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Taxable Income & Tax Calculator AY 2021-22 | AY 2022-23

What are features of this Income Tax Calculator?

This user-friendly Income tax Calculator can be used by Resident Individuals below 60 years of age, Sr. Citizens, Very / Super Senior Citizens and HUFs for calculation of the following under both New and Existing Tax Regimes (Tax Provisions and Tax Rates) for AY 2022-23 / AY 2021-22 :


Abbreviations used
ERExisting Regime (i.e. Not opted for Section 115BAC and Existing Income tax provisons and tax rates are applicable.)
NRNew Regime i.e. Opted for Section 115BAC and New Income tax provisons and tax rates are applicable.
Select Age / Status
Income 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 u/s 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 Income from Salary / Pension, if ER
Total Income from Salary / Pension, if NR

Income (Profits) from Business / Profession
1Presumptive 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
2Total Presumptive Income
3Enter Income other than Presumptive Income
4Total Income from Business / Profession
Income / 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

Income 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
Income 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 from Other Sources
Agricultural Income (For Rate purpose)
Gross Income, if ER
Gross Income, if NR
Eligible Deductions, if ER
Eligible Deductions, if NR
1Sec. 80C (Nil, if NR)
2Sec. 80CCC (Nil, if NR)
3Sec. 80CCD1 (Nil, if NR)
4Total of Deductions u/s 80C, 80CCC and 80CCD(1) (Max. Rs. 1.50 lakh) (Nil, if NR)
5Sec. 80CCD(1B) (Nil, if NR)
6Sec. 80CCD2
7Sec. 80CCG (Nil, if NR)
8Sec. 80D (Health Insurance - Self & family) (Nil, if NR)
9Sec. 80D (Health Insurance - Parents) (Nil, if NR)
10Sec. 80DD (Nil, if NR)
11Sec. 80DDB (Nil, if NR)
12Sec. 80E (Nil, if NR)
13Sec. 80EE (Nil, if NR)
14Sec. 80EEA (Nil, if NR)
15Sec. 80EEB (Nil, if NR)
16Sec. 80G (Nil, if NR)
17Sec. 80GG (Nil, if NR)
18Sec. 80QQB (Nil, if NR)
19Sec. 80RRB (Nil, if NR)
20Sec. 80TTA (Nil, if NR)
20Sec. 80TTB (Nil, if NR)
21Sec. 80U (Nil, if NR)
22Any other eligible deduction (Nil, if NR)
23Total Eligible Deductions, if ER
Total Eligible Deductions, if NR

Taxable Income, if ER
Taxable Income, if NR
Income taxable at Special Rates, if ER
Income taxable at Special Rates, if NR
Income taxable at Normal Rates, if ER
Income taxable at Normal Rates, if NR
Tax already paid
1Tax Deducted at Source
2Tax Collected at Source
3Advance Tax paid
4Self Assessment Tax paid
5Total Tax paid
Income taxable atExisting RegimeNew Regime
IncomeIncome TaxIncomeIncome Tax
Exempt Income
5%
10%NANA
15%NANA
20%
25%NANA
30%
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.

What is Option for Existing and New Regimes ( 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 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.

New Tax Regime (New Tax Provisions and and Tax Rates)

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
Updated : Mar 28, 2021