The Income Tax Calculator for FY 2020-21 (AY 2021-22) is in Excel and is available Free for download.
It calculates Income from,
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Salary
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Pension
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House Property
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Other sources (Interest, Dividend, etc.)
Click below to download the Income tax calculator FY 2020-21 in excel free.
Income Tax Slab FY 2020-21 for Income Tax computation are briefed below.
The new regime of taxation is introduced which is optional to an Assessee.
In Option / alternative 1 (Old regime), the rates remain the same as of last year as below. And all the calculations are also the same as last year.
Old Regime – Income Tax slabs for FY 2020-21 (AY 2021-22) |
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| General public less than 60 years of Age |
Senior Citizen (60-80 years of Age) |
Very Senior Citizen more than 80 Years of Age |
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| Income Slab | Rate | Income Slab | Rate | Income Slab | Rate | ||
| Up to ₹ 2.5 lakhs | Nil | Up to ₹ 3 lakhs | Nil | Up to ₹ 5 lakhs | Nil | ||
| ₹ 2.5 to 5 Lakhs | 5% | ₹ 3 to 5 Lakhs | 5% | – | – | ||
| ₹ 5 to 10 Lakhs | 20% | ₹ 5 to 10 Lakhs | 20% | ₹ 5 to 10 Lakhs | 20% | ||
| Above ₹ 10 lakhs | 30% | Above ₹ 10 lakhs | 30% | Above ₹ 10 lakhs | 30% | ||
In Option / alternative 2 (New regime), the rates are as below, but the calculations are without deductions except for 80CCD (New Pension Scheme) & rebate under section 87A.
New Regime – Income Tax slabs for FY 2020-21 (AY 2021-22) |
Rate |
| Up to ₹ 2,50,000 | Nil |
| ₹ 2,50,001 to 5,00,000 | 5% |
| ₹ 5,00,001 to 7,50,000 | 10% |
| ₹ 7,50,001 to 10,00,000 | 15% |
| ₹ 10,00,001 to 12,50,000 | 20% |
| ₹ 12,50,001 to 15,00,000 | 25% |
| Above ₹ 15,00,000 | 30% |
The Surcharge is as below.
| Total Income | Rate |
| Income is less than ₹ 50 Lakhs | Nil |
| ₹ 50 Lakhs to ₹ 1 Crore | 10% |
| ₹ 1 Crore to ₹ 2 Crores | 15% |
| ₹ 2 Crores to ₹ 5 Crores | 25% |
| ₹ 5 crores to ₹ 10 Crores | 37% |
| Income is exceeding ₹ 10 Crores | 37% |
Health and Education cess @ 4%
Standard Deduction of ₹ 50,000 to Salaries person as well as to Pensioners.
Rebate up to ₹ 12,500/- for income up to ₹ 5,00,000 under section 87A.
Income Tax slabs for both Male & females are the same.
For Income Tax Calculator for FY 2019-20 (AY 2020-21) click here to download in Excel for free.
For Interest calculation, FY 2019-20 (AY 2020-21) click here to download Excel for free.
