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 for computation of income as per provisions of Section 115BAC (new section proposed to be introduced).
If an Individual / HUF opts for Section 115BAC, no exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14) (other than those as may be prescribed for this purpose) or clause (17) or clause (32), of section 10 or section 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii), of sub-section (1) or sub-section (2AA), of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA from income will be available and following Income tax rates shall be applicable:
|S. No.||Total Income||Tax Rate|
|1||Upto Rs 2,50,000||Nil|
|2||From Rs 2,50,001 to Rs 5,00,000||5 per cent|
|3||From Rs 5,00,001 to Rs 7,50,000||10 per cent|
|4||From Rs 7,50,001 to Rs 10,00,000||15 per cent|
|5||From Rs 10,00,001 to Rs 12,50,000||20 per cent|
|6||From Rs 12,50,001 to Rs 15,00,000||25 per cent|
|7||Above 15,00,000/-||30 per cent|
This calculator calculates Taxable Income income, Income Tax, Surcharge, Health & Education Cess and Total Tax Liability simultneouly under both options ('Opting' and 'Not opting' for computation of Taxable Income under Section 115BAC) available to you from the assessment year 2021-22. The calculator enables you to easily find out the best option for you.
Abbreviations used :
ER (Existing Regime) - Calculations are applicable for AY 2020-21 and for AY 2021-22 if not opted for computation of taxable income as per Provisions of Section 115BAC. Existing Income tax rates will be applicable.
NR (New Regime) - Calculations are applicable for AY 2021-22 if Opted for computation of taxable income as per Provisions of Section 115BAC. Revised Income tax rates will be applicable.
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