Recent budget proposed a decreased pace of tax for the individuals and HUF’s under Section 115BAC. Under this Section, an alternative has been given to individuals and HUF to pay tax at lower rates, subject to satisfaction of certain conditions. One of the conditions is that individual settling on the diminished pace of tax won’t be qualified to guarantee certain exclusions and deductions. Rundown of such exclusion and the deduction that won’t be accessible are as under:
a) L.T.C. under clause (5) of Section 10
b) House lease remittance as contained in clause (13A) of Section 10
c) The standard deduction, the deduction for diversion stipend and work/proficient tax as contained in Section 16
d) Interest u/s 24 in the regard of self-involved or empty property alluded to in subsection (2) of section 23
e) Extra censure under clause (iia) of sub-section (1) of section 32, Deductions u/s 32AD, 33AB, 33ABA;, 35AD or 35CCC
f) Deduction u/s 80C for the sum paid towards Life coverage premium, Representatives’ Fortunate Store Plan, Open Opportune Reserve Record, term stores, membership to units of Common Reserve, and so on
g) Deduction u/s 80D for the sum paid to LIC or different safety net providers to impact or keep in power protection on the strength of a predetermined individual
h) Deduction u/s 80E for the instalment of interest on credit taken for seeking after advanced education
I) Deduction u/s 80G in the regard of gifts to certain assets, beneficent establishments and so forth
Deduction u/s 80TTA/80TTB-Interest on stores in sparing record
According to the proposed Section 115BAC, you reserve the option to practice this choice, the year-on-year premise, in view of the realities of your case, at the latest documenting the personal tax return.
Download Automated Master of Revised Form 16 Part A&B for the Financial Year 2020-21 and Assessment Year 2021-22.
Feature of this Excel Utility
1) This Excel Utility can prepare at a time 100 Employees Form 16 Part A&B as per the New and Old Tax Regime U/s 115 BAC
2) You can choose your option as New or Old Tax Regime U/s 115 BAC which introduced in Budget 2020
3) This Excel can prevent the double-entry of employees Pan Number automatically. If you put the same Pan Number to others, it will be aware prompt for this mistake.
4) Automatic Convert the amount to in words without any Excel Formula
5) All the amended Income Tax section has in this Excel Utility as per U/s 115 BAC in Budget 2020