Income Tax Calculator Software 2020-21

The Income Tax software tools for 2020-21 is to be released. Not like previous years, it can be calculated in two different schemes and the suitable one can be selected this time. Hence the software was with a few difficulties, it has been done with utmost care and correctness of the calculations be examined and if any mistakes are noticed it be emailed.
The major changes in the income tax in the financial budget presented by the Honorable Minister Smt Nirmala Sitaraman are also considered in the software preparation. There is no change in the rate of income tax of the previous year where as a new scheme called New Regime was also presented.
As it is optional, those willing to change to this new scheme can do so or they can follow the scheme of the previous years.
Old Regime
In the old scheme, there were different Tax slab for groups such as super senior citizen senior citizen and an ordinary citizen. As per this scheme, taxable income (total income) is calculated after various deduction from income and tax will be according to this. Here, there was chance for tax deduction by focusing on the deposits and such.
Category
|
Taxable Income
|
Tax Rate
|
Till the age of 60 | Taxable upto Rs.2.5 lakh | Nil |
Above Rs 2.5 lakh to 5 lakh | 5% | |
Upto Rs.10 lakh | 20% | |
Above Rs.10 lakh | 30% | |
From the age of 60 | Taxable upto Rs.3 lakh | Nil |
Above Rs 3 lakh to 5 lakh | 5% | |
Upto Rs.10 lakh | 20% | |
Above Rs.10 lakh | 30% | |
From the age of 80 | Taxable upto Rs.5 lakh | Nil |
Above Rs 5 lakh to 10 lakh | 20% | |
Above Rs.10 lakh | 30% |
New Regime
The tax is calculated in the new scheme by classifying the income limits into 7 slabs each one
is that of Rs 2.5 lakh compared to the old scheme. Though the tax rate is lesser here, the
peculiarity of this scheme is that no deductions from the total income are not allowed here. The
deductions under professional tax, Entertainment allowance, HRA, Standard deduction, NPS
contribution Housing loan deductions, 80 C chapter VI A are not allowed here and the gross
income is the taxable income here.
If the taxable income is below 5 lakh, Rs 12,500/ as per section 87(A) of old scheme is permitted here too and there is no such classification as ordinary citizen, senior citizen and super senior citizen. A single tax rate slab only is there considering all are equal.
Category
|
Taxable Income
|
Tax Rate
|
New Income Tax Slab & Rate | Taxable upto Rs.2.5 lakh | Nil |
Above Rs 2.5 lakh to 5 lakh | 5% | |
Above Rs.5 lakh to 7.5 lakh | 10% | |
Above Rs.7.5 lakh to 10 lakh | 15% | |
Above Rs.10 lakh to 12.5 lakh | 20% | |
Above Rs.12.5 lakh to 15 lakh | 25% | |
Above Rs.15 lakh | 30% |
Housing loan and New tax system
Which is better?
Income Tax Calculator 2020-21 by Alrahiman |
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