All the taxpayers are known that the New legal system introduced in Budget 2020 U/s 115 BAC For the F.Y.2020-21. In this System, you’ll 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 IN THE PRESCRIBED FORM 10-IE 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.
Some information to the taxpayers about the new section 115 BAC:-
1) If you select New Tax Regime then you’ll not entitle any tax Benefits as per tax Act 1961 and also you’ll not get the Old Tax Slab as before the F.Y.2019-20. But you’ll get just 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 tax Sections benefits if you select 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 guess your Income Tax Liability by the Unique & Most popular Excel Based Income Tax Software All in One where from you know your Total Tax Burden as New and Old Tax Regime ( As per your Option) This Excel Based tax Preparation Software can use only for the Andhra Pradesh State Employee.
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1) Income Tax Computed Sheet as per your Option New or Old Tax Regime
2) Individual Salary Structure as per Andhra Pradesh State Employee’s Salary Pattern
3) Individual Salary Sheet
4) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)
5) Auto Calculate your Arrears Salary Received calculation U/s 89(1) from the F.Y.2000-01 to F.Y.2020-21 with auto-fill Form 10E
6) Auto prepare Income Tax Revised Form 16 Part A&B and Form 16 Part B.
7) Automatic Convert the Amount into the In-Words without any Excel Formula.