October 30, 2020

Itax Software

Income Tax Software

Most Recent changes in Income Tax Rules from April 1, 2019 that you must Know With Automated One by One Preparation excel Based Form 16 Part A&B & Part B for the F.Y. 2018-19

Increased Tax Rebate u/s 87A:

While
making the spending discourse, the Finance Minister said that
individuals with an assessable salary of Rs 5 lakh would get full
expense refund. Numerous individuals imagined that he has changed the
expense piece. Yet, when the Budget record was out, the change was made
in Section 87A. From FY 2019-20 for people with an assessable salary of
Rs 5 lakh or less the expense refund would be lesser of duty obligation
or Rs 12,500 whichever is lower. The following is the computation:


Rebate U/s 87A
FY 2019-20
FY 2018-19
Taxable Income
5,00,000
5,00,000
Income Tax
12,500
12,500
Tax Rebate u/s 87A
12,500
0
Health & Education Cess @ 4%
0
500
Total Tax Payable
0
13,000
This
would just profit individuals with assessable pay beneath Rs 5 lakh.
Had there been a decrease in the assessment section it would have
profited each citizen.
Standard derivation expanded from Rs 40,000 to Rs 50000:
The
standard derivation accessible to Salaried and Pensioners has been
expanded from Rs 40,000 to Rs 50000. This would diminish the assessment
risk up to Rs 3,558 in the most noteworthy duty piece.
No Tax on Notional Rental Income from Second House:
Until
this year, in the event that somebody had more than one house, he could
demonstrate one house as self-involved while every single other house
must be either delegated leased (on the off chance that it was really
leased) or considered to be leased (if empty or self-involved). If there
should be an occurrence of “esteemed to be leased” the citizen needed
to demonstrate notional rental pay from those houses and cover
government expenses on the equivalent. From the next money related year
FY 2019-20, presently you can have two houses as self-involved. This is
great move the same number of individuals need to keep up two houses,
one for self and other forwards including guardians, kids or companion.
Be that as it may, if there should be an occurrence of multiple houses, notional pay would in any case hold.
TDS edge expanded from Rs 10,000 to Rs 40,000 on Bank Interest Income
Edge
of deducting TDS on premium salary from Bank, Post Office or co-employable store has been expanded from Rs 10,000 to Rs 40,000.
Accepting loan cost of 8%, you can store Rs 5 lakh in Bank Fixed Deposit and not stress over TDS. I think this is incredible move the same
number of individuals needed to pointless experience TDS and document
Income expense forms of fill Form 15G/H. However, do recollect, that no
TDS does mean no assessment. Despite everything, you have to demonstrate the intrigue salary and make good on government obligation whenever required.
Extra conclusion Rs. 1.5 Lakh for new house building advance intrigue
In
the Full Budget on 5/6/2019, the Finance Minister has pronounced an
Additional Deduction Rs. 1.5 Lakh can get profits by the House Building
Loan Interest U/s 80EE
YOU CAN FILL YOUR INCOME TAX RETURN THROUGH YOUR AADHAAR CARD IF YOU HAVE NO PAN CARD
In
the full spending plan proposed on5/6/2019, The Finance Minister has
proposed to entomb change the PAN CARD or AADHAAR CARD can fill the
Income Tax Return.
In the event that you have no PAN CARD, you can fill the annual Tax Return through your AADHAAR CARD
All the above changes would be compelling from April 1, 2019, and relevant from FY 2019-20 (AY 2020-21) onwards.

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