This Income Tax calculator calculates following for AY 2021-22 and AY 2020-21 for Individuals, Sr. Citizens, Very Sr. Citizens and HUFs for New and Existing Tax Regimes (Rates) :
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.
For AY 2021-22, you can calculate and compare your Taxable Income and Income Tax liability under the two options (New and Existing Tax Rates) and select the better option for you.
What is Option for computation of Income as per provisions of Section 115BAC and New Tax rates?
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 for computation of income as per provisions of Section 115BAC.
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 following Income tax rates shall be applicable: