Version 15.

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Tax calculation Income

with Old
taxRegime and New regime simultaniously
& GST Practitioner

Calculate your IncomeTax according to B

with Ready reconer (hyper linked) - For latest rates, infromations & rules of

A simple Tax Calculator for salaried person to compute IncomeTax in both regime (with ded
and decide to select the regime beneficial for him.
Once you enter the amount in blank cells. other cells calculates data & tax automat

Introduction Tax Calculator Informations & Rules (Tax r

A circular issued by the CBDT that salaried employees can chose between the Old and New income-tax reg
filing of ITR. Now these regimes proposals have left some Question Mark? among the taxpayers. Which is s
Should I continue with deductions of existing savings, Investments & expenses according to existing regime
Now It is very difficult to taxpayers to choose suitable re
Do not panic- this Au
calculate and compare according to both regimes in very simple way with less time and fewer efforts and su
year 2020-21 and plan accordingly.
Now calculate the Income tax in very simple way with less time & less efforts also know all current applicabl

Use calculator hyperlinks to clear and understand all related rules, Information with aspects.

Since last 21 Years I am rendering my services in field of Taxation & from year 2017 for GST also. Having
Assosiated with India's wellknown company, My corporation.in (Winner of Leaders Award 2015 & 2016 as
Providing all taxation & GST related services in nominal charges
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1. Presentation/Seminar on any taxation matter. 2. Setup Help Desk

3. Payroll Management with Taxation and CA services (in very nominal amount of ₹ 100 per empolyee Per m
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Return Filing Services for Individuals

Business (Company/Firm) Formation Services & compliances after frmation - Pvt Ltd co., One person
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Compliances - Returns, Audit & ROC, Annual Filling

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 Version 15.0 .
for

Financial year 2020- 21

Assessment Year 2021-22
.
imultaniously B.P.Choudhary

ncomeTax according to Both regimes

rates, infromations & rules of the Taxation, Exemptions, deduction etc.

Tax in both regime (with deduction and without deduction)

calculates data & tax automatically.

Rules (TaxComputation
rates, exemptions/deductions)
sheet of Income tax, Calculation of Income from Ho

n the Old and New income-tax regime at the time employers are deducting TDS. OR at the time for
? among the taxpayers. Which is suitable regime? Whether new regime or Old (existing) regime?
nses according to existing regime or not? etc
to taxpayers to choose suitable regime without calculate the actual tax according to both regimes.
Do not panic- this Auto Income tax calculator tool from Taxationseva will help you to
less time and fewer efforts and suggest you that which tax regime would be better option for financial

rts also know all current applicable rules and suggestable regime to select.

ation with aspects.

year 2017 for GST also. Having a lots of satisfied clients all over the India.
Leaders Award 2015 & 2016 as "Startup Consulting Enterprise of the Year (Finance))".

mount of ₹ 100 per empolyee Per month)

declaration and final documents for caculate TDS and Tax Liabilities etc.

mation - Pvt Ltd co., One person co. , Public Ltd. Co., LLP, Partnership, Section 8 Co.
AN 5. DIN
cence Registration 9. Import Export Code(IEC)
l Insurance, Personal Accident Cover(Group/Individuals/family), other General Product

endments in Calculator, please let me know, I will try to fix it at the earliest.
detailed e-mail at taxationseva@gmail.com
9811302497
Other Calculators and Taxation related matters- Visit http://www.taxationseva.com/
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Auto IncomeTax Calculator
by B.P.Ch
Version 15.0 for the Financial year 2020- 21, A
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Auto IncomeTax Calculator
by B.P.Choudha
Version 15.0 for the Financial year 2020- 21, Asses
Brief detail of Information and RULES for(Rates,Deductions,Exemption
( Mini Ready Reckoner)
Select and click any rule to know the brief detail about the taxation Rules & Informations.
New Tax Rates for Financial-Year 2020-21, Assessment Year 2021-2022 in Old and New Regime
Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax in Old regime
Some Exempted Income ( to be shown while Return filing)
TAX RULES & OTHER USEFUL INFORMATIONS
HRA exemption-u/s 10(13A)
Standard deduction u/s 16 (1a) instead of Transport allowance and Medical Reimbursement
Reimbursement of Medical bills
u/s(5) LTA Exemption
Deduction u/s 24 and Relief u/s 80EE or 80EEA on interest on housing loan.
u/s 80CCE & 80CCD Maximum Exemption
Rajiv Gandhi Equity Savings Scheme
u/s 80D Medical Insurance
u/s 80DD Deduction in respect of medical treatment of handicapped dependents
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases
u/s 80E Interest repayment on education loan
u/s 80G Donations given for certain charities
u/s 80GG If Assesse is not getting HRA, but living in rented house,
u/s 80U If assesse have a permanent physical disability
u/s 80TTA/80TTB Deduction on interest Income.
KNOW MORE about DEDUCTION under Section 80-C
Qualifying Investments u/s 80CCE
Provident Fund (PF) & Voluntary Provident Fund (VPF)
Life Insurance Premiums & Unit linked Insurance Plan (ULIP)
Public Provident Fund (PPF):
National Savings Certificate (NSC):
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home
Tuition fees for 2 children
Equity Linked Savings Scheme (ELSS)
5-Yr bank fixed deposits (FDs) or 5-Yr post office time deposit (POTD)
Pension Funds or Pension Policies
Sukanya Samridhi Account
Infrastructure Bonds: NABARD rural bonds:
Senior Citizen Savings Scheme 2004 (SCSS)
Allowed Deductions & Exemptions under New Income Tax Regime
TAX RATES as per Old Regime -- for Financial Year 2020-21 & Assesment Year 2021-22
 For Individual (MALE & FEMALE) ASSESSE
Net Income Range Income Tax Rates
Up to ₹ 2,50,000 NIL
₹ 2,50,001 to ₹ 5,00,000 5% on Total Income (-) ₹ 2,50,000
₹ 5,00,001 to ₹ 10,00,000 ₹12,500+20% of Total Income (-) ₹5,00,000
More than ₹ 10.00,000 ₹1,12,500+30% of Total Income (-) ₹10,00,000
Note- (u/s 87A- A rebate upto ₹ 12500/- for assessee with Income range upto ₹ 5,00,00 will be available in Both Old &
For SENIOR CITIZEN ASSESSE (Above 60 Year ) attaining the age during the year
Net Income Range Income Tax Rates
Up to ₹3,00,000 NIL
₹3,00,001 to 5,00,000 5% of Total Income(-) ₹3,00,000
₹5,00,001 to 10,00,000 ₹10,000 +20% of Total Income (-) ₹5,00,000
More than ₹10.00,000 ₹1,10,000 +30% of Total Income (-) ₹10,00,000
Note- (u/s 87A- A rebate upto ₹ 10000/- for assessee with Income range upto ₹ 5,00,000)
For VERY SENIOR CITIZEN ASSESSE (Above 80 Year ) attaining the age during the year
Net Income Range Income Tax Rates
Up to ₹5,00,000 NIL
₹5,00,001 to ₹10,00,000 20% of Total Income (-) ₹10,00,000
More than ₹10,00,000 ₹1,00,000 +30% of Total Income (-) ₹10,00,000
Note: 1. Education and Health Cess is 4% of income tax from all Assesse. (as per Finance Act 2018)
Surcharge on income tax @10% for income above ₹50 Lakh & 15% for income above ₹1crore
TAX RATES as per New Regime - for financial Year 2020-21 & Assesment Year 2021-22 ( The n
For Individual (>60Yrs)., Sr. Citizen (60+Yrs.) & Very Sr. Citizen (80+Yrs.) ASSESSE
Up to – 250000 – Nil
₹ 2,50,001 to ₹ 5,00,000 5% on Total Income (-) ₹2,50,000
₹ 5,00,001 to ₹ 7,50,000 ₹12,500+10% of Total Income (-) ₹5,00,000
₹ 7,50,001 to ₹ 10,00,000 ₹37,500+15% of Total Income (-) ₹7,50,000
₹ 10,00,001 to ₹ 12,50,000 ₹75,000+20% of Total Income (-) ₹10,00,000
₹ 12,50,001 to ₹ 15,00,000 ₹1,25,000+25% of Total Income (-) ₹12,50,000
₹ 15,00,001 & above ₹1,87,500+30% of Total Income (-) ₹15,00,000
Note- (u/s 87A- A rebate upto ₹ 12500/- for assessee with Income range upto ₹ 5,00,00 will be available in Both Old &

Some Exempted Receipts /Special allowances & Perquisite which are not chargable to tax are
Exempted Receipts - 1. L.T.A (as per Rule)
Special allowances Exempted u/s 10(14)
Allowance (granted to meet the expenditure incurred on purchase or maintenance of uniform to be worn during performance o
( granted to meet exependiture incurred on helper for performance of official duty)
(granted for encouraging academic, research & training pursuits) including Newspaper, Generals etc.)
( ₹100 P.M. per child / (₹300 for hostel expenditure) Max of 2 children)
expenditure incurred on convayance, while performing official duty.
residence is not treated as expenditure in performance of official duty. )
 Deduction available u/s -16
deduction of Rs. 50000/- is granted to all salaried employee.whenever Transport allowance and Medical reimburs
Entertainment allowance (for Govt Employees) Max ₹5000/-
3. Professional tax - Professional tax paid by employeer is deducted from Gross salary.
Perquisite not chargable to tax
Free food and beverage 1. Food and non-alcoholic beverages provided in working hours in remote area or an offsh
2. Tea, coffee or non-alcoholic beverages and snaks in working hours are tax free perquisites.
3. Meals (Lunch and / or dinner) in office hours is not taxable.
Some Exempted Income are ( to be shown while Return filing)
1. Withdrawal / Maturity / Interest received from PF,PPF,Sukanya Samridhi Account, Life Insurance policy, Agric
2 Long Term Capital Gain From Shares
3. Interest on Saving Bank & Post Office A/c up to ₹ 10,000/- ( Sec-80TTE) for Individual
4. Interest on Saving Bank & Post Office A/c, FD, RD etc up to ₹ 50,000/- (Sec-80TTE) for Sr. Citizen
Please Note :
(i) Interest earned from all sources are to be included. All interest income (including saving Bank A/C (above ₹10,000
(II) As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car, fr
membership, company provided credit card, gift vouchers, meal coupons, hotel stay beyond 15 days, are fully taxable
T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N S for
House Rent Allowance exemption-10(13A) = Least amount of anyone (i) 40% of Salary (50%, if house situated in M
.
.
Salary= Basic + DA (if part of retirement benefit) + Turnover based Commission Note i. Full
not pay any rent ii. It is man
than ₹ 1,00,000 [Circular No. 08 /2013 dated 10th October, 2013]. (In case the landlord does not have PAN, employee s

Standard deduction of ₹50000/- is allowed to all salaried employee. In Finace act 2019 standard deduction of
Transport allowance & Medical Reimburement are abolished. Whenever an exemption of up to ₹ 3200/- per month is cotinue for di

to meet expenditure on commuting between place of residence and place of duty

Reimbursement of Medical bills has withdrawan and not allowed from finance act 2018. Now it has become a part of S
u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any destinatio
LTA can be claimed twice in a block of 4 calendar year. The current block is from 01.01.2018 to 31.12.2021. For claim, it is must to p

u/s 24 and 80 EE/ 80EEA There is an Exemption for interest on housing loan.(for Self occupied Residence). If the lo
taken after Apr 1, 1999 exemption is limited to ₹2,00,000/- per year if the house is self-occupied;
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespec
finance bill 2016 (an additional rebate of ₹.50.000/- was given to those assesse, who purchase self ocupied single hou
50 Lacs and sanctioned home loan up to 35 Lacs.). The deduction is allowed untill the loan is repaid.
2019 ( a new rebate for purchase first house has been introduced to extend the tax benefit upto Rs. 1,50,000/- for affor
the period 01/04/2019 to 31/03.2021)

If you have rented out your house, Whole the interest will be eligible for deduction. (after deducting property tax and standard
2,00,000/- only and rest of interest will be adjust while filing of ITR as carryforward of losses.
u/s 80CCE- Maximum Exemption up to ₹1,50,000/- Investments up to ₹1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insu
Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1.5 lac can
u/s 80CCD(1): Contribution to NPS (by Employee) The Finance Act, 2015 provides that, The contribution made by the em

Employer) - Contribution made by the Central Government or any other employer to NPS shall be excluded while computing the
assessee in a pension scheme notified or as may be notified by the Central Government subject to a maximum of 10% of salary in

depoisiting to New Pension Scheme (NPS) account in Banks/PO - It will provide an additional deduction of upto ₹ 50,00
u/s 80CCG - Rajiv Gandhi Equity Savings Scheme exemption has been abolished in Fianance Act 2017.

u/s 80D Medical Insurance Premiums+ Critical Insurance cover Premiuma +Health checkup+ CGHS/ SGHS contributio
Insurance & Critical illness Cover from health Insurance Co. or Life Insurance Co. with contribution in CGHS/SGHS &
For Very Sr. Citizen abobe 80 Yrs. Expenses on medical treatment.
Premium & Health checkup is exempt up to
1. ₹. 25000/- for Self & Family less than 60Yrs.
2. ₹ 50000/- for Self, Family & Parents below 60 Yrs (25000/-+25000/-)
3. ₹ 75000/ for Self, Family & Parents Sr. Citizen – (25000/-+50000/-)
4. ₹ 50000/- sr. Citizen above 60 Yrs Self & Family

u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to ₹75,000/- per year if the di

u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependen
(Age 60+), the exemption can go up to ₹1,00,000/- but any amount received under Medical Insurance Policy will be red
ailments specified under rule 11DD are.
dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and parkisons disea

prescription/Certificate from a specialist doctor whether from Govt or Pvt. for the purpose of availing this deduction.

u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is com
u/s 80G Donations given for certain charities are tax exempt.NGO,Trust etc. are exempt to the tune of 50%, whereas G
u/s 80GGA - Donations for scientific, social or statistical research or rural development program
80GGC -Donation to any political party/electoral trust

u/s 80GG If you are not getting HRA, but living in rented house, an exemption is available. This will be calculated as

u/s 80U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of ₹ 75,000/-

u/s 80TTA/80TTB introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to ₹10,0

80TTB introduced through Finance Act, 2018. Which provides a deduction of up to ₹50,000 on income from
Sr. Citizen asessee

KNOW MORE about DEDUCTION under Section 80-C and chapter VIA
Section 80C of the Income Tax Act allows certain investments and expenditure to be deduct from total income - One
section to avail maximum tax benefit. There are no sub-limits and is irrespective of how much you earn and under which tax br
Income Tax Act. However, it is important to know the Section in total. so that one can make best use of the options available f
undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions.

Qualifying Investments u/s 80CCE are

Provident Fund (PF) & Voluntary Provident Fund (VPF) PF is automatically deducted from your salary. your contribution [12
have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per ann
Life Insurance Premiums: Any amount that you pay towards life insurance premium in Life Insurance Corporation (LIC) or an
80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be included. also premium
Unit link
with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us
IMP : Total Amount Received at Maturity, Survival Benefits, , Withdrawl in Insurance Policies is Tax Free and fully exempteed

Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of th
Minimum amount of contribution is ₹500 and maximum is ₹1,50,000.(New Change) from Finance Act 2014

National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section
becomes ₹150.90 after five years. The interest accrued every year is liable to tax (i.e. to be included in your taxable income) b

Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home Loan The Equated Monthly Install
Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest compone
Act. The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents
house.

Tuition fees for 2 children Apart form the above major investments expenses for children’s education (Only Tution Fee (for

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax sa
make in ELSS are eligible for deduction under Sec 80C.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled f
office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration lik
currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% pe
entirely taxable.

Pension Funds or Pension Policies – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension fun
the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is ₹1.5 Lakh.This also means that you
However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed ₹1.5 Lakh.

Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the
deductions.
NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Developme
NABARD Rural Bonds qualify under section 80C.

Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS)
citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable quarterly instead o
interest. Interest income is chargeable to tax.

Sukanya Samridhi Account : Contribution made in a financial year in Sukanya Samriddhi Account will also be eligible for inco

Allowed Deductions & Exemptions under New Income Tax Regime

1. Deduction under sub-section (2) of section 80CCD (employer contribution on account of employee in no
2.Transport Allowance granted to Divyang Employee for commute between place of residence and duty

The income tax Exemption on following incomes still available in the new regime
·         Death-cum-retirement benefit
·         Commutations of pensions
·         Leave encashment on retirement
·         Amount received on VRS up to Rs 5 lakh
·         Employee Provident Fund money
·         Money received as scholarship for education
·         Cash received as awards constituted in public interest
·         Short-term withdrawals and maturity amount from the National Pension Scheme

I M P O R T A N T - A D V I S ES
Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to la
only in February or March, just before the Financial Year is getting over. This is a big mistake! One, you would end up
up losing the interest / appreciation for the whole year. Instead, decide where you want to make the investments, and
to save from start on monthly basis through Bank ECS as a SIP . This way, you would not only make informed decisio

Contact for Presentation : B. P. C H O U D A R Y Ph: 9811302