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Taxable Income and Tax Calculator AY 2021-22 (FY 2020-21)

Calculate and Compare Taxable Income and Tax Liability of Resident Individuals, Sr. Citizens, Very Sr. Citizens and HUFs for New and Existing Income Tax Provisions / Tax Rates (Regimes) as per Budget 2020.

Income Tax Calculator : AY 2021-22 in Excel
Income Tax Calculator : AY 2020-21

Abbreviations used
ERExisting Regime (Tax Provisions) i.e. Not opted for Section 115BAC and Existing Income tax provisons and tax rates are applicable.
NRNew Regime (Tax Provisions) i.e. Opted for Section 115BAC and New Income tax provisons and tax rates are applicable.
Select Age / Status
AIncome from Salary / Pension, if ER
Income from Salary / Pension, if NR
1Total Salary/Pension (Excl. Standard Deduction, all exemptions, allowances, perquisites & profit in lieu of salary)
2If ER, less : Standard deduction u/s Sec 16(i)
3If ER, less : Entertainment Allowance u/s Sec 16(ii).
4If ER, less : Employment (Profession) Tax paid u/s Sec 16(iii).
5If ER, less : Allowances Exempt under Section 10(5), 10(13A), 10(14), 10(17) and 10(32).
6Less: Any other allowance(s) exempt under other section 10
7Add: Allowances not exempt
8Add: Value of Perquisites and / or Fringe Benefits
9Add: Profits in lieu of Salary
10Total Taxable Income from Salary, if ER
Total Taxable Income from Salary, if NR

BIncome (Profits) from Business / Profession
1Calculate Presumptive Income u/s
1. Turnover or Receipts in cash
2. Turnover or Receipts other than in cash
(by account payee cheque / bank draft or electronic clearing system through bank account)
3. Gross Turnover or Gross Receipts (Not Eligible u/s 44AD if more than Rs. 1 core)
4. Minimum Presumptive Income u/s 44AD (8% of 1 + 6% of 2)
1. Gross Turnover or Gross Receipts (Not Eligible u/s 44ADA if more than Rs. 50 lacs)
2. Minimum Presumptive Income u/s 44ADA (50% of 1)
Enter Presumptive Income u/s 44AE Use Calculator
2Presumptive Income from Business / Profession
3Enter Income from Business / Profession other than Presumptive Income
4Total Income from Business / Profession
CIncome / Loss from House Property, if ER
Income / Loss from House Property, if NR
1Whether Property is Rented of Self Occupied
2Annual Lettable Value or Rent Received or Receivable (Zero, if Self occupied)
3Amount of Rent, which cannot be realized (Zero, if Self occupied)
4Taxes paid to Local Authorities (Zero, if Self occupied)
5Annual Value of Property ( 2 - 3 - 4 )
630% of 5
7Interest payable on borrowed capital (Max. Rs. 2 lacs)
8Income / Loss (-ve) from House Property, if ER
Income / Loss (-ve) from House Property, if NR

DIncome from Capital Gains
1Short Term Capital Gain - Taxable at Normal Rates
2Short Term Capital Gain (u/s 111A) - Taxable @ 15%
3Long Term Capital Gain - Taxable @ 20%
4Long Term Capital Gain - Taxable @ 10%
5Total Income from Capital Gains
EIncome from Other Sources
1Income - Taxable at Normal Rates
2Income - Taxable at Special Rates
ParticularsTax RateIncome
Winnings from Lottery, Puzzle, Crossword etc.30
Any other income taxable at Special Rate
3Total Income
FAgricultural Income (For Rate purpose)
GTotal Income, if ER
Total Income, if NR
HEligible Deductions, if ER
Eligible Deductions, if NR
1Deductions under Sec. 80C (Nil, if NR)
2Deductions under Sec. 80CCC (Nil, if NR)
3Deductions under Sec. 80CCD1 (Nil, if NR)
4Total of Deductions u/s 80C, 80CCC and 80CCD(1) (Max. Rs. 1.50 lakh) (Nil, if NR)
5Deductions under Sec. 80CCD(1B) (Nil, if NR)
6Deductions under Sec. 80CCD2
7Deductions under Sec. 80CCG (Nil, if NR)
8Deductions under Sec. 80D (Health Insurance - Self & family) (Nil, if NR)
9Deductions under Sec. 80D (Health Insurance - Parents) (Nil, if NR)
10Deductions under Sec. 80DD (Nil, if NR)
11Deductions under Sec. 80DDB (Nil, if NR)
12Deductions under Sec. 80E (Nil, if NR)
13Deductions under Sec. 80EE (Nil, if NR)
14Deductions under Sec. 80EEA (Nil, if NR)
15Deductions under Sec. 80EEB (Nil, if NR)
16Deductions under Sec. 80G (Nil, if NR)
17Deductions under Sec. 80GG (Nil, if NR)
18Deductions under Sec. 80QQB (Nil, if NR)
19Deductions under Sec. 80RRB (Nil, if NR)
20Deductions under Sec. 80TTA (Nil, if NR)
20Deductions under Sec. 80TTB (Nil, if NR)
21Deductions under Sec. 80U (Nil, if NR)
22Any other eligible deduction (Nil, if NR)
23Total Deductions from Taxable Income, if ER
Total Deductions from Taxable Income, if NR

I.Total Taxable Income, if ER
Total Taxable Income, if NR
JIncome taxable at Special Rates, if ER
Income taxable at Special Rates, if NR
KIncome taxable at Normal Rates, if ER
Income taxable at Normal Rates, if NR
JTax already paid
1Tax Deducted at Source
2Tax Collected at Source
3Advance Tax paid
4Self Assessment Tax paid
5Total Tax paid
Slab-wise Taxable Income and Income Tax
DescriptionExisting RegimeNew Regime
IncomeIncome TaxIncomeIncome Tax
Exempt Income
Income taxable at 5%
Income taxable at 10%NANA
Income taxable at 15%NANA
Income taxable at 20%
Income taxable at 25%NANA
Income taxable at 30%
Income taxable at Special Rates
Total
Tax Liability DetailsExisting RegimeNew Regime
Less: Relief u/s 87A (For Individuals having taxable income upto Rs. 5.00 lacs)
Less: Income Tax on Agricultural Income included above
Income Tax
Surcharge on Income Tax (if applicable)
Less: Marginal Relief (if applicable)
Net Surcharge
Income Tax + Net Surcharge
Health & Education Cess
Gross Income Tax Liability
Less: Tax relief under sections 89, 90 and 91
Net Income Tax Liability
Add: Interest Payable under Sections 234A, 234B and 234C
Total Income Tax Liability
Income Tax Payable / Refund (-)
Income Net of Income Tax Liability
Calculate interest under Section 234 A, B and C
Important : This calculator is an easy online tool for quick basic calculation and cannot give correct calculation in all circumstances. The exact calculation may be made after taking into account all applicable provisions of Income Tax Act / Rules.
This Income Tax calculator calculates following for AY 2021-22 for Individual (Salaried Employees and others), Sr. Citizen, Very Sr. Citizen and HUF for both New and Existing Tax Regimes ( Provisions ) :
  • Income from Salary and Wages, House Property, Capital Gains, Presumptive Business and Other Sources.
  • Deductions available under various sections of Chapter VIA.
  • Taxable Income at Normal Rates and Special Rates after taking into account income from all sources of income and available deductions.
  • Rebate available under Section 87A available to tax payees having taxable income below specified limit.
  • Health & Education Cess, Surcharge and Marginal Relief on Surcharge, Total Tax Liability and Income Net of Tax.

You can calculate and compare your Taxable Income and Income Tax liability under Existing and New Tax Regimes ( Provisions ) and select the better option.

From Assessment Year 2021-22, Individuals and HUFs (including Resident Individuals below 60 years of age, Senior Citizens and Very Senior Citizens) will have option to opt for Section 115BAC. In case Section 115BAC is opted the computation of income will be as per the provisions of Section 115BAC and New Tax Rates are applicable. In case Section 115BAC is not opted the computation of income will be as per the Existing Provisions and Existing Tax Rates are applicable.

If an Individual / HUF opts for Section 115BAC, no exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14) (other than those as may be prescribed for this purpose) or clause (17) or clause (32), of section 10 or section 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii), of sub-section (1) or sub-section (2AA), of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA from income will be available and New Income tax rates shall be applicable:

S. No.Total IncomeNew Tax Rates
1Upto Rs 2,50,000Nil
2From Rs 2,50,001 to Rs 5,00,0005%
3From Rs 5,00,001 to Rs 7,50,00010%
4From Rs 7,50,001 to Rs 10,00,00015%
5From Rs 10,00,001 to Rs 12,50,00020%
6From Rs 12,50,001 to Rs 15,00,00025%
7Above 15,00,000/-30%
Surcharge
( subject to Marginal Relief )
10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

For more details on Section 115BAC, please refer to the Finance Act No. 12 of 2020


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