Anticipating your income tax or figuring your income tax liabilities is by all accounts an exceptionally overwhelming undertaking for huge numbers of us. On the off chance that you had confidence in this legend, without a doubt the Fund Budget 2020 would refute you.
Now according to Budget 2020, to add salt to the injury, not just you are required to deal with your taxes yet in addition you need to choose which income tax regime is useful to you.
Download Automated Income Tax Revised Form16 Part B for the Financial Year 2019-20 [This Excel Utility can prepare at a time 100 Employees Form 16 Part B]
It isn’t obviously known to me whether there are some other nations on the planet where two distinctive income tax section is operational at the same time.
India has never had two independent and equal income tax regime throughout the entire existence of income tax. In any case, I am certain that the income office has faith in ‘Change is the main consistent’ suggestion.
The Money Pastor has obviously told in her budget discourse this new tax regime will offer help to the tax-payers. In this manner, in this post, you would see a relative investigation of the Income Tax Adding machine F.Y 2020-21 and see if it is to be sure advantageous or not.
Comparison of 2 Tax Regimes
Points of interest – Old Tax Regimes
• It energizes interest in tax sparing instruments
• Existing income tax deductions are suitable
• Standard deductions and Expert tax are deducted from income
• This the tax regime is increasingly helpful for income up to Rs.15 lakh.
Weaknesses – New Tax Regimes
• It debilitates ventures to spare tax
• No existing deductions are reasonable
• No deduction reasonable for Standard Deduction and Expert tax
• This the tax regime is increasingly valuable for income above Rs.15 lakh.
Previously, delving into the profound we should simply observe what are the significant features of the New Income Tax Regime for F.Y 2020-21.
Download Automated Income Tax Revised Form16 Part A & B for the Financial Year 2019-20 [This Excel Utility can prepare at a time 100 Employees Form 16 Part A & B]
Standard Deduction on Compensation income isn’t allowed any more;
1. Professional Tax additionally not allowed under the new tax regime.
2. Deduction because of Income from House Property for example enthusiasm on oneself involved house not allowed now;
3. Set off of conveyed forward misfortunes and Deterioration is not allowed now;
4. Deductions for any recompense are not allowed now;
5. Main deductions U/S 80 C, 80 CCC, 80 D, 80E, 80 U, 80 G and so on are not allowed under the new income tax regime.
Income Tax Piece pertinent for F.Y 2020-21 and A.Y 2021-22
Old Tax Regime for General Taxpayers as long as 60 Years old
|Sl No||Tax Slab(Rs.)||Tax Rate||Income Tax (Rs)|
|1||Income up to Rs.2,50,000||0||Nil|
|2||Rs.2,50,00 to Rs.5,00,000||5%||Taxable Income X 5%|
|3||Rs.5,00,001 to Rs.10,00,000||20%||Rs.12,500 + (TI – Rs.5,00,000) X 20%|
|4||More than Rs.10,00,000||30%||Rs.1,12,500 + (TI – Rs.10,00,000) X 30%|
All Deductions are allowed under the Old Tax Regime
New Tax Regime for General Taxpayers up to 60 Years of Age
|Sl No||Tax Slab(Rs)||Tax Rate||Income Tax (Rs)|
|1||Income up to ₹2,50,000||0||Nil|
|2||Rs 2,50,00 to Rs 5,00,000||5%||Taxable Income X 5%|
|3||Rs 5,00,001 to Rs 7,50,000||10%||Rs 12,500 + (TI – Rs 5,00,000) X 10%|
|4||Rs 7,50,001 to Rs 10,00,000||15%||Rs 37,500 + (TI – Rs 7,50,000) X 15%|
|5||Rs 10,00,001 to Rs 12,50,000||20%||Rs 75,000 + (TI – Rs 10,00,000) X 20%|
|6||Rs 12,50,001 to Rs 15,00,000||25%||Rs 1,25,000 + (TI – Rs 12,50,000) X 25%|
|7||More than Rs 15,00,000||30%||Rs 1,87,500 + (TI – Rs 15,00,000) X 30%|
Download Automated Income Tax Preparation Excel Based Software All in One for the West Bengal Govt. Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC
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 Calculation Income Tax House Rent Exemption U/s 10(13A)
4) Individual Salary Structure as per the West Bengal Govt. Employees Salary Pattern as per ROPA-2019
5) Individual Salary Sheet
6) Individual Tax Computed Sheet
7) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
8) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21