A circular issued by the CBDT that salaried employees can chose between the Old and New income-tax regime at the time employers are deducting TDS. OR at the time for filing of ITR.
These regimes proposals have left many Question Mark? among the taxpayers.
Which is suitable regime?
Whether new regime or Old (existing) regime?
Should I continue with deductions of existing savings, Investments & expenses according to existing regime or not? etc
Now It is very difficult to taxpayers to choose suitable regime without calculate the actual tax according to both regimes provisions
Do not panic- this Auto Income tax calculator tool from Taxationseva will help you to calculate and compare according to both regimes in very simple way with less time and fewer efforts and suggest you that which tax regime would be better option for financial year 2020-21 and plan accordingly.
Significant features of Auto Income Tax calculator for F.Y.-2020-21
v A simple easy to use tax Calculator for resident individual, especially for salaried persons to calculate income tax in both regimes.
v Once enter the amount in blank cells other cells calculate data & tax automatically
v Tax calculation with both regimes simultaneously on same sheet based on your income.
v Calculation for difference of tax benefit between regimes.
v Suggestion to choose suitable regime.
v Calculation of - Income Tax, Income from house property, Exemption/Deduction of Allowances and relief of 87A, 80EE/80EEA, 80EEB etc.
v Calculation of taxable Income at normal rate, Net tax, rebates, Cess, Surcharge, Marginal relief (where applicable) and balance tax payable/refundable.
v Know every latest information and applicable rule of tax rates, deduction and exemption with a hipper linked ready reckoner.
2 types of calculator are available for download. 1st is Filled for your reference and 2nd is Blank for your use.
I hope you will like and share this creation. If you find any inconsistency please write. I will try to amend/rectify.Download Auto Income Tax calculator 15.0 for F.Y. 2020-21