As per Budget 2020, taxpayers were given an opportunity (option) to choose between the old and new tax regime. In the new tax regime, taxpayers have an opportunity (option) to pay lesser tax on the complete income. That implies taxpayers won’t be permitted to guarantee the derivations and tax benefits in any case accessible in the old tax regime if the new tax regime is chosen. The taxpayer needs to make his/her decision prior to recording the Income Tax Return (ITR) of the important Financial Year (F.Y).
The option to choose the new tax regime is just accessible for People and Hindu Unified Family (HUF).
As referenced above, taxpayers need to make their choice prior to recording the important ITR. This determination should be conveyed to the Income Tax Office before the ITR is documented.
Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the financial year 2000-01 to the Financial year 2020-21 (Updated Version)
How to inform your Employer as well as the Income Tax Department that, which tax regime is chosen?
The Central Board of Direct Taxes (CBDT) has delivered Form 10-IE to respond to this inquiry. As such, any individual who wishes to pay income tax according to the new tax regime needs to convey his/her decision to the Income Tax Office through form 10-IE. On the off chance that a taxpayer needs to quit the new tax regime, a similar form (10-IE) should be submitted prior to recording the income tax returns for the pertinent Financial Year (F.Y).
Substance of Form 10IE
The essential subtleties needed to be entered in form 10-IE are;
• Name of the individual/HUF
• Confirmation – Regardless of whether the individual/HUF has any income under the head benefit or gains from business or calling
• Permanent Account Number (PAN)
• Date of Birth/Joining (In DD/MM/YYYY format)
• Nature of Business/Calling
• Confirmation – Regardless of whether the taxpayer has any unit in Global Monetary Administrations Place (IFSC), as alluded to in sub-section (1A) of section 80LA (if true, the subtleties must be given)
• Details of the past form 10-IE documented (If relevant)
• Once the taxpayer practices his option to pay tax according to the new tax regime, in the earlier year, this option can’t be removed for a similar earlier year. This can consequently be removed just a single time for whatever other earlier the year when the taxpayer is ineligible for practising the option.
• This the form will be endorsed by the individual/Karta of the HUF/Approved Delegate as it was.
• Form No. 10-IE must be outfitted electronically either with a computerized signature or through the Electronic Confirmation Code (EVC).
• The choosing expert on the tax of form 10-IE is – The Important Chief General of Income-tax (Frameworks) or the Chief General of Income-tax (Frameworks).
• This form will be relevant from F.Y 2020-21.
Download Automated Income Tax Preparation Excel Based Software All in One for the Non-Government(Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22U/s 115BAC (New and Old Tax Regime)
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 Income Tax Form 12 BA
4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)
5) Individual Salary Structure as per the Non-Government (Private) Concern’s Salary Pattern
6) Individual Salary Sheet
7) Individual Tax Computed Sheet
8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
9) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
10) Automatic Convert the amount into the in-words without any Excel Formula