The new income tax system in the name of regime announced in Budget 2020, give an option to people
and Hindu Unified Families (HUFs) to be taxed at lower rates in the event that
they don't benefit indicated exceptions and reasoning’s
The CBDT aim to select the new optional tax regime to empower the last to
deduct TDS while paying pay rates.
The
new income tax regime, announced in Explendutre plan, give an option to people and
Hindu Unified Families (HUFs) to be taxed at lower rates on the off chance that
they don't profit indicated exclusions and findings, similar to house lease
stipend (HRA), enthusiasm on the home advance, speculations made under Section 80C,
80D and 80CCD. Under this, complete income up to Rs 2.5 lakh will be tax
absolved.
5 % tax will be required on all out income between Rs 2.5 lakh and Rs 5 lakh,
10 % on Rs 5 lakh to Rs 7.5 lakh,
15 % on Rs 7.5 lakh to Rs 10 lakh,
20 % on Rs 10 lakh to Rs 12.5 lakh,
25 % on Rs 12.5 lakh to Rs 15 lakh,
what's more, 30% on above Rs 15 lakh.
In
a round, the Central Leading body of Direct taxes (CBDT) said a worker aiming
to decide on concessional paces of income tax as given in the Expenditure plan 2020
may hint the deductor or his manager of such aim.
There
fore as per the Section 115 BAC of the (Income Tax) Act. On the off chance that
such suggestion isn't made by the representative, the business will make TDS
without considering the arrangement of Section 115 BAC of the Demonstration it
The
CBDT has, notwithstanding, said that the worker can change the option of tax
structure at the hour of documenting income tax return and the measure of TDS
the instalment will get balanced as needs are.
Nangia
Andersen Counseling Chief Shailesh Kumar said there was no lucidity to the
employers, regardless of whether they ought to deduct TDS under the new option
or should keep deducting TDS under the old regime, since there was no comparing
change in the TDS arrangements empowering them to deduct TDS under the new option.
This
the round will expel the disarray among employers and will likewise guarantee there
are least confuse in the TDS and ITR (income tax return) of workers, on the off
the chance that they embrace a reliable position while making an affirmation to the
business just as in their ITR, regarding option (new or old) selected by them.
AKM
Worldwide Accomplice Amit Maheshwari stated, "Presently, plainly the
representative (just those not having income from business or calling) can't
change the option once practised to get TDS deducted yet can generally
transform it at the hour of recording the tax return."
Under
the old tax bracate, income up to Rs 2.5 lakh is absolved from personal
income tax. Income between Rs 2.5 lakh and Rs 5 lakh draws in 5% tax,
while that between Rs 5 lakh and Rs 10 lakh is exacted with 20% tax. earning
above Rs 10 lakh is taxed at 30%.
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 and Non-Government
Employee’s Salary Structure.
4) Automated
Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the
F.Y.2000-01 to F.Y.2020-21 (Update 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
