Income Tax Calculator For FY 2021-22

Check your estimated Income tax for Financial Year 2021-22 based on the budget presented by the Finance Minister, Government of India in Lok Sabha on 1st of February 2021.

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Salary after reducing HRA, LTA, standard deduction professional tax.
Interest received on fixed deposits, savings account and other interests.
Interest paid on home loan for self occupied property.
Annual rent received on let out property.
Interest paid on home loan for the rented / let-out property.
LIC premium, tution fees, PPF, ELSS mutual funds, etc.
Interest received on savings account.
Medical insurance premium and preventive health check up fee paid for self, spouse, parent and dependent children.
Interest paid on education loan.

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Budget Highlights for you

Here’s the insight of what interim budget 2021-22 has in store for you.

  1. Relief to senior citizens : Senior citizens of age 75 yrs and above and only having pension and interest income are exempted from filing their income tax return. However paying bank with continue to deduct TDS on interest from their bank deposits.
  2. Reopening of assessment : The time limit for reopening of assessment has been reduced to 3 yrs from current 6 yrs u/s 147 of teh act. In case of serious tax evasion cases where the concealment of income is Rs 50 lakh or more, such cases can be reopened upto 10 yrs and that too only after prior approval from PCIT.
  3. Dispute resolution committee : In order to reduce litigation a faceless DRC will be constituted and anyone with a taxable income upto Rs 50 lakh and disputed income upto Rs 10 lakh can approach the committee.
  4. Faceless ITAT : The government has proposed to make the tribunal proceedings faceless where all communication between the tribunal and appellate will be electronic and for personal hearing (if needed) will be done through video conferencing.
  5. Relaxation to NRI : Government will notify rules for removal of hardship of double taxation to ensure timely and hassle free credit for indian taxes in foreign jurisdiction of NRI.
  6. Exemption from audit : The requirement of tax audit has been exempted upto the turnover of 10 cr. provided 95% of the transactions are carried out digitally.
  7. Relief for dividend : As the dividend income have been made taxable in the hands of shareholders and it is difficult for them to estimate the dividend income, budget 20-21 has proposed that the payment of advance tax liability will only arise after declaration/payment of dividend.
  8. Affordable housing benefit : The additional interest exemption of Rs 1,50,000 u/s 80EEA has been extended for A/Y 21-22 where this deduction will be available for loan taken upto 31 march 2022.
  9. Prefiled returns : In order to ease filing of returns, details of salary income, capital gain from listed securities, dividend income, interest from banks,tax payments,TDS will come pre filled in income tax return.
  10. New optional tax slab (Applicable from FY 2020-21).
    Taxable Income slabs Tax rates
    Up to Rs 2.5 lakh NIL
    Rs 2.5 Lakh to Rs 5 Lakh 5%
    Rs 5 Lakh to Rs 7.5 Lakh 10%
    Rs 7.5 lakh to Rs 10 lakh 15%
    Rs 10 lakh to Rs 12.5 lakh 20%
    Rs 12.5 lakh to Rs 15 lakh 25%
    Rs 15 lakh and above 30%

    Note:- Every resident Individual having total income up to Rs 5,00,000 will get a tax rebate of Rs 12,500 or total tax liability, whichever is less.

  11. To avail the benefit of a reduced tax slab rate, an individual has to forego following tax exemptions.
    • To avail the benefit of a reduced tax slab rate, an individual has to forego following tax exemptions
    • Interest on House loan.
    • Deduction under chapter VIA (except Section 80CCD(2) on account of the employer's contribution).
    • Deduction of Rs 15000 allowed from family pension u/s 57(iia).
    • House Rent Allowance u/s 10(13A).
    • Leave Travel Allowance u/s 10(5).
    • Deduction of Rs.1500 on clubbing of Income.