Income Tax Calculator For FY 2020-21

Check your estimated Income tax for Financial Year 2020-21 based on the budget presented by the Finance Minister, Government of India in Lok Sabha on 1st of February 2020.

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Salary after reducing HRA, LTA, standard deduction professional tax.
Interest received on fixed deposits, savings account and other interests.
Interest paid on home loan for self occupied property.
Annual rent received on let out property.
Interest paid on home loan for the rented / let-out property.
LIC premium, tution fees, PPF, ELSS mutual funds, etc.
Interest received on savings account.
Medical insurance premium and preventive health check up fee paid for self, spouse, parent and dependent children.
Interest paid on education loan.

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Budget Highlights for you

Here’s the insight of what interim budget 2020-21 has in store for you.

  1. To simplify the tax system and lower tax rates, about 70 out of the more than 100 Income-tax deductions and exemptions have been removed.
  2. Dividend Distribution Tax (DDT) is abolished. Companies will not be required to pay DDT. Dividends to be taxed only in the hands of recipients, at applicable rates.
  3. New optional tax slabs: New Income-tax slabs introduced by budget 2020.
    Taxable Income slabs Tax rates
    Up to Rs 2.5 lakh NIL
    Rs 2.5 Lakh to Rs 5 Lakh 5%
    Rs 5 Lakh to Rs 7.5 Lakh 10%
    Rs 7.5 lakh to Rs 10 lakh 15%
    Rs 10 lakh to Rs 12.5 lakh 20%
    Rs 12.5 lakh to Rs 15 lakh 25%
    Rs 15 lakh and above 30%

    Note:- Every resident Individual having total income up to Rs 5,00,000 will get a tax rebate of Rs 12,500 or total tax liability, whichever is less.

  4. To avail the benefit of a reduced tax slab rate, an individual has to forego following tax exemptions.
    • To avail the benefit of a reduced tax slab rate, an individual has to forego following tax exemptions
    • Interest on House loan.
    • Deduction under chapter VIA (except Section 80CCD(2) on account of the employer's contribution).
    • Deduction of Rs 15000 allowed from family pension u/s 57(iia).
    • House Rent Allowance u/s 10(13A).
    • Leave Travel Allowance u/s 10(5).
    • Deduction of Rs.1500 on clubbing of Income.