Did you know that
under the new tax code, no discounts or rebates are allowed? Let's take a look
at the new tax system - follow the list of exemptions and exemptions in detail.
Therefore, During 2020
budget, the finance minister introduced a new tax regime.
New Income Tax Slab is given below
In other words, there is an option
to pay lower taxes if you meet certain conditions. One such condition is that
you are not eligible for certain discounts and rebates. The following new tax system tax slab applies: - A figure of tax slab for 21-22 New tax system - full
list of exemptions and rebates not approved. However, now look at the
exemptions and concessions not allowed under Sec.15 BAC,
1. Discount the
applicable Travel Discount (LTC) for salaried employees
2. Home Rent
Allowance (HRA) applicable to salaried employees
3. For instance,
Standard discounts cannot be claimed for individuals in employment as opposed
to salary income when the taxpayer opts for 114 BAC.
4. Entertainment
allowance and professional tax exemption.
5. Life Insurance
Premium, SIM Payable for Delayed Annual Plan, EPF, PPF, Supervision Scheme,
SSY, NSC, ELSS Mutual Fund, Tuition Fee, Principal Payment for your Home Loan,
Discount on Tax Savings, FS, etc. Contributions by Central Government employees
to NPS Tier 2, by you under NPS Contribution (Sec.80 CCD (1) and Sec. 80 CCD(1B).
Above all, under Sec. CCD (2)
Will continue. Sec. Exemption under Section 80D-the amount paid by LIC or other
insurers to an individual or HUF (in any mode other than cash) is effective or
the application of any insurance for the health of a particular person.
Section. Section 80 DD - A person with a disability is exempt from maintenance,
including the treatment of a dependent. .
6. Section 80E -
Amount of taxable income paid by paying interest on loan taken from financial
institution / approved charity for higher education. The interest payable for
100
7. Section 80EE -
For the purpose of acquiring residential house property for which the amount
does not exceed Rs. 2,000, Rs. 35 lakhs and Rs. 50 lakhs by the taxpayer from any approved financial institution during the financial year 2011-17-1. 11.
8. Section 80 EEA -
Interest paid on loan taken by a person from any financial institution from
01/04/2019 to 31/03/2010 is not appropriate to claim a rebate from any
financial institution under section 80EA.? Acquisition of residential
property, valued at Rs. 45 lakh 12.
10. Section 80EEB -
Interest is payable on loan taken by a person from a financial institution at
the time After that, 31/03/2023 for
purchase of electric vehicle starting from 01/04/2019.
11. Similarly,
Section 80 GG - Rent for furnished / unfinished residential accommodation
(subject to certain conditions).
12. Section 80G -
Exemption in case of grants to certain funds, charities etc.
13. Section 80 GGA
- Exemption for specific grants for scientific research or rural development
14. Section 80GGC-
Exemption in case of a contribution made by any person to political parties
15. Section 80 JJA
- Exemption from Profit and Profit from Bio-Degradable Waste Collection and
Processing Business 18.
16. Section 80QQB-
Royalty income of authors of books of certain categories other than textbooks.
17. Royalty in
respect of patents (subject to certain conditions) on or before 01.04.2003
under section 80RRB
18. Section 80 TTA
- Interest on Deposits in Savings Accounts of Banking Agencies, a Post Office,
Co-operative Societies Engaged in Banking Business etc. (subject to certain
conditions)
19. Section 80 TTB
- for senior citizens - interest on deposits (subject to certain conditions) on
any banking institution, a post office, cooperatives engaged in banking
business, etc. - for senior citizens
20. Section 80U- A
a resident who is certified to be a disabled person by the medical authorities at
any time during the previous year.
21. Article 24 (b)
- In case of private taxpayers who have the self-occupied property for their own
residence or cannot occupy any property due to employment, business or
occupation, they should keep it in a building owned by them in another place,
the annual value of the property. Will be taken as 'zero'. However, the interest
on the loan is up to a maximum of Rs 2 lakh.
22. Allowance
(under section 10 (14)) such as travel/transfer allowance, transport
allowance, support allowance, research allowance or uniform allowance
23. Any allowance
paid to meet the expenses of an assistant appointed to perform such office
duties or for-profit employment; 2. Any allowance paid for incentives for
academic, research and training in educational and research institutions
Any allowance paid
to cover the cost of purchase or maintenance of uniforms to be worn during
office duties or for-profit work.
24. [Special
Compensation (Healy Area) Allowance] or High Allowance Allowance or
Unreasonable Climate Allowance or Snow Limit Area Allowance or Any Special
Compensation Allowance in nature of Snowfall Allowance
25. Border Area
Allowance, Remote Local Allowance or Complex Area Allowance or Troubled Area
Allowance Any special compensation allowance in nature
26. Special
Compensation (Tribal Areas / Scheduled Areas / Agency Areas) Allowance
27. Any allowance
paid to an employee working in any transport system to cover his personal
expenses while transporting from one place to another if such employee does not
receive a daily allowance.
29. Any allowance
given to an employee to cover his child's hostel expenses
30. Field allowance
in the field of compensation
31. Compensatory
field allowance 3
Any special
allowance of nature as anti-rebellion allowance of the members of the active
forces in the area away from the permanent position of the members of the
terrorist forces.
32. Underground
allowance is paid to employees working in abnormal, unnatural climates in
underground mines.
33. Any special
allowance of high altitude (unreasonable climate) nature to a member of the
armed forces working in high altitude areas
34. Special
Compensation To provide any special allowance to the members of the Armed
Forces as field allowance for the highly active field
35. In
conclusion, any special
allowance paid to a member of the armed forces in the nature of the island
(duty) Section 40 (1) - In case of a Member of Parliament or a member of any
State Legislative Assembly or any Committee, no income shall be deductible by
payment of a daily allowance or any allowance, when this person elects for
Section 114 BAC. 42. Section 10 (32) - In case, under section 644 (1A), the
the income of the parents of the minors has been consolidated, deducting Rs. 1,500
as per the merits of section 10 (32). This waiver cannot be claimed by parents
who opt for Section 115BAC.
36. The standard
waiver applicable to individuals in the case of employment as opposed to salary
income cannot be claimed when the taxpayer opts for 114 BAC.
37. Entertainment allowance and professional
tax exemption. List of tax exemptions and allowances imposed on new taxes
(Section 114 BAC) Values approved under Sec.111 BAC are as follows: - Residence
A Diving employee is paid a transport allowance to cover the cost of travel
between the place of residence and the place of responsibility. Office
Allowance to meet the expenses incurred in carrying out the duties of an
office;
38.Tour Any
allowance paid to cover the cost of travel or relocation. Paying daily
allowance due to the absence of an employee from his / her normal place of
responsibility. Below is a list of exemptions allowed under the new tax rate:
1. Retirement
benefits, gratuity etc.
2. Transportation
of pensions
3. Leave encryption
at leisure
4. Return
compensation
5. VRS facility E.
EPFO: Employer's Contribution N. NPS withdrawal facility. Scholarship
6. Awarding prizes
established in the public interest
Feature of this Excel Utility:-
1)
The Tax The calculation will be made as per the new section 115BAC as per Budget 2020 ( New
and Old Tax Regime) [
After filling the Salary Sheet]
2)
This
Excel Utility can prepare Automatic your Income Tax Calculation Sheet [ After filling the Salary Sheet]
3)
This
Excel utility can prepare automatic Individual Salary Sheet [ After filling the Salary Sheet]
4)
This
Excel Utility can prepare Automatic House Rent Exemption Calculation U/s
10(113A) [
After filling the Salary Sheet]
5)
This
Excel Utility Prepare automatic Arrears Relief Calculation U/s 89(1) with Form
10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version) [ After filling the Salary Sheet]
6)
This
Excel Utility have the Salary Structure as per the Govt and all Private
Concerns Salary Pattern
7)
This
Excel Utility can prepare automatic your Income Tax Revised Form 16 Part
A&B [
After filling the Salary Sheet]
8)
This
Excel Utility can prepare automatic your Income Tax Revised Form 16 Part B [ After filling the Salary Sheet]
9)
Automatic
Converted the Amount into the In-Words without any Excel Formula
10)This Excel Utility can use Govt and Non-Govt(Private Concern both.
11) Easy to install just like an Excel File and Easy to Generate
