Old Tax Regime vs New Tax Regime which one is beneficial to you (should you opt) with Excel Automatic Tax Calculator – Salaried Employee
The Central Board of Direct Taxes (CBDT) via a circular dated April 13, has clarified that employers will have to deduct TDS from salary for financial year 2020-21 as per the tax regime new or old chosen by the employee. If an employee wants to go for the new tax regime he/she must inform the employer of this else by default TDS would be deducted as per old regime tax rates.
The Union Budget 2020 introduced a new personal tax regime for individual taxpayers. However, the option for such concessional tax regime requires the taxpayer to forego certain specified deductions. These include standard deduction of Rs 50,000, deduction under section 80C of Rs 1.5 lakh and interest on self-occupied property of Rs 2 lakh which are availed by most taxpayers. As a result, the concessional tax regime may not always be beneficial to the taxpayer.
Thus the individual taxpayers are required to make a choice in advance regarding which tax regime they should opt for so that they can plan their investments (for deductions under section 80C, housing loan) accordingly. Thus an individual is required to make a decision that which tax regime he wants to opt for.
Here, I have enclosed herewith a tool which will auto-calculate your tax as per old tax regime as well as new tax regime, thus allowing you to get a conclusion regarding which tax regime is beneficial to you. You need to enter the input in the fields required. This will be very useful to salaried employee.
Benefits of Excel Calculator :
- The user needs to feed the data in the yellow highlighted cells and select data from drop down list in orange highlighted cells and excel will auto calculate the tax as per both regime.
- This calculator has a unique feature of Auto calculating all the deductions and exemptions like 80C, 80D, HRA, NPS etc as per the Income tax rules.
- The calculator will also auto calculate the final tax after considering rebate, surcharge if any as per both tax regime.
- Also read the instruction sheet in the calculator before proceeding to calculation.
Author Bio
asking password to unprotect it sir
Kindly share password sirt
PLS SHARE THE LINK WE CAN COMPARE OLD TAX AND NEW TAX REGIME
PLS SHARE THE LINK OF EXCEL SHEET COMPARTE OLD TAX REGIME & NEW TAX REGIME
Couldn’t download the excel file for IT calculation for FY 20-21
I have registered.Please send me the link for Tax Calculation for FY 2020-2021
Hi, cannot find the excel tax calculator for downloading. Kindly share. Thanks in advance.
Please share the link
Hi…can u pls share the link to download the excel calculator…unable to find the same in the article.
There is no link in article to download IT calculator old & new regime. If we cannot able to download purpose of the article is defeated.
Hi , I am unable to find the link anywhere in the contents. Please share to my mail id.
Where is link for excel calculator? Can’t find it on this webpage. Please send me the Excel calculator work sheet
wonderful!
Where is link for excel calculator? Can’t find it on this webpage
Bro…great efforts made by you…heads off to you for this great information for professionals and all clients….who file their income tax return…and provided clarity over the changed tax regime as an option
Sir, please send the latest tax calculator for the FY 20-21.