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Itr computation software free download5/28/2023 The first sheet contains a calculator as per higher tax rate, where deductions & exemptions are allowed. Part 1 – Calculate Tax as per Higher Tax Rate However, there are certain deductions you can still claim using the new tax regime and they are as below. 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. The new simplified tax regime with lower tax rate is given below. If taxpayer does not want to claim any exemptions new simplified tax regime is applicable. The second tax slab is with lower tax rate. The tax slab in case exemption is claimed is given below. the tax rate with higher rate is applicable. In case individual or HUF wants to claim exemptions under 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, etc. The first tax slab is with higher tax rate. No major changes were made in income tax rules. 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. Income tax slabs and income tax rate will remain same for FY 2022-23 (AY 2023-24). 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 2022. Simple excel based formulas and functions are used in creating this calculator. The calculator is created using Microsoft excel. You can calculate your tax liability and decide tax efficient investment options and suitable tax structure for FY 2021-22. This calculator will work for both old and new tax slab rate which were released in 2020. It is simple and user-friendly income tax calculator for salaried individuals. Download Income Tax Calculator FY 2021-22 (AY 2022-23) in Excel Format.
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