Planning for your income tax or calculating your income tax liabilities seems like a very difficult task to many of us. If you believe in this myth then surely 2020 the budget of money will prove you wrong. As with the 2020 budget, to add salt to the injury, you need to not only manage your own taxes but also decide which income tax system is best for you.
There is no other country in the world where two separate income tax slabs are running simultaneously. In the history of income tax,India
The finance minister made it clear in his budget speech that the new tax system would surely bring relief to the taxpayers. Therefore, in this post, You will see a comparative analysis of the income tax calculator fiscal year 2020-21 and find out if it is really useful. New tax regime and OldTax Regime U / S 115 BAC (AY 2021-22) for FY 2010-12. Let's take a look at the two main pros and cons of taxation now.
There is no other country in the world where two separate income tax slabs are running simultaneously. In the history of income tax,
The finance minister made it clear in his budget speech that the new tax system would surely bring relief to the taxpayers. Therefore, in this post, You will see a comparative analysis of the income tax calculator fiscal year 2020-21 and find out if it is really useful. New tax regime and OldTax Regime U / S 115 BAC (AY 2021-22) for FY 2010-12. Let's take a look at the two main pros and cons of taxation now.
Comparison of advantages of tax regimes - Older tax systems It encourages investment in tax saving devices Listing existing income tax exemption is permissible
• Standard deduction and deducted from professional tax income
• This tax is more beneficial for income up to Rs 15 lakh. Disadvantages - New tax rules It discourages investment to save tax Not allowed without existing existing discounts Standard discounts and no exemptions for professional taxes are allowed. This tax discipline is more beneficial for income above Rs 15 Lakh
Before that, let's dig deeper, let's see what are the important highlights of the new income tax regime for the 2010-2012 fiscal year.
The following income tax exemptions are not approved under the new tax regulation 20201.
The following income tax exemptions are not approved under the new tax regulation 20201.
1.Standard discounts on salary income are no longer allowed;
2. Professional taxes are also not allowed under the new tax regime;
3. Decreases due to income from house property i.e. interest on a self-acquired house are no longer allowed;
4. Closing and devaluing further losses is no longer allowed;
5. Exemption for any allowance is no longer allowed; Main. Major exemptions under the new income tax duty are not allowed U / S 80C, 80 CCC, 80D, 80E, 80U, 80G and so on. Income tax slab applicable for 2000-2021 and A.Y 2021-22 Income tax slab applicable for 2020-21 F.Y. and A.Y 2021-22 General taxpayers over 60 years of age under the new income tax regime under the new income tax system, 80 c. , 80d, 80e, 80u, 80g and so on are not allowed.
Income tax slab applicable 2000-2021 and applicable for A.Y 2021-22 Income tax slab applicable for 2020-21 F.Y. and A.Y 2021-22 General taxpayers over 60 years of age under the new income tax, 80D, 80E, 80U, 80G and so on are not allowed. Income tax slab applicable for F.Y. 2000-2021 and A.Y 2021-22 Income tax slab applicable for 2020-21 F.Y. and A.Y 2021-22 in general taxpayers over 60 years of age 80g and so on are not allowed.
Income tax slab applicable 2000-2021 and applicable for A.Y 2021-22 Income tax slab applicable for 2020-21 F.Y. and A.Y 2021-22 General taxpayers over 60 years of age under the new income tax, 80D, 80E, 80U, 80G and so on are not allowed. Income tax slab applicable for F.Y. 2000-2021 and A.Y 2021-22 Income tax slab applicable for 2020-21 F.Y. and A.Y 2021-22 in general taxpayers over 60 years of age 80g and so on are not allowed.
Download Automated Income Tax Revised Form 16 Part A&B for the Financial Year 2019-20 & Assessment Year 2020-21 [ This Excel Utility can prepare at a time 50 Employees Revised Form 16 Part A&B ( Who are not able to download the Form 16 Part A, they can use this Excel Utility)
Income tax slab applicable for F.Y.2000-2021 and A.Y 2021-22 Income tax slab applicable for 2020-21 F.Y. and A.Y 2021-22 in general taxpayers over 60 years of age 80g and so on are not allowed. Income tax slab applicable for the F.Y.2000-2021 and A.Y 2021-22 Income tax slab applicable for 2020-21 fiscal year and AirY 2021-22 in general taxpayers over 60 years of age
Sl No | Tax Slab(₹) | Tax Rate | Income Tax (₹) |
1 | Income up to ₹2,50,000 | 0 | Nil |
2 | ₹2,50,00 to ₹5,00,000 | 5% | Taxable Income X 5% |
3 | ₹5,00,001 to ₹10,00,000 | 20% | ₹12,500 + (TI – ₹5,00,000) X 20% |
4 | More than ₹10,00,000 | 30% | ₹1,12,500 + (TI – ₹10,00,000) X 30% |
All tax exemptions are allowed under the old tax regime income tax slab, applicable for the financial year 2010-2021 and in the new tax regime of A.Y 2021-22 general taxpayers up to the age of 60 years.
Sl No | Tax Slab(₹) | Tax Rate | Income Tax (₹) |
1 | Income up to ₹2,50,000 | 0 | Nil |
2 | ₹2,50,00 to ₹5,00,000 | 5% | Taxable Income X 5% |
3 | ₹5,00,001 to ₹10,00,000 | 20% | ₹12,500 + (TI – ₹5,00,000) X 20% |
4 | More than ₹10,00,000 | 30% | ₹1,12,500 + (TI – ₹10,00,000) X 30% |
No exemption is allowed for citizens above the age of 60 years as per the income tax slab of the new tax regime applicable to the old tax regime of F.Y 2020-21 and A.Y 2021-22.
Sl No | Tax Slab(₹) | Tax Rate | Income Tax (₹) |
1 | Income up to ₹3,00,000 | 0 | Nil |
2 | ₹3,0,00 to ₹5,00,000 | 5% | Taxable Income X 5% |
3 | ₹5,00,001 to ₹10,00,000 | 20% | ₹10,000 + (TI – ₹5,00,000) X 20% |
4 | More than ₹10,00,000 | 30% | ₹1,10,000 + (TI – ₹10,00,000) X 30% |
Old tax regime All exemptions will be allowed under the income tax slab New tax regime for citizens over 60 years applicable for F.Y 2020-21 and A.Y 2021-22
Sl No | Tax Slab(₹) | Tax Rate | Income Tax (₹) |
1 | Income up to ₹3,00,000 | 0 | Nil |
2 | ₹3,00,00 to ₹5,00,000 | 5% | Taxable Income X 5% |
3 | ₹5,00,001 to ₹7,50,000 | 10% | ₹10,000 + (TI – ₹5,00,000) X 10% |
4 | ₹7,50,001 to ₹10,00,000 | 15% | ₹35,000 + (TI – ₹7,50,000) X 15% |
5 | ₹10,00,001 to ₹12,50,000 | 20% | ₹72,500 + (TI – ₹10,00,000) X 20% |
6 | ₹12,50,001 to ₹15,00,000 | 25% | ₹1,22,500 + (TI – ₹12,50,000) X 25% |
7 | More than ₹15,00,000 | 30% | ₹1,85,000 + (TI – ₹15,00,000) X 30% |
No exemptions are allowed under the new tax regime before the 2020 budget, you just have to manage your taxes, look for various tax-saving tools to pay off or reduce tax liability.
Download Automated Income Tax Revised Form 16 Part B for theF.Y.2019-20 and A.Y.2020-21 [ This Excel Utility can prepare at a time 50 Employees Form 16 Part B ]
We were all used to it. But from now on you have to analyze which tax system is beneficial for you. Let's analyze below and see which tax is more convenient. Comparative Analysis:
Old Tax Regime vs. New Tariff Arrangement:
Picture 1 (Desktop Location)
Condition 1– Mr. X receives a total monthly salary of Rs. 5 lakhs to Rs. 20 lakhs for the financial year 2010-2012. His investment in Section 80C is Rs 1.5 lakh and Mediclim Insurance U / S 80D is only Rs 20,000 with a professional tax exemption of Rs 2,400 per annum.
Old Tax Regime | New Tax Regime | |||||||
Gross Salary | Income Tax Liability(Old Regime) | % of Tax on Gross Salary | Income Tax Liability(New Regime) | % of Tax on Gross Salary | Difference in Tax Liability | Winner (Old Regime/ New Regime) | ||
₹ 5,00,000 | Nil | – | Nil | – | Nil | None | ||
₹ 7,50,000 | ₹ 17,700 | 2.36% | ₹ 39,000 | 5.20% | ₹-21,300 | Old Regime | ||
₹ 10,00,000 | ₹69,700 | 6.97% | ₹ 78,000 | 7.80% | ₹ -8,300 | Old Regime | ||
₹ 12,50,000 | ₹ 1,24,050 | 9.92% | ₹ 1,30,000 | 10.40% | ₹ -5,950 | Old Regime | ||
₹ 15,00,000 | ₹ 2,02,050 | 13.47% | ₹ 1,95,000 | 13.00% | ₹ 7,050 | New Regime | ||
₹ 20,00,000 | ₹ 3,58,050 | 17.90% | ₹ 3,51,000 | 17.55% | ₹ 7,050 | New Regime | ||
Thus, from the above analysis, you can see that after deducting income tax exemption, the old tax duty is beneficial up to the income tax level. 12.50 lakhs. But when the income exceeds Rs 15 lakh, the new tax system is beneficial.
Feature of this Excel Utility:-
+ This Excel Utility can prepare at a time Income Tax Calculation as per the New TaxSection 115BAC ( New & Old Tax Regime)
+ Automated Income Tax Form 12 BA
+ Automated Income Tax House Rent Exemption Calculation U/s 10(13A)
+ Automated Income Tax Revised Form 16 Part A&B
+ Automated Income Tax Revised Form 16Part B
+ Individual Salary Structure as per all Non-Govt ( Private ) Concerns Salary Pattern
+ Individual Salary Sheet + Individual Tax computed Sheet
 Employees for the F.Y.2020-21 With New Tax System New and Old Tax Regime U/s 115BAC as per Budget 2020){kind=link}
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