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New income tax regime 2020 effects payroll accounting software

What is Dual tax regime ? , how it will affect in this 2020 and what is the difference between old and new one

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New income tax regime 2020 effects payroll accounting software

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  1. Dual Tax Regime 2020

  2. What is Dual Tax Regime ? The dual tax regime is a new way of filing for the income tax from the current year or 2020 onwards. According to the new tax slab, there will be no deduction on the basic salary, thus allowing people to pay fewer taxes and enjoy their hard-earned incomes. The dual tax regime is the smart way of calculating taxes without paying for the tax deductions and exemptions.

  3. Role of Accounting Software It acts as the pivot and helps in turning the whole journey of saving tax from a dreaded nightmare to a happier one.Keeps details records of the expenses Track the income information and see if it is up to date Audits are a part of any company as the assets and liabilities The audit process helps in gaining the credibility of the shareholders and also showcases the fairness of the financial statements presented.

  4. Role of Payroll Software Payroll software help you save the additional time by calculating the salaries in a jiffy. Payroll management help you save additional taxes by sending you an alert before the aforementioned deadlines. When you already have a helping hand that seamlessly streamlines payroll management, then the business can invest the additional time in some other productive work

  5. Difference between New and Old one The difference between the older and new tax regime is that of cutting the extra exemptions and deductions on the annual income Every individual from now onwards can take back more money to their homes under the new tax scheme. Apart from the NPS (National Pension Scheme), no other deductions will be included in the tax system. This makes the tax filing process a lot simpler. As the benefits and exemptions are already removed, every person can now have more chances to invest in other things like housing, medical, education, etc

  6. Bonus Tips for making Tax Filing easy Stay ahead of others , keep track of everything throughout the year, instead of waiting till 11th month of fiscal this will led to tax saving with more money in your wallet Track daily or monthly through accounting software this will easily create and sends invoice ,with less burden on you Get a depth knowledge of all the tax forms Do not miss any tax payment deadline , this will save you from both , paying hefty penalties as well as costly punishment from the IRS

  7. Conclusion Filing for annual TDS is never fun. So, if you are new to this whole process of taxable income and deductions, then it is better to go with the new tax system, as it is less complicated , but if you are a veteran taxpayer then , Both the new and old tax systems have advantages of their own, and it really depends on the individuals and their opinion to opt for either of the two

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