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 Dividend Distribution Tax (DDT) has been withdrawn.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]
