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This article contains Auto Income Tax calculator for Financial Year 2020-21 & Assessment Year 2021-22 in excel format.

A circular issued by the CBDT on 13.04.2020 that salaried employees has to chose between the Old and New income-tax regime at the time employers are deducting TDS. OR at the time for filing of ITR.

These regimes proposals have left some Question Mark? among the taxpayers. Which is suitable regime? Whether new regime or Old (existing) regime? Should I continue with deductions of existing savings, Investments & expenses according to existing regime or not etc.

Now It is very difficult to taxpayers to choose suitable regime without calculate the actual  tax according to both regimes.

Do not panic- this Auto Income tax calculator tool from Taxationseva will help you to calculate and compare according to both regimes in very simple way with less time and fewer efforts and suggest you that which tax regime would be better option for financial year 2020-21 and plan accordingly.

Significant features of Auto Income Tax calculator for F.Y.-2020-21

  • A simple easy to use tax Calculator for resident individual, especially for salaried persons to calculate income tax in both regimes.
  • Once enter the amount in blank cells other cells calculate data & tax automatically
  • Tax calculation with both regimes simultaneously on same sheet based on your income.
  • Calculation for difference of tax benefit between regimes.
  • Suggestion to choose suitable regime.
  • Calculation of – Income Tax, Income from house property, Exemption/Deduction of Allowances and relief of 87A, 80EE/80EEA etc.
  • Calculation of taxable Income at normal rate, Net tax, rebates, Cess, Surcharge, Marginal relief (where applicable) and balance tax payable/refundable.
  • Know every latest information and applicable rule of tax rates, deduction and exemption with a hipper linked ready reckoner.

If you find any inconsistency, Please write me, I would like to amend or rectify as earliest.

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May 2024