As it happens for every year we have come up with Income Tax Calculator Excel 2021-22 [AY 2022-23]. You can download and plan your tax outgo for the year and make your investments accordingly. For a change Budget 2021 brought in very few changes to personal income tax.
- 1 Changes in Tax for 2021
- 2 Income Tax Calculator Excel 2021-22 (AY 2022-23)
- 3 Income Tax Calculator in Excel for Previous years
- 4 Income Tax Calculator Excel FAQs
Changes in Tax for 2021
Tax Slab: There has been No change in the income tax slab rates. The New tax regime introduced in Budget 2020 still continues with the existing regime.
Interest on EPF to be taxed: The interest earned on employee contribution in excess of Rs 2.5 lakh would be added to the income and taxed at marginal income tax rates. This contribution is combination of any VPF that you contribute. This would mainly impact high earners and people who contributed highly through VPF (Voluntary Provident Fund). A clarification only interest earned on employee contribution (not employer) in excess of Rs 2.5 Lakh would be taxed. Also in case you are a Government employee and there is No contribution from employer in EPF, the limit is Rs 5 Lakh for the taxes to kick in.
Best Investment to Save Tax
Section 80C offers more than 10 investments where you can invest to save tax, However many a times you need not actually do this investment as its already covered due to expenses like children tuition fee or automatic EPF deduction for salaried. In case you are new to taxes and investment do read our helpful guide on How to take maximum advantage of Section 80C and choose the best investment to save tax.
Selected Senior Citizens exempted from filing Income Tax Return: Senior citizens aged 75 years or more are exempted from filing income tax returns if their source of income is from pension and interest from fixed deposit in the same bank. If you have fixed deposit in other bank, this rule does not benefit you. Realistically this would benefit very few senior citizens.
Less trouble for past income tax returns: Income tax returns older than 3 years can’t be reopened. This may give respite to people from tax notices relating to several years ago ITRs.
Income Tax Calculator Excel 2021-22 (AY 2022-23)
The picture below gives an idea of how the income tax calculator looks like. You just need to fill Orange coloured cells. Its Old Vs New Tax Regime calculator too – as it computes your taxes based on both regimes and lets you choose what suits you better.
How to Pay 0 Income Tax on Salary of Rs 20+ Lakh (FY 2021-22)?
As you can see with the above income tax calculation, salary components and salary structure plays a very important role in how much income tax you pay. We have come up with some optimised salary structure using which you pay NO income tax even with CTC of more than Rs 20 Lakhs.
Income Tax Calculator in Excel for Previous years
You can also download Income Tax Calculator in Excel for previous years
- Income Tax Calculator for FY 2020-21
- FY 2019-20
- FY 2018-19
- FY 2017-18
- FY 2016-17
- FY 2015-16
- FY 2014-15
- FY 2013-14
- FY 2012-13
- FY 2011-12
Sukanya Samriddhi Account + PPF + SCSS Calculator
Sukanya Samriddhi Account, PPF, Senior Citizens’ Savings Scheme are part of small saving scheme sponsored by Government of India. These schemes are quite popular and rightly so because of the safety, higher interest rate offered among other things. We have built calculator for each of them where you can check the maturity amount, loan eligibility, partial withdrawal and more. Click on the links to get the relevant calculator – PPF Calculator, Sukanya Samriddhi Yojana Calculator, Senior Citizens’ Savings Scheme Calculator, NSC Calculator.
Income Tax Calculator Excel FAQs
✅ Is this Old Vs New Tax Regime calculator?
On the basis of data provided by you, the calculator calculates the tax using both the old Vs new tax slabs. You can choose which tax regime suits you.
✅ How can i calculate my income tax?
You can download the income tax calculator, fill in the details and it gives the income tax that you need to pay. However if you want to do it manually, I have a post explaining how to calculate income tax.
✅ Do NRIs need to pay Income Tax in India?
NRIs (Non-resident Indians) and foreigners have to pay income tax in India on income accrued in India.
✅ What is surcharge on Income Tax?
For certain high-income tax payers, the government of India has introduced surcharge. As of FY 2021-22 the surcharge is as follows:
Less than Rs 50 Lakh – No Surcharge
Rs 50 lakh to 1 crore – 10%
Rs 1 crore to 2 crores – 15%
Rs 2 crores to 5 crores – 25%
More than Rs 5 crores – 37%
✅ What are Changes in Tax for 2021?
There are very few changes in income tax for 2021 as compared to last year.
1. Interest on EPF/VPF contribution in excess of Rs 2.5 Lakh to be taxed
2. Selected senior citizens need not file ITR if they fulfil certain conditions
3. ITRs cannot be reopened for more than previous 3 years
✅ How income tax is calculated on salary?
The easy way is to use the income tax calculator. But if you want to do it yourself, you need to deduct eligible deductions like NPS contribution, standard deduction, 80C investments/expenses, medical insurance premium, interest paid on home and/or education loan and any other deductions. This would give you Net Taxable Income. You can calculate the tax outgo using the slabs.