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.
Everyone hates paying taxes and always are on lookout for Options to Save Tax. However…
Are you worried and confused about Lien amount in SBI? Well you are not alone.…
Get details of latest Sovereign Gold Bond Price, Issue details, taxation and how to invest.…
Download the Excel based Income Tax Calculator India for FY 2020-21 (AY 2021-22). This compares…
Piramal Capital & Housing Finance, has come out with Piramal Capital & Housing Finance Ltd…
IIFL Home Loan, the Housing Finance company from IIFL Group has come out with IIFL…
View Comments
Student loans are helping students all across to gain financial stability in their careers and help them to move ahead and keep progressing and going ahead. Financepeer provide easy student loan at 0% interest rate.
Highest Tax Saving Bank Fixed Deposit Rates - 80C - April 2021
Tax Saving Fixed Deposit or Tax Saving Fixed Deposit is one of the popular tax saving investments. SBI offers 5.4% while best interest is offered by DBS at 7.35%
Student loans taken from platforms like financepeer is considered good because Financepeer helps parents/students to pay their education fees in monthly installments that too at zero interest and zero cost.
What about the taxes on dividends and capital gains. This should also be included in the calculator
not help ful for new person
My monthly gross salary is 42000, in hand 40000/- after deducting 1800/- for PF and 200/- for P.Tax. I have Tax savings of PPF = 500/-, child fees 14640/- and PF=21600/-. With this there is no tax payable. But company paid Bonus of 2018-19 in this year 80000/-(approx) and for 2019-20= 90000/- (approx) this year which create a total TDS of 22827/- and they are going to deduct this month and next month only. From my 40000/- salary if 12000/- deducted how can I survive.
My question is it possible that company would have deducted my TDS through out the year in installment?
Another question, which is the best tax saving option to save most, for ex. if I invest 40000/- in ELSS Mutual fund I can save only tax around 11500/-. Is there any other option?
Thank you for sharing your income tax calculator......its really a helpful for salaried employees.
Very helpful but one column that you skipped in the new regime of tax is Children Education Allowance is not included as the said allowance has providing rebate and is taxable. So plz add this column in the I. T calculator 2021-22
very nice, but i have some doubts about this. i dont know exactly which one to use for the current year FA-20-21
Existing Tax Regime Tax Slabs or New Tax Regime – Tax Slabs
Thank you for sharing this tax calculator excel sheet.