Employees need to inform employers about intention to opt for new tax regime, CBDT circular says
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(1B).
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 Section115 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 Direct
Taxes (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 installment 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 are 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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