Income Tax Calculator

Income tax calculator (2020-21),  an online tool provides us an estimation of the taxable income and tax payable on providing the necessary details. It helps us to manage our taxation process as early as possible so that the due date to pay the tax don’t get affected . Overall it is a boon to the earner who care not to spend their leisure time in this tedious process of tax payments.

As per New Tax Regime a tax payer have to choose one options for the new tax slab for FY 2020-21 AY 2021-22

Income Tax Slab for New FY 2020-21 New Tax Rate Existing Tax Rate
Upto Rs 2.5 Lakhs Exempt Exempt
Rs 2.5- Rs 5 Lakhs 5% 5%
Rs 5- Rs 7.5 Lakhs 10% 20%
Rs 7.5 -Rs 10 Lakhs 15% 20%
Rs 10 – Rs 12.5 Lakhs 20% 30%
Rs 12.5 – Rs 15 Lakhs 25% 30%
Above Rs 15 Lakhs 30% 30%

If you choose option, based on new tax regime, announced in 2020 budget, then, you will not be eligible to claim any tax benefits. Here, the below income tax calculator gives you the comparison of which best suits for you based on your income. To know more about income tax calculation, refer article Tax Calculator

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Income From Salary : (Annual)
Allowances Exempt u/s 10 : (Annual)
Income From House Property :
Income From Self Occupied Property :
Income From Let Out Property :
Income From Other Sources :
Deductions u/s 80C (Max Rs 1.50 Lakhs) :
Deduction Under Chapter VI A :
Summary:
Gross Total Income : 0
Gross Total Deductions : 0
Taxable Income : 0
Income Tax Calculation :
Tax On Taxable Income : 0
Tax Credit u/s 87A : 0
Tax After Relif : 0
Surcharge @ 10% (if Income > 50 Lakhs) : 0
Edu Cess + Health Cess @ 4% : 0
Net Tax payable : 0
Break-up of Income / Tax :
Taxable Income 0
Net Tax Payable 0
Tax Comparison (Old Vs New) :