October 28, 2020

Itax Software

Income Tax Software

INCOME TAX REBATE RS.12,500/- U/S 87A WITH AUTOMATED 50 EMPLOYES MASTER OF FORM 16 PART A&B IN NEW FORMAT FOR THE F.Y 2019-20 & AY 2020-21

Revised Rebate under Section 87A
Tax rebate of Rs 12,500 for individuals with a taxable income of up to Rs 5 Lakh has been proposed in Interim-Budget 2019-20-18 / AY 2020-21 as well.
  • Only Individual Assesses earning net taxable income up to Rs 5 lakhs are eligible to enjoy tax rebate u/s 87A.



  • For Example:
    Suppose your yearly pay comes to Rs 6,50,000 and you claim Rs 1,50,000
    u/s 80C. The total net income in your case comes to Rs 5,00,000 which makes you eligible to claim a tax rebate of Rs 12,500.
  • The
    amount of tax rebate u/s 87A is restricted to a maximum of Rs 12,500.
    In case the computed tax payable is less than Rs 12,500, say Rs 10,000
    the tax rebate shall be limited to that lower amount i.e. Rs 10,000
    only.
  • The
    Tax Assessor is first required to add all incomes i.e. salary, house
    income, capital gains, business or profession income and income from
    other sources and then deduct the eligible tax deduction amounts u/s 80C
    to 80U and under section 24(b) (Home Loan Interest) to come up with the net taxable income.
  • If
    the above net taxable income happens to be less than Rs 5 lakhs then
    the tax rebate of Rs 12,500 comes into the picture and should be
    deducted from the calculated total income tax payable.

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part A&B in New Format for A.Y. 2020-21]( Who are not able to Download Form 16 Part A from the TRACES Portal, they can use this Form 16 Part A&B)

 The main feature of this Excel Utility:-

1)   Prepare At time 50 Employees  Excel Based  Form 16 Part A&B ( Modified Format of Form 16 Part A&B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2)   All the Amended Income Tax Section have in this utility as per Budget 2019
3)   You can print individual Form 16 Part Part B
4)   Most easy to install just like an Excel File
5)   Easy to Fill all column
6)   Automatic Convert the Amount to the In-Words

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