Income Tax Calculator in excel for F.Y. 2021-2022 A.Y. 2022-2023

Income Tax Calculator in excel for F.Y. 2021-2022 A.Y. 2022-2023 select better option from Old regime vs new regime of taxation u/s 115BAC for Individual & HUF

Individual and HUF has to choose any one option out of two options for paying income tax for F.Y. 2021-2022 A.Y. 2022-2023 in India.

Option 1 old regime

Option 2 New regime u/s 115 BAC

For selecting any option first we have to check tax liability in both option so that we can select better one.

I had prepared a Income Tax calculator to know which option is better for Tax Payer. Same is attached and available for download.

How to Use this Income Tax Calculator for F.Y. 2021-2022 :-

1. Please open it as read only and fill your income and investment details in blue cells in “Computation and IT” sheet.

2. Enable macro to activate macros.

3. Then it will calculate income tax automatically under both options.

4. Save your file after entry.

5. For using it for another person make copy of this file and click on “Blank” this will delete entries in blue cells. Then use this file again.

I had taken care in preparing the Income Tax Calculator as well as tested number of scenarios.

Also mentioned deductions available in option I and not available in option II.

Income Tax Rate in both options are available in “Income Tax Rate” Sheet.

I welcome your feedback in improving it.