Praab Banerjee

All the taxpayers are known that the New Tax System introduced in Budget 2020 U/s 115 BAC For the F.Y.2020-21. In this System you can choose your option as Old Tax Slab or New Tax Slab U/s 115 BAC. PICTURE OF OLD TAX SLAB & PICTURE OF NEW TAX SLAB In this regard you must know your Tax that you shall be paid to the Government for the Financial Year 2020-21 and Assessment Year 2021-22. As per the Section 115 BAC you can choose your option IN THE PRESCRIBED FORM 10-IE as New or Old tax Regime. When you submit your Income Tax Details to your Employer or Deductor, you must mention your Option as New or Old Tax Regime. PICTURE OF 115 BAC For some information to the taxpayers about the new section 115 BAC:- 1) If you choose New Tax Regime then you can not entitle any Income Tax Benefits as per Income Tax Act 1961 and also you can not get the Old Tax Slab as before the F.Y.2019-20. But You can get only one Tax Benefits for NPS (Pension Scheme) U/s 80CCD. Follow the below the New Income Tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime. 2) If you Choose Old Tax Regime then you can get the all Income Tax Benefits as per the Income Tax Act 1961 and You can avail the Old Income Tax Slab Rate as per the F.Y.2019-20. You can get all the Income Tax Sections benefits if you choose the Old Tax Regime. Follow the below the New Income Tax Slab Rate Chart for the F.Y.2020-21 as New Tax Regime. You can check your Income Tax Liability by the Unique & Most popular Excel Based Income Tax Software All in One where from you know your Total Tax Burden as New and Old Tax Regime ( As per your Option) This Excel Based Income Tax Preparation Software can use both of Government Employee and Non-Government Employee. Read More https://montytax.com/