Taxable Income & Tax Calculator AY 2021-22 | AY 2022-23
What are features of this Income Tax Calculator?
This user-friendly Income tax Calculator can be used by Resident Individuals below 60 years of age, Sr. Citizens, Very / Super Senior Citizens and HUFs for calculation of the following under both New and Existing Tax Regimes (Tax Provisions and Tax Rates) for AY 2022-23 / AY 2021-22 :
- Gross Income and Taxable Income after taking into account income from all sources and eligible deductions.
- Slab-wise Income Taxable at Normal and Special Rates and Income Tax.
- Income Tax, Cess, Surcharge, Marginal Relief, Total Tax Liability and Income Net of Tax Liability.
Note:- If you opt for the new tax regime U/s 115BAC then do not fill the eligible deduction from any amount.
Important : This calculator is an easy online tool for quick basic calculation and cannot give correct calculation in all circumstances. The exact calculation may be made after taking into account all applicable provisions of Income Tax Act / Rules.
What is Option for Existing and New Regimes ( Tax Rates )?
From Assessment Year 2021-22, Individuals and HUFs (including Resident Individuals below 60 years of age, Senior Citizens and Very Senior Citizens) will have option to opt for Section 115BAC. In case Section 115BAC is opted the computation of income will be as per the provisions of Section 115BAC and New Tax Rates are applicable. In case Section 115BAC is not opted the computation of income will be as per the Existing Provisions and Existing Tax Rates are applicable.