Hello everyone. In this post, we will see on the new tax regime selection option in Saral PayPack for TDS return filing.
New tax regime was introduced from the financial year 2020-21. To know more on the old vs new tax regime, read below :
The change in tax regime is applicable from FY 2020-21. Hence, first set the FY to 2020-21. Go to Options under TDS Details menu.
Here, set the FY as 2020-2021.
To enable the new tax regime for employees manually, go to More Employee Details under TDS Details menu. Here, HRA and Regime tab, enable New Regime for those employees who have opted for the New Regime.
To know on importing declaration, read below :
The regime can also be selected by the employees when they are sending the yearly tax declaration. The new declaration form will contain the below details;
The first sheet, Declaration, will have the option for the employee to choose between the new tax regime and old tax regime. Also, the taxable income comparison as per the available income details will be displayed.
The remaining sheets are the same as that in the old declaration form. An additional sheet is provided in the new form, where the employee can see the detailed working of TDS Computation in both regime and the tax saved due in any of the regimes.
This sheet also provides detailed information about the exemptions available to the employee under each of the tax regime according to the declarations made by the employee.
To view the comparison summary on both the tax regime, click on Tax Regime Summary under TDS Details.
The details will help us to compare the old & new tax regime and select accordingly in Saral PayPack.