Main modifications in Income Tax Rules from April 1, 2019 With Automated Income Tax Master of Form 16 Part A&B 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 all column
6)
Automatic Convert the Amount
to the In-Words
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