· Govt increases the income tax exemption limit to Rs. 5 lakh per year.
· No TDS on post office savings up to Rs. 40,000/- U/s 80 TTA
The rebate under section 87A of Income-tax Act 1961, which is available since the assessment year 2014-15 is raised to Rs.12,500 from existing Rs.2,500. The amount of rebate is 100% of the income tax payable on the total taxable income of up to Rs.5 lakh. A rebate is the amount of tax the taxpayer is not liable to pay. Total taxable income or net taxable income is the income after taking into account deductions.
Download Automated Income Tax Preparation Excel BasedSoftware for Govt & Non-Govt Employees for the F.Y.2019-20
So in the next Financial Year, if an assessee has an income of up to Rs.5 lakh in the financial year, she is allowed to claim the entire tax payable as a tax rebate. For instance, if an assessee is having a gross income of Rs.6.5 lakh for the financial the year 2019-20, and makes an investment of Rs.1.5 lakh under section 80C her net taxable income comes down to Rs.5 lakh, on which her tax liability would be Rs.12,500 (5% of Rs.2.5 lakh) excluding cess (income up to Rs.2.5 lakh is exempt from tax). However, as her income is up to Rs5 lakh in the particular financial year, she is liable to claim a rebate of Rs.12,500 and thus her net tax payable would be zero. This means while the taxpayer is still liable to file her returns, the tax payable is zero.
Download And Prepare At a Time 50 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility PrepareAt a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
1) Prepare At time 50 Employees Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
2) All the Amended Income Tax Section have in this utility as per Budget 2019
3) You can print individual Form 16 Part Part B
4) Most easy to install just like an Excel File
5) Easy to Fill all column
6) Automatic Convert the Amount to the In-Words