Official Income Tax calculator to Calculate Income Tax in Old and New Tax Slab
Income Tax Department has developed two types of Calculator to calculate Income Tax in Old and New Tax Slab in Official Calculator. You can calculate the New Tax slab rates and old slab rates in this official Income Tax calculator
New Income Tax Slab 2020-21 vs Old Income Tax Slab 2019-20
It is optional for any individual to choose either New Income Tax Slab 2020-21 or Old Income Tax Slab 2019-20.
The Comparison Chart for Old Income Tax Regime with New Income Tax Regime .
| Income Tax Slab | Old Income Tax Regime FY 2019-2020 | New Income Tax Regime FY 2020-2021 |
| Up to Rs.2,50,000 | Nil | Nil |
| Rs.2,50,001 to 5,00,000 | 5% | 5% |
| Rs.5,00,000 to 7,50,000 | Rs.12,500 + 20% of total income exceeding Rs.5,00,000 | Rs.12,500 + 10% of total income exceeding Rs.5,00,000 |
| Rs.7,50,001 to 10,00,000 | Rs.62,500 + 20% of total income exceeding Rs.7,50,000 | Rs.37,500 + 15% of total income exceeding Rs.7,50,000 |
| Above Rs. 10,00,000 to Rs.12,50,000 | Rs.1,12,500 + 30% of total income exceeding Rs.10,00,000 | Rs.75000 + 20% of total Income exceeding Rs.10 Lakh |
| Above Rs. 12,50,000 to Rs.15,00,000 | Rs.1,87,500 + 30% of total income exceeding Rs.12,50,000 | Rs.1,25,000+25% of total Income exceeding Rs.12.5 Lakh |
| Above Rs.15,00,000 | Rs.2,62,500 + 30% of total income exceeding Rs.15,00,000 | Rs.1,87,000+30% of total Income exceeding Rs.15 Lakh |
The Tax Calculator for Resident Individuals FY 2020-21 is provided in Official website of Income Tax Department. You will be able to know which Tax regime is beneficial for you, if you know the Total Income and Total Exemption and Deduction. Use this Official calculator
Income Tax Exemptions for Financial Year 2020-2021
Income Tax Exemptions for Financial Year 2020-2021 are listed below
However Tax Exemptions which are not available if Income Tax Rates under New Tax Regime is opted
1.Standard Deduction under Section 17(2) of Income Tax Act
2.All Section 80 C Deductions which is allowed up to Rs. 1.5 lakh for savings under GPF, NPS subscription by employee, ELSS, PPF, Insurance Premium etc
3.Additional Exempiton of Rs. 50,000 for NPS contribution under Section 80 CCD(1B)
4.Medical Insurance Premium Exempted under Section 80D
5.Exemption under Section 80 DD – Medical Expenses of specially abled dependents
6.Exemption under Section 80DDB – Medical Expenses in respect of certain illnesses.
7.Exemption allowed for House Rent Allowance under Section 10
8.Tax Exemption for LTC under Section 10
9.Income Tax Exemption under Section 24 allowed in respect of Interest paid on Housing Loan
10.Section 80 G Exemption – Donation paid to Charitable Institutions
11. Section 80 Exemption – Deduction allowed on Interest paid on Education Loan
If anyone is not doing any Tax Saving Investments, he / she can opt New Tax Regime straight a way. Check this Official calculator to calculate Income and Tax for Financial Year 2020-21: Calculate Income Tax here
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