Income Tax Revised Form 16 for the F.Y.2020-21 with New and Old Tax Regime under the New Tax Section 115 BAC

  

This Excel Based Income Tax Revised Form 16 Prepare as per the new and old tax regime. The main highlight the new and old tax regime for taxpayers. It is a simplified tax duty where taxpayers cannot avail the number of concessions and exemptions that they can avail themselves of under the old system of governance.

 

It is currently available as an alchemical scheme for individual and Hindu undivided families; it was unveiled in the previous central budget.

 

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part A&B For the F.Y.2020-21

 

With the introduction of this tariff structure, various questions have arisen in the minds of the taxpayers about the plan to change it. We solve these few questions here.

 

Which rule saves more taxes?

 

Tax savings will depend on tax income.

For example, you are eligible for an exemption and a deduction of Rs 1.5 lakh. With an estimated annual income of Rs 6,50,000, your tax liability under both governments will be the same (Rs 54,600). For income less than Rs 7.5 lakh, the old system of governance will save more taxes.

 

For income above Rs 8.5 lakh, for example, the new tax duty is beneficial. This is because the tax rate in the new regime increases at a lower rate than in the old regime

 

Download and prepare at a time 100 Employees Automated Income Tax Revised Form 16 Part A&B For the F.Y.2020-21

 

 

What is the difference between the Old and New Regimes?

 

The important difference between the two governments is the tax rate.

 

* Tax exemption U/s 87a available in both systems

 

Another difference in the new tax system is that taxpayers can afford to invest less in discounted investments, which will increase household income.

 

The new system of governance does not require the maintenance and submission of tax protection documents applicable to the old system.

 

Download and prepare at a time 50 Employees Automated Income Tax Revised Form 16 Part B For the F.Y.2020-21

 

 

Can I change my tax regime every year?

 

The tax system can be changed every financial year in case of income from salary, home property, capital gain or other sources. In business or professional earning, this regime can only be selected once for a specific type of business.

 

When should my employer be intimate about my tax regime selection?

 

The employer may be notified of the elected regime at the beginning of the financial year. Once established and informed, governance cannot be changed for years for the purpose of TDS.

 

However, you can switch to other systems when filing an income tax return. In such cases, TDS will be adjusted accordingly.

 

* All tax rates for residential taxpayers under 60 years of age.

 

Download and prepare at a time 1000 Employees Automated Income Tax Revised Form 16 Part B For the F.Y.2020-21

On March 01, 2021 by www.taxexcel.net

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All about Form16. Form 16 is a document or certificate, issued according to Section 203 of the Income-Tax Act 1961, to salaried experts in India by their individual employers. This Form 16 has detailed about the salary paid by the employer to the employee in a financial year and the income tax that has been deducted from the salary of the person by the payer| The TDS, so deducted, by the employer is stored with the Income Tax department and Form 16, thusly, is confirmation of the equivalent. Employers need to give Form 16 to their employees prior to fifteenth June of the financial year quickly following the financial year in which the income was paid and tax deducted. Qualification rules for Form 16? Each salaried person who falls under the taxable section is qualified for Form 16. On the off chance that an employee doesn't fall inside the tax sections set, he/she won't have to have Tax Deducted at Source (TDS)

You may also, like:- Automated Income Tax Revised Form 16 Part A&B and Part B for the F.Y.2020-21[This Excel Utility Prepare One by One Form 16 Part A&B and Part B]

        

 Income Tax of Form 16 is sub-separated into the accompanying two parts which include: Salary Certificate Form 16 Part A and Part B. Form 16 Part A gives the outline of tax gathered by the employer from the salary income, for the employee's benefit, and kept in the public authority's record. It is an accreditation appropriately endorsed by the employer that they have deducted the TDS from the employee's salary and stored it with the income tax department| This part is created and downloaded through the Follows entrance of the Income Tax department|

You may also, like - Automated Income Tax Revised Form 16 Part B for the F|Y.2020-21[This Excel Utility Prepare One by One Form 16 Part B]

 

It contains the accompanying details: Individual information of the employer just as the employee. Particulars, for example, the individual and employer's name, address details, Dish details of both, and employer's TAN details. The Appraisal Year (A|Y) The time-frame for which the individual was utilized with the employer in the concerned Financial Year Synopsis of the salary paid Date of tax allowance from the salary Date of tax store in the record of government Outline of tax deducted and saved quarterly with the Income Tax Department Affirmation Number of the TDS Installment|

You may also, like: - Automated Income Tax Revised Form 16 Part A&B for the F|Y 2020-21[This Excel Utility Prepare at a time 50 Employees Form 16 Part A&B]

 

Form 16 Part B Part B is a united assertion covering details regarding salary paid, some other income as revealed by the employee to his/her association, a measure of tax paid, and tax due assuming any| Salary Certificate Form Part B of Form 16 is related to Form 16 Part A| It addresses the information alongside the exclusions and allowances appropriate consequently. Employee details, for example, name and Skillet are referenced even in Part B|

You may also, like:- Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21[This Excel Utility Prepare at a time 100 Employees Form 16 Part A&B ]

 

It contains the accompanying information: Complete Salary Got Exceptions Permitted U/s 10(5) 10(10) 10(10A) 10(10AA) 10(13A), a measure of some other exclusion U/s 10| The standard derivation permitted under section 16 of the Income Tax Act. Income (or acceptable misfortune) from house property revealed by employee offered for TDS, Income under the head Different Sources offered for TDS. A field for revealing the aggregate sum of salary got from different employers is available. Derivations from Salary: Section 80 C/80 CCC/80 CCD/80D/80E/80G/80TTA and other relevant sections are given|

 

The details for all these derivations require to be put together by the employee alongside the vital supporting documents to the employer. Net Taxable Salary. Instruction Cess and overcharges assuming any. Discount under Section 87, if material. Help under Section 89, if any Aggregate sum of tax payable on income. Tax deducted and the equilibrium tax due or discount material|

Download Automated Salary Certificate Revised Master of Form 16 Part B for the Financial Year 2020-21 with New and Old Tax Regime.

Feature of this Excel Utility:-

1) This Excel Utility Prepare at a time 50 Employees Form 16 Part B as per the new and old tax regime U/s 115 BAC |

 

2) This Excel Utility has the all Income Tax Sections as per the Income Tax Act |

 

3) This Excel utility has an option for opting your option as a New and Old Tax Regime |

 

4) This Excel Utility has instruction for how to calculate Income Tax As per U/s 115 BAC |

 

5) This Excel The utility can prepare more than 1000 Income Tax Form 16 Part B|

On February 01, 2021 by www.taxexcel.net

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If you get arrears of salary? If genuinely, you might be worried about the tax consequences of the same. Should you have to pay taxes on the total taxable amount? Shouldn't something be said about the tax checks of the prior year, and so forth? Taxpayers who have such requests in their cerebrum here is all that you need to know.

 

Now, you would have quite recently sorted out that income tax is calculated on the total income of a taxpayer for a particular year. The income can either be as salary or family annuity or various wellsprings of income. Regardless, there might be circumstances where you have gotten arrears of family benefits or forthcoming salary during the current financial year. It can happen that an income taxpayer gets a bit of his advantage or salary early or as arrears in any cash related year, which assembles his total income in like manner increase the payable taxes. In such a case, an application can be made and the reviewing authority can permit relief to the taxpayer. To sum up it, the Income Tax Act ensures there is equity in the income tax lump rates, and thus, when a touch of the income got doesn't identify with the current year, a relief is surrendered with the objective that the taxable income doesn't augment.

 

To ensure that you are not messed with following through on extra taxes, the income tax office gives Relief U/s 89(1). If you get any annuity or portions for the previous year, you won't be taxed on the total amount for the current year. Essentially getting you a long way from settling extra taxes, considering the way that there was a deferment in portion.

 

To benefit the preferences under Section 89(1) you would need to submit Form 10E. What is Form 10E would be the most apparent request. The nuances of Form 10E, close by how and why to introduce the comparable is given in detail underneath.

 

What is relief under section 89(1)?

 

Exactly when the taxpayer gets:

 

1.         Arrears of salary or

 

2.         Advance salary or

 

3.         Arrears of family annuity

 

By then, such the amount is taxable in the Monetary Year in which it is gotten.

 

Nevertheless, relief under section 89(1) is given to decrease additional tax inconvenience due to deferral in getting such income.

 

How to calculate relief under section 89(1)?

 

Here are the way to calculate relief under section 89(1) of Income Tax Act, 1961:

 

1.         Calculate tax payable on total income recalling arrears for the year in which it is gotten.

 

2.         Calculate tax payable on total income excepting arrears in the year in which it is gotten.

 

3.         Calculate differentiation someplace in the scope of (1) and (2).

 

4.         Tax payable on the total taxable income of the year to which arrears are related, including arrears.

 

5.         Calculate differentiation someplace in the scope of (4) and (5).

 

6.         The amount of relief will be the excess amount of (3) more than (6). No relief will be allowed if the amount of (6) is more than the amount in (3).

 

What is Form 10E?

 

For ensuring relief under section 89(1) for arrears of salary got, it is needed to record Form 10E with the Income Tax division. In the occasion that Form 10E isn't recorded and relief is ensured, by then the taxpayer is well en the route to get a notification from Income Tax office for not archiving Form 10E.

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) along with Form 10Efrom the Financial the Year 2000-01 to Financial Year 2020-21 (Up-to-date Version)

 

On December 28, 2020 by www.taxexcel.net

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In the Budget2020 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 Tax Slab 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 Govt and Non- Govt 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 must 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 Government & Non- 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 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

 

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

 

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

 

On November 05, 2020 by www.taxexcel.net

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S. N.	Section	Particulars	Benefits
A.	Allowances
1.	10(13A)	House Rent Allowance (Sec. 10(13A) & Rule 2A)	Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras) c) Rent paid minus 10% of salary * Salary= Basic + DA (if part of retirement benefit) + Turnover based Commission

On September 10, 2020 by www.taxexcel.net

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As per the Budget 2020 has introduced a New Income Tax Section 115 BAC for the Financial Year 2020-21, also the CBDT declare A Notification about this New Section that how to calculate your Income Tax under this Section. You can choose your option that you can get the Old Tax Regime or New Tax Regime. It also appears that if you choose the New Tax Regime, you can not availed any Income Tax benefits except the NPS benefits by the employer to the employees and no additional Tax Slab for the Senior Citizen in this New Tax Slab. But if you choose the Old Tax Regime you can get all benefits of all Income Tax Sections and you also availed the Old Income Tax Slab Rate as per the F.Y.2019-20. Then it is questioned how to choose the Tax Benefits, read the article How to Choose your Option New or Old Tax Regime.

On August 31, 2020 by www.taxexcel.net

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