Download Income Tax Calculator FY 2020-21 (AY 2021-22) in Excel Format. This calculator is designed to work with both old and new tax slab rates released in the budget 2020. You can calculate your tax liabilities as per old and new tax slab. It will help you to make an informed decision to opt for a suitable tax structure.
Income Tax calculation is one of the complex tasks for the taxpayer. To help taxpayers here is a simple excel based Income Tax Calculator for the financial year 2020-21 (AY 2021-22). The calculator is made using simple excel formulas and functions. You can use this calculator for calculating your tax liability for FY 2020-21 (AY 2021-22).
Income Tax Slabs for FY 2020-21 (AY 2021-22)
A new Income Tax Slab Section 115BAC is announced in the budget 2020. This tax slab is applicable with effect from AY 2021-22.
The current slab rates, surcharge, and health, and education cess remains unchanged. An option is provided to individuals and HUF taxpayers to opt for reducing tax rates as per new tax regime.
New tax rates u/s 115BAC are as below:
|Income Tax Slab||% Rate|
|Up to Rs. 2,50,000||NIL|
|Rs. 2,50,001 to Rs. 5,00,000||5%|
|Rs. 5,00,001 to Rs. 7,50,000||10%|
|Rs. 7,50,001 to Rs. 10,00,000||15%|
|Rs. 10,00,001 to Rs. 12,50,000||20%|
|Rs. 12,50,001 to Rs. 15,00,000||25%|
|Rs. 15,00,001 and above||30%|
In case an individual or HUF opts for the new tax rate, certain exemptions, deductions and set-off of losses will not be available. This includes 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80TTA, 80TTB etc.
Salaried people can exercise this option every year before filing the return of income.
An employer should seek confirmation from the employee whether he/she is opting for new tax rate or continuing under old tax rates.
The option of switching from old to next tax slab and vice versa is not available if an individual or HUF have business income.
Download – Income Tax Calculator – FY 2019-20
You can download the latest income tax calculator FY 2020-21 from the link given below. This calculator is divided into two parts.
Part 1 – Calculator as per Old Tax Slab
The first sheet contains a calculator as per the old tax regime, where deductions & exemptions are allowed.
To calculate your income tax liabilities as per old tax slab, you need to provide inputs such as your gross income, exemption amount. In addition to that, you need to provide information about the investment made by you under various sections. The sheet contains inputs for various sections such as 80C, 80D, 80CCD, etc.
After filling up this detail you need to go to the bottom section where you need to make a selection of applicable tax slab by selecting Male/Female, Senior Citizen and Very Senior Citizen Options.
You will be able to see your tax liability instantly in the Tax Liability with Cess Section.
Part 2 – Calculator as per New Tax Slab
The second sheet contains a calculator as per the new tax regime with reducing tax rates, where deductions are not allowed.
To calculate your income tax liabilities as per the new reducing tax rate slab, you need to provide only single input your gross income.
The calculator will calculate tax liability automatically and display it in the Tax Liability with Cess Field.
Click on the following image to download the income tax calculator.
CLICK above image to Download Income Tax Calculator in EXCEL Format.
Note – It is not a comprehensive calculator, it is designed to give you a quick idea about your income tax liabilities so that, you can start tax planning. It also helps you to select an appropriate tax slab.
Key Features of this Income Tax Calculator are given below
- This calculator is two-in-one calculator. You can make use of this calculator for calculating tax liabilities as per old as well as new tax slab.
- You can compare your tax and decide which tax slab to opt.
- This calculator is designed exclusively for the salary income only.
- It is an Excel-based calculator. You can download and use it forever.
- This calculator is for people with a single home.
- You will not able to calculate long-term capital gain tax from this calculator.
I hope this Income Tax calculator FY 2020-21 will be useful to you.
Do share your feedback in the comment section. It will help me to add new features and improve this calculator.