Automated Income Tax Arrears Relief Calculator U/s 89(1) for F.Y. 2019-20Automated Income Tax Calculator All in One for the W.B.Govt Employees for the F.Y.2020-21Automated Income Tax Calculator for the Bihar State EmployeesAutomated Income Tax Revised Form 16 for the F.Y.2020-21Automated Value of Perquisite U/s 17(2).Income Tax Section 17(2)Budget 2020Home Loan Interest Exemption from Income Tax U/s 24BIncome Tax Calculator for F.Y. 2020-21 as per Budget 2020Income Tax Calculator for West Bengal Govt EmployeesIncome tax Challan 280 in Excel FormatIncome Tax for Govt and Non-Govt Employees in excelIncome Tax for the Andhra Pradesh State Govt EmployeesIncome Tax Form 10eIncome Tax Form 10EIncome Tax Form 16 Part BIncome Tax House Rent Exemption Calculator U/s 10(13A)New Amended Income Tax Form 16 Part B in ExcelTax Software

Income Tax Exemptions F.Y 2020-21 Under New Tax Regime U/s 115 BAC, With Automated Income Tax Calculator for the Govt & Private Employees for F.Y.2020-21 as per U/s 115 BAC

Income Tax Value of PerquisiteIncome Tax Value of Perquisite

Introduction of new tax regime in the Financial plan 2020, many are not confounded which are the Income Tax Derivations are accessible for them. Let us see the total rundown of Income Tax Allowances F.Y 2020-21 under both old and new tax regime.

Therefore, Tax Planning is a significant piece of financial planning. Be that as it may, while investing or choosing the derivations, our thought ought to be to focus from the start on our financial objectives rather than simply concentrating on tax saving. Henceforth, understanding the accessible choices is a lot of significant.

New and old Tax Slab U/s 115 BAC for F.Y.2020-21
New and old Tax Slab U/s 115 BAC for F.Y.2020-21

In other words, you might know that during Financial plan 2020, Government introduced the two kinds of tax regimes. According to that, the income tax sections are as beneath.

However, rundown of Income Tax Deduction F.Y 2020-21 – Under New and Old Tax Regime

Let us presently talk about the rundown of income tax allowances FY 2020 – 21. I will partition them as new and old tax regime for your straightforwardness.


Rundown of Income Tax Allowances F.Y 2020-21 under New Tax Regime

For instance, here is a few insights regarding “New Tax Regime – Complete rundown of exclusions and derivations not permitted”. In this post, concentrating on the accessible allowances.

# Section 80CCD(2) ( Entitle if the option is New Tax Regime)

Under this section, manager commitment on account of the representative in advised benefits plans like EPF, NPS, and/or Super Comment Account can be asserted up to Rs.7.5 lakh limit.

Above all, a business can contribute a sum equivalent to 12% of the worker’s essential month to month pay to his/her EPF account. Additionally, a business can contribute a sum equivalent to 10% of the worker’s fundamental compensation to the Level I account of NPS (For Focal Government Representatives it is presently 14% of Essential + DA powerful from first April 2019). In a superannuation account, a business can contribute a limit of Rs 1.5 lakh absolved from tax in a financial year.

In addition, the point by point post on NPS Tax Advantages at “NPS Tax Advantages 2020 – Sec.80CCD(1), 80CCD(2) and 80CCD(1B)”.

The Spending plan 2020 confined the tax-excluded superannuation, NPS and EPF account commitment by the business to limit of Rs 7.5 lakh in a financial year. After that, the spending states that any interest or gains earned from the overabundance commitment will likewise be taxable in the hands of a representative.

# Section 10(15)(i) ( Entitle if the option is New Tax Regime)

Interest got on mail center savings account balance is excluded up to Rs 3,500 under section 10(15)(i) of the Income-tax Act. As far as possible is Rs.7,000 in the event of joint savings account.

# Gratuity ( Not Entitle if the option is New Tax Regime)


Gratuity is tax-excluded up to Rs 20 lakh in a lifetime for non-government representatives. Similarly, Government workers, all tip got is tax-excluded, regardless of the sum got by them. (Allude my post “Gratuity – New Cutoff, Qualification, Equation, Taxation and Calculator”)

In conclusion, beneath benefits up to certain edge limits (assuming any) are permitted under new tax regime also;

•           LTA  benefits ( Not Entitle if the option is New Tax Regime)

•           Leave encashment on retirement

•           Retrenchment benefits

•           VRS benefits

•           NPS withdrawal benefits

•           Education benefits ( Not Entitle if the option is New Tax Regime)

•           Payments of grants instituted in the public interest

# Interest on EPF Account, SSY and PPF ( Not Entitle if the option is New Tax Regime)

The interest got from the EPF account continues to be absolved from tax in the new tax regime just as the old tax regime.

The Interest and development sum got on the Sukanya Samriddhi account, PPF account are without tax in both old and new tax regimes.

# Section 87A ( Not Entitle if the option is New Tax Regime)

Individuals having taxable income of up to Rs.5 lakh will be qualified for tax refund under section 87A up to Rs 12,500, thereby making zero tax payable in the new tax regime.


Download Automated Income Tax Preparation Excel Based Software All in One for the Government & Private Employees for the F.Y.2020-21 and A.Y.2021-22

Income Tax Calculator
Income Tax Calculator

Main feature of this Excel Utility:-

1) This Excel utility prepares and calculates your income tax as per the New Section 115 BAC (New and Old Tax Regime)

2) This Excel Utility has an option where you can choose your option as New or Old Tax Regime

3) This Excel Utility has a unique Salary Structure for Government and Private Employee’s Salary Structure.

4) 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)

5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2020-21

6) Automated Income Tax Revised Form 16 Part B for the F.Y.2020-21

7) Individual Salary Sheet

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