November 1, 2020

Itax Software

Income Tax Software

Download Automated Income Tax Preparation Excel Based Software All in One for Non-Govt Employees for F.Y.2020-21 as per Budget 2020 With New versus Old tax regime: Analyses the benefits before making your choice

 Under the simple system, it is not possible to claim some concessions and exemption.
In the Budget 2020 has introduced a simple personal tax system to reduce the tendency of income tax income of individuals.
This new regime provides an option for individuals to pay taxes at a
reduced rate subject to certain discounts and rebates. The following is a
quick comparison of tax rates. 
 As
the new financial year begins, many individual taxpayers are in the
process of analyzing whether they will continue to pay taxes under the existing old regime or opt for a simplified personal tax system.
Individuals
can consider the following to decide which system will work best for them. Under simplification, it is not possible to claim specific exemptions and rebates. There are discounts and rebates widely used by the people listed below and which will not be available under the new tax discipline. In addition to.
 The
loss under the heading ‘Income from House Property’ (probably due to
interest from a home property) cannot be set against the income under
the other head, but it appears to have been set up. For those who have
business income, deductions, investments in new plants and equipment,
tea, coffee, rubber development, certain businesses, agricultural
extension projects and scientific research expenses cannot be taken
under the new tax system.
Application
of this option for persons who do not have a business / professional
income during the year: Although this the option can be used by
individuals when filing returns, it was not clear until recently whether
they could decide on new measures for employers to deduct taxes. The
lack of activation of amendments to the tax exemption provisions in the
Finance Act 2020 has created confusion among employers as to whether
they can apply the new tax system at the time of tax exemption.
Subsequently, the Central Board of Direct Taxes (CBDT) issued a
clarification on April 13, 2020, to avoid inconvenience to individual
taxpayers wishing to adopt the new tax option.
According
to the specification, an employer can apply the tax at the rates fixed
under the new tax rate while withholding tax from the salary. However,
the employer must be notified if the employee chooses to opt for the new
rules.
If
no investigation is arranged, the employer will be able to withhold the
tax under the old system. Also, the employee may notify the employer
only once per financial year and the information may be provided at any
time during the financial year.
For
people with business / professional income: People with business income
can use this option before the due date for filing the tax return. If a
person with a business / professional income prays for a new tax, he
will have to continue with the new government for all his subsequent
years. He can withdraw the used option and return to the old regime only
once.
Once
withdrawn, he will be ineligible to use the new government option for any future year, unless his business / professional income ceases. Can employees change the regime while filing tax returns? The person can opt for the new year and notify the employer at the beginning of the financial year. However, as the year went on he realized that the old regime could work better for him because of the projected income and exemptions. In such cases, it is not necessary for the employee to continue with the elected and declared regime with his employer.
According
to the provisions of the law, he has the right to change his option
while filing the income tax return. Things to keep in mind when choosing
a government The individual taxpayer needs to make an informed decision
about whether to choose the new personal tax condition, as it can help
in tax optimization.
Also,
although it is possible to change from one scheme to another at the
time of filing the tax return, the additional taxes may be deposited by
the employer as the government-appointed at the beginning of the
financial year. These additional taxes have to be claimed as refunds
from the tax authorities which can lead to cash flow problems for the
individual.
Although
the individual will be aware of his or her salary income, the following
factors should be considered for the administration to administer
fairness: – Income other than salary income (e.g., interest income,
dividend / mutual fund income, etc.) –
An
unexpected increase in the year and bonus money year will be acceptable
for-expectations for the fiscal year-for estimating the appropriate
home rent allowance in the case of rent payable for the year
The
year in which he expects the travel plan to claim a holiday travel
allowance is a welcome amendment to simplify the new tax system.
However, thoughtful analysis is required to select the appropriate measures for the individual.
Feature of this Excel Utility:-
1)    Automated calculate your Tax in Tax Computed Sheet as per the New Section 115BAC ( New Tax and Old Tax Regime)
2)    This
Excel Utility can prepare at a time your Tax Computed Sheet + Automatic
Income Tax House Rent Exemption Calculation U/s 10(13A) + Automated
Income Tax Form 12 BA + Automated Income Tax Revised Form 16 Part
A&B and Form 16 Part B
3)    Easy to install and easy to generate, just like as an Excel File.
4)    All in the amended Income Tax Section have in this Excel Utility as per Budget of 2020.
5)    This Excel Utility have a Salary Structure as per the all Non- Govt ( Private ) Concerns Salary Pattern.

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