Download Automated Income Tax Preparation Software in Excel for All in Excel for F.Y.2021-22 as per Budget 2021 |With the introduction of a new tax, discipline comes confusion as to which one is right for you| As a taxpayer, it can be challenging for you to identify which of the two administrations is good and relevant to your income|
Here is another question, what is the source of your income? Are you a salaried person, running your business or an entrepreneur or professional? With the change in existing categories, many of you are trying to assess the difference between old tax and new tax|
You may also, like-Download Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Updated Version)
Let's start with the new tax system. It provides six tax slabs with which the amount of income on income is reduced to Rs 15 lakh. Multiple discounts and rebates due to income slabs and different tax rates do not apply here| He has an opinion in favour of the new tax.
Optimal:
The current tax system is still in place, and as a taxpayer, you have the option of choosing the one that best suits you, the old tax or the new tax discipline| The government has not imposed any obligation to maintain the new tax discipline\
The new tax system gives taxpayers the flexibility to invest the money of their choice. With the new scheme, there is no mandatory requirement to invest in tax saving schemes and insurance plans that may not be aligned with their financial goals.
With multiple tax slabs, you as a taxpayer fit into your tax slab that best matches your annual income.
Malicious:
Gradually, existing exemptions will be reviewed and gradually removed from the new tax discipline.
Without any rebates, your total taxable amount will be higher than the old tax discipline.
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Although there are six tax slabs, it may not be beneficial for all taxpayers if the income tax authorities decide to remove the old regime completely.
Discounts and Exemptions
Several concessions and exemptions have also been removed with the new tariff system. Below is a comprehensive list if you move under the category of salaried person or business or professional.
Ride salaried persons can give a standard deduction U/s 16(1a) of Rs. 50,000.
Structure The house rent allowance depends on the salary structure and the rent payable
Professional tax paid by maximum Rs. 2,500 / -
Discounts under Section 80TTA and 80TTB which are interest on savings account/deposit
Tax exemption on recreation allowance for government employees and exemption on professional tax
The amount of interest payable on a home loan for a self-occupied or vacant property is Rs.1 Lakh.
I. (ii) (a) Exemption of Rs. 15,000 from family pension under section 57 of
Special allowance provided under section 10 (14):
Transportation allowance is paid to the disabled employee
Vehicle allowance
Any allowance paid to cover travel expenses for travel or relocation of an employee
Daily allowance
Perquisites
Business owners and professionals will get discounts in special economic zones under section 10AA.
Sections 32 AD, 33 AB, 33 ABA, 35 (1) (ii), 35 (1) (ii ((a)), 35 (1) (iii), 35 (2AA), 35 AD and 35 ICC of the Income-tax Act. Discounts under it.
Tax Additional depreciation options under section 32 (ii) (a) of the Income Tax Act
Earlier the option of carrying down or declining in previous years
Income Tax Act, Chapter – VI-A, 80C, 80D, 80E, 80cc, 80cc, 80D, 80DD, 80DDB, 80E, 80EE, 80EB, 80G, 80GG Tax-saving investment exemptions under 80GG, 80GGC, 80I, 80-IAB, 60-IAC, 80-IB, 80-IBA etc.
You may also, like-Download Automated IncomeTax Preparation Excel Based Software All in One for the Bihar State Government Employees for the Financial Year 2021-22 and Assessment Year 2022-23 U/s 115BAC ( This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly + This Excel Utility has the all amended Income Tax Section as per Budget 2021+ Automated Calculation Income Tax House Rent Exemption U/s 10(13A)+ Individual Salary Structure as per the Bihar State Govt Employee’s Salary Pattern + Individual Salary Sheet + Individual Tax Computed Sheet + Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22 + Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22 + Automatic Convert the amount into the in-words without any Excel Formula)
These tax-saving investment options include ELSS, NPS, PPF tax exemptions. Discounts on medical insurance premiums, FDRs, dependents who are individually able, expenses for certain treatments, interest education loans and much more.
Old Tax vs. New Tax Regime| Which Would You Choose?
Depending on your financial situation and your annual income, there is no definitive answer to this question. Both the old tax slab vs. the new income tax slab have their advantages and disadvantages| It all depends on whether you are interested in claiming discounts and rebates by proposing a new tax slab bucket and a change in the rate of income associated with | The old tax slab gives discounts and rebates. Under both tax systems, it is advisable to do comparative analysis and assessment before you submit your tax.
With the picture above, if your annual income is higher, it is safer to choose the old tax system than the new one| Old income tax slabs vs new income tax slabs everyone has their qualifications and decency| With the old tax charges, discounts like PPF, ELSS, Mediclaim, etc. and changes in the discounts, there are more investment opportunities for the taxpayer.
So, new tax vs. old tax vs. whether it is suitable for you will be taken only for testing when you will know exactly how much you will input your earnings in both the systems| To learn more about the income tax you pay, HDFC Bank provides you with an income tax calculator to facilitate calculations.
The 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.2021-22 (Update Version)
5) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22
6) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22
7) Individual Salary Sheet
