Budget for FY 2020-21 introduces a new tax regime, which now gives us an option to choose the one that benefits us the most. This amendment somehow benefits certain income taxpayers. Use our Income Tax Planner to figure out if you are better off under the new regime or not. This excel-based Income tax planner for FY 2020-21 can be used for computing income tax on income under the head salary and other income (like- pension, gifts, interest on fixed deposit and savings bank interest. The files calculates your tax liability under both tax regime giving you a choice to choose the one beneficial for you and give a head start for planning your investments.
Highlights of Changes in FY 2020-21 in Income Tax
- Under Section 80EEA additional period of 1 year is extended for taking benefit of an additional INR 1.5 Lakhs deduction. This benefit is not permitted if you opt for the new tax regime.
- Dividend Distribution Tax (DDT) is withdrawn.
- If you opt for New Tax regime LTA, HRA, conveyance, Other special allowances [Section 10(14)], Standard deduction, Interest on housing loan (Section 24), Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) ) are not permitted.
Salient Features of the Tax Planner
- A simple easy to use tax Calculator for resident individual, especially for salaried persons to calculate income tax in both regimes.
- Once you enter the amount in blank cells other cells calculate data & tax automatically
- Tax calculation with both regimes simultaneously on same sheet based on your income.
- Calculation for difference of tax benefit between regimes.
- Suggestion to choose suitable regime.
Download: Income Tax Planner FY 2020-21
Note: If you find any inconsistency, Please write to us.