Income Tax Calculator in Excel; Format for Financial Year 2020-21 / Assessment Year 2021-22
The Finance Minister has proposed to bring a new and simplified personal income tax regime, wherein income tax rates will be significantly reduced for the individual taxpayers who forego certain deductions and exemptions, however the same is options to individual. Hence the assesses have to review the benefits to take call on which option to be exercise. Please review your tax plans for the FY 2020-21.
The proposed changes in tax slabs are listed in the following table:
|Taxable Income Slab (Rs.)||Existing Tax Rates||New Tax Rates|
|Above 15 Lakh||30%||30%|
Sec 87 Relief – No change
Surcharge and cess shall be continued to be levied at the existing rates.
Sec-80EEA- Tax benefit on the new housing loans, additional deduction of Rs.150,000/- extended for the loans taken till March 31, 2021.
(Republished with amendments)