Income Tax Calculator New Regime Excel

The calculator is made using simple excel formulas and functions.

Income tax calculator new regime excel. User is requested to refer to the yellow colored cells of this utility specifically for giving inputs and to take help. Download income tax calculator in excel for fy 2020 21 ay 2021 22 comparison old and new regime. The new regime of taxation is introduced which is optional to an assessee. 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.

From the middle class taxpayers the choice is yours. In option alternative 1 old regime the rates remain the same as of last year as below. 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. You can find out which regime suits you.

The second sheet contains a calculator as per the new tax regime with. This excel based income tax calculator can be used for computing income tax on income from salary pension gifts fixed deposit and bank interest and you will get the result accordingly to your tax regime selection. Excel calculator to compare tax under existing and new personal tax regime u s 115bac. Download old slab vs new slab rates calculator excel format f y 2020 21 a y 2021 22 new tax regime vs old tax regime.

You can use this calculator for calculating your tax liability for fy 2020 21 ay 2021 22. Union budget 2020 21 has disappointed individual taxpayers who were expecting tax benefits in the form of substantial increase in basic threshold of income tax exemption and increase in deductions particularly in section 80c of the income tax act 1961. To help taxpayers here is a simple excel based income tax calculator for the financial year 2020 21 ay 2021 22. Here is the compare old and new tax regime calculator.

So while deciding which income tax regime to choose you must consider the compulsory investments and voluntary investments. Download excel based income tax calculator for fy 2020 21 ay 2021 22 incorporating new and existing tax regime slabs. Highlights of changes in fy 2020 21 in income tax. Income tax slab fy 2020 21 for income tax computation are briefed below.

But when income exceeds rs 15 lakh the new tax regime is beneficial. If the individual is not having any allowances or any particular deductions the new regime can opt as there will be no difference whether any deductions.