Income Tax Calculator AY 2021-22 (for Comparison under Present/Existing Tax Regime and Proposed New Tax Regime)- Union Budget 2020-21
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 assessee can choose between old or new tax structure whichever is beneficial to him subject to certain conditions.
We have designed Income Tax Calculator which calculates tax under both tax structure and gives you visibility of tax difference under both system.
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 (Read Section 115BAC for details).
Which one is more beneficial will depend on taxable income, exemption, deductions available. This utility can be helpful to calculate tax under both structures.