Advance Tax Calculator Automatic Excel File Year- 2020-21 By Alpeshbhai Vamja

Old Scheme And New Scheme Advance Tax Calculator Automatic Excel File Year- 2020-21

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.

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2. For the assessment year 2021-22 (FY 2020-21), the following two options are given for calculating income tax.

Option - "A" (New Option)

Rate of Income Tax
Where the total income does not exceed ₹ 2,50,000/-	-----Nil------
Where the total income exceeds ₹ 2,50,001/- but does not exceed ₹ 5,00,000/-	5% of the amount by which the total income exceeds ₹ 2,50,000/-
Where the total income exceeds ₹ 5,00,001/- but does not exceed ₹ 7,50,000/-	₹ 12,500 + 10% of the amount by which the total income Exceed ₹ 5,00,000/-
Where the total income exceeds ₹ 7,50,001/- but does not exceed ₹ 10,00,000/-	₹ 37,500 + 15% of the amount by which the total income exceeds ₹ 7,50,000/-
Where the total income exceeds ₹ 10,00,001/- but does not exceed ₹ 12,50,000/-	₹ 75,000 + 20% of the amount by which the total income exceeds ₹ 10,00,000/-
Where the total income exceeds ₹ 12,50,001/- but does not exceed ₹ 15,00,000/-	₹ 1,25,000 + 25% of the amount by which the total income exceed ₹ 12,50,000/-
Where the total income exceeds ₹ 15,00,001/- but does not exceed ₹ 50,00,000/-	₹ 1,87,500 + 30% of the amount by which the total income exceed ₹ 15,00,000/-

Option - "B" (Old Option)

Rate of Income Tax
Where the total income does not exceed ₹ 2,50,000/-	-----Nil------
Where the total income exceeds ₹ 2,50,001/- but does not exceed ₹ 5,00,000/-	5% of the amount by which the total income exceeds ₹ 2,50,000/-
Where the total income exceeds ₹ 5,00,001/- but does not exceed ₹ 10,00,000/-	₹ 12,500 + 20% of the amount by which the total income exceeds ₹ 5,00,000/-
Where the total income exceeds ₹ 10,00,001/- but does not exceed ₹ 50,00,000/-	₹ 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.

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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.

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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.

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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.

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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 a very serious investment. 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.

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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.

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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.

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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.

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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.

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Old Scheme And New Scheme Advance Tax Calculator Automatic Excel File Year- 2020-21 By Alpesh D. Vamja

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