New Income Tax Regime U/s 115BAC – Complete list of exemptions and deductions entitled for the F.Y.2020-21 With Automated Income Tax Preparation Excel Based Software All in One Govt and Non-Govt Employees for the F.Y.2020-21 & A.Y.2021—as per the new Section 115BAC and the Budget 2020

Did you know that under the new tax code, no discounts or rebates are allowed? Let’s take a look at the new tax system – follow the list of exemptions and exemptions in detail. Therefore, During 2020 budget, the finance minister introduced a new tax regime.

 New Income Tax Slab is given below

Income Tax Slab Rate for the F.Y.2020-21

In other words, there is an option to pay lower taxes if you meet certain conditions. One such condition is that you are not eligible for certain discounts and rebates. The following new tax system tax slab applies: – A figure of tax slab for 21-22 New tax system – full list of exemptions and rebates not approved. However, now look at the exemptions and concessions not allowed under Sec.15 BAC,

1. Discount the applicable Travel Discount (LTC) for salaried employees

2. Home Rent Allowance (HRA) applicable to salaried employees

3. For instance, Standard discounts cannot be claimed for individuals in employment as opposed to salary income when the taxpayer opts for 114 BAC.

New Income Tax Section 115BAC for the F.Y.2020-21

4. Entertainment allowance and professional tax exemption.

5. Life Insurance Premium, SIM Payable for Delayed Annual Plan, EPF, PPF, Supervision Scheme, SSY, NSC, ELSS Mutual Fund, Tuition Fee, Principal Payment for your Home Loan, Discount on Tax Savings, FS, etc. Contributions by Central Government employees to NPS Tier 2, by you under NPS Contribution (Sec.80 CCD (1) and Sec. 80 CCD(1B).

Above all, under Sec. CCD (2) Will continue. Sec. Exemption under Section 80D-the amount paid by LIC or other insurers to an individual or HUF (in any mode other than cash) is effective or the application of any insurance for the health of a particular person. Section. Section 80 DD – A person with a disability is exempt from maintenance, including the treatment of a dependent. .

Income Tax Deduction U/s 80

 . In addition, Section 80 DDB – Actual Expenses for Treatment of Specific Diseases and Illnesses.

6. Section 80E – Amount of taxable income paid by paying interest on loan taken from financial institution / approved charity for higher education. The interest payable for 100

7. Section 80EE – For the purpose of acquiring residential house property for which the amount does not exceed Rs. 2,000, Rs. 35 lakhs and Rs. 50 lakhs by the taxpayer from any approved financial institution during the financial year 2011-17-1. 11.

8. Section 80 EEA – Interest paid on loan taken by a person from any financial institution from 01/04/2019 to 31/03/2010 is not appropriate to claim a rebate from any financial institution under section 80EA.? Acquisition of residential property, valued at Rs. 45 lakh 12.

10. Section 80EEB – Interest is payable on loan taken by a person from a financial institution at the time After that, 31/03/2023 for purchase of electric vehicle starting from 01/04/2019.

11. Similarly, Section 80 GG – Rent for furnished/unfinished residential accommodation (subject to certain conditions).

12. Section 80G – Exemption in case of grants to certain funds, charities etc.

13. Section 80 GGA – Exemption for specific grants for scientific research or rural development

14. Section 80GGC- Exemption in case of a contribution made by any person to political parties

15. Section 80 JJA – Exemption from Profit and Profit from Bio-Degradable Waste Collection and Processing Business 18.

16. Section 80QQB- Royalty income of authors of books of certain categories other than textbooks.

17. Royalty in respect of patents (subject to certain conditions) on or before 01.04.2003 under section 80RRB

18. Section 80 TTA – Interest on Deposits in Savings Accounts of Banking Agencies, a Post Office, Co-operative Societies Engaged in Banking Business etc. (subject to certain conditions)

19. Section 80 TTB – for senior citizens – interest on deposits (subject to certain conditions) on any banking institution, a post office, cooperatives engaged in the banking business, etc. – for senior citizens

20. Section 80U- A a resident who is certified to be a disabled person by the medical authorities at any time during the previous year.

21. Article 24 (b) – In case of private taxpayers who have the self-occupied property for their own residence or cannot occupy any property due to employment, business or occupation, they should keep it in a building owned by them in another place, the annual value of the property. Will be taken as ‘zero’. However, the interest on the loan is up to a maximum of Rs 2 lakh.

22. Allowances (under section 10 (14)) such as travel/transfer allowance, transport allowance, support allowance, research allowance or uniform allowance

23. Any allowance paid to meet the expenses of an assistant appointed to perform such office duties or for-profit employment; 2. Any allowance paid for incentives for academic, research and training in educational and research institutions

Any allowance paid to cover the cost of purchase or maintenance of uniforms to be worn during office duties or for-profit work.

24. [Special Compensation (Healy Area) Allowance] or High Allowance Allowance or Unreasonable Climate Allowance or Snow Limit Area Allowance or Any Special Compensation Allowance in nature of Snowfall Allowance

25. Border Area Allowance, Remote Local Allowance or Complex Area Allowance or Troubled Area Allowance Any special compensation allowance in nature

26. Special Compensation (Tribal Areas / Scheduled Areas / Agency Areas) Allowance

27. Any allowance paid to an employee working in any transport system to cover his personal expenses while transporting from one place to another if such employee does not receive a daily allowance.

28. Child Education Allowance

29. Any allowance given to an employee to cover his child’s hostel expenses

30. Field allowance in the field of compensation

31. Compensatory field allowance 3

Any special allowance of nature as anti-rebellion allowance of the members of the active forces in the area away from the permanent position of the members of the terrorist forces.

32. Underground allowance is paid to employees working in abnormal, unnatural climates in underground mines.

33. Any special allowance of high altitude (unreasonable climate) nature to a member of the armed forces working in high altitude areas

34. Special Compensation To provide any special allowance to the members of the Armed Forces as field allowance for the highly active field

35. In conclusion, any special allowance paid to a member of the armed forces in the nature of the island (duty) Section 40 (1) – In case of a Member of Parliament or a member of any State Legislative Assembly or any Committee, no income shall be deductible by payment of a daily allowance or any allowance, when this person elects for Section 114 BAC. 42. Section 10 (32) – In case, under section 644 (1A), the the income of the parents of the minors has been consolidated, deducting Rs. 1,500 as per the merits of section 10 (32). This waiver cannot be claimed by parents who opt for Section 115BAC.

36. The standard waiver applicable to individuals in the case of employment, as opposed to salary income, cannot be claimed when the taxpayer opts for 114 BAC.

 37. Entertainment allowance and professional tax exemption. List of tax exemptions and allowances imposed on new taxes (Section 114 BAC) Values approved under Sec.111 BAC are as follows: – Residence A Diving employee is paid a transport allowance to cover the cost of travel between the place of residence and the place of responsibility. Office Allowance to meet the expenses incurred in carrying out the duties of an office;

38.Tour Any allowance paid to cover the cost of travel or relocation. Paying daily allowance due to the absence of an employee from his / her normal place of responsibility. Below is a list of exemptions allowed under the new tax rate:


Download Automated Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt(Private) Employees for the Financial Year 2020-21 & Ass Year 2021-22 as per new Tax Section115BAC ( New and Old Tax Regime) as per Budget 2020

Feature of this Excel Utility:-

1)      The Tax The calculation will be made as per the Income Tax ( New and Old Tax Regime) [ After filling the Salary Sheet]

2)      This Excel Utility can prepare Automatic your Income Tax Calculation Sheet [ After filling the Salary Sheet]

3)      This Excel utility can prepare automatic Individual Salary Sheet [ After filling the Salary Sheet]

4)      This Excel Utility can prepare Automatic House Rent Exemption Calculation U/s 10(113A) [ After filling the Salary Sheet]

5)      This Excel Utility Prepare automatic Arrears Relief Calculation U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2020-21 (Updated Version) [ After filling the Salary Sheet]

6)      This Excel Utility have the Salary Structure as per the Govt and all Private Concerns Salary Pattern

7)      This Excel Utility can prepare automatic your Income Tax Income Tax Part B [ After filling the Salary Sheet]

9)      Automatic Converted the Amount into the In-Words without any Excel Formula

10)This Excel Utility can use Govt and Non-Govt(Private Concern both.

11) Easy to install just like an Excel File and Easy to Generate 

Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22
Income Tax Calculator All in One for the A.Y.2021-22

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