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Monday, January 18, 2021

Hsslive Anticipatory Income Tax Calculator 2020-21 by Sudheer Kumar, Babu Vadukkumchery, Alrahiman

Hsslive Anticipatory Income Tax Calculator 2020-21 by Sudheer Kumar, Babu Vadukkumchery, Alrahiman
Hsslive Anticipatory Income Tax Calculator 2020-21 by Sudheer Kumar, Babu Vadukkumchery, Alrahiman

To calculate the anticipatory Income Tax for the FY 2020-21 we have prepared the tools for simplification of the process. As due to launch of the New Income Tax Regime the creation of anticipatory income tax calculator 2020-21 was difficult. Hsslive Anticipatory Income Tax Calculator 2020-21 by Sudheer Kumar, Babu Vadukkumchery and Alrahiman has been uploaded in this article.

Income Tax 2020-21

Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Slab system means different tax rates are prescribed for different ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation enables progressive and fair tax systems in the country. Such income tax slabs tend to undergo a change during every budget.These slab rates are different for different categories of taxpayers. Income tax has classified three categories of “individual “taxpayers such as:

  • Individuals (aged less than of 60 years) including residents and non-residents
  • Resident Senior citizens (60 to 80 years of age)
  • Resident Super senior citizens (aged more than 80 years)

New Regime for Income Tax FY 2020-21


The new tax regime effective from April 1, 2020, co-exists with the old/existing tax regime. The new tax regime offers lower, concessional tax rates vis-a-vis the tax rates offered in the existing tax rates.

The Union Budget 2020 introduced a new personal income tax regime for individual taxpayers. However, the option for this concessional tax regime came with a cost, it required the taxpayer to forego certain specified deductions. These include standard deduction of Rs 50,000, deduction under section 80C of Rs 1.50 lakh and interest on self-occupied property of Rs 2 lakh, deductions which are availed by most taxpayers. As a result, the concessional tax regime may not always be beneficial.


Income Tax Slabs under New Regime

Income tax slab rate applicable for New Tax regime – FY 2020-21.

Income Tax Slab New Regime Income Tax Slab Rates for FY 2020-21(Applicable for All Individuals & HUF)
Rs 0.0 – Rs 2.5 Lakhs NIL
Rs 2.5 lakhs- Rs 3.00 Lakhs 5% (tax rebate u/s 87a is available)
Rs. 3.00 lakhs – Rs 5.00 Lakhs 5% (tax rebate u/s 87a is available)
Rs. 5.00 lakhs- Rs 7.5 Lakhs 10%
Rs 7.5 lakhs – Rs 10.00 Lakhs 15%
Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%
> Rs. 15 Lakhs 30%


Income tax slab rate for Old Tax regime -FY 2020-21

Income tax slab for Individual aged below 60 years & HUF

Income Tax Slab Tax Rates for Individual & HUF Below the Age Of 60 Years & NRIs
Up to Rs 2.5 lakhs NIL
Rs. 2.5 lakh -Rs. 5Lakhs 5%
Rs 5 .00 lakh – Rs 10 lakhs 20%
> Rs 10.00 lakh 30%

Anticipatory Income Tax Calculator 2020-21

To find out the taxable income and the tax to be paid for the financial year, the government servants calculate the anticipated income of a financial year. One 12th of the tax amount is deducted from the salary each month. This system prevails for a long time. But this was not followed properly by most of the govt servants. Now the finance department has published a circular regarding implementation of 8+4 EMI Model for the remittance of income tax based on the salary amount drawn by the govt servants.

What is 8+4 EMI Model? 

Let us take the 12 months of a financial year as two parts – the first 8 months and the next 4 months. The first premium of income tax is usually deducted from the salary of March in a financial year. The deduction of same amount of tax premium would continue in the following 8 months if there are no other changes. We would get a clear idea of the income of the present financial year after 8 months. There may be changes in the salary income that was in the month of March. Hence it is preferred to make calculations again including the changes. Most of us have experienced the difficulty of paying a huge amount towards tax in the month of February for not revising our anticipatory income and tax. So, a revised anticipatory statement can be prepared after 8 months and tax deduction can be done based on the new amount..

Anticipatory Income Tax Calculator 2020-21 Tools


Income Tax Calculator 2020-21 by Alrahiman
Easy Tax Calculator 2021 by Alrahiman(64 bit)
Easy Tax Calculator 2021 by Alrahiman(32 bit)
Income Tax 2021-An introduction by Alrahiman[PDF]
Income Tax Calculator 2021 by Babu Vadukkumchery
ECTax 2021 by Babu Vadukkumchery
Income Tax Calculator 2021 by Sudheer Kumar T. K
Easy Tax 2021 by Sudheer Kumar T. K
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