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.
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:
New Tax Rates
Upto Rs 2,50,000
From Rs 2,50,001 to Rs 5,00,000
From Rs 5,00,001 to Rs 7,50,000
From Rs 7,50,001 to Rs 10,00,000
From Rs 10,00,001 to Rs 12,50,000
From Rs 12,50,001 to Rs 15,00,000
( 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.