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
0-2.5 Lakh Exempt Exempt
2.5-5 Lakh 5% 5%
5-7.5 Lakh 20% 10%
7.5-10 Lakh 20% 15%
10-12.5 Lakh 30% 20%
12.5-15 Lakh 30% 25%
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)

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14 Comments

  1. Meera Kiran says:

    I need help in filing FY20-21 declaration
    I am confused. can some one help.
    I have LIC three policies worth 93639.94 pa.
    I have a PPF worth 12000 pa.
    I have a housing loan interest 47k pm.
    I am also paying rent worth 9500pm.
    my gross pay is 1147919
    Amt in INR.

  2. Alok Chaudhury says:

    Sir,
    I am retired bank employee aged 61 years old
    My pension pa Rs 4,92,000/-My income from intt on Sr citizen scheme – Rs 1,29,000/-Interest from FD 3,53,750/- I pay tution & other fees to College 2,21,000/- Donation under 80 G 50,000/- what would be my tax burden.

  3. SATYAJIT123 says:

    Dear Sir
    As per your calculator new tax rate has been considered standard deduction and profession tax. As per budget if we go to new tax regime then we can’t get standard deduction and profession tax also. But as per your calculator new tax regime amount was come after considering of standard deduction and profession tax. Please check at you end.
    Thank you

  4. ajay says:

    sir, I am retired banker having appx annual pension plus fd interest amounting to rupees 10.91 lacs having no housing loan. As per existing rule I invest 1.50 lacs under section 80c rupees 10200 under section 80d and 50000 under 80ttb and 50000 standard deductions. As per new system I don”t have any option for above deductions but as per my calculations, I presume I would be able to save around 7000 as per new system than submitting my return under existing system. Kindly guide which would be the best for me

  5. K Sundara Rao says:

    Sir, New IT slabs
    1. Interest on housing loan exempted or not?
    2. EPF contribution is allowed or not?
    3. To employee what is the better slab? Either old or new?

    please clarify the above points.

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