Income Tax Calculator for FY 2020-21 [AY 2021-22] – Excel Download

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.

Income Tax Calculator for FY 2020-21 [AY 2021-22] - Excel Download
Income Tax Calculator for FY 2020-21 [AY 2021-22] – Excel Download

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

Income Tax Slabs (New Regime) for FY 2020-21 (AY 2021-22)
Income Tax Slabs (New Regime) for FY 2020-21 (AY 2021-22)

Existing Tax Regime Tax Slabs

There has been no change in the tax slabs if you follow existing tax regime.

Income Tax Slabs (Old Regime) for FY 2020-21 (AY 2021-22)
Income Tax Slabs (Old Regime) for FY 2020-21 (AY 2021-22)

Download Income Tax Calculator

You can download the Income Tax Calculator for FY 2020-21 [AY 2021-22] from the link below.

You can also download  Income Tax Calculator for FY 2019-20, FY 2018-19, FY 2017-18, FY 2016-17FY 2015-16,  FY 2014-15,  FY 2013-14 FY 2012-13 and FY 2011-12 by clicking on respective links.

4 thoughts on “Income Tax Calculator for FY 2020-21 [AY 2021-22] – Excel Download”

  1. Is donation rebatable in the new regime ? If so, what is the limit of the donation amount which is considered for rebate. I am told that it is 10% of your net income or ₹ 50000, whichever is lower. Is this correct ?

  2. Sir,
    Namaskar
    Please guide the under section 194A shown the inttrest in 26AS through bank Auto sweep saving A/c.Inttrest deposite 1n my A/C 28743/- under section 194A, but ITR filling of 1st July 2020 what is the colum showing in ITR form.This section inttrest increase 10000 to 40000. for the F.Y 2019-20.

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