In Budget 2020 introduced a new Section 115 BAC. In this section you can opt as new Tax Slab or Old Tax Slab which called New and Old Tax Regime. Also a new Form introduced in this Budget 2020 for give your option through this Form 10-IE. You can Opt-in as New Tax Regime with New Tax Slab or you can Opt-in as Old Tax Regime with Old Tax Slab.
If you choose the New Tax Regime, you can not able to get any Income Tax Benefits except the NPS benefits. All of the Income Tax Exemption can not be entitled in this New Tax Slab. So, why you choose the new Tax Regime. In the New Tax Regime the Tax Slab is different from the Previous Financial Year’s Tax Slab. You can get benefits in this New Tax Slab from Rs.7.5 Lakh to 10 Lakh the rate of tax @10%, where the Old Tax Slab between this Rs.5 lakh to 10 Lakh @ 20%. Below showing the both tax slab as First new Tax Slab and next is Old Tax Slab.
However, in this Financial Year most of the tax payers are confused about the new section 115 BAC and also confused about New and Old Tax Regime. I have already clear that in simple words what is the both in the 2nd Paragraph in this article.
Below given a Unique Excel Based Software in the name of Master of Form 16. You can use this unique Software and you can prepare the new revised Form 16 Part A&B including the Tax Calculator as per the Section 115 BAC with New and Old Tax Regime.
This Excel Utility can prepare at a time 50 Employees Form 16 Part A&B including Income Tax Calculation U/s 115 BAC.
Download the Master of Form 16 Part A&B for the Financial Year 2020-21 and Ass Year 2021-22 as per the new section 115 BAC including Tax Calculation in new style as New and Old Tax Regime as you choose.
Main Feature of this Excel utility:-
1) Auto Calculate Income Tax as per your option as New or Old Tax Regime U/s 115 BAC
2) This Excel Utility Prepare at a time 50 Employees Form 16 Part A&B for F.Y.2020-21 & A.Y.2021-22 as per new section 115 BAC.
3) In this utility have an column for choose your option as New or Old Tax Regime U/s 115 BAC.
4) All the Income Tax updated Section you can find in this Excel Utility which can calculate automatically
5) Inbuilt Salary Structure for calculate income tax easily with all the Income Tax Section as per the Income Tax Act.
6) Automatic Convert the amount to in-words without any Excel Formula.