How To Calculate Income Tax FY 2021-22 Excel Examples | Income Tax Calculation FY 2021-22
In this video by FinCalC TV, we will see how to calculate new Income Tax FY 2021-22 using Excel examples. Income Tax calculation for FY 2021-22 using Old Income Tax slab Rates and New Income Tax slab rates and which one you should choose while calculating Income Tax.
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After watching this video following queries will be solved:
How To Calculate Income Tax FY 2021-22?
What are the income tax slab rates for FY 2021-22?
What is standard deduction for FY 2021-22?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2021-22 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2021 income tax
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NEW INCOME TAX SLAB RATES INTRODUCED IN BUDGET 2021:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 10% Tax on Income between Rs. 5 lacs to Rs. 7.5 lacs
- 15% Tax on Income between Rs. 7.5 lacs to Rs. 10 lacs
- 20% Tax on Income between Rs. 10 lacs to Rs. 12.5 lacs
- 25% Tax on Income between Rs. 12.5 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD INCOME TAX SLAB RATES (STILL APPLICABLE):
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
EXAMPLES:
Let's say your Income from Salary is Rs. 6 lacs.
Your income from other sources is Rs. 15000
This makes your gross total income as Rs. 6,15,000
Let's say your investments include Rs. 60,000 under Section 80C, Rs. 10,000 under Section 80D and Rs. 5000 under Section 80TTA.
This makes your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates. Standard deduction will not be applied if you are using new tax slab rates based on the condition we have seen at the start of this video.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.
Let's see income tax calculation process using old tax slab rates for which taxable income is Rs. 4,90,000.
No Tax on income between Rs. 0 to Rs. 2.5 lacs
5% Tax on income between Rs. 2.5 lacs to Rs. 4,90,000, which is equal to Rs.12,000
20% and 30% tax slabs will not be applicable in this example.
As we know, when taxable income is below Rs. 5 lacs, we get a maximum tax rebate of Rs. 12,500 u/s 87A.
In this example, income tax of Rs. 12,000 is cancelled by the tax rebate of Rs. 12,500, so effective income tax = Rs. 0.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
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Examples used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.