Improved discretionary Individual tax system is presented with lower income tax rates for the persons who are prepared to forgo many tax refunds. 1. Standard Derivation of Rs 50,000 took into account salaried persons/pensioners. ( Who are Opt in Old Tax Regime only the can get this benefits) 2. Total derivation of Rs 1.5 lakhs permitted under Section 80C, 80CCC, and … [Read more...] about HIGHLIGHTS OF CHANGES IN INCOME TAX RULES FROM FY 2019-20 TO FY 20-21 AS PER NEW SECTION 115 BAC FOR THE F.Y.2020-21
HIGHLIGHTS OF CHANGES IN INCOME TAX RULES FROM FY 2019-20 TO FY 20-21 AS PER NEW SECTION 115 BAC FOR THE F.Y.2020-21
Saving tax is always at the forefront of each taxpayer's mind. That is the reason individuals take a gander at legal avenues to bring down their tax liability. Thanks to the Income Tax Act arrangements, there are ways in which an individual tax-payer can bring down his tax outgo. The arrangements accommodate tax deductions and tax exceptions from the taxable income. These … [Read more...] about Useful Tax-Saving Tips for Financial Year 2020-21 as per New and Old Tax Regime U/s 115 BAC
Standard Deduction U/s 16(ia) first introduced in Budget from 2018, Advantage of Standard Deduction is just for Salaried Individuals. [This Standard Deduction is not allowed to the New Tax Regime U/ 115 BAC for the F.Y.2020-21, who are opt-in the New Tax Regime but who are opt-in the Old Tax Regime they can get this benefits.] Exemption from Income Tax U/s 16(ia) states … [Read more...] about Standard deduction u/s 16(ia) is not allowed to the New Tax Regime U/s 115 BAC for the F.Y.2020-21 – With Auto Calculate Income Tax Arrears Relief Calculator U/s 89(1) for the F.Y.2020-21
Salaried representatives form the major piece of the overall taxpayers in the nation and the commitment they make to the tax assortment is very significant. Annual tax deductions offer a gamut of chances for saving tax for the salaried class. With the assistance of these deductions and exclusions and, one could decrease his/her tax substantially. In this article, we … [Read more...] about Income Tax Allowances and Deductions Allowed to Salaried Individuals With Automated Income Tax Preparation Excel Based Software All in One for the Govt & Private Employees for F.Y.2020-21 as per New and Old Tax Regime.
The income chargeable under the head "Salaries" is registered after making the following deductions under Section 16: 1. Standard Deduction; 2. Entertainment Allowance Deduction; and 3. Professional Tax. 1. Standard … [Read more...] about Deduction U/s 16 with Automated Income Tax Salary Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2020-21