1. Employees/officers who are eligible for income tax during FY 2020-21 have to submit the income and savings/investment details in the accompanying leaflet. This is the form of their PAN number. This is to be sent to the concerned cash-1 or cash-2 branch of the department as per the requirements of 30-11-2020.
2. For the assessment year 2021-22 (FY 2020-21), the following two options are given for calculating income tax.
Option - "A" (New Option)
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Rate of Income Tax
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Where the total income does not exceed ₹ 2,50,000/-
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-----Nil------
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Where the total income exceed ₹ 2,50,001/- but does not exceed ₹ 5,00,000/-
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5% of the amount by which the total income exceeds ₹ 2,50,000/-
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Where the total income exceed ₹ 5,00,001/- but does not exceed ₹ 7,50,000/-
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₹ 12,500 + 10% of the amount by which the total income Exceed ₹ 5,00,000/-
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Where the total income exceed ₹ 7,50,001/- but does not exceed ₹ 10,00,000/-
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₹ 37,500 + 15% of the amount by which the total income exceed ₹ 7,50,000/-
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Where the total income exceed ₹ 10,00,001/- but does not exceed ₹ 12,50,000/-
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₹ 75,000 + 20% of the amount by which the total income exceed ₹ 10,00,000/-
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Where the total income exceed ₹ 12,50,001/- but does not exceed ₹ 15,00,000/-
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₹ 1,25,000 + 25% of the amount by which the total income exceed ₹ 12,50,000/-
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Where the total income exceed ₹ 15,00,001/- but does not exceed ₹ 50,00,000/-
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₹ 1,87,500 + 30% of the amount by which the total income exceed ₹ 15,00,000/-
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Option - "B" (Old Option)
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Rate of Income Tax
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Where the total income does not exceed ₹ 2,50,000/-
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-----Nil------
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Where the total income exceed ₹ 2,50,001/- but does not exceed ₹ 5,00,000/-
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5% of the amount by which the total income exceeds ₹ 2,50,000/-
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Where the total income exceed ₹ 5,00,001/- but does not exceed ₹ 10,00,000/-
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₹ 12,500 + 20% of the amount by which the total income Exceeds ₹ 5,00,000/-
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Where the total income exceed ₹ 10,00,001/- but does not exceed ₹ 50,00,000/-
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₹ 1,12,500 + 30% of the amount by which the total income exceeds ₹ 10,00,000/-
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If the self-assessment statement as per the same is not available by the given date, their income will be calculated and calculated, assuming that they have not made any savings/investments, and the deduction will be made in the period from December-2020 to February 2021.
The savings/investment stipulated in the Self-Assessment Statement will be indefinitely made during the current financial year. If they fail to do so, they will have personal responsibility.
If the employee/officer has to deduct additional income tax due to the change in savings/investment, it will be deducted from the pay bill of the concerned employee/officer during the month of February-2021.
3. Employees of Direct Recruitment Class III and Class IV who are in the temporary duty of the Minister; Employees who have income tax PAN and file returns regularly, as well as employees with a total annual income of Rs.2,50,000/- or higher, will have to submit their Self-Assessment Statement to the Cash-1/Cash-2 branch within the specified time limit to obtain Form No.16. Employees who have not received the Self-Assessment Statement will not be entitled to form No.16.
4. The department also notes that some employees/officers are saying that they will make savings/investments, but in fact, they are not made such an investment which is very serious. For these reasons, the department's withdrawal and distribution officer is liable for not deducting the deduction of income tax, but at the same time, the concerned officers/employees are also indirectly responsible.
To avoid the above circumstances and face the causal notice of income tax department, those employees/officers who have to submit their savings/proof of investment to the Department's Withdrawal and Distribution Officer by 15-2-2021, otherwise, assuming that they have not saved or invested, the deduction will be deducted from the pay of February-2021.
5. Employees who have a gross income of Rs.2,50,000/- or more (except after deducting the deduction under The Standard Deduction and Chapter IV-A of Income Tax Act, 1961) shall invariably be filled out and sent to the concerned cash branch.
Further, employees/officers who have not received PAN will have to immediately obtain pan and proof of this will be submitted in writing to the respective cash branch. Also, employees/officers who have received PAN should immediately give their xerox copy of their PAN card to the respective cash branch, otherwise, they will not be given Form No.16.
Advance Tax Calculator Automatic Excel File Year - 2020-21 By Hitesh Ahjoliya
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Income Tax Calculator
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