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.
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.
Are you worried that you are paying too much in income tax? Are you aware of all the changes in the tax laws? Where should you invest to save taxes? Do you know all tax sections that you can use to save your tax. Download a concise 43 page presentation free to answer all the above questions and save your taxes – legally.
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.
There has been no change in the tax slabs if you follow existing tax regime.
You can download the Income Tax Calculator for FY 2020-21 [AY 2021-22] from the link below.
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.
You can also download Income Tax Calculator for FY 2019-20, FY 2018-19, FY 2017-18, FY 2016-17, FY 2015-16, FY 2014-15, FY 2013-14, FY 2012-13 and FY 2011-12 by clicking on respective links.
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Hi,
Thanks for your awesome post detailing everything on tax calculation for 2019-20. it was a good read.
Loved your post as learned many new things here
Thank you so much. Its a great service to the nation indeed.
ApnaPlan.com Income Tax Calculator is very nice. thanks
Sir, Perquisites refers to the benefits provided to the employee based on their salary or position. These are non-cash benefits provided which are added to the income of the employee and taxed under the salary head of employee in new as well as old tax regime.
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 ?
Under new tax regime, whether perquisites is to be treated as Income
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.
I am not sure which pattern to follow for my income in financial year 2019-2020 ?