All Resident Individuals (i.e. Resident Individuals aged below 60 year, Senior Citizens, Very Senior Citizens and HUFs) can use this Income Tax calculator for calculation of Taxable Income and Tax Liability for AY 2020-21 and AY 2021-22.
What calculations are made by the calculator?
The Income Tax calculator carries out following calculations for the Assessment Year selected by you :
Income from Salary and Wages, House Property, Presumptive Business and Other Sources.
Total Deductions available under various sections of Chapter VIA.
Taxable Income after taking into account income from all sources of income (viz. Salary and Wages, House Property, Capital Gains, Business and Profession, Agriculture (for Rate purpose) and Other Sources and available deductions.
Taxable Income at Normal Rates and Taxable Income at Special Rates.
Slab-wise Taxable Income and Income Tax
Rebate available under Section 87A 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 Regime and Existing Regime) proposed in budget 2020 and select the better option for you.
▲▼Option for computation of Income as per provisions of Section 115BAC and Lower 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:
Income Tax & Taxable Income Calculator for Individual / HUF : AY 2020-21 and AY 2021-22
This calculator calculates Taxable Income income, Income Tax, Surcharge, Health & Education Cess and Total Tax Liability simultneouly under both options ('Opting' and 'Not opting' for computation of Taxable Income under Section 115BAC) available to you from the assessment year 2021-22. The calculator enables you to easily find out the best option for you.
Abbreviations used : ER (Existing Regime) - Calculations are applicable for AY 2020-21 and for AY 2021-22 if not opted for computation of taxable income as per Provisions of Section 115BAC. Existing Income tax rates will be applicable.
NR (New Regime) - Calculations are applicable for AY 2021-22 if Opted for computation of taxable income as per Provisions of Section 115BAC. Revised Income tax rates will be applicable.