Tax Exemptions and deductions you will not get in new income tax regime U/s 115 BAC With Automated Master of Form 16 Part A and B for the F.Y.2020-21 and A.Y.2021-22
Recent budget proposed a decreased pace of tax for
the individuals and HUF's under Section 115BAC. Under this Section, an
alternative has been given to individuals and HUF to pay tax at lower rates,
subject to satisfaction of certain conditions. One of the conditions is that
individual settling on the diminished pace of tax won't be qualified to
guarantee certain exclusions and deductions. Rundown of such exclusion and
the deduction that won't be accessible are as under:
a) L.T.C. under clause (5) of Section 10
b) House lease
remittance as contained in clause (13A) of Section 10
c) Standard deduction,
the deduction for diversion stipend and work/proficient tax as contained in
Section 16
d) Interest u/s 24 in
the regard of self-involved or empty property alluded to in subsection (2) of
section 23
e) Extra censure under
clause (iia) of sub-section (1) of section 32, Deductions u/s 32AD, 33AB,
33ABA;, 35AD or 35CCC
f) Deduction u/s 80C for
the sum paid towards Life coverage premium, Representatives' Fortunate Store
Plan, Open Opportune Reserve Record, term stores, membership to units of Common
Reserve, and so on
g) Deduction u/s 80D for
the sum paid to LIC or different safety net providers to impact or keep in
power protection on the strength of a predetermined individual
h) Deduction u/s 80E for
the installment of interest on credit taken for seeking after advanced
education
I) Deduction u/s 80G in
the regard of gifts to certain assets, beneficent establishments and so forth
Deduction
u/s 80TTA/ 80 TTB-Interest on stores in sparing record
According to the
proposed Section 115BAC, you reserve the option to practice this choice,
the year-on-year premise, in view of the realities of your case, at the latest
documenting the personal tax return.
Feature of this Excel Utility
1) This Excel Utility can prepare at a time 100 Employees Form 16 Part
A&B as per the New and Old Tax Regime U/s 115 BAC
2) You can choose your option as New or Old Tax Regime U/s 115 BAC which
introduced in Budget 2020
3) This Excel can prevent the double-entry of employees Pan Number
automatically. If you put the same Pan Number to others, it will be aware prompt
for this mistake.
4) Automatic Convert the amount to in words without any Excel Formula
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