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Income Tax Calculator AY 2021-22 | AY 2022-23

What calculations are made by this Income Tax Calculator?

This comprehensive Income tax Calculator carries out following calculations as per New and Existing Tax Regimes for Resident Individuals, Sr. Citizens and HUFs :

  • Gross Income and Taxable Income after taking into account income from all sources and eligible deductions.
  • Slab-wise Income Taxable at Normal and Special Rates and Income Tax.
  • Income Tax, Cess, Surcharge, Marginal Relief, Total Tax Liability and Income Net of Tax Liability.

Abbreviations used
ER - Existing Regime (Not opted for Section 115BAC. Existing Income tax provisions and tax rates are applicable.)
NR - New Regime (Opted for Section 115BAC. New Income tax provisions and tax rates are applicable.)
Select Age / Status
Income from Salary / Pension, if ER
Income from Salary / Pension, if NR
1 Total Salary/Pension (Excl. Standard Deduction, all exemptions, allowances, perquisites & profit in lieu of salary)
2 If ER, less : Standard deduction u/s Sec 16(i)
3 If ER, less : Entertainment Allowance u/s Sec 16(ii).
4 If ER, less : Employment (Profession) Tax paid u/s Sec 16(iii).
5 If ER, less : Allowances Exempt u/s 10(5), 10(13A), 10(14), 10(17) and 10(32).
6 Less: Any other allowance(s) exempt under other section 10
7 Add: Allowances not exempt
8 Add: Value of Perquisites and / or Fringe Benefits
9 Add: Profits in lieu of Salary
10 Total Income from Salary / Pension, if ER
Total Income from Salary / Pension, if NR

Income (Profits) from Business / Profession
1 Presumptive Income u/s
1. Turnover or Receipts in cash
2. Turnover or Receipts other than in cash
(by account payee cheque / bank draft or electronic clearing system through bank account)
3. Gross Turnover or Gross Receipts (Not Eligible u/s 44AD if more than Rs. 1 core)
4. Minimum Presumptive Income u/s 44AD (8% of 1 + 6% of 2)
1. Gross Turnover or Gross Receipts (Not Eligible u/s 44ADA if more than Rs. 50 lacs)
2. Minimum Presumptive Income u/s 44ADA (50% of 1)
Enter Presumptive Income u/s 44AE Use Calculator
2 Total Presumptive Income
3 Enter Income other than Presumptive Income
4 Total Income from Business / Profession
Income / Loss from House Property, if ER
Income / Loss from House Property, if NR
1 Whether Property is Rented of Self Occupied
2 Annual Lettable Value or Rent Received or Receivable (Zero, if Self occupied)
3 Amount of Rent, which cannot be realized (Zero, if Self occupied)
4 Taxes paid to Local Authorities (Zero, if Self occupied)
5 Annual Value of Property ( 2 - 3 - 4 )
6 30% of 5
7 Interest payable on borrowed capital (Max. Rs. 2 lacs)
8 Income / Loss (-ve) from House Property, if ER
Income / Loss (-ve) from House Property, if NR

Income from Capital Gains
1 Short Term Capital Gain - Taxable at Normal Rates
2 Short Term Capital Gain (u/s 111A) - Taxable @ 15%
3 Long Term Capital Gain - Taxable @ 20%
4 Long Term Capital Gain - Taxable @ 10%
5 Total Income from Capital Gains
Income from Other Sources
1 Income - Taxable at Normal Rates
2 Income - Taxable at Special Rates
Particulars Tax Rate Income
Winnings from Lottery, Puzzle, Crossword etc. 30
Any other income taxable at Special Rate
3 Total Income from Other Sources
Agricultural Income (For Rate purpose)
Gross Income, if ER
Gross Income, if NR
Eligible Deductions, if ER
Eligible Deductions, if NR
1 Sec. 80C (Nil, if NR)
2 Sec. 80CCC (Nil, if NR)
3 Sec. 80CCD1 (Nil, if NR)
4 Total of Deductions u/s 80C, 80CCC and 80CCD(1) (Max. Rs. 1.50 lakh) (Nil, if NR)
5 Sec. 80CCD(1B) (Nil, if NR)
6 Sec. 80CCD2
7 Sec. 80CCG (Nil, if NR)
8 Sec. 80D (Health Insurance - Self & family) (Nil, if NR)
9 Sec. 80D (Health Insurance - Parents) (Nil, if NR)
10 Sec. 80DD (Nil, if NR)
11 Sec. 80DDB (Nil, if NR)
12 Sec. 80E (Nil, if NR)
13 Sec. 80EE (Nil, if NR)
14 Sec. 80EEA (Nil, if NR)
15 Sec. 80EEB (Nil, if NR)
16 Sec. 80G (Nil, if NR)
17 Sec. 80GG (Nil, if NR)
18 Sec. 80QQB (Nil, if NR)
19 Sec. 80RRB (Nil, if NR)
20 Sec. 80TTA (Nil, if NR)
20 Sec. 80TTB (Nil, if NR)
21 Sec. 80U (Nil, if NR)
22 Any other eligible deduction (Nil, if NR)
23 Total Eligible Deductions, if ER
Total Eligible Deductions, if NR

Taxable Income, if ER
Taxable Income, if NR
Income taxable at Special Rates, if ER
Income taxable at Special Rates, if NR
Income taxable at Normal Rates, if ER
Income taxable at Normal Rates, if NR
Tax already paid
1 Tax Deducted at Source
2 Tax Collected at Source
3 Advance Tax paid
4 Self Assessment Tax paid
5 Total Tax paid
Income taxable at Existing Regime New Regime
Income Income Tax Income Income Tax
Exempt Income
5%
10% NA NA
15% NA NA
20%
25% NA NA
30%
Special Rates
Total

Tax Liability details Existing Regime New Regime
Less: Relief u/s 87A (For Individuals having taxable income upto Rs. 5.00 lacs)
Less: Income Tax on Agricultural Income included above
Income Tax
Surcharge on Income Tax (if applicable)
Less: Marginal Relief (if applicable)
Net Surcharge
Income Tax + Net Surcharge
Health & Education Cess
Gross Income Tax Liability
Less: Tax relief under sections 89, 90 and 91
Net Income Tax Liability
Add: Interest Payable under Sections 234A, 234B and 234C
Total Income Tax Liability
Income Tax Payable / Refund (-)
Income Net of Income Tax Liability
Calculate interest under Section 234 A, B and C
Important : This calculator is an easy online tool for quick basic calculation and cannot give correct calculation in all circumstances. The exact calculation may be made after taking into account all applicable provisions of Income Tax Act / Rules.

What is Option for Existing and New Regimes ( Tax Rates )?

From Assessment Year 2021-22, Individuals and HUFs (including Resident Individuals below 60 years of age, Senior Citizens and Very Senior Citizens) will have option to opt for Section 115BAC. In case Section 115BAC is opted the computation of income will be as per the provisions of Section 115BAC and New Tax Rates are applicable. In case Section 115BAC is not opted the computation of income will be as per the Existing Provisions and Existing Tax Rates are applicable.

New Tax Provisions and Tax Slabs & Rates

If an Individual / HUF opts for Section 115BAC, no exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14) (other than those as may be prescribed for this purpose) or clause (17) or clause (32), of section 10 or section 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii), of sub-section (1) or sub-section (2AA), of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA from income will be available and New Income tax rates shall be applicable.

New Tax Slabs & Rates

Taxable Income Slabs New Tax Rates
Upto Rs 2,50,000 Nil
From Rs 2,50,001 to Rs 5,00,000 5%
From Rs 5,00,001 to Rs 7,50,000 10%
From Rs 7,50,001 to Rs 10,00,000 15%
From Rs 10,00,001 to Rs 12,50,000 20%
From Rs 12,50,001 to Rs 15,00,000 25%
Above 15,00,000/- 30%
Surcharge
( subject to Marginal Relief )
10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess 4% of (Income Tax + Surcharge).
For more details on Section 115BAC, please refer to the Finance Act No. 12 of 2020
Updated : Mar 28, 2021