Dual Regime Income Tax Calculator FY-20-21

July 26, 2021 By Damodhar C Off

Excellent income tax calculator, to help maintain monthly salary and calculate income tax on salary, capital gain, farm income, etc .; It applies two regimes; VBA programming was used. This will be very useful for you.

List of Salary Inputs:

Sr. Detail of Income

1 Basic

2 Additional Allowance

3 Adhoc Allowance

4 CCA Allowance

5 Conveyance Allowance

6 Electricity

7 House Rent Allowance

8 Petrol Allowance

9 Retention Allowance

10 Special Allowance

11 Technical Allownce

12 Car Allowance

13 Medical Allowance

14 LTA  Reimbursement (Taxable)

15 Other Allowances

16 Other Allowances

17 Other Allowances

List of 80D Benefits:

80 D Deductions

I Whether you or any of your family member (excluding parents) is a senior citizen ?

a. Self & Family

(i) > Health Insurance Premium

(ii) > Preventive Health Checkup

b Self & Family (Senior Citizen)

(i) > Health Insurance Premium

(ii) > Preventive Health Checkup

(iii) > Medical Expenditure (This deduction can be claimed on which health insurance is not claimed at (i) above

2 Whether any one of your parents is a senior citizen

a. Parents

(i) > Health Insurance Premium

(ii) > Preventive Health Checkup

b Parents (Senior Citizen)

(i) > Health Insurance Premium

(ii) > Preventive Health Checkup

(iii) > Medical Expenditure (This deduction can be claimed on which health insurance is not claimed at (i) above

3 Eligible Amount of deduction

List of Deductions:

2 Life Insurance Premium paid / payable in FY
3 Contribution towards Provident Fund / PPF
4 Investment in NSC (VII Issue) + Interest
5 Contribution towards ULIP
6 Contribution towards notified pension fund MF / UTI
7 Repayment of Housing Loan (Principle Amount)
8 Tuition fee for (2 Children)
9 5 Year fixed deposit with Post Office or Schedule Bank
10 Employee’s / Self-employed contribution toward NPS (up to 20%) (u/s 80CCD)
11 Deposit with Sukanya Samridhi Accounts
12 Any other deductions (u/s 80 C)
Total
Eligible Amount for Above deductions
13 Additional contribution towards NPS [u/s 80CCD(1B)] [Additional exemption upto RS. 50,000]
14 Employer’s contribution toward NPS (u/s 80CCD) – Maximum 10% of Basic
Total
Total Eligible Amount for NPS Contribution
15 Medi-Claim premium (u/s 80 D)
16 Actual payment towards medical treatment (u/s 80 DDB)
17 Interest payable on loan for residentials house property (u/s 80EEA ) [maximum Rs. 1.50 Lacs]
18 Interest payable on loan for purchase of electric vehicles(u/s 80EEB )
19 Donations (u/s 80 G)
20 Deduction for maintenance / medical treatment of dependent (u/s 80DD)
21 Interest on loan for higher education (u/s 80 E)
22 Interest on loan for Residential House (u/s 80 EE)
23 Deduction in case of a person with disability (u/s 80 U)
24 Interest on deposits in saving accounts (u/s 80 TTA) [Allowed upto Rs. 10,000]
25 Interest on deposits (u/s 80 TTB) – In case of Senior Citizen [Allowed upto Rs. 50,000]
26 Any other deductions
Income from House Property
Interest on Self-Occupied Property & Income from Let-Out Property
a Interest on Self-Occupied Property
1 Interest paid/payable on on Housing Loan (Max Rs. 2 Lacs)
Income from Self-Occupied House Property
b Income from Let-out property
1 Annual Rental Value / Rent received or Receivable
2 Less : Municipal taxes paid during the year
3 Less : Unrealized Rent
4 Net Annual Value [1 – (2+3)]
Less Deductions from Net Annual Value
i Standard deduction @ 30% of Net Annual Value
ii Interest on Housing Loan
Net Income/Loss from Let-out House property
Total Income / Loss on House Property
Less : Brought Forward Loss of House Property from earlier Years :
Net Income / Loss for the current Year
Carried forward loss of house Property loss – Current Year
Carried forward loss of house Property loss – Earlier Year

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