Anticipatory Income Tax Utility 2020-21
Tax Consultant unlimited version 5.01 for the Income Tax calculation and preparation of Income Tax Statement, Form 16, Form 10E and exporting of Annexure-II. This software can be used for ten Financial Years from 2016-17 onwards.
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Water Analysis Assistant Ver 4.40
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Income Tax Slab & Deductions for FY 2020-'21

     From the FY 2020-21 onwards, the Assesses can opt New Tax Regime as per Section 115BAC or Continue in the Existing tax Regime. The employer is liable to deduct the TDS from the salaries of their employees according to the Tax regime opted by the employee. The new tax regime with lower rates was rolled out by the government, which will be optional, taxpayers will have to let go of exemptions. The decision has to be taken by the employee at the beginning of the Financial Year. There is no way to change the regime anytime during the financial year. The taxpayer has to wait until the beginning of the next FY to switch from the existing system or at the time of filing the Income Tax ReturnIn short, for the Financial Year 2020-21, the payer can opt to continue the existing Income Tax Regime or New Tax Regime to lower the tax rate. 

Tax Slab

 

Existing Tax Slab 

(Tax Payer can avail all deductions and Exemptions)

 

New Tax Slab

(Tax Payers not Permitted to avail most

of the deductions and Exemptions) 

    Individual (Below 60)        Senior (60 to 79 )   Super Senior (80 and Above)    Rate  Applicable for all Individual 
  Up to 2.5 Lakh    Up to 3 Lakh    Up to 5 Lakh   - Nil    Upto 2.5 Lakh  - Nil
  2.5 Lakh to 5 Lakh   3 Lakh to 5 Lakh     - 5%    2.5 Lakh to 5 Lakh  - 5%
  5 Lakh to 10 Lakh   5 Lakh to 10 Lakh   5 Lakh to 10 Lakh  - 20%    5 Lakh to 7.5 Lakh  - 10%
  Above 10 Lakh   Above 10 Lakh   Above 10 Lakh  - 30%    7.5 Lakh to 10 Lakh  - 15%
         10 Lakh to 12.5 Lakh  - 20%
       12.5 Lakh to 15 Lakh  - 25%
       Above 15 Lakh  - 30%

 

Deductions Allowed in the New Tax Regime

  1. Transport allowances in case of a specially-abled person.
  2. Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
  3. Any compensation received to meet the cost of travel on tour or transfer.
  4. Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
  5. NPS Employer Contribution under Section 80CCD(2)
  6. Interest on housing loan on the Let-out property 
  7. Interest received on post office savings account balances (Up to Rs 3500/-
  8. Retiring Benefits - DCRG, Terminal Surrender, Pension Commutation
  9. Payment Received from NPS Account on maturity.
  10. Amount received on maturity of Life Insurance

Deductions Not Allowed in the New Tax Regime

  1. The standard deduction, professional tax and entertainment allowance on salaries
  2. Leave Travel Allowance (LTA)
  3. House Rent Allowance (HRA)
  4. Minor child income allowance
  5. Helper allowance
  6. Children education allowance
  7. Other special allowances [Section10(14)]
  8. Interest on housing loan on the self-occupied property or vacant property (Section 24)
  9. Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJAA)
  10. Without exemption or deduction for any other perquisites or allowances
  11. Deduction from family pension income

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