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Income Tax Calculator

Calculate Your Income Tax, In Just Few Clicks

Income Tax Calculator

Income Tax Calculator

Investment Details

Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.150000 per year.
Maximum deduction is Rs.25,000 per year.
Maximum deduction is Rs.50,000 per year.
Maximum deduction is Rs.5000 per year..
Maximum deduction is Rs.50,000 per year.

Note:
The premium paid towards health insurance policies taken for self, spouse, children or parents is eligible for tax deduction u/s 80D:
The maximum limit for deduction on Health Insurance Premium, Health Insurance Premium for Senior Citizen and Medical Expenditure paid on health of senior citizen cannot exceed ₹ 50,000.
The maximum limit for deduction on Health Insurance Premium and Preventive Health Checkup cannot exceed ₹ 25,000
The maximum limit for deduction on Health Insurance Premium for Senior Citizen and Preventive Health Checkup cannot exceed ₹ 50,000
The maximum limit for deduction on Preventive Health Checkup for Self, Family and Parents is ₹ 5,000

Maximum deduction is Rs.50000 per year.

Summary

Annual Income

0

Total Investments

0

Taxable Income

0

Tax Payable

0

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Tax benefits

What is Income Tax Calculator?

A simple online tool, an income tax calculator can help you calculate your tax liabilities for any particular financial year. Calculating the payable tax on your income becomes super easy with this tool. We ensure you get a precise value through our income tax calculator, which have been updated according to the latest income tax rates and tax rules.

Individuals can calculate their Total Income Tax Liability precisely with the help of an online income tax calculator. Using information like your annual income, any additional income, allowances and applicable tax deductions, the tool can reflect the actual tax liability of a person.

Salaried employees are often issued Form 16 from their employers, which details out the total salary and taxes deducted on it. While Form 16 can become a reference point for you to calculate taxes, income generated from other sources like interest on deposits, investments, and rental income, have to be all incorporated in the calculation.

When using the calculator, keep the following rebates / deductions / exemptions available under the income tax law in mind:

  • Under Section 87A, individuals with income below Rs. 5 Lakh can claim tax rebate of up to Rs. 12,500.
  • Under Section 80C, you can claim deduction of up to Rs. 1.5 Lakh through investment in any tax-saver FD, PPF, NSC, ULIP or ELSS on the interest income.
  • Under Section 80CCD (1B), one can claim deduction of up to Rs. 50,000 for money deposited in the NPS.
  • Under Section 80D, deduction of up to Rs. 25,000 is available on medical insurance premium bills. It is Rs. 50,000 for senior citizens.
  • Under Section 80G, donations made to a charitable organisation is eligible for deduction from taxable income.
  • Under Section 80E, you can claim a 100% deduction for up to 8 years on the interest on education loan.
  • Under Section 80TTA/80TTB, the interest income from savings accounts is eligible for tax waivers up to Rs. 10,000 and up to Rs. 50,000 for senior citizens.
  • Under Section 80GG, the income spent towards paying house rent (house rent allowance) is allowed as deduction.

How to Calculate Total Income Tax Liability?

Calculating income tax liability becomes easy with the income tax calculator that is regularly updated according to the latest income tax rates and tax rules. For resident and non-resident Indians, the following information helps to calculate the actual tax liability at the end of a financial year –

  • Annual income from salary or profits
  • Income from other sources like investments, rental income, etc.
  • Tax deductions and exemptions applicable
  • House rent allowance and transport allowance

Income tax is calculated for different individuals on the basis of their respective tax slabs. Finally, the total payable tax is calculated after subtracting the deductions and other taxes that you may have already paid such as Advance Tax and Tax Deducted at Source (TDS). This number is called the Net Income Tax Liability.

Tax Slabs and Applicable Rates for FY 2019-20 (Individuals up to 60 years)

Income Slab Tax Rate
Up to 2.5 Lakh Nil.
2.5 Lakh to 5 Lakh 5%
5 Lakh to 10 Lakh Rs. 12,500 + 20% of Income exceeding Rs. 500,000.
Above 10 Lakh Rs. 1,12,500 + 30% of Income exceeding of Rs 10,00,000.

Tax Slabs and Applicable Rates for FY 2019-20 (Individuals over 60 years)

Income Slab Tax Rate
Up to 3 Lakh Nil.
3 Lakh to 5 Lakh 5%
5 Lakh to 10 Lakh Rs.10,000 + 20% of Income exceeding Rs. 500,000.
Above 10 Lakh Rs. 1,10,000 + 30% of Income exceeding of Rs 10,00,000.

Tax Slabs and Applicable Rates for FY 2019-20 (Individuals over 80 years)

Income Slab Tax Rate
Up to 5 Lakh Nil.
5 Lakh to 10 Lakh 20% 20%
Above 10 Lakh Rs. 1,00,000 + 30% of Income exceeding of Rs 10,00,000.
*From the FY 2019-20 full tax rebate for income up to Rs. 5 lakhs u/s 87A

All the points mentioned above influences your total tax liability; therefore it is important that you enter accurate data when using an online tax calculator. Subtract the taxes you have already paid through Tax Deductions at Source (TDS) and the remaining can be deposited online through the official tax portal. If in case the taxes you pay exceed the total liability, the difference will be refund by the government.

How to use the Income tax calculator?

Using the income tax calculator is simple if you have your basic calculations in place, then follow the following steps:

1. Select your age group as tax liability in India differs on the basis of taxpayer’s age.

2. Enter your Gross Annual Income, consisting of your salary, profits and income from various sources.

3. Now you must enter details of your tax saving investments under section 80C of the Income Tax Act, including the sub-sections 80C, 80CCC, 80CCD (1), 80D and 80CCD.

Once done, you shall be able to view a summary of your annual income, investments, taxable income and the amount of tax payable as per the latest tax regimes and calculations.

Note: You can enter "0" for any field that may not be applicable to you.

Terms & Conditions

This calculation is generated on the basis of the information provided and is for assistance only. And is not intended to be and must not alone be taken as the basis for an investment decisionThe calculations mentioned above take into consideration an assumed rate of inflation of 8%. #The current costs of education mentioned above are approximate values. The end value displayed is on the basis of the information provided and is for assistance only. It is not intended to be and must not alone be taken as the basis for an investment decision. *A 30 years old healthy male can start the plan with a premium payment of Rs. 4000 per month with a policy term of 15 years. The total assumed benefit @ 8% would be Rs 11.43 Lakhs and at an assumed rate of return of 4% p.a., the total benefits would be Rs 8.33 Lakhs. Values are illustrative and actual benefit may depend on number of factors, including future investment performance. Advt No. W/II/1187/2015-16.This calculation is generated on the basis of the information provided and is for assistance only. And is not intended to be and must not alone be taken as the basis for an investment decisionThe calculations mentioned above take into consideration an assumed rate of inflation of 8%. #The current costs of education mentioned above are approximate values. The end value displayed is on the basis of the information provided and is for assistance only. It is not intended to be and must not alone be taken as the basis for an investment decision. *A 30 years old healthy male can start the plan with a premium payment of Rs. 4000 per month with a policy term of 15 years. The total assumed benefit @ 8% would be Rs 11.43 Lakhs and at an assumed rate of return of 4% p.a., the total benefits would be Rs 8.33 Lakhs. Values are illustrative and actual benefit may depend on number of factors, including future investment performance. Advt No. W/II/1187/2015-16.

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