INCOME TAX CALCULATOR

INCOME TAX CALCULATOR
Calculate income tax on your earnings in a few simple steps
Age
Gender
Gross Income (Annual)
Basic Pay (Annual)
City
Annual HRA (House Rent Allowance)
Summary of your investments
EDIT
Summary of your investments
Total Income
Total Investments
HRA Exemption
To know your taxable income,
enter your details
Name
Mobile
Email ID
Result FY (2020-2021)
Old Tax Regime
New Tax Regime
Old Tax Regime
Total Income
Total Investments
Standard Deduction
HRA Exemption
Taxable Income
Tax Payable*
Total Income Total Investment Standard Deduction HRA Exemption Taxable Income
New Tax Regime
Total Income
Total Investments
Taxable Income
Tax Payable*
Total Income Total Investment Taxable Income

How to use the Income Tax Calculator?

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The income tax calculator is an easy to use online tool which provides you an estimation of the taxable income and tax payable once you provide the necessary details.

The steps to use the tool are as given below -

  • Choose your age bracket. This determines your applicable tax slab rates
  • Enter your annual salary. You can include the total salary inclusive of all bonuses and variable components

Once you enter these details, subsequent fields open up where you can enter your investment details

  • Enter your investment amount under section 80C and 80CCD(1B)
  • Enter your medical insurance premium u/s 80D , if you have a health insurance policy
  • If you live in a rented property, enter your HRA received and rent paid. You can calculate your HRA exemption here
  • If you have a home loan you're paying back, enter the interest paid, as the same is eligible for deduction from taxable income
  • If you have an educational loan you're paying back, enter the interest paid, as the same is eligible for deduction from taxable income

Note: Whichever fields are not applicable, you can enter 0

You can see your taxable income and the tax payable on the Summary tab!
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FAQs

1) How is income tax calculated?

Income tax is calculated on the basis of applicable tax slab. Your taxable income is worked out after making relevant deductions, the resultant taxable income will be taxed at the slab rate that is applicable.

The following income tax slab rates are notified in Old Tax Regime

Individuals aged below 60years
Income Tax Rate
Upto ₹ 2,50,000 Nil.
₹ 2,50,001 to
₹ 5,00,000
5%
₹ 5,00,001 to
₹ 10,00,000
₹ 12,500 + 20% of Income
exceeding ₹ 500,000.
Above ₹ 10,00,000 ₹ 1,12,500 + 30% of Income
exceeding of ₹10,00,000.
Senior citizen(aged 60yrs to 80yrs)
Income Tax Rate
Upto ₹3,00,000 Nil.
₹ 3,00,001 to
₹ 5,00,000
5%
₹ 5,00,001 to
₹ 10,00,000
₹10,000 + 20% of Income
exceeding ₹ 500,000.
Above ₹ 10,00,000 ₹ 1,10,000 + 30% of Income
exceeding of ₹10,00,000.
Super senior citizen(aged above 80yrs)
Income Tax Rate
Upto ₹ 5,00,000 Nil.
₹ 5,00,001 to
₹ 10,00,000
20%
Above ₹ 10,00,000 ₹ 1,00,000 + 30% of Income
exceeding of ₹10,00,000.

The Union Budget 2019-20 has proposed full tax rebate for income up to ₹ 5 lakhs u/s 87A.

The following income tax slab rates are notified in New Tax Regime

Income Upto ₹2,50,000 ₹2,50,001 to
₹5,00,000
₹5,00,001 to
₹7,50,000
₹7,50,001 to
₹10,00,000
₹10,00,001 to
₹12,50,000
₹12,50,001 to
₹15,00,000
Above ₹15,00,000
Tax Rate Nil. 5% ₹12,500 + 10% of Income exceeding ₹500,000. ₹37500 + 15% of total income exceeding ₹7,50,000 ₹75000 + 20% of total income exceeding ₹10,00,000 ₹125000 + 25% of total income exceeding ₹12,50,000 ₹187500 + 30% of total income exceeding ₹15,00,000

2) How much tax should I pay on my salary?

The income tax on your salary will be calculated depending on the tax slab and whether you have opted for old tax regime or new tax regime. The taxable income will be worked out after making applicable deductions, if any. If you invest in life insurance, you can claim deduction from taxable income of life insurance premium paid upto ₹ 1.5 lakhs. Section 80C also offers deduction from taxable income for investments in PPF (Public Provident Fund), NSC (National Savings Certificate) and other instruments along with home loan principal repayment. Additionally, if you invest in health insurance, you can get deduction up to ₹ 25,000 under Section 80D for yourself and your family and up to ₹ 25,000 (₹ 50,000 if age of insured is 60 years or above) for your parents. You can also get deduction of home loan interest up to ₹ 2 lakh under Section 24. These are ways you can consider to lower your overall tax outgo.

3) Which income is not taxable in India?

Incomes mentioned under section 10 of The Income Tax act 1961 are not taxable in India.

4) What is the maximum non-taxable income limit?

Income up to ₹ 2.5 lakh does not attract any taxes. Further, u/s 87A person gets full tax rebate if income of a person is less than ₹ 5 Lacs.

5) Does everyone have to file their income tax returns?

If your income is below the taxable threshold of ₹ 2.5 lakhs currently, it is not compulsory to file your income tax return. However, if you have a PAN (Permanent Account Number) card and an income that falls below the taxable threshold, experts advise the filing of your ITR with a NIL return. This is to show the IT department that you did not have any income that was taxable for a specific year and hence, did not pay your taxes for the same. This will help you immensely in the future. Also, if you are an Indian resident with investments/assets outside India, you have to file returns even if your overall income falls below the taxable threshold. You will have to file your tax returns if you are eligible to claim refunds on any taxes that you may have paid in advance.

Please note: This calculation is generated on the basis of the information provided and is for assistance only. And is not intended to be and must not alone be taken as the basis for an investment decision. The Tax write-up above is for general understanding and reference. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer.

Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

COMP/DOC/Apr/2021/84/5581

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