| 301. Ronald - |
| Sir, please change the year 2021 to 2020 in the month of December 2020 for tax calculation, it is wrongly given as December 2021 |
| ecostatt |
| OK. Thank you for your information. |
| ecostatt |
| Corrected. |
| 302. Praveen - |
| Income Tax calculation for FY 2020-21 does not provide the option of entering deduction for contribution towards NPS ( National Pension Scheme). This is the only figure which can be deducted in the new scheme |
| ecostatt |
| Thanks for your valuable feedback. As far as the new tax regime is concerned, the NPS contribution done by the employer can only be shown in the deductions (not the amount paid by the employee). But that contribution amount (by the employer) should also be shown in the income. That is, the net effect might not make any difference in most of the cases in the final income tax calculation. Anyway, we have to look into the matter much more. But of course, if you insist, we can make changes in the software. |
| 303. Rajasekharan - |
| Sir, I am a pensioner and we are receiving the pension for march in that month itself. So we should file incometax returns from April
onwards every financial year. Can you please make the necessary changes in the software? |
| ecostatt |
| We have already made necessary changes in the software. Pensioners can enter the income details from April to March.
There is a separate link for printing tax statement from April month onwards. |
| 304. Sajeev Kalpetta - |
| Sir, while selecting Income tax slab 2020-21, the deductions are not showing. What is the reason? |
| ecostatt |
| From 2020-21 financial year onwards, there are two income tax slabs namely 'Old Slab' and 'New Slab' from which we can select any one of them.
In 'New Slab', there will not be any type of deductions including standard deduction, but the tax rates will be comparatively low. However,
for most of the employees, selecting the 'Old Slab' might be more beneficial. Select 'New Slab', only if you have no deductions and a gross
income greater than 5 lakhs.
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