October 26, 2020

Itax Software

Income Tax Software

Download and Prepare at a time 100 Employees Form 16 for the F.Y. 2018-19 With the Union Budget of 2019 looks in favour of the salaried class For F.Y. 2019-20 with Automated Income Tax Master of Form 16 Part B for F.Y. 2018-19

The Union Budget of 2019 looks for the salaried class this time.
Piyush Goyal is delegated as the between time fund serve in light of the
fact that Arun Jaitley is experiencing treatment in the United States.
On one hand, Piyush Goyal proposed to build a Standard Deduction of Rs
50,000/ – which will be deducted from the assessable salary of workers
which is a reference to the salaried class. Then again, there is no
adjustment in the Tax piece, anyway the refund u/s 87A is been changed
to Rs.12,500/ – from existing Rs.2500/-.

Here are the Key Changes presented by the Budget 2019 –

1. No adjustment in Income Tax chunks rates

The
Modi Government in the previous years has rolled out positive
improvements regarding salary charge for the salaried class. In any
case, the current year’s Budget again has rolled out no improvements in
the Income Tax section rates.

2. The proposition to Increase Standard Deduction

The
Union Budget 2019 has proposed to expand Standard Deduction to Rs
50,000 from existing Rs. 40,000. The standard conclusion is a level sum
that is subtracted from pay before estimation of assessable pay.

3. The proposition to Increase Income Limit for Rebate u/s 87A

The
financial plan 2019 has proposed to build Section 87A discount
assessable pay point of confinement to Rs 5 lakh from existing Rs 3.5
lakh. Prior for assessable pay up to Rs. 3.5 lakh the discount was point
of confinement to Rs 2,500/-, however under new proposition this cutoff
will stretch out to Rs 12,500/-, this implies for that worker whose
assessable salary is up to Rs 5 lakh need not require to make good on
any regulatory expense, yet on the off chance that the sum surpasses Rs 5
lakh, at that point at that point existing 5% rate on piece Rs 2.5 lakh
till Rs 5 lakh will be material.

Download Automated Income Tax Calculator for the Financial Year 2019-20 and Assessment Year 20120-21 

4. The decrease in Income Tax process Time

The
Budget 2019 has proposed to lessen Income Tax returns handling time to
24 hours from existing time which use to take up to 25 to 40 days.

5. Denied Tax on ‘Notional Rent Income’

Surrender charge on ‘Notional Rent Income’ on Deemed-to-be-let-out property if a worker holds 2 house property.

For
a progressively thorough comprehension of the Key Highlights, here’s an
unthinkable portrayal of the considerable number of changes made.-

Particulars
Pre-Budget
Post-Budget
Standard Deduction
Deducted Amount
Rs.40,000/- Annual
Rs.50,000/- Annual
T87A Rebate Taxable Income Limit
Rs.3,50,000/- Annual
Rs.5,00,000/- Annual
87A Rebate amount Limit
Rs.2,500/- Annual
Rs.12,5,00/- Annual
Personal IT return Processing time
25 to 40 Days
24 Hours
Income Tax on
Notional Rent Income
Income Tax on
Notional Rent Income
Income
tax on notional rental income will not be taxed on the second house
property(if deemed to be let out). However, if an employee has more than
two house properties, then in such cases additional houses over and
above will be taxed accordingly

Download the Automated Income Tax Master of Form 16 Part B for F.Y. 2018-19 [ This Excel Utility can prepare at a time 100 Employees Form 16 Part B for F.Y. 2018-19]


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