Latest Income Tax Slab F|Y 2021-22 (A|Y 2022-23) – Budget 2021 -22 Review| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget| The details about Income Tax Slab F|Y 2021-22 (A|Y 2022-23). Union budget 2021-22 and what are the main changes of Income Tax to the salaried persons|
Union Budget 2021-22 is released by Finance minister on 1st Feb 2021| Salaried people were expecting an Income tax slab change and other major reforms in the budget but this year also budget 2021-22 was a big disappointment for taxpayers| Income tax rule changes and latest income tax slab there are two main things which most of the people look for in Budget|
You may also, like- Automated Income Tax Revised Form 16 Part A&B and Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part A&B and Part B]
# 1 not required Income Tax Filling in ITR for the Senior Citizens who are above 75 Years of age|
As per new rule Senior Citizen above 75 Years age and above need not file an Income tax return| This is only if the senior citizens have income only from pension and interest|
If senior citizens have other income such as rental income, business incomes etc. still they need to file an income tax return|
You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare One by One Form 16 Part B]
Please note that rule change is for not filing an Income tax return| This means senior citizen can avoid the process of filing return| But Income tax is applicable as per the actual tax slab rate to the Senior Citizen|
You must be aware that under section 80TTB, the senior citizen can claim up to Rs.50000 interest received from bank and post office as exemption from tax. It is a welcome to step for the senior citizen|
You may also, like- Automated Income Tax Revised Form 16 Part A&B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part A&B]
# 2 No changes in the Tax Slab F|Y 2021-22 (A|Y 2022-23)
Income tax slab for F|Y 2021-22 is the same as that of F|Y 2020-21|This means there is no change in the income tax slab for F.Y 2021-22| The old tax slab will continue in F|Y 2021-22 (A|Y 2022-23)|
The new simplified tax regime will continue| If you have adopted a new tax regime last time where the tax rate is lower and flat you cannot claim any tax exemption such as 80C, 80D etc|
You may also, like- Automated Income Tax Revised Form 16 Part B for the F|Y 2020-21 as per new and old tax regime U/s 115 BAC[This Excel Utility prepare at a time 100 Employees Form 16 Part B]
If you are willing to opting to the old tax slab, you can be entitled to exemption under section 80C, 80D etc. and pay tax at a higher rate| Two types of tax slabs announced last year will continue|
• Tax regime at a lower tax rate without any IT deduction and exemptions
• Tax regime at the higher tax rate with IT deduction and exemptions
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 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.
