The minister of finance remarked in Indian Budget 2020 that she had simplified the income tax structure. Unfortunately, this is far from the truth. What has happened is that the budget has given you another option to calculate your taxes. More options mean more complexity.
We have come up with an income tax calculator that incorporates both the existing system and the new tax system. You can fill in the details and find out which one works best for you
If you want to choose the new tax discipline, you will need to waive most of the tax exemptions and exemptions such as standard exemption, Chapter VI exemption, HRA benefits, LTA, home loan interest for self-occupied home etc.
In most cases, with the new tax system having tax breaks, the taxes will be higher
New Tax Regime – Tax Slabs
New Tax Regime – Tax Slab for the F.Y.2020-21
Download Automated Income Tax PreparationExcel Based Software All in One for Non-Government (Private) Employees for the Financial Year 2020-21 and Assessment Year 2021-22 as per New and Old TaxRegime U/s 115BAC
Feature of this Excel Utility:-
1. This Excel utility Calculate your Tax Liability U/s 115BAC ( New and Old Tax Regime) as per your option.
2. This Excel utility have the Salary Structure as per the Non-Government (Private) Salary Pattern
3 This Excel Utility prepare automatic Revised Form 16 Part A&B in a new format
4 This Excel utility prepare automatic Revised Form 16 Part B in a new format
5. Automated Income Tax Form 12 BA
6. This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
7. Individual Salary Sheet
8. Individual Tax Computed Sheet
9. In this Excel Utility have all the Income Tax modified Section as per Budget 2020