Know the new TDS Rules effect from July 1, 2021. Non-filers will face higher fines than in the current fiscal year, which has already started from April 1, 2021. The Finance Act 2021 recently passed in Parliament has a special provision for deduction of withholding tax for non-source income tax return filers.

 

Insert a new section '206AB in place of section 206AA (I) have been added under the special section. Also, if one does not have a PAN, the tax exemption limit will be higher." As per the budget of the Finance Minister, the new TDS rule will come into force in July 2021. As a result, it is proposed to add a separate section 206AB as a special section of the Act which allows higher TDS rates for income tax non-filers.

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 which can prepare at a time 50 Employees Form 16 Part A&B with new and old tax regime[Who are not able to download the Part A from the TRACES PORTAL they can use this Excel Utility)

 

Similarly, Section 206CCA has been added to the Act as a special section to allow a higher TCS rate for non-filers of income tax returns. The new clause shall apply to any amount payable by a person, payable, or credited to a particular person (referred to herein as a waiver). The rate of TDS should be higher than below i.e. double the rate as described in the applicable section of the Income Tax Act or double the existing rate or rate or 5% TDS.

 

The new provision was enacted to enable persons subject to the new rules to file their income tax returns.

 

This will allow more people to file ITRs and improve government accountability. The below-mentioned taxpayers will be affected by the present provision: Non-filers who have paid TDS or TCS of Rs. 50,000 or more in the last two years but have not filed income tax return will be subject to the new provision (ITR).

You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 which can prepare at a time 100 Employees Form 16 Part A&B with new and old tax regime[Who are not able to download the Part A from the TRACES PORTAL they can use this Excel Utility)

 

According to the Finance Act, if the provisions of section 206AA are applicable to a single person, in addition to the provisions of this section, more than the two rates given in this section and section 206AA will be deducted. Non-residents who do not have permanent residence in India have been exempted from the new rules.

 

If the pan is not equipped

 

If the specified person fails to provide the PAN to the payable person in addition to not filing the income tax return within the due date, the TDS rate will be higher or 20% higher than the above rate.

 

In the case of payment of TDS to certain persons, the present rule allows the issuers to verify the following three points at a time: 50,000 if the person responsible for TDS files his tax return for the last two years.

You may also, like- Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 which can prepare at a time 50 Employees Form 16 Part B with a new and old tax regime

 

The deadline for filing original returns has expired for the previous two years. No higher tax deduction is required for any payment if the due date for filing ITR for any one year does not expire. Consequently, when the provider identifies these results in the third year, the tax should be withheld at a higher rate than previously mentioned.

 

As a result, the TDS rate should be 5% which is more than 2% of 1%. Moreover, if the person fails to deliver his pan payable, TDS will be deducted at the rate of 20%, which is higher than the rate of 5% or 2%.

 

What are sections 206AA and section 194N? Under Section 206AA, TDS is levied on payments made to non-residents and residents who do not have a PAN.

 

It was implemented in the financial year 2010-11 and it allows the taxpayer to provide their PAN to any taxpayer earning taxable income. Taxpayers who have not filed any return for three years have been issued Section TDS No. 194 for withdrawal of cash above Rs. 20 lakhs. 2% TDS is deducted under this section when withdrawing more than Rs. 20 lakhs.

Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21 which can prepare at a time 100 Employees Form 16 Part B with the new and old tax regime

 

On April 05, 2021 by www.taxexcel.net

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Comprehend the insights regarding the subject Form 16. We will initially examine what is Form 16, at that point its parts, and its significance. To begin with, what is Form16? Every year your manager issues Form 16 endorsements

This is a declaration under Section 203 of the Personal Duty Act that gives insights concerning the expense sum that has been deducted by your manager that is called TDS. It additionally contains the subtleties of your compensation different livelihoods and tax reductions accessible and profited by you in the last monetary year. It has itemized data about the way of ascertaining pay according to the personal expense laws and assessment payable on it. May, 31 is the last date for your manager to give a Form 16 to you.

 

Presently we'll talk about the parts of Form 16 Section of Form 16 causes us to comprehend the assessment paid, likely expense discount we can get, and can likewise help in better duty arranging, we can do it one year from now, and above all, can likewise, help us to document your personal government forms Form 16 includes essentially of two-part

 Download Automated Income Tax Salary Certificate Form 16 Part A&B and Part B for the F.Y.2020-21 [This Excel Utility Prepared One by One Form 16 Part A&B and Part B]

First is Form 16 Part - A, this is the means by which Section A looks. It contains our own data like our name, address, bosses name and address and of both of our manager, and receipt number of TDS instalment. This data helps the personal assessment division to monitor cash stream from our own just as our bosses account. What's more, the business' gives data like appraisal year. It gives a synopsis of TDS deducted by the business for our sake. This sum is deducted by the business from our compensation consistently as assessment and credits the equivalent to the annual expense office to know why this TDS is deducted.

The main data To some Form 16 Part- A:- Assessment allowance account number of boss and complete TDS deducted, as both of this data must be accurately referenced in our annual expense form, so that if there is any tax reduction, we can get that..

Download Automated Income Tax SalaryCertificate Form 16 Part - B for the F.Y.2020-21 [This Excel Utility PreparedOne by One Form 16 Part B]

 

Presently how about  Form 16 Part B:-

 

This  Form 16 Part -B, gives significant data that you need to record your annual government form. Above all else, the all-out compensation is given by the business in the monetary year is referenced, at that point essential or advantages is an extra advantage gave by the business. Notwithstanding the compensation.

 

It is any advantage conceded liberated from cost, or at concessional rates, for example, lease free home, motorcar office, advances at sponsored rates, and so forth. They are the sum paid by the business, notwithstanding pay to meet some help prerequisites such house lease stipend, Live travel recompense, movement remittance, youngsters' schooling remittance and so on stipend can be completely available. Mostly or non-available. Here the representative has just HRA recompense, which is completely charged deductible. For this situation, and consequently is deducted from all-out compensation before charge estimations, we jump on a home advance interest instalments according to Section 24 of the Income Tax Act.

 

So subsequent to deducting all the cost remittances and cash paid on home credit revenue EMI, we get our cross pay. At that point, allowances are uncovered derivations incorporate those under the part, 80 C, 80CC, and it is CCD whose complete total deductible under these separate segments should not go past rupees 1.5 lakhs.

Download Automated Income Tax Salary Certificate Master of Form 16 Part-B for the F.Y.2020-21 [This Excel Utility Prepared at a time 50 Employees Form 16 Part-B]

Feature of this Excel Utility:-

1) This Excel Utility Prepare at a time 50 Employees Form 16 Part B

2) This Excel Utility Calculate your Tax as per the new section 115 BAC

3) You can use the Tax Calculation as New or Old Tax Regime U/s 115 BAC

4) Automatic Convert amount into the In-words, without any Excel Formula.

5) In this Excel Utility have all the modified Section as per the Budget 2020

On December 21, 2020 by www.taxexcel.net

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In the Budget 2020 introduced a new Section 115 BAC for the F.Y.2020-21. This Section 115BAC have an option that you can stay in the Old Tax System along with all the Income Tax Exemptions as per the F.Y.2019-20 and you can Opt-in the New Tax Regime Excluding any Exemptions of Income Tax as the previous F.Y. 2019-20 as clearly mentioned in the Budge 2020 U/s 115BAC.

 

As per the Budget the New TaxSlab is given below U/s 115BAC which introduced in the Budget 2020.

 

Also it is clear that no relaxation to the Senior Citizen in the New Tax Slab as per U/s 115BAC ( New Tax Regime). We Prepared a Unique Income Tax Preparation Excel Based Software only for the Bihar State Government Employees for the F.Y.2020-21 as per the new Budget 2020 with New and  Old Tax Regime U/s 115BAC introduced in the Budget 2020.

 Also, it is mentioned in the Budget 2020, that you should fill a Form for your Option in the New Form 10-IE if you opt-in the New Tax Regime U/s 115 BAC  in the time of ITR Filling for the F.Y.2020-21 in due time.

 

Download Automated Income Tax Preparation Excel Based Software All in One for the Bihar State Government Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC

 

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 Bihar State Government Employee’s Salary Structure.

 

4) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

 

5) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

 

6) Individual Salary Sheet

 

7) Automatic Convert the Amount to the In-Words without any Excel Formula

 

8) You can prepare more than 100 Employees Tax Calculation Sheet One by One including all Tax Forma.

 

On November 09, 2020 by www.taxexcel.net

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