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Calculate online Comparison of Your Income Tax outgo in FY 2020-21 with Eligible Deductions (Under existing Regime of tax rates / slabs) and without Exemptions (under New Regime of tax rates / slabs)


Calculate Income Tax for FY 2020-21 / FY 2019-20 /FY 2018-19 / FY 2017-18 / FY 2016-17

Income Tax Rates / Slabs FY 19-20, FY 18-19, FY 2017-18 & FY 2016-17

NPS - 1↦ Features / Taxability & Tax Treatment on withdrawal    2↦ Partial Withdrawal Norms

Financial Year / Assessment Year
Back to FY 2020-21

Income Tax Calculator FY 2020-21 - Calculates Income Tax after the benefit of standard deduction of Rs. 50000/- and eligible deductions and without Exemptions (under New Regime of tax rates / slabs) as proposed in Budget 2020

Select Age
Income From Salary / Pension
Gross Income from Salary / Pension
Income from Other Sources
Other than Salary (viz. Interest Income, Income from House Property, Business & Profession, Capital Gains or any other sources)
Deductions
Deduction u/s 80C, 80CCC (max. Rs. 1.50 Lac)
Loss on House Property
(H / Loan Interest - Max. Rs. 2.00 Lac)
(In case loan availed in FY 19-20/FY 20-21 & Interest exceeds Rs. 200000 claim deduction over and above amount u/s 80EEA upto Rs. 150000/- and in case loan availed in FY 16-17 and interest exceeds Rs. 200000 claim deduction over and above amount u/s 80EE upto Rs. 50000/-)
Serving of Intt.on Education Loan
Additional Deduction u/s 80CCD
(50,000 for contribution to the NPS)
Interest Income (SB A/C) u/s 80TTA Max. limit Rs. 10000
Dedeuction under Section 80EE
Interest on loan for acquiring residential house property, sanctioned during FY 2016-17 (Max Rs. 50000)
Dedeuction under Section 80EEA
Interest on loan for acquiring residential house property, sanctioned during FY 2019-20 (Max Rs. 150000)
Dedeuction under Section 80EEB
Interest Deduction in respect of purchase of electric vehicle, during FY 2019-20 to 2022-23 (Max Rs. 150000)
Deduction u/s 80D on Health Insurance Premium
Self / Spouse / D.Children
(No Change max. Rs. 25000/-)(Max. limit Rs 50,000/-)
For Parents Below 60
(No Change Max. Rs. 25000/-)

For Parents Above 60
(Max. Rs. 50,000/-)
Less: Section 80DDB
(Max. limit Rs 1 lac) Less: Section 80DDB
(Max Rs. 1 lac)
Financial YearFY 2020-21
With exemption
(Also applicable for FY 2019-20) 		FY 2020-21
As per budget 01 Feb 2020
Without exemption (New Regime)
Gross Taxable Income
Total of Rebate Under Chapter VIA & Exemptions
Standard Deduction
Net Taxable Income
Financial Year2018-192017-18
Income Tax
Health and Education Cess
(Increased 4%)
Total Tax Liability
Tax Impact : if this amount is not less than zero means less tax payable in FY 20-21 and you are gainer under new regime (without exemption) and if this amount is less than zero i.e with (-) minus sign means more tax out go with this amount under new regime (without exemption) in comparison

Disclaimer : This website do not claim that tax calculation is correct. The users are requested to please do inform in case he/she has noticed any error in calculation.

Modified : 01.02.2020

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