Income Tax Calculator Under New Regime In Excel
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Here is the compare old and new tax regime calculator.
Income tax calculator under new regime in excel. User is requested to refer to the yellow colored cells of this utility specifically for giving inputs and to take help. But when income exceeds rs 15 lakh the new tax regime is beneficial. Looking at the above case new tax regime looks attractive but if the salaried individual claim deductions under section 80c 80d hra exemption lta exemption and deduction of interest paid on housing loan taken for self occupied property up to permissible limits the selection criteria will change. It will help you to make an informed decision to opt for a suitable tax structure.
You can find out which regime suits you. 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. 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. Sgc services has made a tax calculator excel sheet calculator in which you can compare tax incidence under the existing tax regime and new simplified tax regime.
Excel calculator to compare tax under existing and new personal tax regime u s 115bac. Tax payers can opt for new revised lower tax rates by giving up tax benefits or continue with old rates with rebates. 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. The calculator can help you determine which scheme is more.
Tax calculator all in one for the bihar state govt employees f y 2020 21 u s 115bac. 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. Therefore from the above analysis you can see that after availing off income tax deductions old tax regime is beneficial up to the income level of rs. Download income tax calculator fy 2020 21 ay 2021 22 in excel format.
Tax calculator all in one in excel for the andhra pradesh state employees for f y 2020 21 as per u s 115 bac. You can calculate your tax liabilities as per old and new tax slab. Download excel based income tax calculator for fy 2020 21 ay 2021 22 incorporating new and existing tax regime slabs. So while deciding which income tax regime to choose you must consider the compulsory investments and voluntary investments.
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.