Automated Income Tax Calculator All in One for Non-Government Employees for the F.Y.2020-21 with Tax Benefit on Health Insurance u/s 80D

You may have heard stories where a genuine ailment in a family has depleted them of their riches. These are stories as well as can transpire. To prepare for such issues – you should purchase Health Insurance. The great part is you additionally get tax advantage on the premium paid for Health insurance. In this post, we settle what’s and How’s of Tax Deduction on Health Insurance sec 80D! Benefit on Health Insurance u/s 80D

The amount Tax Benefit I jump on Health Insurance?

Financial plan 2018 has upgraded the restriction of Health Insurance premium qualified for tax deduction under section 80D for Senior residents. The breaking point is Rs 25,000 for individuals with age under 60 years and it’s Rs 50,000 for senior residents. You can likewise claim Rs 5,000 for Preventive Health tests. This is inside the Rs 25,000/50,000 breaking point.

You can likewise, claim extra tax advantage on Health insurance premiums paid for your parent.

Download Automated Income TaxRevised Form 16 Part A and B for the Financial Year 2019-20 [This Excel Utility can prepare at a time 50 Employees Form 16 Part A and B ]

Income Tax Revised Form 16

What’s the Tax Benefit for Health Insurance of Parents?

You can claim an extra tax deduction on the premium paid for Health Insurance of your folks. This can be up to Rs 25,000/- on the off chance that your folks are under 60 years old enough and Rs 50,000/- on the off chance that any of your folks are over 60 years old enough.

Be that as it may, simply paying premium isn’t sufficient. The strategy ought to have been purchased by you for example you ought to be the propose of the strategy. There are situations when individuals pay a premium for a current arrangement which was repurchased a couple of years by their folks and claim tax deduction u/s80D. This can land you in a tough situation. So the most ideal route is to either purchase another arrangement or keep in touch with the concerned insurance organization to change the proposed at the hour of reestablishment.

Download Automated Income TaxRevised Form 16 Part B for the Financial Year 2019-20 [This Excel Utility can prepare at a time 100 Employees Form 16 Part B ]

Income Tax Revised Form 16

Would premium be able to be part among Husband and wife for tax advantage?

Assume you purchased family floater Health insurance which has a premium of Rs 35,000 which covers self, life partner and youngsters. Presently would you be able to part this premium among a couple with the goal that both can claim advantage? The appropriate response is NO. The explanation being there must be one propose for strategy and subsequently, the tax advantage must be claimed by one.

To get around this, you may pick two separate strategies yet remember the general premium may be higher. So do your counts before choosing.

Download Automated Income TaxRevised Form 16 Part B for the Financial Year 2019-20 [This Excel Utility can prepare at a time 50 Employees Form 16 Part A and B ]

Income Tax Revised Form 16

What does  the Income  Tax Benefit on preventive health exam?

Tax exclusion up to Rs 5,000 is considered a preventive health exam of Self, Spouse, subordinate Children and Parents. This cutoff is inside the Rs 25,000/Rs 50,000 deduction.

Income Tax Section 80D

The most extreme tax deduction u/s 80D can be Rs 1,00,000 on the off chance that you purchase Health insurance for self and your folks and both you and your folks are senior residents.

2. HUFs likewise, claim this deduction for premium paid for guaranteeing the health of any individual from the HUF

3. To profit deduction, the premium ought to be paid in any mode other than money. In any case, the instalment for Preventive Health exam should be possible in real money.

Download Automated ExcelBased Income Tax Calculator All in One for the Non-Government (Private)Employees for the F.Y. 2020-21 and A.Y.2021-22 as per Budget 2020 ( Calculate the Tax as New and Old Tax Regime)

Feature of this Excel Utility:-

1) This Excel Utility calculate your tax both of New Tax Regime and Old Tax Regime as per the Budget 2020 in new Tax Style U/s 115 BAC

2) This Excel Utility have the Salary Structure as per the all Non-Government (Private) Concerns Salary Pattern.

3) This Excel Utility can calculate your House Rent Exemption U/s 10(13A)

4) This Excel Utility has the Individual Salary Sheet

5) Automated Income Tax Form 12 BA

6) Automated Income Tax Revised Form 16 Part A and B in New Format

7) Automated Income Tax Revised Form 16 Part B in New Format

8) Automatic Convert the Amount into the In-Words without any Excel Formula

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

Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2020-21 with Income Tax Section 80TTA – Details about Claiming Exemption on Interest

This article is tied in with asserting deduction on interest under Section 8oTTA. On the whole, what is 80TTA?

Section 80TTA gives a deduction of Rs 10,000 on interest income. This deduction is accessible to an Individual and HUF.

This deduction is allowed on interest earned –

•           From an investment account with a bank

•           From an investment account with a co-usable society carrying on the matter of banking

•           From an investment account with a mail station

This deduction isn’t allowed on interest earned on time deposits. As the Term Deposits mean deposits repayable on expiry of fixed periods of time. It will not be allowed for –

•           Interest from fixed deposits

•           Interest from repeating deposits

•           Any other term deposits

Most extreme Deduction – The greatest deduction is restricted to Rs 10,000. On the off chance that your interest income is not as much as Rs 10,000, the whole interest income will be your deduction. In the event that your interest income is more than Rs 10,000, your deduction will be constrained to Rs 10,000. (You need to consider your absolute interest income from all banks where you have accounts).

The most effective method to guarantee the deduction – First include your complete interest income under the head ‘Income from Other Sources’ in your Return. The deduction is appeared under section 80 Deductions under section 80TTA.

Download Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 ( Updated Version )

Income Tax Arrears Relief Calculator
Income Tax Arrears Relief Calculator
Income Tax Arrears Relief Calculator

Download Automated Income Tax Preparation Excel Based Software All in One for Govt and Non-Govt Employees for the F.Y.2020-21 with Section 80TTB: Senior Citizens can Save Tax on their Interest Income

Finance Budget 2018 alongside numerous progressions to tax laws also presented another Section 80TTB. As per this Senior citizens can guarantee tax exemption up to Rs 50,000 on the interest income from bank/post office fixed store, repeating store, or investment account. Also, if a senior citizen picks to exploit Section 80TTB, he can’t guarantee further tax advantage 

U/s 80TTA.

Download Automated Income Tax Revised Form 16 Part B for theA.Y.2020-21 [ This Excel Utility Prepare at a time 50 Employees Form 16 Part B for F.Y.2019-20]

Income Tax Revised Form 16 Part B

Non-senior citizens and HUFs are not qualified for 80TTB exemption. Anyway, Non-senior citizens can, in any case, keep on profiting the tax advantage offered under section 80TTA, where interest income up to Rs 10,000 from a bank account is tax excluded.

In this way, going ahead from FY 2018-19 (AY 2019-20) there is NO change for individuals beneath the age of 60 while for Senior Citizens, they get extra tax exemption for the interest income.

Moreover, on account of Senior Citizens, the edge for TDS (Tax Deduction at Source) on interest income has been raised from Rs 10,000 to Rs 50.000 from FY 2018-19. On the off chance that your income is not exactly the income tax limit, you can dodge TDS by filling and submitting Form 15H to applicable banks and financial establishments.

Income Tax Section 80TTB

Section 80TTB Vs 80TTA:

Section 80TTASection 80TTB
EligibilityAvailable for all taxpayers. Moreover, if Senior citizens opt for 80TTB, they cannot take 80TTA advantage        Only Senior Citizens can avail
Tax RelaxationMax  Rs 10,000/-          Rs 50,000/- exemption
Entitled IncomeOnly interest income in savings  the account is considered (both Post office & bank account are eligible)Interest income from Fixed   Deposit, Recurring Deposit and Savings Account in Banks or Post Office is eligible

Section 80TTB is uplifting news for senior citizens who for the most part are subject to interest income for their post-retirement costs.

Download Automated Income Tax Preparation Excel Based SoftwareAll in One for Government and Non-Government Employees for the Financial Year2020-21 & Assessment Year 2021-22 as per New and Old Tax Regime U/s 115 BAC as per Budget 2020

 Feature of this Excel Utility:-

1) Tax Calculation as per the New and Old Tax Regime U/s 115BAC as per your option with the all relevant Modified Tax Section 

2) This Excel Utility have the Salary Structure as per the Government and Non-Government Employees, so it is easy to fit your salary in this salary structure

3) This Excel Utility can calculate your Salary Revived Arrears Relief Calculation U/s89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version)

4) Automated Individual Income Tax Salary Sheet for both Govt and Non-Govt Employees

5) Automated Income Tax Revised Form 16 Part A & B for the F.Y.2020-21

6)  Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) You can prepare the Tax Liability of your all employees and save the same to your system, for future usages

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

Due date extended by the CBDT for All Tax Returns tax Saving form 16/16a dates extended to 31/12/2020 Vide Notification No.2033(E) dated 24/06/2020 by the CBDT

       It is the grateful news that Due to Covit- 19 the Income Tax extended the time for Filling the Tax Return and given the Form 16 to the Employees of all of the Employers up to the 31st December 2020 As per the CBDT Notification No. 2033(E) dated 24th June 2020. Given below the Notification No. 2033(E) Dated 24th 24th June 2020. of the CBDT 

MINISTRY OF FINANCE

(Department of Revenue)

                                           (CENTRAL BOARD OF DIRECT TAXES)

                                      NOTIFICATION

                                                New Delhi, the 24th June, 2020

                                          TAXATION AND OTHER LAWS

S.O. 2033(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020) (hereinafter referred to as the Ordinance), the Central Government hereby specifies , for the purposes of the said sub-section (1),-

(i)         the 31st day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the specified Act falls for the completion or compliance of such action as specified under the said sub-section; and

(ii)        the 31st day of March, 2021 shall be the end date to which the time limit for completion or compliance of such action shall stand extended:

Provided that where the specified Act is the Income-tax Act, 1961 and the compliance relates to-

(i)                                   furnishing of return under section 139 thereof, for the assessment year commencing on the –

(a)     1st day of April, 2019, the end date shall be extended to the 31st day of July, 2020;

(b)    1st day of April, 2020, the end date shall be extended to the 30th day of November, 2020;

(ii)   Delivering of statement of deduction of tax at source under sub-section (2A) of section 200 or statement of collection of tax at source under sub-section (3A) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020, as the case may be, the end date shall be extended to the 15th day of July, 2020;

(iii)  Delivering of statement of deduction of tax at source under sub-section (3) of section 200 or statement of collection of tax at source under proviso to sub-section (3) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020, as the case may be, the end date shall be extended to the 31st day of July, 2020;

(iv) furnishing of certificate under section 203 thereof in respect of deduction or payment of tax under section 192 of that Act for the financial year 2019-20, the end date shall be extended to the 15th day of August, 2020;

                  (v) Section 54 or 54GB referred to in item (I) of sub-clause (i) of clause (c) of sub-section (1) of section 3 of the Ordinance or sub-clause (ii) of the said clause, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 29th day of September, 2020 and the 30th day of September, 2020 respectively;

(vi)  any provisions of Chapter VI-A under the heading “B.- Deductions in respect of certain payments” thereof, referred to in item (I) of sub-clause (i) of sub-section (1) of section 3 of the Ordinance, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 30th day of July, 2020 and the 31st day of July, 2020 respectively; and

(vii)                               furnishing of report of audit under any provision thereof for the assessment year commencing on the 1stday of April, 2020, the end date shall be extended to the 31st day of October, 2020:

Provided further that the extension of the date as referred to in sub-clause (b) of clause (i) of the first proviso shall not apply to Explanation 1 to section 234A of the Income-tax Act, 1961 in cases where the amount of tax on the total income as reduced by the clauses (i) to (vi) of sub-section (1) of the said section exceeds one lakh rupees :

Provided also that where the specified Act is the Direct Tax Vivad se Vishwas Act, 2020, the 30th day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified thereunder falls for the completion or compliance of the action and the 31st day of December, 2020 shall be the end date to  which the time limit for completion or compliance of such action shall stand extended.

2.         This notification shall come into force from the 30th day of June, 2020.

                                          [Notification No.35 /2020/ F. No. 370142/23/2020-TPL] 

                                 NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division)

Click here to  Download the Notification No.2033(E) Dated 24/06/2020

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Major Changes in Income Tax Rules FY 2020-21 (AY 2021-22) & FY 2019-20 Along with the Automated Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt employees for the F.Y.2020-21 & A.Y.2021-22 With New and Old Tax Regime U/s 115BAC as per Budget 2020

The income Tax return has to be filed by each eligible candidate as per rules and regulations. The income tax rules for the new financial year 2020-21 have undergone some major changes. Since April 1, 2020, these changes are being followed.

Income tax return has to be filed by each eligible candidate as per rules and regulations.

With the Union Budget, the 2020-21 FM Nirmala Sitharamanhos made some major changes to the income tax rules. From 1 April 2020, these changes will take effect.

From April 1, 2020, FM Nirmal Sitharmanhas introduced a new tax system. Those who choose such disciplinary forces will have to anticipate certain concessions.

For Individuals and HUFs: – It is proposed to introduce new Section 115BAC for a low rate of duty. Individuals with no business income / HUF can take such action. The once used option can be withdrawn at once. If the person / HUF stops earning business income, they can opt for this type of project again.

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

The rates of surcharge will be as under: –

• Total income has exceeded Rs 50 lakh but not more than 10 %

• Total income exceeds Rs 1 crore but does not exceed Rs 2 crore @ 15%

• Total income exceeds Rs 2 crore but does not exceed Rs 25 crore 25%

• Total income exceeds Rs 5 crore %%%

The total income will be calculated for the assessors for the new tax duty without deducting the following income: –

Section 10AA, 32 AD, 33 ABA, 35 (1) (ii), 35 (1) (IIA), 35 (1) (iii), Section 35 ( 2AA), 35 AD, 35 cc, and deductions in Chapter 6 VI -A (excluding)

Release the travel allowance under section 5 of section 10 (5).

House rent allowance under section 10 (13a).

Allowance for Members of Parliament / MLAs under Section (1 17).

Minor Minor 10/32 (etc.) Allowance for income etc.

The standard discount of 50 50,000 U / S16.

Deductions from House Property The interest income paid on the home loan (self-occupied / vacant) u / s 24.

• Entertainment allowance and employment / professional tax are not available.

15,000 / – discount for Rs. 57 / – for Family Pension.

It is not allowed to set off bearable losses and devaluations from previous assessment years.

House without losses under the main income from home property.

The exemptions / discounts / discounts / allowances for the assessors of the new tax duty is still as follows:

1.Individuals with Unit at Financial International Financial Services Center (IFSC) / HUF, 80 / Exemption

• Discount U / s 80CCD (2) and 80JJAA will be available.

Ed discount will be available for post saving interest (Rs. 3500 for the individual account holder and Rs. 7000 for joint account holder).

The mature amount received in LIC will be discounted.

The amount of interest earned on Su Sukanya Samriddhiyoge and the amount of maturity will still be exempted.

The employer’s contribution to NPS, EPF or supervision fund will still be deductible up to .5.5 lakh and more will be taxable in the hands of the employee.

Employees will still get a discount of up to Rs 5,000 from the employer. An additional amount will be taxable.

Food coupons received from Yer employers will be discounted up to a maximum of Rs 50 per meal per day.

There will be a discount on the amount received in the leave encashment.

Vol The amount received in voluntary retirement scheme will be exempted up to Rs. 5,00,000.

For Co-operative Societies: – New section 115BAD has been introduced to provide taxability at the rate of 22% of residential co-operative societies. Surcharge @ 10% will be charged. No AMT liability will be levied on those who choose the new tax discipline for residential cooperatives. The option once used by the Residential Cooperative Society cannot be withdrawn in subsequent years.

FM Nirmalasitharaman has also made some changes during the old regime. Some of the changes are as follows:

Distribute dividends not applicable to companies from 1 April 12020 The dividend is now taxable in the hands of the recipients

Direct The new Direct Tax Dispute Scheme has been launched. Those who pay this amount by March 31, 2020, will have their interest advertising penalty waived. However, due to the Covid-19 effect, the March 31, 2020 deadline has been extended.

Tax audit threshold limit u / s 44AB has been increased from 1 crore to 5 crores if the cash cover / total receipts do not exceed 5% during the previous year. Also, the cash payment in the previous year is not more than 5%.

Manufacturing A rebate of 15% has been introduced for sector companies for new generation and electricity.

Section 234G (Insert New Section) Rs. 200 per day for default of statement or certificate submitted under section 35 by research association, university, college, institution or any other institution

The following are the major changes for FY 2019-20:

The financial year 2016-17 brings some changes in the income tax rules. Consistent with the previous years, the expectations and sentiments of Indian taxpayers, especially salaried and pensioners, have increased when former Union Finance Minister Mr. Piyush Goel presented the budget for the financial year 2011-2020.

Income up to 5 lakhs rupees is tax-free

A  person whose income is less than five lakh rupees does not have to pay any tax. Under section 87, the tax exemption has been increased to Rs.500. 12,500, income free Rs. 5 lakh rupees.

What will happen if the income is more than five lakh rupees?

If the net income is more than five lakh rupees, then a person has to pay tax and no exemption will be given.

Note: Considering both the above issues, even if the threshold limit is less than five lakhs or less, it is mandatory to file ITR (Income Tax Returns). If the limit of the original discount is two and a half lakh rupees, ITR must be filed.

How much has the standard discount been increased?

The standard discount has been increased from Rs 40,000 to Rs 50,000.

When was the standard deduction reintroduced?

Standard discounts were reintroduced in 2018. After it was rebuilt, the government waived taxes on the provision of transportation and medical care, which reduced the change in benefits.

Download Automated Income Tax Preparation Excel Based Software for the Government and Non-Government (Private) Employees For the Financial Year 2020-21 & The assessment Year 2021-22 with New and Old Tax Regime U/s 115BAC as per Budget 2020

Feature of this Excel Utility:-

1) This Excel Utility Calculate the Income Tax As per the New Tax System New and Old Tax Regime U/s 115BAC, As per Budget 2020

2) All the Income Tax feature as per the Budget 2020 have in this Excel Utility including the Exemption and Deduction of the Income Tax Section U/s 115BAC

3) This Excel Utility has an Option for Opt-in for New Tax Regime OR Old Tax Regime, and Tax Calculate as per this Option U/s 115BAC

4) This Excel Utility has the Individual Salary Structure as per the Government and Non-Government (Private) Concerns Salary Pattern.

 5) This Excel Utility Auto Calculate your Income Tax after filling the Salary Structure U/s 115BAC

6) Automated Income Tax Arrears Relief Calculation U/s 89(1) From the F.Y.2000-01 to F.Y.2020 ( Update Version) With Form 10E

7) Automated Income Tax Revised Form 16 Part A and B in New Format

8) Automated Income Tax Revised Form 16 Part B in New Format

9) All the Income Tax Modified Section have in this Excel Utility as per Budget 2020 U/s 115BAC.

Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21
Income Tax Calculator All in One for Govt and Non-Govt Employees for the F.Y.2020-21

Automated New Revised Pension Form Single Comprehensive Form with all related papers for West Bengal Govt Employees as per Finance Notification No.416-F Dated 09/08/2019 After ROPA 2019

As per the West Bengal Finance Department has changed the Pension Form Single Comprehensive Form in a new modified format vide Notification No. 416-F, Dated 09/08/2019. Some of the particulars added in this New Form, which will be more transparent. And also this Format will be required after 01/01/2016 as per the New 6th Pay Commission ( As per ROPA 2019)

Revised Single Comprehensive Form for the West Bengal Govt employees

 Download the Revised and New Single Comprehensive Form PDF Format

Free Download the Automated New Revised Single Comprehensive Form with necessary all Pension Related Papers. No need to fill this form as manually, Just Download this Excel Based Software and input your required particulars and Prepare the All papers of Pension for the West Bengal Govt Employees As per ROPA 2019

Main Feature of this Excel Utility:-

Automatic prepare your All Papers for Pension with All Pension + Gratuity + Commuted Pension Amount + Gratuity Amount with Automated Single Comprehensive Form in New Format.

Revised Single Comprehensive Form for Pension of the West Bengal Govt Employees
Revised Single Comprehensive Form for Pension of the West Bengal Govt Employees
Revised Single Comprehensive Form for Pension of the West Bengal Govt Employees

 

Budget 2020-21: New tax regime for taxpayers, lower rates for people foregoing exemptions With Automated Income Tax Preparation Excel Based Software All in One for Private Employees for the A.Y.2021-22 and F.Y.2020-21

The new tax changed has reduced the income tax rate for new slabs and individual slabs from separate income to Rs 2,000. If any taxpayer chooses the aforesaid exemption and deductions option, then Rs. 15 lakhs per annum.

New Tax System U/s 115BAC for the F.Y.2020-21

Finance Minister Nirmala on February 1 with the aim of reducing rates and simplifying the structure Sitharaman announced the new government with personal income tax. The new tax changed has reduced the income tax rate for new slabs and individual slabs from separate income to Rs 2,000. If a taxpayer chooses the aforesaid exemption and deduction option, then Rs. 15 lakh per annum. The new tax tariff provides a lower tax rate and a new tax slab and at the same time removes the tax exemption and will result in a lower amount of tax for taxpayers, according to the finance minister. Under the new proposal, the tax structure will be detailed in the table below:

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

 However, the new tax system will be optional and taxpayers will have the option of either giving concessions or staying in the old system with the concessions or new reduced tax rates without those concessions. As proposed in the new tariff system, the new system will remove tax exemptions, but the tax benefits of retirement money, VRS, NPS and a few other categories will continue in the case of the new scheme.

Download Automated Income Tax Revised Form 16 Part A and B For the F.Y.2019-20 [ This Excel Utility Can Prepare at a time 50 Employees Form 16 Part A and B in Revised Format ]

Revised Income Tax Form 16

 The proposal will result in a loss of Rs 5,000 crore in revenue. 40,000 cores a year. Which tax systems for new ones will be beneficial, i.e. a small amount of tax for each person depends on his income organization and the investments are completed. Each person has to calculate their income to determine which tax system is best for them.

For example, a person earning between Rs 3.5 lakh to Rs 5 lakh will not see any change in the income tax slab as there is no change in it. However, if a person earns Rs. 10,000 /- to. 5.5 lakh in a year and Rs. 18,200 as per the new tax discipline as compared to almost Zero due to tax exemption as per policy and insurance as per old tax rate.

So, in this case, the old tax is beneficial. Meanwhile, if a person earns Rs. 10,000 / -. 15 lakes in a year and not availing any discount etc. only Rs. 1,99,000 as against the new tax rate of Rs. 73 273,000 in the old tax system.

The finance minister further said that the corporate tax was reduced last September, the government has followed the same pattern and there was a plan for those who were looking for a simpler structure and others could go with the rebate. In addition, the Center has proposed a solution to the problem in the Union Budget 2020 to protect taxpayers from harassment. In the budget, speech FM introduced a taxpayer charter that will be established.

Free Download Automated Income Tax Preparation Excel Based Software All in One only for the Non-Govt (Private) employees for the Financial Year 2020-21 and Assessment Year 2021-22 

 Feature of this Excel Utility:-

1) This Excel Utility can Calculate your Income Tax as per the New Income Tax Section 115BAC ( New and Old Tax Regime) as per Budget 2020

2) Automated Income Tax Computed Sheet after filling all of your salary details in Salary Structure.

3) This Excel Utility Have the Salary Structure as per the all of the Non-Govt(Private) Concerns Salary Pattern. 

4) Auto Calculate Your House Rent Exemption Calculation U/s 10(13A)

5) Automated Income Tax Form 12 B.A.

6) Automated Revised Form 16 Part A and B in the new format

7) Automated Revised Form 16 Part B in the new format 

8) You can prepare Income Tax Calculation Sheet One by One more than 100 employees by this one Excel utility.

8) All the Income Tax Revised Section have in this Excel Utility as per Budget 2020

Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21 With Deductions under Chapter VI A of Income Tax Act

Chapter VI of the Income-tax Act contains various sub-sections of Article 70 which allow an assessor to claim exemption from total income.

Section VI of the Income-tax Act contains various sub-sections of section 80 which allow an appraiser to claim exemption from gross total income as a result of various tax-saving investments, approved expenditures, grants, etc.

Chapter VI of the Income Tax Act contains the following sections:

80C: Exemption in case of life insurance premium, deferred annuity, the contribution of Provident Fund (PF), subscription of certain equity shares or debentures etc. 

80CCC: Exemption limit for contribution to the fixed pension fund with Section 80C and Section 80CCD (1) is Rs. 1.5 lakhs.

80CCD (1): Exemption for contribution to the Central Government Pension Scheme – In the case of an employee, 10 % of his salary (Basic + DA) and in any other case, 20 per cent of his total income will be tax-free in a financial institution. The combined limit of 80C and 80cc together is Rs 1.5 lakh.

Download Automated Master of Revised Form 16 Par B for the Financial Year 2019-20 and Assessment Year 2020-21 [ This Excel Utility can prepare at a time 50 Employees Form 16Part B in revised format]

Income Tax Revised Form 16

80 CCD (1B): Discount up to Rs. 50,000 for contribution to Central Government Pension Scheme (NPS). 

80CCD (2): Concession by the employer for contribution to Central Government Pension Scheme Tax benefit is given by employer on 14% contribution, where Central Government makes such contribution and where any other employer contributes, the tax benefit is 10%. 

80D: Deduction in case of health insurance premium. Premiums paid up to Rs 25,000 are eligible for discounts for persons other than senior citizens. For senior citizens, the limit is Rs 50,000 and the overall limit u / s 80D is Rs 1 lakh. 

80DD: Disability is a reduction in maintenance, including the treatment of a dependent person. The maximum discount limit under this section is Rs 75,000.

Download Automated Master of Revised Form 16 Par B for the Financial Year 2019-20 and Assessment Year 2020-21 [ This Excel Utility can prepare at a time 100Employees Form 16 Part B in revised format]

Income Tax Revised Form 16 Part B

80 DDB: Neurologist, One Oncologist, Urologist, One deduction on expenses up to Rs. 40,000/- for treatment of a specific disease from a haematologist, immunologist or such specialist. 

80E: Exemption in case of interest on loan taken for higher education without higher limit.

80EE: Discount on interest up to Rs. 50,000 on loan taken for residential house property

80EEA: Discount in case of interest up to Rs. 1.5 lakhs on the fixed home property (taken for affordable housing) 

80 EEB: Discount on interest up to Rs 1.5 lakh for a loan taken to buy electric car. 

80G: Depending on the nature of donations to specific funds, charities, etc., the range varies from 100 % of total donations to 50% of the total donations or 50 % of donations to 10 %of total income. 

80GG: Discount on rent paid by non-salaried persons without HRA benefits. The discount limit is Rs 5,000/- per month or 25 per cent of the total income in a year, whichever is less. 

80 TTA: Discount on interest rate up to Rs. 10,000/- in savings bank account for any assessment other than a residential senior citizen 

80 TTB: Resident Senior Citizens deposited Rs. 50,000/- 

80U: Exemption in case of the disabled person. Maximum waivers are allowed depending on the type and extent of disability allowed under this section Max Rs.25000/- for below 60 Years and Rs. 50,000/- for Sr. Citizen above 60 Years

Download Automated Master of Revised Form 16 Par A&B for the Financial Year 2019-20 and Assessment Year 2020-21 [ This Excel Utility can prepare at a time 50 Employees Form 16Part A&B in revised format]

Income Tax Revised Form 16 in Excel
Income Tax Revised Form 16 in Excel

Download Auto Calculate Income Tax for the Govt and Non-Govt Employees for the F.Y 2020-21 and A.Y 2021-22 As per New Tax Section 115BAC ( New & Old Tax Regime)


The Finance Minister mentioned in his 2020 budget speech that he had simplified the income tax structure. Unfortunately, this is far from the truth. What has happened is that the budget has given you another option to calculate your taxes. More options mean more complexity.

We have come up with an income tax calculator that incorporates both existing systems and new tax systems. You can fill in the details and find out which one works best for you.

New Tax Slab

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

 If you want to opt for the new tax regime, you will need to get most of the tax deductions and exemptions such as Standard Discount, Chapter VI Exemption, HRA Benefit, LTA, Home Loan Interest for Self Occupied Homes etc.

In most cases, with the new tax system, in the case of tax exemptions, the taxes start to become higher. 

New Section 115BAC ( New Tax Regime) for the F.Y.2020-21

Income Tax Slab for FY 2020-21 (AY 2021-22) (New Method)

Existing tax regime tax slab

If you follow the existing tax system, there is no change in the tax slabs.

Income Tax New Tax Regime U/s 115BAC for the F.Y.2020-21

Download Automated Income Tax Preparation Excel Based Software All in One for the Government and Non-Government Employees for the F.Y.2020-21 and Ass Year 2021-22as per the New Tax System U/s 115BAC on the basis of the Budget 2020

[This Excel The utility can prepare at a time Income Tax Computed Sheet + Individual Salary Structure as per the Govt and Private Salary Pattern+ Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 + Automated Income Tax Revised Form 16 Part A&B and Revised Form 16 Part B in new format ]

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

Free Download Automated Revised Single Comprehensive Form as per ROPA 2019 this Excel Utility can prepare your all Pension Forms including Revised Single Comprehensive Form

The West Bengal Finance Department has published the New Single Comprehensive Form in Revised Format as per the ROPA 2019 and this Form use after 01/01/2016. Click here to Download the Revised Format from the W.B. Finance Department. 

This the utility can calculate all the calculations related to the Pension of Verge of Retirement, date of retirement, date of commencement of pension and family pension and the amount of subsequent extension, amount of pension and family pension, gratuity, CPP and case filing only. It will also prepare a single detailed form with forwarding letter + other pension papers. 

Just fill the white cell as mentioned in this Excel Utility. Fill out loan forms manually as they are not generated automatically. Note that the Excel-based software is based on DETRCB rules and follows the rules of WBS is (Ropa), 2019 and it calculates after 01/01/2016 not before that the date. This Excel Utility can calculate the pension two years before retirement.

Post your opinion/comment for fill free in the below given Post Comments Section. Your Comments will help to provide more Excel Utility for the West Bengal Govt Employees’

Free Download the Automated Pension Papers with Revised Single Comprehensive Form for the West Bengal Government Employees as per the ROPA 2019 [ This Excel Utility can prepare automatic your Single Comprehensive Form + Automatic Calculate Gratuity Calculation + Pension and Family Pension Calculation + Pension Calculation Sheet ] 

Automated Single Comprehensive Form for West Bengal Govt Employees
Automated Single Comprehensive Form for West Bengal Govt Employees
Automated Single Comprehensive Form for West Bengal Govt Employees
Automated Single Comprehensive Form for West Bengal Govt Employees
Automated Single Comprehensive Form for West Bengal Govt Employees
Automated Single Comprehensive Form for West Bengal Govt Employees

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