Comparison of Income
Tax Liability in New Tax A.Y 2021-22
Regime and Old Tax Regime (F.Y 2020-21)
Instructions
The User needs to input the data in the fields highlighted with Grey Colour. This is Applicable for "Form No. 16" sheet whereas
"Comparison" Sheet is Auto-Generated based on the Inputs by the User in the "Form No. 16" sheet. It may be noted that Blue Marked
Fields are auto populated based on Users Input.
Whichever field is not applicable, you can enter "0".
Accordingly, the Comparison under "Comparison" Sheet is Auto-Generated based on the Inputs by the User in the "Form No.16" sheet.
A Suggestion by Tax Ninja based on the user's Input will be provided in order to Assist the user.
Income Tax Calculator for A.Y 2021-22 (F.Y 2020-21)
Form No. 16
Name Tax Ninja
PAN AAAPT0001Z
Date of Birth 4/1/2020
Version 1.8.0 Age (Years) 1
Income Tax Calculator for A.Y 2021-22 (F.Y 2020-21)
Old Tax Regime
Tax Ninja Name
AAAPT0001Z PAN
Date of Birth 4/1/2020
Version 1.4.0 Age (Years) 1
Gross Income from Salaries and Allowances - -
Less: Exemptions U/S 10 -
(i) H.R.A Exemption (Least of the following three) -
Resident of (Please Select the Value from the Drop-Down) Metro
a. Basic Salary (Basic + DA) - -
b. Rent Paid - -
c. H.R.A Received - -
(ii) Standard Deduction for Salaried & Pensioners (Select from Dropdown) No -
(iii) Any Other Exempted Allowances - -
(iv) Professional Tax - -
Income From Salaries (After Deduction u/s 10) -
Income from Other Sources - -
1. Interest income
a. Bank -
b. National Savings Certificates (NSC) -
c. Post Office MIS -
2. Any Other Income -
Income from House Property -
a. Interest paid on Housing Loan - -
b. Deduction u/s 80EE - -
c. Income (or admissible loss) from house property reported by employee offered
for TDS - -
Gross Total Income (G.T.I) -
Less: Deduction U/S 80C
a. EPF & GPF Contribution - - -
b. Public Provident Fund (PPF) -
c. National Savings Certificates (NSC) -
d. Tax Saving Fixed Deposit (5 Years and above) -
e. ELSS of a Mutual Fund -
f. Life Insurance Premium paid -
g. Contributions made towards Pension Plans (u/s 80CCC) -
h. Pension Plan from Insurance Co./Mutual Funds (u/s 80CCC) -
i. Principal Repayment on House Building Loan -
j. Sukanya Samriddhi Yojana -
k. Stamp Duty & Registration Fees on House Buying -
l. Tuition fees for children (Maximum 2 children) -
Less: Additional deduction for NPS U/S 80CCD(1B) - -
Less: Deduction under chapter VI A -
a. 80D - Medical Insurance premium (for Self ) - -
b. 80D - Medical Insurance premium (for Parents) - -
c. 80E - Interest Paid on Education Loan - -
d. 80DD - Medical Treatment for dependent handicapped - -
e. 80DDB - Expenditure on approved Medical Treatment - -
f. 80G, 80GGA, 80GGC - Donation to approved funds - -
g. 80GG - Rent paid in case HRA is not Received from Employer - -
h. 80U - For Physically Disabled person - -
i. 80TTA/80TTB - Deduction in respect of Interest on Deposits in Savings Account - -
Less: Employer Contribution to NPS U/S 80CCD(2) - - -
Net Taxable Income after all deductions -
Tax Payable on Total Income -
Tax Rebate upto Rs. 12,500 (For Income less than Rs. 5 Lakh) - u/s 87A -
Tax Liability -
Surcharge @ 10% (If income exceeds Rs. 50 Lakh) or 15% (If income exceeds Rs. -
1 Cr.) or 25% (If income exceeds Rs. 2 Cr.) or 37% (If income exceeds Rs. 5 Cr.)
Add: Cess @ 4% -
Net Tax Payable -
TDS Deducted /Advance Tax Deposited -
Balance Tax to be Paid -
Tax to Gross Income Ratio 0.00%
4
Comparison of Income
Tax Liability in New Tax Regime A.Y 2021-22
and Old Tax Regime (F.Y 2020-21)
Particulars New Tax Regime Old Tax Regime
Gross Income from Salaries and Allowances - -
Income from Other Sources - -
Income from House Property - -
Less: Deduction for Employer Contribution to NPS U/S 80CCD(2) - -
Less : Other Deductions - -
Net Taxable Income after all deductions - -
Tax Payable on Total Income - -
Tax Rebate upto Rs. 12,500 (For Income less than Rs. 5 Lakh) - u/s 87A - -
Tax Liability - -
Surcharge @ 10% (If income exceeds Rs. 50 Lakh) or 15% (If income exceeds Rs. 1 Cr.) or - -
25% (If income exceeds Rs. 2 Cr.) or 37% (If income exceeds Rs. 5 Cr.)
Add: Cess @ 4% - -
Less : Relief under section 89 - -
Net Tax Payable - -
TDS Deducted /Advance Tax Deposited - -
Balance Tax to be Paid/(Refund) - -
Tax to Gross Income Ratio 0.00% 0.00%
Tax Ninja's Suggestion will appear here
