Income Tax Calculator

Tax Calculator by HDFC Life is a simple and easy to use tool that helps calculate the amount of tax payable by you. It takes into consideration the various parameters like your income, various investments, age, gender and other factors to give you an estimated amount of tax you will have to pay.

Enter Your Details
Your Age
Yrs
Annual Income
Provide income from all sources
80C
Maximum Deduction: Rs. 1,50,000

Applicable investments under 80C are:

  • Term Insurance
  • Unit Linked Insurance
  • Protection/Endowment Insurance policies
  • Repayment of Housing Loan
  • 5 years fixed deposit
  • Public provident fund
  • Equity Linked Saving Scheme
80CCD 1B

If you Invest in NPS, additional deduction of Rs. 50,000/- will be allowed.

80D

Medical insurance premium paid:

  • For self, spouse or children below 60 years of age with maximum deduction up to Rs. 25,000/-
  • For Parents below 60 years of age with maximum deduction up to Rs. 25,000/-
  • For any one of Parent above 60 years of age with maximum deduction up to Rs. 50,000/-
80E

Interest paid on loan taken from financial institution/ approved charitable institution for pursuing higher education.

80TTA
Maximum Deduction: Rs. 10,000

Applicable investments under 80TTA are:

  • Interest from Saving bank account
  • Interest from Saving Account with a cooperative society carrying on banking business
  • Interest from Saving account with post office
80TTB
Maximum Deduction: Rs. 50,000

Available for Senior Citizen on Interest received from:

  • Banking Company
  • Post office
  • Co-operative society carrying on banking business
HRA Exemption u/s 10(13A)

HRA deduction is the least of the following:

  • In case of metro city 50% of the Basic Salary, for other 40% of the Basic Salary
  • Actual HRA received
  • Excess of rent paid over 10% of the basic salary
Interest on Housing Loan u/s 24

Maximum deduction up to Rs. 2,00,000/- in case of Interest paid on housing loan

Other Deductions
Your Income Tax Summary
Total Investment
-
Your Taxable Income
-
Tax payable
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Net Tax payable
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Additional amount you can save under 80 C
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Amount you can save under 80 D
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Total Investment
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Tax Payable
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The tax calculations stated above are a broad understanding of the Income Tax Provisions and therefore is not specific advice in regard to your personal tax and investment matters. It gives a quick and basic tax calculations for the Financial Year 2019-20. Kindly contact your tax consultant for exact calculation of your tax liabilities. The above mentioned tax benefits are subject to changes in the tax laws.
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FAQs

The income tax calculator will compute your tax on the basis of your annual income, applicable tax slab and the claims for which you are eligible for tax deduction under section 80c and 80D of Income Tax Act, 1961.

The Income Tax Calculator also gives you investment options that suit your financial portfolio, their benefits, and their tax saving ability.

Steps for using income tax calculator

  1. Enter your age

  2. Enter your annual income

  3. Enter the income from salary, and then incomes from house property, capital gains, income from other sources, profits and gains of business, agricultural income, as provided in the calculator.

  4. Then input the deductions for which you are eligible (choosing from the options, like life insurance premium paid, contribution towards provident fund, repayment of housing loan etc.)

  5. The summary tab will then show you your taxable income and tax payable.

Individuals need to file Income Tax Returns (ITR) on or before the 31st August of the current financial year.

Income tax exemptions are restricted to particular sources of income and are not applicable on the total income. For instance, agricultural income is exempted under tax. You can also get tax exemption by re-investing long-term capital gains arising from a property sale in a real estate property or specified bonds within a certain time period.

The tax calculations stated above are a broad understanding of the Income Tax Provisions and therefore is not specific advice in regard to your personal tax and investment matters. Kindly contact your tax consultant for exact calculation of your tax liabilities. The above mentioned tax benefits are subject to changes in the tax laws.

This interactive does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the interactive.

The information being provided through this interactive is provided for your assistance/ information only and is not intended to be and must not alone be taken as the basis for an investment decision (“Information”). The recipient/ user assume the entire risk of any use made of this Information. Each recipient /user of this interactive should make such investigation as it deems necessary to arrive at an independent decision while making an investment and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. HDFC and its affiliates, group companies, sales staff, financial consultants, officers, directors, and employees may have potential conflict of interest with respect to any recommendation, related information or opinions.

This Information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This Information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject HDFC and its affiliates/ group companies to any registration or licensing requirements within such jurisdiction. The distribution of this Information in certain jurisdictions may be restricted by law, and persons in whose possession this Information comes, should inform themselves about and observe, any such restrictions. The Information given in this interactive is as of the date of this report and there can be no assurance that future results or events will be consistent with this Information. This Information is subject to change without any prior notice. HDFC reserves the right to make modifications and alterations to this statement as may be required from time to time. However, HDFC is under no obligation to update or keep the Information current.

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