INCOME TAX REBATE RS.50,000/- AS THE STANDARD DEDUCTION FOR F.Y. 2019-20 WITH AUTOMATED FORM 16 PART A&B AND PART B, IN NEW FORMAT FOR THE F.Y 2019-20 & AY 2020-21

Standard Deduction of Rs 50,000 in-lieu of Medical Allowance – Budget 2018 

From the F.Y 201718 the medical allowance of up to Rs 15,000 was exempted income from your Gross salary. To claim this, you had to submit medical bills to your employer and get the allowance benefit. The medical reimbursement allowance was exempted under Section 10 of the Income Tax Act.

The current Standard Deduction of Rs 50,000 for FY 2019-20. in lieu of travel, medical expense reimbursement, and other allowances has been proposed for salaried employees and pensioners. To claim this standard deduction, there is no need to submit medical bills to your employer.

As per The Budget 2019, irrespective of the amount of taxable salary the assessee will be entitled to get a deduction of Rs.50,000 or taxable salary, whichever is less. Thus suppose if a person has worked for few days (or) months and his salary was just Rs 50,000 for a previous year, then he will be entitled to a deduction equal to the salary being the same amount. If his salary is less, say Rs 30,000 the deduction shall be restricted to Rs 30,000. If the salary exceeds the amount of Rs 50,000, the deduction shall be restricted to Rs 50,000.

Download And Prepare One by One Automated Income Tax Form 16 Part A&B And Part B (Modified Format) [This Excel Utility Prepare One by One Form 16 Part A&B And Part B in the New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)                      Prepare One by One Excel Based  Form 16 Part A&B and Part 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 A&B and Part B separately, as you like.

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

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