Your Age
Yrs
Income Tax Calculator
An income tax calculator is a simple online tool which can help you calculate taxes payable on your income. We have updated our income tax calculator according to the latest income tax rates & rules, so you may calculate your tax with accuracy and without worry. If you wish to know more about FY 20-21 income tax slabs click now.
Basic Salary
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House Rent Allowance
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Other Allowances
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Profits from Business/Profession
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Interest Income (Savings Bank)
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Interest Income(FD & PO)
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Dividend
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Family Pension
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Any Other Income
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Interest Income(Other Deposits)
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Annuity/Pension
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Income from Capital Gains has not been considered as Capital Gains are taxed at special rates.
Property is self occupied or rented?
Whether living in metro city?
Rent paid(for availing HRA exemption)
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Interest on housing loan
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Annual rent received from let out property
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Tuition Fees
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Life Insurance Premium
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Contribution to Provident Fund
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Repayment of Principal for Housing Loan
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Contribution to Public Provident Fund
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Others
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Employee Contribution to NPS u/s 80CCD(1)
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Enter only if applicable.Maximum contribution limit is
10% of Basic Salary for FY
10% of Basic Salary for FY
Health Insurance Premium
For self and Family
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For parent whose age is below 60 years
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For parent whose age is above 60 years
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Note: Deduction under section 80D is available for premiums paid for self, spouse, dependent children and parents (of self only). The maximum limit of deduction is provided in the table below:
| Sr.no | Particulars | Maximum amount of deduction under section 80D |
|---|---|---|
| 1 | Premium paid for Self and Spouse (both less than 60 years) and dependent children | Rs. 25,000 |
| 2 | Premium paid for Parents* (less than 60 years) of an individual | Rs. 25,000 |
| 3 | Premium paid for Self and Spouse (60 years and above) and dependent children | Rs. 50,000 |
| 4 | Premium paid for Parents* (60 years and above) of self | Rs. 50,000 |
Employee Contribution to NPS u/s 80CCD(1B)
₹
Enter only if applicable. Maximum contribution limit
is Rs. 50,000 for the FY
is Rs. 50,000 for the FY
Employee Contribution to NPS u/s 80CCD(2)
₹
Enter only if applicable.Maximum contribution limit is
10% of Basic Salary for FY
10% of Basic Salary for FY
80TTB deductions
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Applicable for age above 60
with limit upto 50,000
with limit upto 50,000
80TTA deductions
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Applicable for age below 60
with limit upto 10,000
with limit upto 10,000
Note:
Further deductions under Chapter VIA such as Sec 80DD, Sec 80U, Sec 80E, Sec 80G etc. are not considered, as these deductions will increase the tax benefit available in the old regime.
Your Income Tax Summary
Total Annual Income
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Total Investment
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Your Taxable Income under Old Regime
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Your Taxable Income under New Regime
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Tax payable under Old Regime
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Tax payable under New Regime
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Notes:
1.This calculator is only meant to give you a basic idea of your taxable income and tax liability under the old and new regimes.
2.Tax on income from Capital Gains has not been considered as Capital Gains are taxed at special rates under both regimes.
3.In case of taxable income above Rs. 50 Lakhs , surcharge will be payable as applicable.
Disclaimer:
Refer to the Income-tax Act, 1961 for the applicability of the relevant provisions.
How to use income tax calculator
You firstly would need to enter your birth details.
Further ahead, there will be sections that would require information about your income details such as:
- Basic salary
- HRA
- Interest income
- Profits from business
- Etc.
- Enter the details as per applicable to you.
- Once that is done, you need to add your income from house property
- Moving on, you need to add the details of your 80C deductions.
- After that, you need to add the details of your 80D deductions.
- Then the Calculator will ask you to add the details of any other deductions that you may have.
- Once that is done, you shall be able to calculate your income tax as per the latest tax regimes and calculations.
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Knowledge Center
Frequently Asked Questions
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When can you file your income tax returns?
Individuals need to file Income Tax Returns (ITR) on or before the 31st August of the current financial year.
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What is the difference between exemption and deduction?
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.
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What are the major tax provisions introduced in the budget for Individual taxation?
FM introduced a new tax regime for Individuals and HUFs for income <Rs. 15 lakh. It provides for new tax slabs with reduced tax rates without allowing for deductions (80C, 80CCC, 80D, 80G, interest from housing loan, etc)/exemptions (LTA, HRA, Standard deduction of salary, etc)
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What are the different tax slabs and tax rates under the new tax regime?
Total Income per annum | Tax Rates |
|---|---|
Upto Rs. 2.5 lakh | Nil |
Above Rs. 2.5 lakh up to Rs. 5 lakh | 5% |
Above Rs. 5 lakh up to Rs. 7.50 lakh | 10% |
Above Rs. 7.50 lakh up to Rs. 10 lakh | 15% |
Above Rs. 10 lakh up to Rs. 12.50 lakh | 20% |
Above 12.50 lakh up to Rs. 15 lakh | 25% |
Above 15 lakh | 30% |
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Which are the deductions/exemptions not available under the new tax regime?
Deductions/exemptions not allowed* | Deduction amount (Rs.) |
|---|---|
80C investments | 1,50,000 |
House Rent allowance (HRA) | As applicable |
Leave Travel Allowance (LTA) | As applicable |
Housing Loan interest | 2,00,000 |
Medical insurance premium | 50,000 (considered for self and parents<60 yrs.) |
Standard deduction of salary
| 50,000 |
Savings bank interest
| 10,000 |
*All chapter VI-A deductions and specific exemptions u/s 10 are not available
✅
Whether section 10(10D) exemption is available in the new tax regime?
Yes. Section 10(10D) exemption continues for a life insurance policy under both new and old tax regime.
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How will the new tax regime work for an individual?
While computing your tax liability, in the new tax regime you will have to forgo the deductions/exemptions stated in Q.3 above and apply new tax slabs and reduced tax rates as stated in Q.2 above.
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Is the new tax regime optional? Can I change the option once selected for any financial year?
Yes.
a) For individuals without business income, option can be selected every financial year.
b) For individuals with business income, one time option to select the new tax regime from financial year 2020-21. Once option chosen it cannot be changed.
✅
Is tax planning still required since FM has announced a lower tax rate without deductions/exemptions?
Yes, certainly. Though FM has provided an optional new tax regime, an individual has to weigh the old tax regime and new tax regime, to optimize tax savings and creation of wealth through investments for meeting his future needs.
Tax planning is one of the important aspects of financial planning. Taking control of your own finances is a key to wealth creation. This can be achieved by taking tax benefits (deductions/exemptions) available under the Income tax law, which further leads to creation of an asset pool for your future.
The investment in life insurance, pension and health insurance is imperative to fulfill your financial goals such as children’s education, marriage, your own retirement needs, life and health eventualities of your family.
✅
Does my investment in insurance and pension still be eligible for tax benefit?
These investments are still eligible for tax benefit under the old tax regime.
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Does new budget proposals apply for current financial year 2019-20?
No. It will apply from financial year 2020-21.
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What is the taxability of dividend received in the Budget proposal?
Currently dividend is tax free in the hands of the recipient. However, it will be taxed in the hands of recipient from financial year 2020-21.
✅
Whether there is any TDS on dividend income in Budget proposal?
Yes. Companies distributing dividend to its shareholders will be deducting TDS @10% for dividend exceeding Rs. 5000.
TDS will be reflected in Form 26AS as well.
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 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.
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