Finance Minister in her Budget 2020 speech mentioned that she has made the income tax structure simple. Unfortunately, this is far from truth. What has happened is the budget has given one more option to calculate your taxes. More option means more complexity.
We have come up with the income tax calculator incorporating both the existing system and new system of taxation. You can fill up the details and know which works best for you.
New Tax Regime
In case you want to opt for new tax regime, you will have to forgo most tax deductions and exemptions like standard deduction, Chapter VI A deductions, HRA benefit, LTA, home loan interest for self-occupied homes etc.
In most cases, with the new tax regime forgoing tax deductions, taxes work out to be higher.
New Tax Regime – Tax Slabs
How much Taxes you Need to Pay this FY 2021-22? Download Our Income Tax Calculator to Know your Numbers
Do you know how much tax you need to pay for the year? Have you taken benefit of all tax saving rules and investments? Should you use the “NEW” tax regime or continue with the old one? In case you have all these questions just Download the Free Excel Income Tax Calculator for FY 2021-22 (AY 2022-23) and get your answers.
Existing Tax Regime Tax Slabs
There has been no change in the tax slabs if you follow existing tax regime.
Download Income Tax Calculator
You can download the Income Tax Calculator for FY 2020-21 [AY 2021-22] from the link below.
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.