* Download Income Tax Calculator FY 2020-21 (AY 2021-22) in Excel Format.
* This calculator is designed to work with both old and new tax slab rates
released in the budget 2020.
* You can calculate your tax liabilities as per old and new tax slab.
* It will help you to make an informed decision to opt for a suitable tax
structure.
* Income Tax calculation is one of the complex tasks for the taxpayer.
* To help taxpayers here is a simple excel based Income Tax Calculator
for the financial year 2020-21 (AY 2021-22).
* The calculator is made using simple excel formulas and functions.
* You can use this calculator for calculating your tax liability for FY
2020-21 (AY 2021-22).
* Before downloading excel based income tax calculator let’s get
acquainted with Latest Income Tax Slab for FY 2020-21 and Income Tax changes
made in the Budget 2020.
* Income Tax Slabs for FY 2020-21 (AY 2021-22)
* A new Income Tax Slab Section 115BAC is announced in the budget 2020.
* This tax slab is applicable with effect from AY 2021-22.
* The current slab rates, surcharge, and health, and education cess
remains unchanged.
An option is provided to individuals and HUF taxpayers to opt for
reducing tax rates as per new tax regime.
* New tax rates u/s 115BAC are as below:
Income Tax Slab % Rate
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 7,50,000 10%
Rs. 7,50,001 to Rs. 10,00,000 15%
Rs. 10,00,001 to Rs. 12,50,000 20%
Rs. 12,50,001 to Rs. 15,00,000 25%
Rs. 15,00,001 and above 30%
* In case an individual or HUF opts for the new tax rate, certain
exemptions, deductions and set-off of losses will not be available. This
includes 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G,
80GG, 80GGA, 80TTA, 80TTB etc.
* Salaried people can exercise this option every year before filing the
return of income.
* An employer should seek confirmation from the employee whether he/she
is opting for new tax rate or continuing under old tax rates.
