Income Tax Calculator FY 2019-20
| Particulars | Details | Type | Actual Amount in Rs. | Maximum Limit | Proof Required? |
|---|---|---|---|---|---|
| Gross Income (CTC) | 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
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