Some Tips about New Section 115BAC
Budget
2020 has introduced a new Section 115 BAC which
is a new tax Regime for individual updates and certain procedures and
requirements that you need to follow that new tax Regime.
We get
to see if you can individual salaried employees for you get started in 2020 in
which are reduced however certain conditions allow for the
detection of the new tax system.
In the financial year 2020-2021, you need to fill a form which is issued by CBDTform number 10 IE before filing your income tax return and in
case of a business that individuals in need the only fill of Form 10 –IE. which
is issued by CBDT from 1st October 2020 which is you need to file
in addition to it before filing an income tax return is coming to switch over
from old to new.
Also, you may like
However,
we will see the new tax lab rates that were introduced in the budget2020, and see how you can calculate your
income tax for the financial year of 2020 to 21. There are new tax lab rates
that were introduced in budget 2020,
So as you can see, the new tax lab rates are reduced tax slab rates compared to old tax slab rates, you have the option of choosing which takes neighborhoods, if you are willing to use to calculate your income tax, but there is a condition.
Also, you may like
Along
with this section, you will not have the option of claiming deductions under
other sections as well. But the same deductions can be claimed if you're using
the old tax regime, which is higher compared to new tax liabilities.
Another important point to note is if your taxable income is below rupees five lakhs.
If you want not to have to pay any income tax. This is possible because of the
tax rebate under the section. 87 A.
Feature of this Excel
Utility:-
1) This
Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.
2) This
Excel Utility has the all amended Income Tax Section as per Budget 2020
3)
Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the
F.Y.2000-01 to F.Y.2020-21 (Updated Version)
4)
Automated Calculation Income Tax House Rent Exemption U/s 10(13A)
5)
Individual Salary Structure as per the Government and Private Concern’s Salary
Pattern
6)
Individual Salary Sheet
7)
Individual Tax Computed Sheet
8)
Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
9)
Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
10)
Automatic Convert the amount in to the in-words without any Excel Formula