Old -Vs – New Tax Regime U/s 115 BAC – Which Is Better? With Automated Income Tax Preparation Excel Based Software All in One for the Govt and Private Employees for the F.Y.2020-21 as per New and Old Tax Regime U/s 115 BAC

Income Tax Form 16 Part B

The exceptions and deductions are not applicable here. This being said, the new tax system has its own benefits and negative marks.

The primary valid statement about the new system is that it is not totally replacing the old or a rather current system. The administration is not forcing the new rates and the new immediate tax system on the taxpayers. 

Income Tax Exemption from the Pension U/s 80EE

Also, the taxpayers can now choose where they want to save their cash. They don’t have to scramble for tax-saving plans and insurances or park their cash in avenues which are not aligned with their financial goals, just to save tax

Which Exceptions And Deductions Are Allowed And Which Have Been Eliminated?

Presently the inquiry is in the event that you pick the new tax system, what are the exclusions and deductions you wouldn’t have the option to claim further? Here’s a list

•           Leave Travel Allowance

•          House Rent allowance

•           Standard deduction of Rs 50,000 that was available for salaried individuals

•           Deductions available under Section 80TTA/TTB ( on interest from savings account stores )

•           Entertainment allowance deduction and professional tax ( For government workers)

•           Tax alleviation on interest paid on home loan for self-involved or vacant property u/s 24

•           Deduction of Rs 15000 allowed from a family annuity under clause (iia) ( Section 57)

•           Tax-saving investment deductions under Chapter VI-A (80C,80D, 80E,80CCC, 80CCD, 80D, 80DD, 80DDB,, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, and so on) (Aside from, deduction under Section 80CCD(2)— bosses commitment to NPS and Section 80JJA) and so on. These popular tax saving investment alternatives include ELSS, NPS, PPF, the tax break on insurance expense among others.

Download Automated Income Tax PreparationExcel Based Software All in One for the West Bengal Govt Employees for theF.Y.2020-21 as per New and Old Tax Regime U/s 115 BAC

Income Tax Calculator for the W.B.Govt Employees for the F.Y.2020-21

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 West Bengal Government Employee’s Salary Structure after ROPA 2019.

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

One can in any case claim deduction under sub-section ( 2) of section 80CCD which is basically business’ commitment towards the representative’s account in NPS and section 80JJAA ( for new work). Also, note that if the representative’s commitment to EPF and NPS surpasses more than Rs 7.5 Lakh, in the financial year being referred to, then the worker is liable to pay tax. Here’s a list of important exclusions that are retained in the new system

In what manner Will we realize Which Plan Is More Beneficial to the Tax Payers?

The two systems have their own arrangements of upsides and downsides. The old system has many exclusions and deductions under various sections – availing a couple of these necessary individuals to invest in tax saving investment alternatives, which taught a decent habit of investing. Then again, the new system gives individuals greater adaptability and attempts to improve the cycle. In the event that you are somebody who was claiming a lot of deductions under the old system, you can probably save better sticking with the same system, according to the calculations. In the event that you weren’t making any tax-saving investments or claiming any deductions earlier too, then maybe the new system may demonstrate beneficially. It also varies based on which slab you are in as well. Nonetheless, since the system is new, it makes sense to counsel an equipped tax master who can recommend the optimal tax-saving course for you.

Finance Minister Nirmala Sitharaman in her financial the plan has said that gradually the exceptions and deductions will be explored and decreased in number as the administration wants a straightforward Income tax the system in the nation. Whether or not the new system is gotten well and adopted by the taxpayers in the upcoming financial year, will say a great deal about the tax laws that may get actualized later on.

Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Non-Govt(Private) Employees for the F.Y.2020-21 and A.Y.2021-22

Income Tax Calculator for the Govt and Non-Govt Employees for the F.Y.2020-21

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

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PRANAB BANNERJE

Author

About Author

Hi, Welcome to a leading Income Tax and Accounts Providing Web Site merataxplan.com, merataxplan.com Blog is owned and maintained by Pranab Bandyopadhyay. Basic Idea behind Income Tax & it’s to help people in achieving excellence for save tax. Data shows that even urban Indian taxpayers are less aware about Income Tax and importance of financial planning.

I thought to start a blog and write about Articles related to Income Tax, Income Tax News, Income Tax  planning, Income Tax Easy Excel Based Software and other financial Software in Excel like as Gratuity Calculator, Pension Calculator, Central and Various State Employees Accounts Software in Excel that interest me most, and which I feel will help others make better financial decisions about their money with Tax. I have sound knowledge about in MS Excel, MS Access, Visual Basic, C++, JAVA and much more knowledge on the Computer Applications.

If you are seeking professional advice tailored to your situation – I am sure there are  good certified financial professionals doing that but at merataxplan.com we just try to educate people about how to calculate Income Tax.

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The purpose of this blog is to spread Taxation s awareness and help people in achieving excellence for Save Tax. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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