New and Old Tax Regime U/s 115 BAC and Options form 10-IE for the F.Y.2021-22. The Finance Act,
2020 introduces a new tax regime. The finance minister has declared the Income new tax slab for the
F.Y.2021-22.
Therefore, the Ministry has proposed two sections for the new tax slab:
Section 115BAC: New tax rate for individual and HUF income
Section 115BAC: New tax rate on income of cooperative society.
New Tax Slab Rate for the F.Y.2021-22
Some key points in this section: -
Tax The new tax system is applicable/available from A.Y. after 2021-22.
Income The new income tax system applies to every person regardless of their age, meaning the tax slab also applies to senior citizens and super senior citizens.
Tax New tax system is in place.
You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt(Private) Employees for the F.Y.2021-22 [This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime + Individual Salary Structure as per the all Non-Govt Employees Salary Pattern + Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A) + Automated Form 12 BA + Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]
An A discount is available of Rs. 12,500/- for those whose total income is less than Rs 5 lakh.
The exemption is not allowed when opting for the new tax regime: -
Salary deduction standard for salaried taxpayers;
Leave Travel Allowance (LTA);
• House Rent Allowance (HRA);
• Children's education allowance;
• Other special allowances [Section 10 (14)];
Family Depreciation from family pension income;
Interest on housing loan on the self-occupied property or vacant property (Section 24);
Other Discounts or discounts for any other grants or allowances;
Loss does not stop any loss or underestimation of the previous year;
Not permitted except in section (iia) of sub-section (1);
You may also, like- Automated Income TaxSalary Arrears Relief Calculator U/s 89(1) with Form 10 E for the from theF.Y.2000-01 to F.Y.2021-22 [Updated Version]
In the case of self-occupied property, you cannot claim a discount on interest for a housing loan.
Deductions are allowed when choosing a new tax regime: -
Deduction under section 80CCD (2)(employer's contribution to your pension account);
80 80JJAA (additional staff costs)
Different Transport Allowance (Dibbing) for different eligible employees;
Duties Transport allowance for discharge of government duties;
Travel No allowance for travel/travel/transfer costs;
Certain Daily allowance paid to employees on certain conditions.
If you want to revert between old and new tax slabs:
Business Personal business income: - People with business income have the option to move to a new system once in a lifetime. This means that once a person chooses a new tax system and then wants to move to the old system, such a person cannot choose a new tax slab without having any business income.
A person who is salaried and has no business income: - A person who has a salary income other than personal income has the option to choose between the old tax slab and the new tax slab every year, i.e. he can change the regime from year to year.
You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the West Bengal Govt Employees for the F.Y.2021-22 [This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime + Individual Salary Structure as per the W.B. Employees Salary Pattern + Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]
Taxpayers can file 'Form 10-IE' electronically from the Income Tax e-filing portal. You can submit the form under digital signature or with Electronic Verification Code (EVC). If Form 10IE is not submitted, the department will calculate the tax on the basis of the old/existing tax system.
Last date for submission of Form 10IE
Having business income: before the due date of ITR submission. Salary Income: Before or before the due date of ITR submission.
Form 10IE Submission Frequency: -
A person's business income: twice, once to use the new tax system and the second time to go back to the old regime.
You may also, like- Automated Income Tax Preparation Excel Based Software All in One for the Jharkhand State Employees for the F.Y.2021-22 [This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime + Individual Salary Structure as per Jharkhand State Employees Salary Pattern + Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]
A person who is salaried and has no business income: - Every year, he has the option to file a 10IE year form.
Form Content: -
Below are the basic details required to file Form 10IE:
The person's name / HUF
Confirmation of whether the person or HUF has any income or profits from the business and profession.
• PAN number
• Address
Birth Date of Birth / Date of Inclusion
Business Nature of Business / Occupation (Mandatory in case of business income)
Confirmation in 'Yes / No' whether the taxpayer referred to in sub-section (1A) of U/s 80LA has any unit in IFSC (
Previous Any previous Form 10IE has been filed.
• Declaration
You may also, like- Automated Income TaxPreparation Excel Based Software All in One for the Govt. and Non-Govt(Private)Employees for the F.Y.2021-22
Main Feature of this Excel Utility-
1. This Excel Utility can prepare at a time your Income Tax computed Sheet as per your Option New or Old Tax Regime
2. Individual Salary Structure as per all State Govt and Non-Govt Employees Salary Pattern
3. Automated Income Tax H.R.A. Exemption Calculation U/s 10(13A)
4 Automated Salary Arrears Relief Calculator U/s 89(1) with Form 10 E for F.Y.2021-22
5. Automated Income Tax Form 16 Part A&B and Part B as per Budget 2021]
0 Comments