Friends, Individual Income Tax Calculation in excel has been updated according to Income Tax Rule for the F.Y. 2019-20 or Assessment Year 2020-21. The following changes have been done :-
1. Deduction u/s 16(1a) of Rs. 50,000.00
2. Relief for Taxpayers in the first bracket of '250000' to '500000'. A Tax credit of 12500 to every person with total taxable income upto 5,00,000.
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