Income Tax Calculator FY 2020-21 (AY 2021-22)
income tax | income tax calculator | incometaxefiling
Income Tax Calculator AY 2021-22
आयकर गणना प्रपत्र साफ्टवेयर
वित्तीय वर्ष 2020-21 कर निर्धारण वर्ष 2021-22
HRA (House Rent Allowance) - Calculation and Tax Exemption Rules | HRA Calculation under head salary
दावा अस्वीकरण : उक्त कैलकुलेटर केवल सामान्य जन के लिए मूल कर के तत्काल व आसान गणना के लिए हैं तथा इसका अभिप्राय सभी परिस्थितियों में सही कर गणना के लिए नहीं हैं। विवरणी को दाखिल करने के लिए यह सलाह दी जाती हैं कि सटीक गणना प्रासंगिक अधिनियमों, नियमों आदि में सन्निहित प्रावधानों के अनुसार की जा सकती हैं।
HRA (House Rent Allowance) - Calculation and Tax Exemption Rules | HRA Calculation under head salary
Tax
Rates
1.1. In case of an Individual (resident or
non-resident) or HUF or Association of Person or Body of Individual or any
other artificial juridical person
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Individuals tax calculator |
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(Other than senior and super senior
citizen) |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
|
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Up to Rs. 2,50,000 |
- |
- |
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Rs. 2,50,000 to Rs. 5,00,000 |
5% |
5% |
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Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
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Above Rs. 10,00,000 |
30% |
30% |
|
salary calculator Senior Citizen |
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(who is 60 years or more at any time
during the previous year) |
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Net Income Range |
Rate of Income-tax |
|
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
|
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Up to Rs. 3,00,000 |
- |
- |
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Rs. 3,00,000 to Rs. 5,00,000 |
5% |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
|
Above Rs. 10,00,000 |
30% |
30% |
|
Super Senior Citizen |
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(who is 80 years or more at any time
during the previous year) |
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Net Income Range |
Rate of Income-tax |
|
|
Assessment Year 2021-22 |
Assessment Year 2020-21 |
|
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Up to Rs. 5,00,000 |
- |
- |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
|
Above Rs. 10,00,000 |
30% |
30% |
new tax slab
1. Special tax Rate for Individual and HUFs
The Finance Act, 2020, has provided an
option to Individuals and HUF for payment of taxes at the following reduced
rates from Assessment Year 2021-22 and onwards:
|
Total Income (Rs) |
Rate |
|
Up to 2,50,000 |
Nil |
|
From 2,50,001 to 5,00,000 |
5% |
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From 5,00,001 to 7,50,000 |
10% |
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From 7,50,001 to 10,00,000 |
15% |
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From 10,00,001 to 12,50,000 |
20% |
|
From 12,50,001 to 15,00,000 |
25% |
|
Above 15,00,000 |
30% |
Deductions under Chapter VI A of Income Tax Act: Know how
much tax may be saved
Chapter VI A of Income Tax Act contains various sub-sections of
section 80 that allows an assessee to claim deductions from the gross total
income on account of various tax-saving investments, permitted expenditures,
donations etc. Such deductions allow an assessee to considerably reduce the tax
payable.
income tax filing
The Chapter VI A of Income Tax Act contains the following
sections:
80C: Deduction
in respect of life insurance premium, deferred annuity, contributions to
provident fund (PF), subscription to certain equity shares or debentures, etc.
The deduction limit is Rs 1.5 lakh together with section 80CCC and section
80CCD(1).
pay income tax online
80CCC: Deduction in respect
of contribution to certain pension funds. The deduction limit is Rs 1.5 lakh
together with section 80C and section 80CCD(1).
tds challan
80CCD(1): Deduction
in respect of contribution to pension scheme of Central Government – in the
case of an employee, 10 per cent of salary (Basic+DA) and in any other case, 20
per cent of his/her gross total income in a FY will be tax free. Overall limit
is Rs 1.5 lakh together with 80C and 80CCC.
pay income tax
80CCD(1B): Deduction
up to Rs 50,000 in respect of contribution to pension scheme of Central
Government (NPS).
80CCD(2): Deduction
in respect of contribution to pension scheme of Central Government by employer.
Tax benefit is given on 14 per cent contribution by the employer, where such
contribution is made by the Central Government and where contribution is made
by any other employer, tax benefit is given on 10 per cent.
efillingincometax
80D: Deduction
in respect of Health Insurance premium. Premium paid up to Rs 25,000 is
eligible for deduction for individuals, other than senior citizens. For senior
citizens, the limit is Rs 50,000 and overall limit u/s 80D is Rs 1 lakh.
challan 280
80DD: Deduction
in respect of maintenance including medical treatment of a dependent who is a
person with disability. The maximum deduction limit under this section is Rs
75,000.
pay advance tax
80DDB: Deduction
in respect of expenditure up to Rs 40,000 on medical treatment of specified
disease from a neurologist, an oncologist, a urologist, a haematologist, an
immunologist or such other specialist, as may be prescribed.
80E: Deduction
in respect of interest on loan taken for higher education without any upper
limit.
80EE: Deduction
in respect of interest up to Rs 50,000 on loan taken for residential house
property.
tds refund
80EEA: Deduction
in respect of interest up to Rs 1.5 lakh on loan taken for certain house
property (on affordable housing).
80EEB: Deduction
in respect of interest up to Rs 1.5 lakh on loan taken for purchase of electric
vehicle.
income tax online
80G: Donations
to certain funds, charitable institutions, etc. Depending on the nature of the
donee, the limit varies from 100 per cent of total donation, 50 per cent of
total donation or 50 per cent of donation with a cap of 10 per cent of gross
income.
hra calculation
80GG: Deductions
in respect of rent paid by non-salaried individuals who don’t get HRA benefits.
Deduction limit is Rs 5,000 per month or 25 per cent of total income in a year,
whichever is less.
income tax return filing online
80GGA: Full
deductions in respect of certain donations for scientific research or rural
development.
epay income tax
80GGC: Full
deductions in respect of donations to Political Party, provided such donations
are non-cash donations.
income tax calculator 2020
80TTA: Deductions
in respect of interest on savings bank accounts up to Rs 10,000 in case of
assessees other than Resident senior citizens.
directorate of income tax
80TTB: Deductions
in respect of interest on deposits up to Rs 50,000 in case of Resident senior
citizens.
it return filing
80U: Deduction
in case of a person with disability. Depending on type and extent of disability
maximum deduction allowed under this section is Rs 1.25 lakh.
e filing pan
परामर्श : निर्दिष्टानुसार/प्रकाशन के वर्ष में प्रचलित कानून से संबंधित सूचना। दर्शकों को किसी दस्तावेज पर भरोसा करने से पूर्व सही स्थिति/प्रचलित कानून को सुनिश्चित करने की सलाह दी जाती हैं।
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