annual Basic if any uplift of non-metros is required)

2. Received authentic HRA 3. Rent – (10% of annual Basic) 

Download Automated Income Tax House Rent Exemption Calculator U/s 10(13A)


 11) Section 80TTA – Savings Bank Interest Eligible who are Opt-in the Old Tax Regime 

 It is estimated that no tax will be levied on the premium on the balance of the financial record  which is far from Rs. 10,000. 

12) Section 87A – Tax Rebate 

– Eligible who are Opt-in the Old Tax Regime


Tax rebate of Rs 12,500/- will be given to all those whose total annual income is up to Rs. 5,00,000

Download Automated Income Tax Master of Form 16Part B in Revised Format for the F.Y.2020-21 & A.Y.2021-22

Income Tax Revised Form 16 Part B
Income Tax Revised Form 16 Part B

Feature of this Excel utility:-

1) This Excel Utility can use Government and Non-Government Concern

2) This Excel Utility prepare the Form 16 Part B as the New & Old Tax Regime U/s 115BAC

3) You can also treat this Excel Utility as Income Tax Calculator as well as Tax Liability of each employees for the Financial Year 2020-21 U/s 115BAC ( New & Old Tax Regime)

4) This Excel Utility can prepare at a time 50 Employees Revised Form 16 Part B for F.Y.2020-21 as per New Section 115BAC

5) This Excel Utility can prevent the double entry of employee’s Pan Card Number automatically.

6) This Excel Utility has all the Income Tax Modified Section as per the Budget 2020

7) This Excel Utility easy to use and easy to generate just like as an Excel File.

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