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.
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
From Rs 2,50,001 to Rs 5,00,000
From Rs 5,00,001 to Rs 7,50,000
From Rs 7,50,001 to Rs 10,00,000
From Rs 10,00,001 to Rs 12,50,000
From Rs 12,50,001 to Rs 15,00,000
( 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.