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Home Incometax Download Income Tax Calculator FY 2021-22 (AY 2022-23)

Download Income Tax Calculator FY 2021-22 (AY 2022-23)

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Download Income Tax Calculator FY 2021-22 (AY 2022-23) in Excel Format. It is simple and user-friendly income tax calculator for salaried individuals. This calculator will work for both old and new tax slab rate which were released in 2020. You can calculate your tax liability and decide tax efficient investment options and suitable tax structure for FY 2021-22.

The calculator is created using Microsoft excel. Simple excel based formulas and functions are used in creating this calculator. Before downloading excel based income tax calculator let’s get acquainted with Latest Income Tax Slab for FY 2021-22 and Income Tax changes made in the Budget 2021.

Income Tax Slabs for FY 2021-22 (AY 2022-23)

Income tax slabs and income tax rate will remain same for FY 2021-22 (AY 2022-23). Only change which is made in budget is senior citizen above 75 years of age is exempted for filing income tax return if they have income only from pension and interest. No major changes were made in income tax rules. The Income tax slab for FY 2021-22.

Income Tax Slab 1 – Higher Tax Rate

The first tax slab is with higher tax rate. In case individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc. the tax rate with higher rate is applicable. The tax slab in case exemption is claimed is given below.

Income Tax Slab % Rate
Up to Rs. 2,50,000 0%
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above 10 Lakh 30%

Income Tax Slab 2 – Lower Tax Rate

The second tax slab is with lower tax rate. If taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The new simplified tax regime with lower tax rate is given below.

Income Tax Slab % Rate
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 7,50,000 10%
Rs. 7,50,001 to Rs. 10,00,000 15%
Rs. 10,00,001 to Rs. 12,50,000 20%
Rs. 12,50,001 to Rs. 15,00,000 25%
Rs. 15,00,001 and above 30%

The tax payer is not allowed to claim any exemption under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC.

However, there are certain deductions you can still claim using the new tax regime and they are as below.

  • Retirement benefits, gratuity etc.
  • Commutation of pension
  • Leave encashment on retirement
  • Retrenchment compensation
  • VRS benefits
  • EPFO: Employer contribution
  • NPS withdrawal benefits
  • Education scholarships

Salaried can select any of tax slab. They can switch between old and new tax regime. The option of switching between tax slab is not allowed if an individual or HUF have business income.

Download Income Tax Calculator FY 2021-22 (AY 2022-23)

Download the latest income tax calculator FY 2021-22 (AY 2022-23) from the link given below and calculate your income tax liability easily. There are two parts of this calculator. Both are given in different sheets.

Part 1 – Calculate Tax as per Higher Tax Rate

The first sheet contains a calculator as per higher tax rate, where deductions & exemptions are allowed.

To calculate your income tax liabilities as per higher tax rate, you need to provide inputs such as your gross income, exemption amount. In addition to that, you need to provide information about the investment made by you under various sections. The sheet contains inputs for various sections such as 80C, 80D, 80CCD, etc.

After filling up this detail you need to go to the bottom section where you need to make a selection of applicable tax slab by selecting Male/Female, Senior Citizen and Very Senior Citizen Options.

You will be able to see your tax liability instantly in the Tax Liability with Cess Section.

Part 2 –  Calculate Tax as per Lower Tax Rate

The second sheet contains a calculator as per the new tax regime with reducing tax rates, where deductions are not allowed.

To calculate your income tax liabilities as per the new reducing tax rate slab, you need to provide only single input your gross income.

The calculator will calculate tax liability automatically and display it in the Tax Liability with Cess Field.

Click on the following image to download the income tax calculator.

CLICK above image to Download Income Tax Calculator in EXCEL Format.

Note – It is not a comprehensive calculator, it is designed to give you a quick idea about your income tax liabilities so that, you can start tax planning. It also helps you to select an appropriate tax slab.

Key Features of this Income Tax Calculator are given below

  • This calculator is two-in-one calculator. You can make use of this calculator for calculating tax liabilities as per old as well as new tax slab.
  • You can compare your tax and decide which tax slab to opt.
  • This calculator is designed exclusively for the salary income only.
  • It is an Excel-based calculator. You can download and use it forever.
  • This calculator is for people with a single home.
  • You will not able to calculate long-term capital gain tax from this calculator.

I hope this Income Tax calculator FY 2021-22 will be useful to you.

Do share your feedback in the comment section. It will help me to add new features and improve this calculator.

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