Main modifications in Income Tax Rules from April 1, 2019 With Automated Income Tax Master of Form 16 Part A&B for F.Y. 2019-20

As per the Budget 2019 the major changes of                 ParticlarsFY 2019-20FY 2018-19Taxable Income5,00,0005,00,000Income Tax12,50012,500Tax Rebate u/s 87A12,5000Health & Education Cess @ 4%0500Total Tax Payable013,000

. This would only gain Tax Payers with taxable earnings below Rs 5 lakh. Had there been reduction within the tax slab it’d have benefited every tax payer.

Standard deduction multiplied from Rs 40,000 to Rs 50000:

The popular deduction to be had to Salaried & Pensioners were elevated from Rs 40,000 to Rs 50000. TDS threshold elevated from Rs 10,000 to Rs 40,000 on Bank Interest Income U/s 80TTA

Threshold of deducting TDS on hobby profits from Bank, Post Office or co-operative deposit has been multiplied from Rs 10,000 to Rs 40,000. Assuming interest fee of eight%, you could deposit Rs 5 lakh in Bank Fixed Deposit and not fear about TDS. I think that is extraordinary move as many humans needed to needless go through TDS and record Income tax returns of fill Form 15G/H. But do consider, that no TDS does not suggest no tax. You nevertheless want to reveal the hobby earnings and pay tax if required

Download And Prepare At a Time 50 Employees  Automated Income Revised Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part A&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  A&B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

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