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