Income Tax Slabs In the Budget 2020 is Introduce a new Section 115 BAC in…
Download Automated Income Tax Preparation Excel Based Software All in One for Non-Govt Employees for F.Y.2020-21 as per Budget 2020 With New versus Old tax regime: Analyses the benefits before making your choice
Under the simple system, it is not possible to claim some concessions and exemption.
As the new financial year begins, many individual taxpayers are in the process of analyzing whether they will continue to pay taxes under the existing old regime or opt for a simplified personal tax system.
Individuals can consider the following to decide which system will work best for them. Under simplification, it is not possible to claim specific exemptions and rebates. There are discounts and rebates widely used by the people listed below and which will not be available under the new ncome Tax discipline. In addition to.
The loss under the heading ‘Income from House Property’ (probably due to interest from a home property) cannot be set against the income under the other head, but it appears to have been set up. For those who have business income, deductions, investments in new plants and equipment, tea, coffee, rubber development, certain businesses, agricultural extension projects and scientific research expenses cannot be taken under the new ncome Tax system.
Application of this option for persons who do not have a business / professional income during the year: Although this the option can be used by individuals when filing returns, it was not clear until recently whether they could decide on new measures for employers to deduct taxes. The lack of activation of amendments to the ncome Tax exemption provisions in the Finance Act 2020 has created confusion among employers as to whether they can apply the new ncome Tax system at the time of ncome Tax exemption. Subsequently, the Central Board of Direct Taxes (CBDT) issued a clarification on April 13, 2020, to avoid inconvenience to individual taxpayers wishing to adopt the new ncome Tax option.
According to the specification, an employer can apply the ncome Tax at the rates fixed under the new ncome Tax rate while withholding ncome Tax from the salary. However, the employer must be notified if the employee chooses to opt for the new rules.
If no investigation is arranged, the employer will be able to withhold the ncome Tax under the old system. Also, the employee may notify the employer only once per financial year and the information may be provided at any time during the financial year.
For people with business / professional income: People with business income can use this option before the due date for filing the ncome Tax return. If a person with a business / professional income prays for a new ncome Tax, he will have to continue with the new government for all his subsequent years. He can withdraw the used option and return to the old regime only once.
Once withdrawn, he will be ineligible to use the new government option for any future year, unless his business / professional income ceases. Can employees change the regime while filing ncome Tax returns? The person can opt for the new year and notify the employer at the beginning of the financial year. However, as the year went on he realized that the old regime could work better for him because of the projected income and exemptions. In such cases, it is not necessary for the employee to continue with the elected and declared regime with his employer.
According to the provisions of the law, he has the right to change his option while filing the ncome Tax return. Things to keep in mind when choosing a government The individual taxpayer needs to make an informed decision about whether to choose the new personal ncome Tax condition, as it can help in ncome Tax optimization.
Also, although it is possible to change from one scheme to another at the time of filing the ncome Tax return, the additional taxes may be deposited by the employer as the government-appointed at the beginning of the financial year. These additional taxes have to be claimed as refunds from the ncome Tax authorities which can lead to cash flow problems for the individual.
Although the individual will be aware of his or her salary income, the following factors should be considered for the administration to administer fairness: – Income other than salary income (e.g., interest income, dividend / mutual fund income, etc.) –
An unexpected increase in the year and bonus money year will be acceptable for-expectations for the fiscal year-for estimating the appropriate home rent allowance in the case of rent payable for the year
However, thoughtful analysis is required to select the appropriate measures for the individual.
Download Automated Income TaxPreparation Excel Based Software All in One for Non-Govt ( Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22 with the new tax section 115BAC ( New Tax Regime and Old Tax Regime) As per the Budget 2020.
Feature of this Excel Utility:-
2) This Excel Utility can prepare at a time your ncome Tax Computed Sheet + Automatic Income Tax House Rent Exemption Calculation U/s 10(13A) + Automated Income Tax Form 12 BA + Automated Income Tax Revised Form 16 Part A&B and Form 16 Part B
3) Easy to install and easy to generate, just like as an Excel File.
4) All in the amended Income Tax Section have in this Excel Utility as per Budget of 2020.
5) This Excel Utility have a Salary Structure as per the all Non- Govt ( Private ) Concerns Salary Pattern.24