As per the Budget 2020 has introduced a New Income TaxSection 115 BAC for the Financial Year 2020-21, also the CBDT declare A
Notification about this New Section that how to calculate your Income Tax under
this Section. You can choose your option that you can get the Old Tax Regime or
New Tax Regime. It also appears that if you choose the New Tax Regime, you can
not availed any Income Tax benefits except the NPS benefits by the employer to
the employees and no additional Tax Slab for the Senior Citizen in this New Tax
Slab. But if you choose the Old Tax Regime you can get all benefits of all Income Tax Sections and you also availed
the Old Income Tax Slab Rate as per the F.Y.2019-20. Then it is questioned how to
choose the Tax Benefits, read the article How to Choose your Option New or Old
Tax Regime.
As the Financial Year 2020-21 and Assessment Year 2021-22 has
already started from 1st April 2020 which will be the end of
31st March 2021, So you can calculate for the Taxable Income for the
Financial Year 2020-21. by the Income Tax Calculator for F.Y. 2020-21.
If you have got any Arrears Amount of Salary from the
Previous Financial Years, you may obtain how to Relief from Tax through the
Income Tax Arrears Relief Calculator U/s 89(1) and prepare the Form 10E From
the Financial Year 2000-01 to Financial Year 2020-21 ( Updated Version)
Download AutoCalculate Excel Based Utility which can calculate automatically your ArrearsRelief U/s 89(1) with Form 10E in Excel Format From the F.Y.2000-01 toF.Y.2020-21 ( Updated Version) after filling your required data in the FirstPage of this Excel Utility
