Difference between new income tax regime with old tax regime , With Automated Income Tax Software All in One for Non-Govt (Private) Employees for F.Y.2020-21 and A.Y.2021-22 with New Section 115BAC as per Budget 2020

Income Tax Section 80C
Budget 2020 has introduced a new
income tax system for individual taxpayers. However, for the option of such
discounted duty, the taxpayer will be required to deduct certain specific
These include a standard rebate of
Rs 50,000, a rebate of Rs 1.50 lakh under Section 80C and interest on
the self-occupied property of Rs 2 lakh, a deduction taken by most taxpayers. As a
result, exempt tariffs may not always be beneficial. Based on the table of
examples below, it is clearly proven that the maximum benefit under the new tax
rate (if no investment is made) is Rs 75,000 in terms of tax savings.
As a result, in contrast to
corporate tax rebate rates which reduce tax rates at income levels, there is a
limited application of discount tax rates and individuals in lower-income
brackets will benefit. The highest personal tax rate, which is 42.7 percent,
will continue to be a major challenge ** No tax up to Rs.500,000 taxable income
as rebate under tax section 87A * Exceptive income slabs for persons aged 60
years and above (senior citizens) and residents of 60 years of age or older
(very senior citizens) at any time of the previous year have the same amount.
A. The effectiveness of the new
government is as follows: Reduced tax rates and reduced loyalty: The new
the government provides for a discounted rate compared to the existing or old
system of governance. Further, the required documentation is less and tax
filing is easier as most of the discounts and rebates are not available.
Investors may not choose to lock-in funds on fixed instruments for a set period
of time: all taxpayers will be considered equivalent under the new government
and there will be no criteria for availing tax exemptions.
This can be helpful for those types
of taxpayers who cannot subscribe to a certain amount of investment, as most
investments have a lock-in period, before which it cannot be withdrawn. They
can make open-end mutual investments.
Funds/materials / deposits, which
gives them a good income as well as the flexibility to withdraw. For example,
certain eligible instruments have longer lock-in periods such as five-year
lock-in period for fixed deposits at banks and post offices,
 Equity-Linked Savings Scheme (ELSS) for three
National Savings Certificate for
five years (NSC) etc.
Increased liquidity in the hands of
the taxpayer: The reduced tax rate will provide more disposable income to the
taxpayer, who cannot invest in certain instruments due to certain financial or
other personal reasons.
Flexibility to adapt the investment
choice: Existing taxes provide relief to the taxpayer, but he invests in
certain materials and methods as per the rules of law. This limits the
investment choices for the taxpayer as he only has to invest in certain
instruments. The new arrangement, however, gives taxpayers flexibility to
customize their investment preferences. The provisions of the new government
are Non-availability of fixed discount: The new tax system does not allow the
taxpayer to avail the benefit of a fixed discount. The descriptive list is as
(A) The sections described in
section 10 are as follows:
(i) Section (5) –
Travel Exemption;
(ii) section (13a) –
house rent allowance;
(iii) Section (14) –
Special Allowance in Rule 2
BB (e.g. Children’s Education Allowance, Hostel Allowance, Transport Allowance,
Daily Allowance, Uniform Allowance etc.);
(iv) Section (1) –
Allowances for Members of
Parliament / MLAs; (v)
section (32) – allowance for
clubbing the income of a minor;
(B) exemption of SEZ unit under
section 10AA;
(C) Standard discount,
entertainment allowance discount
D) interest under section 24 in
respect of the self-occupied or vacant property (for a rented house the loss
under IFHP head shall not be waived under any other head and shall be
sanctioned as C / f under the prevailing law);
(E) additional depreciation under
32 (1) (II);
(F) Exemption under sections 32AD,
33AB and 33ABA
(G) various exemptions for grants
or expenditures in scientific research included in sub-section (ii) of
sub-section (ii) or sub-section (iii), subsection (1) or sub-section (2AA); (H)
exemptions under section 35AD or 35cc;
(i) exemption from family pension
under section (iia) of section 57;
(H) Any exemption under section
VI-A (e.g. Section 80C, 80cc 80, 80cc, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA,
80EB, 80G) , 80 GG, 80 GG, 80 GGC, 80 AI, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc.).
However, exemptions (contribution
of employers to the employee’s account in the notified pension scheme) and
section 80 JJAA (for new employment) may be claimed under sub-section (2) of
section 80 CCD.

Main Feature of this
Excel Utility:-
This Excel Utility can prepare both Govt and Non-Govt (Private ),
Employees  Income Tax Calculation U/s 115BAC for F.Y.2020-21 as per
Budget 2020

2) This
Excel Utility can prepare  Income Tax Calculation U/s 115BAC (New
& Old Tax Regime) 

This Excel Utility can prepare Automated Income Tax Arrears Relief
Calculation U/s 89(1) with Form 10E From the F.Y. 2000-01 to F.Y.2020-21
Updated Version

4) This
Excel Utility can prepare automatic Income Tax House Rent Exemption Calculation
U/s 10(13A)
5) This
Excel Utility can prepare automatic Income Tax Computed Sheet as per the new
section 115BAC
6) This
Excel Utility have the Salary Structure as per  all the Govt and Private Concerns Salary Pattern, which
is easy to calculate your Income Tax
7) This
Excel Utility Have the Individual Salary Sheet which can prepare automatically
after filling the Salary Details
8) This
Excel Utility can prepare automated Revised Form 16 Part A&B for
9) This
Excel Utility can prepare automated Revised Form 16 Part B for F.Y.2020-21

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