As per the Budget 2019 the major changes of Income Tax for F.Y. 2019-20
Increased Tax Rebate u.S.87A:
While making the budget speech, Finance Minister said that human beings with taxable profits of Rs 5 lakh might get complete tax rebate. Many people notion that he has changed the tax slab. But once the Budget document changed into out, the change was made in the Section 87A. From FY 2019-20 for individuals with taxable profits of Rs 5 lakh or much less the tax rebate might be lesser of tax liability or Rs 12,500 whichever is lower. Below is the calculation:
Particlars | FY 2019-20 | FY 2018-19 |
Taxable Income | 5,00,000 | 5,00,000 |
Income Tax | 12,500 | 12,500 |
Tax Rebate u/s 87A | 12,500 | 0 |
Health & Education Cess @ 4% | 0 | 500 |
Total Tax Payable | 0 | 13,000 |
. This would only gain Tax Payers with taxable earnings below Rs 5 lakh. Had there been reduction within the tax slab it'd have benefited every tax payer.
Standard deduction multiplied from Rs 40,000 to Rs 50000:
The popular deduction to be had to Salaried & Pensioners were elevated from Rs 40,000 to Rs 50000. TDS threshold elevated from Rs 10,000 to Rs 40,000 on Bank Interest Income U/s 80TTA
Threshold of deducting TDS on hobby profits from Bank, Post Office or co-operative deposit has been multiplied from Rs 10,000 to Rs 40,000. Assuming interest fee of eight%, you could deposit Rs 5 lakh in Bank Fixed Deposit and not fear about TDS. I think that is extraordinary move as many humans needed to needless go through TDS and record Income tax returns of fill Form 15G/H. But do consider, that no TDS does not suggest no tax. You nevertheless want to reveal the hobby earnings and pay tax if required
Download And Prepare At a Time 50 Employees Automated Income Revised Tax Form 16 Part A&B (Modified Format) [ThisExcel Utility Prepare At a time 50 Employees Form 16 Part A&B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
1) Prepare At time 50 Employees Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part A&B
4) Most easy to install just like an Excel File
5) Easy to Fill the all column
6) Automatic Convert the Amount to the In-Words
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