Improved discretionary Individual tax system is presented with lower income tax rates for the persons who are prepared to forgo many tax refunds.
1. Standard Derivation of Rs 50,000 took into account salaried persons/pensioners. ( Who are Opt-in Old Tax Regime only the can get these benefits)
2. Total derivation of Rs 1.5 lakhs permitted under Section 80C, 80CCC, and Section 80 CCD for investment funds/speculations, the premium for annuity/benefits finance ( Who are Opt-in Old Tax Regime only the can get this benefits)
Download Automated Income Tax Preparation Excel Based Software All in One for the West Bengal Govt. Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC
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 Calculation Income Tax House Rent Exemption U/s 10(13A)
4) Individual Salary Structure as per the West Bengal Govt. Employees Salary Pattern as per ROPA-2019
5) Individual Salary Sheet
6) Individual Tax Computed Sheet
7) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
8) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
10) Automatic Convert the amount in to the in-words without any Excel Formula
3. Derivations took into account Rs 50,000/1,50,000 under Section 80 EE/80 EEA for the Enthusiasm on Lodging credits with specific conditions ( Who are Opt-in Old Tax Regime only the can get this benefits)
4. Derivation permitted under 80 E for enthusiasm on training credit taken for pursuing Advanced education. ( Who are Opt-in Old Tax Regime only the can get these benefits)
5. Derivations took into account Rs 2.00 lakhs under Section 24 for the Enthusiasm on Lodging credits ( Who are Opt-in Old Tax Regime only the can get these benefits)
6. Derivations took into account Rs 1,50,000 under Section 80 EEB for the Enthusiasm on credits taken for acquisition of electric vehicles. ( Who are Opt-in Old Tax Regime only the can get these benefits)
7. Enthusiasm on reserve funds financial balances permitted up to Rs 10,000 under Section 80TTA and for senior residents just in the event that they have not asserted under section 80TTB ( Who are Opt-in Old Tax Regime only the can get this benefits)
8. Premium got by a Senior Citizen on stores with banks/co-employable social orders/mail centre up to Rs 50,000 under section 80 TTB. ( Who are Opt-in Old Tax Regime only the can get these benefits)
9. Derivation took into account Medical coverage Approaches under 80 D up to Rs. 50,000/ – for senior residents and up to Rs. 25,000/ – for others ( Who are Opt in Old Tax Regime only the can get this benefits)
C. TAX STRUCTURE UNDER NEW Streamlined TAX System
2. Representative/Beneficiary CAN Select TCS/TDS EITHER FOR NEW System OR OLD System
A representative, having income other than the income under the head “profit and gains of business or profession” and proposing to choose the concessional rate under section 115 BAC of the Demonstration, may suggest his boss, of such goal for each earlier year and upon such hint, the business needs to figure his total income and make TDS thereon as per the arrangements of section 115 BAC of the Demonstration.
2. On the basis of that such hint isn’t made by the representative, the business will make
Tax Deduction of Source (TDS) any considering the U/s 115 BAC
of the Demonstration
3. implication so made by the worker will be just for the reasons for TDS during the earlier year and can’t be altered during that year.
4. Nonetheless, the suggestion would not add up to practising choice regarding sub-section (S) of section 115 BAC of the Demonstration . Hence, alternative at the hour of recording of return of income could be unique in relation to the hint made by such worker to the business for that earlier year.
5. Notwithstanding on the off chance that you have income under the head “profit and gains of business
or on the other hand profession” likewise, the choice for taxation under section 115 BAC of the Demonstration once practised for an earlier year at the hour of recording of return of income under can’t be changed for ensuing earlier years aside from in specific conditions.
6. For the individuals who pick to be in old tax system , there is no adjustment in Tax rates . It will proceed according to pieces of FY 2019-20 .