The finance minister mentioned in his 2020 budget speech that he 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
Old Tax Regime U/s 115BAC
Feature of this Excel Utility:-
- This Excel utility Calculate your Tax Liability U/s 115BAC ( New and Old Tax Regime) as per your option.
- This Excel utility have the Salary Structure as per the Government and Non-Government (Private) Salary Pattern
- This Excel Utility Prepare Automatic Income Tax Arrears Relief Calculation U/s 89(1) with Form 10E From the F.Y.2000-01 to F.Y.2020-21 calculate for your arrears salary received
- This Excel Utility prepare automatic Revised Form 16 Part A&B in the new format
- This Excel utility prepare automatic Revised Form 16 Part B in the new format
- This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
- Individual Salary Sheet
- Individual Tax Computed Sheet
- In this Excel Utility have all the Income Tax modified Section as per Budget 2020
