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](https://www.apnaplan.com/wp-content/webp-express/webp-images/uploads/2020/02/Income-Tax-Calculator-for-FY-2020-21-AY-2021-22-Excel-Download.png.webp "Income Tax Calculator for FY 2020-21 [AY 2021-22] - Excel Download 1")
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.
Are you Paying Too much Taxes? Download your free presentation
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.
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.
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.
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.
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 ?