Salary, Bonus, Allowances, Income from Other Sources etc
Input
HRA Exemptions u/s 10 (13A)
Refer below to know how HRA exemption is calculated
Input
As per calculation
YES
Standard Deductions
Input
NO
Professional Tax
Professional Tax
Input
NO
Net Income under Salaries
Gross Income - Exemptions
Output
Deductions u/s 80 C
Investments in PF, PPF, Ins, ELSS, NPS, Housing Loan Principal repayment etc
Input
YES
Deductions u/s 80 CCD - 1B
Investments in NPS (50 K Maximum)
Input
YES
Deductions u/s 80 CCD - 2
Investments into NPS by Employer
Input
10% of Basic + DA
YES
Deductions u/s 80 D
Health Insurance Premium (Self, Spouse & Children) Age < 60 years
Input
YES
Health Insurance Premium (Self, Spouse & Children) Age 60 & above
Input
YES
Addional Benefit for Parents U/Sec. 80 D
Health Insurance Premium for Parents age < 60 Years
Input
YES
Health Insurance Premium for Parents age 60 & above years
Input
YES
Deductions u/s 80 G
Eligible Donations upto specified percentage
Input
DEPENDS ON TO WHOM IT IS DONATED, SUBJECT TO CERTAIN CONDITIONS
Deductions u/s 80 E
Interest Paid on Education Loan
Input
NO LIMIT
YES
Deductions u/s 80 TTA
Interest Received on Savings Bank A/C < Age 60 Years
Input
Deductions u/s 80 TTB
Interest Received on Deposits for Senior Citizens Age 60 & Above only
Input
YES
Tax Benefit u/s 24
LOSS From House Property or Interest Paid On Home Loan Interest
Input
YES
Total Deductions/Benefits
Taxable Income
Tax payable on this income
Output
Tax Slab
Slab Income
Tax Rate
Tax Amount
Income Tax Payee Type
Male, Female, Sr. Citizen>60, Very Sr. Citizen>80
Input
%
%
%
+
%
Tax on Total Income
Output
Surcharge
10% on Tax if Income > Rs 50 lakhs
%
Surcharge
15% on Tax if Income > Rs 1 Crore
%
Tax with Surcharge
Output
Tax Rebate u/s 87A
Upto Rs. 12,500 if Taxable Income ≤ Rs. 5 lakhs
Output
Tax with Surcharge less Rebate, if any
Output
Health & Education Cess
%
Tax Liability with Cess
Output
Income Tax Ratio
Monthly Income
Gross Income/12
Output
Monthly Tax (Appx TDS)
Tax Liability/12
Output
Income Tax Ratio
Gross Income/Tax Liability
Output
HRA Exemption Calculator
City living in
Input
Basic Salary + DA
Input
HRA Received
Input
Actual Rent Paid
Input
Least of the following will be HRA Exemption
1
HRA Receieved
Output
2
% of Salary+DA (50%-Metro & 40%-Non-metro)
Output
3
Rent paid in excess of 10 % of salary
Output
Income Tax Slabs
Tax Exemptions
Age Creteria
Income Exempted
Male
-
Female
-
Senior Citizens
Very Senior Citizens
%
%
Notes:
1) This is as per proposal presented during annual budget for FY 2019-20.
2) Amendments made in this budget have been highlighted in RED
3) This calculator is prepared assuming that there is no income from capital gains or business or profession and there are no dividends exceeding Rs. 10,00,000
