This Excel file acts as an income tax calculator for Assessment Year 2021-22 (Financial Year 2020-21). It allows you to input your income details, including salary and other sources, and then calculate your taxable income after considering various deductions under sections like 80C, 80D, and 80G. The calculator also compares the tax liability under both the old and new tax regimes, providing advice on which might be more beneficial for you. It's particularly useful for salaried individuals and pensioners looking to understand their tax obligations and plan their investments.