Housing loan interest payment is disallowed. No deduction is permissible for Standard Deduction & Professional Tax.īenefit of Housing Loan interest payment is allowed. Standard deductions and Professional Tax are deducted from income ( Max Rs.52,400). Major existing deductions are disallowed. It discourages investments in tax saving instruments.Įxisting income tax deductions are allowable. It encourages investment in tax saving instruments. The basic differences between the two existing tax regimes are as follows: Old Tax Regime Therefore, it is very much essential for a taxpayer to know the basic differences between the old vs new tax regimes.
As there have not been any major income tax-related changes in Budget 2021, therefore, it is more or less the same with the FY 2020-21. Income Tax calculator FY 2021-22 Excel Free Download detailed analysis:īefore using the Income Tax Calculator FY 2021-22 Excel Free Download tool, you must know specifically which tax regime is more beneficial to you. Income Tax Calculator FY 2022-23 & AY 2023-24 Excel Download: A taxpayer has the option to choose his/her preferred tax regime once a year. Therefore for the FY 2021-22, both tax regimes will be functioning parallelly. Therefore, the income tax slabs, rates and other deduction benefits are almost the same for the FY 2020-21 and FY 2021-22 respectively for the old tax regime.įurther, the Finance Budget 2021 did not utter a single word i.r.o old and the new tax regime for any changes or updates whatsoever. In this article, I will be discussing How to calculate Income Tax for the FY 2021-22 and AY 2022-23 using the Income Tax Calculator FY 2021-22 Excel Download tool.Īs far as the salaried employees and the professionals are concerned, Budget 2021 has not been very much exciting apart from getting the additional housing loan interest benefit under the affordable housing scheme for loans taken in between - and it has been extended up to 31 st March 2022 U/S 80EEA. has been silent on the income tax matters as far as possible and practicable.
Unfortunately, there have not been any such changes in Budget 2021 as far as the income tax slabs, income tax rates and deductions are concerned. This may be due to the COVID 19 pandemic situation as well. So did they for the Finance Budget 2021, but ironically they got disappointed.
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