Excel-based Income Tax Preparation Software – for the F.Y 2020-21


Excel-based Income Tax Preparation Software for the F.Y 2020-21–A.Y 2021-22 As per new and old tax regime U/s 115BAC

In Budget 2020 introduced two tax systems, somehow benefit certain income taxpayers and pull additional taxes on certain taxpayers. In the middle class taxpayers is your Excel-based income tax calculator can be used to calculate income tax on income from salaries, pensions, gifts, fixed deposits, and bank interest and you will get the result according to the result of your tax regime election.

Main Feature of this Excel Utility are:-

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

2) Individual Salary Structure as per the Non-Government (Private) Employee’s Salary Pattern

3) This Excel utility prepares and calculating your income tax as per the New Section115 BAC (New and Old Tax Regime)

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

5) Automated Income Tax Form 12 BA

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

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

8) Individual Salary Sheet

9) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)

Highlights the changes in the income tax in this financial year 2020-21

 A new direct tax dispute resolution F.Y 2020-21 has been introduced under the “Dispute is the World Boundary”. No penalty will be levied if the taxpayers pay by March 31, 2020. Here only the disputed tax has to be paid.

 An additional period of 1 year under Section 80EEA is extended to avail additional INR 1.5 lakh discount. It can not   approved if you choose the new tax regime.

 Dividend Distribution Tax (DDT) has been withdrawn.

 If you have new tax charges LTA, HRA, transportation, other special allowances [Section 10 (14)], Standard deduction, interest on housing loan (Section 24), Chapter VI discount (80C, 80D, 80E and so on ) On) (excluding sections 80CCD (2) and 80JJA) is not allowed.

New and Old Slab

Main Feature of this Excel Utility are:-

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

2) Individual Salary Structure as per the West Bengal Government Employee’s Salary Pattern as per ROPA 2019

3) This Excel utility prepares and calculating your income tax as per the New Section 115 BAC (New and Old Tax Regime)

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

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

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

7) Individual Salary Sheet

8) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)

Old tax regime vs. new tax regime

The question is whether the old tax system is better for the common man than the new tax discipline, any change in the tax slab directly or indirectly affects the salaried person, in this regard, it is very indispensable to understand the advantages and disadvantages of your choice.

new and old tax regime

Whether a taxpayer can choose between two tax systems in each financial year as his financial benefits and income for that year.  Ans:- Yes you can.

Which tax regime is better?

There are different case studies of different scenarios for individuals who are paid at different pay levels under the current tax duty and the new proposed tax system.

If a salaried employee does not claim a waiver.

In the above case, the new tax discipline looks attractive, except that “if the individual claims are exempted under section 50C, 60D, HRA exemption, LTA exemption and interest exemption on loans taken up to the allowable limit for self-occupied property, the election criteria change.” Will be. “

Salaried persons claim maximum deduction / waiver, considering Rs.1.5 lakh U/s 80C and Rs. 25,000 U/s 80D to the below 60 years of age and Rs 50,000/- for the Senior Citizen above 60 years of age.

All types of exemptions / deductions change the whole picture of the tax system for the individual, but it is very clear. In the case of the above INR alone, more than 15 lakh + taxpayers will benefit from the new government.

Advantages and Disadvantages if you choose Old Regime

 You can take advantage of all the discounts and discounts as usual.

If you are under a higher tax slab, the old regime is a better option. This will allow you to get rid of all the discounts

Pros:-

The old not only saves taxes but increases your wealth corpus

Income above Rs 5 lakh has forced you to pay tax under the new regime, but under the old regime, all exemptions and rebates filter your taxable income and pull you out of the tax.

Cons:-

Old rules conditionally force you to use discounts to save tax, otherwise, you will have to pay taxes. There are many categories that require additional tax knowledge which is somewhat difficult for people from other streams.

This Unique Software All in One prepare at a time your

1) Income Tax Computed Sheet as per your Option New or Old Tax Regime

2) Individual Salary Structure as per the Government & All Private Employee’s Salary Pattern

3) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

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

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

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

8) Individual Salary Sheet

9) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)