Budget Changes 2020-2021
The Union Finance Minister has presented the budget for the Financial Year 2020-2021. A new regime is introduced in the budget 2020-2021. These changes have an impact on the income tax calculations w.e.f April 2020. Based on the new budget, taxpayers (employees) can now select between the old regime and the new regime to calculate income tax. The old regime has older tax rates and exemption components as in the previous financial year. The new regime will have lower tax rates and a few numbers of exemptions.
- What is the key highlight of Budget Changes 2020-2021?
- What are the income tax rates defined for old and new tax regime?
- What is the difference between old and new regime?
- Which are the unavailable exemptions under the new regime?
- What are the similarities between old and new regime?
- What is the default regime setting in the application?
- How can the admin configure the default regime option in the greytHR application?
- Let us consider an employee who has not selected a regime while declaring IT. Which regime will be taken into consideration for processing his/her income tax?
- Does the new budget have an impact on the payroll for March 2021?
- How can an employee select a regime?
- How can the employees decide which regime is best for them?
- How can the admin modify the regime details of employees?
- Does the default regime settings override employee’s regime selection?
- Will the Reports include regime information of employees?
- Can employees change their regime choices in the same financial year?
- Does the new budget affect contract employees?
- Can an employee choose regime during Proof of Investment?
- How is the tax calculated for employees without PAN in the new budget?
- Budget Changes April 2020-2021
- How to revert to the previous financial year (2021-2021) budget?