![]() A taxpayer has the option to choose his/her preferred tax regime once a year. Therefore for the FY 2021-22, both tax regimes will be functioning parallelly. Therefore, the income tax slabs, rates and other deduction benefits are almost the same for the FY 2020-21 and FY 2021-22 respectively for the old tax regime.įurther, the Finance Budget 2021 did not utter a single word i.r.o old and the new tax regime for any changes or updates whatsoever. ![]() In this article, I will be discussing How to calculate Income Tax for the FY 2021-22 and AY 2022-23 using the Income Tax Calculator FY 2021-22 Excel Download tool.Īs far as the salaried employees and the professionals are concerned, Budget 2021 has not been very much exciting apart from getting the additional housing loan interest benefit under the affordable housing scheme for loans taken in between - and it has been extended up to 31 st March 2022 U/S 80EEA. has been silent on the income tax matters as far as possible and practicable. Unfortunately, there have not been any such changes in Budget 2021 as far as the income tax slabs, income tax rates and deductions are concerned. This may be due to the COVID 19 pandemic situation as well.
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