All the taxpayers are known that the new system introduced in Budget 2020 U/s 115 BAC For the F.Y.2020-21. In this method you’ll choose your option as Old Tax Slab or New Tax Slab U/s 115 BAC.
In this regard, you want to know your Tax that you simply shall be paid to the government for the fiscal year 2020-21 and Assessment Year 2021-22. As per the Section 115 BAC you’ll choose your option within the PRESCRIBED FORM 10-IE as New or Old tax Regime. When you submit your tax Details to your Employer or Dedicator, you want to mention your Option as New or Old Tax Regime.
Look about the new section 115 BAC:-
1) If you select A New Tax Regime then you’ll not entitle any tax Benefits as per tax Act 1961 and also, you’ll not get the Old Tax Slab as before the F.Y.2019-20. But you will get only one Tax Benefits for NPS (Pension Scheme) U/s 80CCD. Follow the below the New tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime.
2) If you select A Old Tax Regime then you’ll get the all tax Benefits as per the tax Act 1961,and you’ll avail the Old Income Tax Slab Rate as per the F.Y.2019-20. You can get all the tax Sections benefits if you select the Old Tax Regime. Follow the below the New tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime.
You may check your Income To Tax Liability by the Unique & Most popular Excel Based Income Tax Software All in One where from you know your Total Tax Burden as New and Old Tax Regime (As per your Option) This Excel Based tax Preparation Software for the Andhra Pradesh State Employee.
Download Automated Income Tax Preparation Excel Based Software All in One for the Andhra Pradesh State Government Employees for the Financial Year 2020-21 and Assessment Year 2021-22 U/s 115BAC
Main feature of this Excel utility are:-
1) Income Tax Computed Sheet as per your Option New or Old Tax Regime
2) Individual Salary Structure as per the Andhra Pradesh State Employee’s Salary Pattern
3) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)
4) This Excel Utility has an option where you can choose your option as New or Old Tax Regime
5) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Update Version)
6) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
7) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21
8) Individual Salary Sheet
9) Auto Calculate your House Rent Exemption Calculation U/s 10(13A)