In Budget 2020 introduced a new Section 115 BAC. The Finance Minister introduced a new style of Income Tax System that can be easy step to forthcoming Financial Year, the Income Tax Calculation Process. First step given in this Budget 2020 as the process of calculation of Income Tax so easy by this new section 115 BAC. In this Budget has a opportunity to choose your option U/s 115 BAC and this option can be filled a New Form 10-IE.
In this Section ( 115 BAC) calculate your Income Tax in two process, New and Old Tax Regime. In the new process you can give an opportunity to the tax payers who are willing to get benefits in the new slab and it appears from the new Tax Slab that above 5 lakh to 7.5 Lakh will be pay the tax @ 10% where the old tax slab have no benefits above 5 lakh to 10 lakh pay the tax @ 20%, there have no scope for exemption from the new tax slab.
Other hand it is also disposed of in this Budget and the New Section 115 BAC have not any opportunity to avail any Income Tax Exemption U/s 10, U/s 16 & 17, U/s 80C as well as Chapter VI-A, where if you choose the Old Tax Regime then you can get the opportunity to avail all Income Tax Exemptions like as U/s 10, U/s 16 & 17, U/s 80C as well as Chapter VI-A
However here is given below the one Unique Excel Based Master of Form 16 Part A & B( in Revised Format) for the Financial Year 2020-21 and Assessment Year 2021-22. This Excel Utility can prepare at a time 50 Employees Form 16 Part A & B (Who are not able to download the Revised Form 16 Part A from the Income Tax Department). This Excel utility prepared as per the norms laid down by the new section 115 BAC and also this Utility can use as per your option new and old Tax Regime as per Budget 2020