As per Budget 2020, taxpayers were given an
opportunity (option) to choose between the old and new tax regime. In the new
tax regime, taxpayers have an opportunity (option) to pay lesser tax on the
complete income. That implies taxpayers won't be permitted to guarantee the
derivations and tax benefits in any case accessible in the old tax regime if
the new tax regime is chosen. The taxpayer needs to make his/her decision prior
to recording the Income Tax Return (ITR) of the important Financial Year (F.Y).
The option to choose the new tax regime is just accessible for People and Hindu Unified Family (HUF).
As referenced above, taxpayers need to make their
choice prior to recording the important ITR. This determination should be
conveyed to the Income Tax Office before the ITR is documented.
How to inform your Employer as well as the Income
Tax Department that, which tax regime is chosen?
The Central Board of Direct Taxes (CBDT) has
delivered Form 10-IE to respond to this inquiry. As such, any individual who
wishes to pay income tax according to the new tax regime needs to convey
his/her decision to the Income Tax Office through form 10-IE. On the off chance
that a taxpayer needs to quit the new tax regime, a similar form (10-IE) should
be submitted prior to recording the income tax returns for the pertinent Financial
Year (F.Y).
Substance
of Form 10IE
The
essential subtleties needed to be entered in form 10-IE are;
• Name of the individual/HUF
• Confirmation
– Regardless of whether the individual/HUF has any income under the head
benefit or gains from business or calling
• Permanent Account Number (PAN)
• Address
• Date of Birth/Joining (In DD/MM/YYYY
format)
• Nature of Business/Calling
• Confirmation
– Regardless of whether the taxpayer has any unit in Global Monetary
Administrations Place (IFSC), as alluded to in sub-section (1A) of section 80LA
(if true, the subtleties must be given)
• Details of the past form 10-IE
documented (If relevant)
• Declaration
Download the form 10-IE from in PDF Format
Focuses
to recall
• Once
the taxpayer practices his option to pay tax according to the new tax regime,
in the earlier year, this option can't be removed for a similar earlier year.
This can consequently be removed just a single time for whatever other earlier the year when the taxpayer is ineligible for practising the option.
• This the form will be endorsed by the individual/Karta of the HUF/Approved Delegate as
it was.
• Form
No. 10-IE must be outfitted electronically either with a computerized signature
or through the Electronic Confirmation Code (EVC).
• The
choosing expert on account of form 10-IE is – The Important Chief General of
Income-tax (Frameworks) or the Chief General of Income-tax (Frameworks).
• This form will be relevant from F.Y
2020-21.
• In
case this form isn't documented by the taxpayer, Income Tax will be determined
according to the old tax rates.
Feature of this Excel
Utility:-
1) This
Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.
2) This
Excel Utility has the all amended Income Tax Section as per Budget 2020
3)
Automated Income Tax Form 12 BA
4)
Automated Calculation Income Tax House Rent Exemption U/s 10(13A)
5)
Individual Salary Structure as per the Non-Government (Private) Concern’s
Salary Pattern
6)
Individual Salary Sheet
7)
Individual Tax Computed Sheet
8)
Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
9)
Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
10)
Automatic Convert the amount into the in-words without any Excel Formula
