All the
taxpayers are known that the New Tax System introduced in Budget 2020 U/s 115 BAC For the F.Y.2020-21. In this The system you can choose your option as Old Tax Slab or New Tax Slab U/s 115 BAC.
In this regard
you must know your Tax that you shall be paid to the Government for the
Financial Year 2020-21 and Assessment Year 2021-22. As per Section 115 BAC
you can choose your option as New or Old tax Regime. When you submit your
Income Tax Details to your Employer or Deductor, you must mention your Option
as New or Old Tax Regime.
For some
information to the taxpayers about the new section 115 BAC:-
1) If you choose
New Tax Regime then you can not entitle any Income Tax Benefits as per Income
Tax Act 1961 and also you can not get the Old Tax Slab as before the
F.Y.2019-20. But You can get only one Tax Benefits for NPS (Pension Scheme) U/s
80CCD. Follow the below the New Income Tax Slab Rate Chart for the F.Y.2020-21
as New Tax Regime.
2) If you choose
Old Tax Regime then you can get the all Income Tax Benefits as per the Income
Tax Act 1961 and You can avail the Old Income Tax Slab Rate as per the
F.Y.2019-20. You can get all the Income Tax Sections benefits if you choose the
Old Tax Regime. Follow the below the New Income Tax Slab Rate Chart for the
F.Y.2020-21 as New Tax Regime.
You can check
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Tax Software All in One where from you know your Total Tax Burden as New and
Old Tax Regime ( As per your Option U/s 115 BAC) This Excel Based Income Tax Preparation The software can use both of Government Employee and Non-Government Employee.
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1) Income
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2)
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Exemption Calculation U/s 10(13A)
5) Auto
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6) Auto
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7)
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