Modified the new format of Form 16 has been notified by the CBDT (Central Board of Direct Taxes) that is the 'salary TDS certificate.” This new format can break the tax-absolved recompenses in subtleties that area unit paid to the representative and separated from this, the full tax breaks that area unit declared by the taxpayers. Salary TDS Certificate Notified Date and once it came into effect. The CBDT notified the new format of Form 16 comes with the effect from the month of April ’2019.
Main replace are created within the new format of the Tax Return?
The new format of Form 16 offers full subtleties of the remittances just like the house lease recompense below section 10(13A), Travel concession or helps below section 10(5).
It is noted that as per the new Budget 2020, the Finance Minister has introduced a New Section115 BAC as well as introduced a new system of Income Tax Calculation on the basis of New and Old Tax Regime under this section. Now it is necessary to make out what is the New and old Tax Regime?
1) In the New Tax Regime, you can not avail of any Income Tax Sections benefits except NPS benefits. And also benefited in the new Tax Slab only for the New Tax Regime.
2) In the OldTax Regime, you can avail all the Tax Sections benefits but the Tax Slab will be the Old Tax Slab as per the Financial Year 2019-20. In this Budget it is clear that you will give an option as per your choice as the new and old tax regime in the Prescribed Form No 10-IE
Now choose your required Income Tax Form 16 Preparation Excel Based fully automated Software as per the New and Old Tax Regime U/s 115 BAC from the below -
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