Download Excel-based automatic income tax preparation software for government and non-
government (private) employees for new and existing tax systems for the tax year 2022-23
Finance
Minister Nirmala Sitharaman has announced the inclusion of a new provision in the
Union Budget for 2020 known as 115BAC in the Income Tax Act. The second BAC
115, after the tax year 2020-21, sets a new discretionary income tax structure for
Hindu individuals and undivided families (HUF).
Let’s
look at the allowances for the new number plates, the eligibility criteria for
the new system, and the allowances allowed or denied under section 115 BAC.
Additionally, we help you compare two tires so you can choose the right one for
you.
What is
Section 115 BAC?
Section
115 BAC is a provision recently inserted in the Income Tax Act of 1961, which
guarantees a new system of income tax. This financial allocation and other
discipline has been included in the Union Budget for 2020 and applies to Hindu
individuals and Undivided Families (HUF). The key part of this new system is
that the income tax rate has been significantly reduced. However, the new rates
come at the expense of many basic income tax exclusions and exemptions, which
are now accessible under the old (current) income tax framework. The attached
table shows the cost of new plates referred to in Section 115 BAC.
Feature of
this excel utility:-
1)
This excel utility perfectly prepares your income tax according to your U/s
115BAC option.
2)
This Excel utility has a completely revamped Income Tax section as per Budget
2022
3)
Automatic computation of U/s 89(1) Arrears of Income Tax in Form 10E for
financial year 2022-23
4)
Automatic computation Income Tax Exemption rented house U/s 10(13A).
5)
Individual wage adjustment according to the public and non-government (private)
wage scale.
6)
Individual Pay Sheet
7)
Individual tax datasheet
8)
Automatic Income Tax Form 16 Part A&B revised for the financial year 2022-23
9)
Automatic Income Tax Form 16 Part B revised for the financial year 2022-23
10)
Automatically convert quantity to in words without an excel formula
 employees for tax year 2022-23 for new and existing tax system){kind=link}
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