Income Tax Calculator for FY 2020-21 (AY 2021-22)

M/s. Dinesh Sapte & Associates

Chartered Accountants
Name
PAN Number

Gross Annual Income/Salary (with all allowances)

Less: Allowances exempt u/s 10(for Service Period)
(I) H.R.A. exemption
City of Residence
Basic Salary (Basic+DA)
Rent Paid
H.R.A received
(II) Standard Deduction for Salaried & Pensioner (Rs 50,000) Budget 2019
(iii) Any Other Exempted Receipts/ allowances
(iv) Professional Tax
Income under the head salaries
Add: Any other income from other sources
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec )
b. N.S.C.(accrued/ Recd )
c. Post Ofice M.I.S (6 yrs.)
d. Post Office Recring Deposit (5 yrs.)
2. Any Other Income
3. Any Other Income
Less: Exemption on Home Loan Interest (Sec 24)
Loss from house property (Section 24)
Interest paid on Home Improvement Loan (max 30,000)
Gross Total Income
Less: Deduction under Sec 80C (Max Rs.1,50,000/-)
A. EPF & VPF Contribution
B. Public Provident Fund (PPF)
C. Senior Citizen’s Saving Scheme (SCSS)
D. N.S.C (Investment + accrued Interest before Maturity Year)
E. Tax Saving Fixed Deposit (5 Years and above)
F. Tax Savings Bonds
G. E.L.S.S (Tax Saving Mutual Fund)
H. Life Insurance Premiums
I. New Pension Scheme (NPS) (u/s 80CCC)
J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC)
K. 80 CCD Central Govt. Employees Pension Plan (u/s 80CCD)
L. Housing. Loan (Principal Repayment)
M. Sukanya Samriddhi Account
N. Stamp Duty & Registration Charges
O. Tuition fees for 2 children
Less: Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-)
Less: Deduction under chapter VI A
A. 80 D Medical Insurance premiums (for Self )
B. 80 D Medical Insurance premiums (for Parents)
C. 80 E Int Paid on Education Loan
D. 80 DD Medical Treatment of handicapped Dependent
E. 80DDB Expenditure on Selected Medical Treatment for self/ dependent
F. 80G, 80GGA, 80GGC Donation to approved funds
G. 80GG For Rent in case of NO HRA Component (Budget 2016)
H. 80U For Physically Disable Assesse
I. 80TTA (Rs 50,000 for Senior Citizens & Rs 10,000 for others) (Budget 2018)
Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution)

Less: Deduction under Sec 80EEA (Interest on Home Loan for Affordable Home) (Budget 2019)

Less: Deduction under Sec 80EEB (Interest on Auto Loan for Electronic Vehicle) (Budget 2019)
Total Income
Tax Rebate of Rs. 12,500 (For Income of less than 5 lakhs) (Budget 2019)
Total Tax Payable
Tax Surcharge @ 10%/15%/25%/37% (Income more than 50 Lakhs/1 cr/2 cr/5 cr respectively) (Budget 20
Add; Edn Cess + Health Cess @ 4%
Net Tax Payable
Advance Tax Paid
Tax Remianing to be Paid
Tax to Total Income Ratio

Calculating Income Tax with Lower Tax Slab under new Regim
Gross Annual Income/Salary (with all allowances)
Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution)
Total Income
Tax Rebate of Rs. 12,500 (For Income of less than 5 lakhs) (Budget 2019)
Total Tax Payable
Tax Surcharge @ 10%/15%/25%/37% (Income more than 50 Lakhs/1 cr/2 cr/5 cr respectively) (Budget 20
Add; Edn Cess + Health Cess @ 4%
Net Tax Payable

In case of any queries or doubts please mail at - d_sapte@hotmail.com

Terms of Usage: I encourage you to share this Income Tax Calculator for benefit of your friends and family. The usage is r
commercial use only.

Disclaimer: All care has been taken to keep the information upto date and correct and is for educational purpose only. Yo
consult your Tax Advisor before taking any decesion based on this calculator.
(AY 2021-22)
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Birth date
Age 121
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#DIV/0!

nder new Regim

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and family. The usage is restricted to non

ucational purpose only. You are encouraged to

Fill Only Orange Cells

31-Mar-21

Metro - Delhi, Mumbai, Chennai and Kolkatta, Non-Metro - Other cities

This is Twelve months Basic + DA
Rent Paid in case of Assessee staying in rented flat
Yearly HRA received as per Salary Package

Interest on Housing Loan as per Bank Certificate

Additional deduction for first time buyer, you should not own 2nd
home , Value of House should ne less than Rs.45 Lacs.
Income Tax for General Tax Tax Slabs Incremental Taxable Inc

0 -250000 - 250,000 250,000

250001 - 500000 - 500,000 250,000 -250,000
500001 - 1000000 - 1,000,000 500,000 -500,000
500001 + - -1,000,000 -1,000,000
Total Tax -

Income Tax for Senior Citizen Tax Tax Slabs Incremental Taxable Inc
0 -300000 - 300,000 300,000
300001 - 500000 - 500,000 200,000 -300,000
500001 - 1000000 - 1,000,000 500,000 -500,000
500001 + - -1,000,000 -1,000,000
Total Tax -

Income Tax for very Senior Citizen Tax Tax Slabs Incremental Taxable Inc
0 - 500000 - 500,000 500,000
500001 - 1000000 - 1,000,000 500,000 -500,000
1000001 + - -1,000,000 -1,000,000
Total Tax -

Income Tax for General Tax Tax Slabs Incremental Taxable Inc
0 - 2.5 - 250,000 250,000
2.5 - 5 - 500,000 250,000 (250,000)
5 - 7.5 - 750,000 250,000 (500,000)
7.5 - 10 - 1,000,000 250,000 (750,000)
10 - 12.5 - 1,250,000 250,000 (1,000,000)
12.5 - 15 - 1,500,000 250,000 (1,250,000)
15+ - (1,500,000) (1,500,000)
Total Tax -

Income Tax for Senior Citizens Tax Tax Slabs Incremental Taxable Inc
0-3 - 300,000 300,000
3-5 - 500,000 200,000 (300,000)
5 - 7.5 - 750,000 250,000 (500,000)
7.5 - 10 - 1,000,000 250,000 (750,000)
10 - 12.5 - 1,250,000 250,000 (1,000,000)
12.5 - 15 - 1,500,000 250,000 (1,250,000)
15+ - (1,500,000) (1,500,000)
Total Tax -

Income Tax for Super Senior Citizens Tax Tax Slabs Incremental Taxable Inc
0 - 2.5 - 250,000 250,000
2.5 - 5 - 500,000 250,000 (250,000)
5 - 7.5 - 750,000 250,000 (500,000)
7.5 - 10 - 1,000,000 250,000 (750,000)
10 - 12.5 - 1,250,000 250,000 (1,000,000)
12.5 - 15 - 1,500,000 250,000 (1,250,000)
15+ - (1,500,000) (1,500,000)
Total Tax -
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Non-Metro