Income Tax Calculator for AY 2021-22

1 February, 2020 In Finance Budget 2020, Government has come up with new income tax slab rate for Individual and HUF. This new tax structure is optional as he can choose between old or new tax structure whichever is beneficial to him.

We have designed Income Tax Calculator which calculates tax under both tax structure and gives you visibility of tax difference under both system. You can download this excel utility from here.

Presently, assessee is allowed to take all tax exemptions and benefits which are available to him

Under new tax structure, assessee can pay tax at lower slab rate, however he will not be allowed any deduction or exemption benefits.

Which one is more beneficial will depend on taxable income, exemption, deductions available. This utility can be helpful to calculate tax under both structures.

Income Tax Calculator for Financial Year 2020-21

Income Tax Calculator for Assessment Year 2021-22