Tax Planning – How to save income tax in F.Y 2020-21 (AY: 2021-22), With Automated Income Tax Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for the F.Y.2020-21 as per Budget 2020 with New Section 115BAC

Income Tax Slab for the F.Y.2020-21

Income Tax Slabs

In
the Budget 2020 is Introduce a new Section 115 BAC in this Budget 2020, where
taxpayers can opt for all the alternative benefits (as in the old tax regime)
or opt-in to the new tax regime, where they cannot qualify for the tax
exemption.
And
he’s getting the new tax slab. Personal tax slab Introduce another section
115BAC in Budget 2020, in which the tax slab can use the tax slab as the old
tax regime for the previous financial year and the new tax slab as the new tax the regime for the financial year 2020-21.

Income Tax Exemptions: 

1)   Section 80
C
( For who Opt-in as Old Tax Regime

The
discounted value of the premium paid for the method of actual existence
inclusion, taken after April 1, 2020, will only be allowed if the annual
premium is below 10% of the total. If it is more than 10% then it will not be
eligible for u / sec discount till then. 80C, ELSS (Mutual Fund) PPF (up to
Rs. 1,50,000) P EPF
,FD for five years Pension plan NSC.
Education
Expenditure on child education (for full-time guidance only for 2 children)
Expenses for training (excluding tuition development fees, grants, etc. only) Housing
loan principal
Applied
anniversaries Approved Super Annotation Fund Theories under the Sukanya
Samriddhi Scheme. No doubt, even interest is redeemed.

2) Section 80CCD
(2)
 – Old and New Tax Regime can entitle this
benefits as per Budget 2020)

Discounts
under this section can only be guaranteed if your NPS account is handled by
your supervisor and the discount is limited to 10% of your basic salary. The
benefits for NPS are tax-free, whatever the withdrawal is still taxable.
Exemption under Section 80CCD (2) is a long way from exemption under Section
80C. The maximum discount allowed is Rs. 50,000.

3) Section 80
D
 – Eligible who are Opt-in the Old Tax Regime 

Exemption
under section 80D. 25000 / – is allowed if the discount is taken for self /
wards or if it is paid as premium as compared to medical insurance towards
preventive enrollment (maximum Rs. 5000). If any of the self/wards
are senior residents, the approved discount is Rs. 50000 / – . 15000 / – is
allowed as a discount if the extra money is paid as premium as compared to the
medical insurance taken for the gatekeepers. If the parents are a senior
professional, the allowance is Rs. 30000 / –

4) Section 80
CCD (1B)
 – 
Rs. 50,000/- out of  Max Limit of U/s 80C 1.5 Lakh

5) Section 80 DD Eligible who
are Opt-in the Old Tax Regime
 

Under
section 80DD Treatment Exemption for use for crippled dependence on treatment /
training/rehabilitation. It also includes LIC / insurance premiums paid to
assist dependents. Allowed Maximum Discount, 0005,000 / – if any event of
general weakness and Rs. 1.25 lakh if there is a real shortage.

6) Section
80E 
Eligible who are Opt-in the
Old Tax Regime
 

 Part of the higher education credit is allowed
for interest payments. All preparation is allowed after class 12, either
specialist or full time. However, the school/foundation / university must be
seen by the board of directors.

7) Section
80G 
Eligible who
are Opt-in the Old Tax Regime
 

Obligation
Release Obligation – 50/100 ending on behalf of the organization and as
approved 100% discount mp in case of blessing in o logical ideological assembly

8) Section 80U Eligible who
are Opt-in the Old Tax Regime
 

Discounts
up to Rs. Should be an event of permanent disability if Rs. 75,000 / – is
allowed. 80 If any event of permanent disability arises beyond 60%, the amount
of the most objectionable discount is 1,25,000 / -.

9)
Section 24(B) + 80EE
Eligible who
are Opt-in the Old Tax Regime
 

Maximum
Extraordinary Permitted Limit U / s 24 (B) Rs. 200,000 (for loans taken after
19 April 199 after that the maximum investment limit for the credit was
30,000).
An
additional discount of Rs. 1 lakh for first house development persons Rs. 25
lakh for property worth 25 lakh. For 40 lakh such persons, the full-scale
discount will be Rs. 2.5 lakhs (1.5 lakhs open under section 24 (1) (vi) and 1
lakh available under this new section 80EE).

10) HRA Eligible who
are Opt-in the Old Tax Regime
 

Any
house rent paid to an agent is tax-free up to the original estimate of the
travel allowance (subject to conditions – when a worker may pay rent receipts
from the landlord for a period of time and if the representative does not avail
tax exemption for house development) interest / Principal payment):
1.
Half of the Annual Basic (40% of the Annual Basic if any uplift of non-metros
is required)
2.
Received authentic HRA 3. Rent – (10% of annual Basic) 
 11) Section 80TTA – Savings Bank Interest Eligible who
are Opt-in the Old Tax Regime
 
 It is estimated that no tax will be levied on
the premium on the balance of the financial record which is far from Rs. 10,000. 
12) Section 87A – Tax
Rebate 

Eligible who
are Opt-in the Old Tax Regime

 

Tax rebate of Rs 12,500/- will be given to all those whose
total annual income is up to Rs. 5,00,000
Feature of this Excel
utility:-

1) This Excel Utility can use Government and
Non-Government Concern
2) This Excel Utility prepare Form 16 Part B
as the New & Old Tax Regime U/s 115BAC
3) You can also treat this Excel Utility as Income
Tax Calculator as well as Tax Liability of each employee for the Financial
Year 2020-21 U/s 115BAC ( New & Old Tax Regime)
4) This Excel Utility can prepare at a time 50
Employees Revised Form 16 Part B for F.Y.2020-21 as per New Section 115BAC
5) This Excel Utility can prevent the double the entry of employee’s Pan Card Number automatically.
6) This Excel Utility has all the Income Tax
Modified Section as per the Budget 2020
7) This Excel Utility easy to use and easy to
generate just like as an Excel File.

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