The exceptions and deductions are not applicable
here. This being said, the new tax system has its own benefits and negative
marks.
The primary valid statement about the new system is
that it is not totally replacing the old or a rather current system. The administration is not forcing the new rates and the new immediate tax system on
the taxpayers.
Also, the taxpayers can now choose where they want to
save their cash. They don't have to scramble for tax-saving plans and
insurances or park their cash in avenues which are not aligned with their
financial goals, just to save tax
Which
Exceptions And Deductions Are Allowed And Which Have Been Eliminated?
Presently the inquiry is in the event that you pick
the new tax system, what are the exclusions and deductions you wouldn't have
the option to claim further? Here's a list
• Leave
Travel Allowance
• Standard deduction of Rs 50,000 that was available for salaried individuals
• Deductions
available under Section 80TTA/TTB ( on interest from savings account stores )
• Entertainment
allowance deduction and professional tax ( For government workers)
• Tax
alleviation on interest paid on home loan for self-involved or vacant property
u/s 24
• Deduction
of Rs 15000 allowed from a family annuity under clause (iia) ( Section 57)
• Tax-saving
investment deductions under Chapter VI-A (80C,80D, 80E,80CCC, 80CCD, 80D, 80DD,
80DDB,, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC,
80-IB, 80-IBA, and so on) (Aside from, deduction under Section 80CCD(2)— bosses
commitment to NPS and Section 80JJA) and so on. These popular tax saving
investment alternatives include ELSS, NPS, PPF, the tax break on insurance expense
among others.
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 West
Bengal Government Employee’s Salary Structure after ROPA 2019.
4)
Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
5)
Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
6) Individual Salary Sheet
One can in any case claim deduction under sub-section
( 2) of section 80CCD which is basically business' commitment towards
the representative's account in NPS and section 80JJAA ( for new work). Also, note that
if the representative's commitment to EPF and NPS surpasses more than Rs 7.5
Lakh, in the financial year being referred to, then the worker is liable to pay
tax. Here's a list of important exclusions that are retained in the new system
In what manner Will we realize Which Plan Is
More Beneficial to the TaxPayers?
The two systems have their own arrangements of
upsides and downsides. The old system has many exclusions and deductions under
various sections – availing a couple of these necessary individuals to invest
in tax saving investment alternatives, which taught a decent habit of
investing. Then again, the new system gives individuals greater adaptability
and attempts to improve the cycle. In the event that you are somebody who was
claiming a lot of deductions under the old system, you can probably save
better sticking with the same system, according to the calculations. In the
event that you weren't making any tax-saving investments or claiming any
deductions earlier too, then maybe the new system may demonstrate beneficially.
It also varies based on which slab you are in as well. Nonetheless, since the
system is new, it makes sense to counsel an equipped tax master who can
recommend the optimal tax-saving course for you.
Finance Minister Nirmala Sitharaman in her financial
the plan has said that gradually the exceptions and deductions will be explored and
decreased in number as the administration wants a straightforward Income tax
the system in the nation. Whether or not the new system is gotten well and adopted
by the taxpayers in the upcoming financial year, will say a great deal about
the tax laws that may get actualized later on.
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
