The new income tax regime announced in Budget, give an option to individuals and Hindu Unified Families (HUFs) to be taxed at lower rates on the off chance that they don't profit determined exclusions and reasoning’s
The income tax office on Monday said employees should advise their employers about their expectation to select the new optional tax regime to empower the last to deduct TDS while paying compensations.
The new income tax regime announced in Budget, give an option to individuals and Hindu Unified Families (HUFs) to be taxed at lower rates in the event that they don't benefit determined exceptions and derivations, similar to house lease recompense (HRA), enthusiasm on a home credit, ventures made under Section 80C, 80D and 80CCD. Under this, all out income up to Rs 2.5 lakh will be tax-absolved.
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
2) This Excel The utility has an option where you can choose your option as New or Old Tax Regime
3) This Excel Utility has a unique Salary Structure for W.B. Government Employee’s Salary Structure as per ROPA 2019
4) Automated House Rent Exemption Calculation U/s 10(13A)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
7) Individual Tax Computed Sheet
In a Circular of the DirectTaxes (CBDT) said an employee meaning to select concessional paces of income tax, as given in the Budget 2020, may insinuate the deductor or his boss of such goal.
"The Employer will record his all income and prepare the TDS (tax deducted at source) subsequently as per the arrangement of Section 115 BAC of the (Income Tax) Act. On the off chance that such insinuation isn't made by the employee, the business will make TDS without considering the arrangement of Section 115 BAC of The demonstration," it said.
The CBDT has, notwithstanding, said that the employee can change the option of tax structure at the hour of documenting income tax return and the measure of TDS instalment will get balanced in like manner.
It appears from the Finance Bill 2020 was no clearness to the employers, regardless of whether they ought to deduct TDS under the new option or should keep deducting TDS under the old regime since there was no relating change in the TDS arrangements empowering them to deduct TDS under the new option.
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
2) This Excel The utility has an option where you can choose your option as New or Old Tax Regime
3) This Excel Utility has a unique Salary Structure for Non-Government (Private) Employee’s Salary Structure.
4) Automated Income Form 12 BA
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
7) Individual Salary Sheet
This round will expel the disarray among employers and will likewise guarantee there is a base bungle in the TDS and ITR (income tax return) of employees on the off chance that they embrace a steady position while making a revelation to the business just as in their ITR, with respect to option (new or old), picked by them.
AKM Worldwide Accomplice Amit Maheshwari stated, "Presently, plainly the employee (just those not having income from business or calling) can't change the option once practised to get TDS deducted however can generally transform it at the hour of documenting the tax return."
Under the old tax framework, income up to Rs 2.5 lakh is excluded from personal income tax. Income between Rs 2.5 lakh and Rs 5 lakh draws in 5 % tax, while that between Rs 5 lakh and Rs 10 lakh is required with 20 % tax. Earning above Rs 10 lakh is taxed at 30%.
Feature of this Excel Utility:-
1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime
3) This Excel Utility has a unique Salary Structure for Government and Non-Government Employee’s Salary Structure.
4) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
7) Individual Salary Sheet
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