This calculator is compiled for Resident Individuals i.e. Residents below 60 years of age, Sr. Citizens and Very Sr. Citizens.
For AY 2021-22, the calculations made by this calculator shall be applicable, if Section 115BAC is not opted i.e. Existing Income Tax Provisions and Tax rates are applicable.
If investments are properly made, a resident individual assessee aged below 60 years having income of ₹ 9,85,000/- (net of Standard Deduction of ₹ 50,000/- under section 16(1a) for salaried tax payers) from salary / business or profession / other sources including saving bank interest of ₹ 10,000 and living in house / flat acquired with borrowed funds will not be required to pay income tax. The exempted amount will be more in case of senior and very senior citizens and assessees eligible for other deductions.
|Income from salary / Business or Profession / Other Sources||₹ 9,85,000|
|Less : Interest on funds borrowed for acquiring the house property||₹ 2,00,000|
|Gross Total income||₹ 7,85,000|
|Less : Deduction available under Sec. 80C||₹ 1,50,000|
|Less : Deduction u/s 80CCD(1B) (Contribution to NPS scheme)||₹ 50,000|
|Less : Deduction u/s 80D for medical insurance of self / family||₹ 25,000|
|Less : Deduction u/s 80D for medical insurance of parents (presumed that the parents are senior citizen)||₹ 50,000|
|Less : Deduction u/s 80TTA for Saving account interest||₹ 10,000|
|Total Income||₹ 5,00,000|
|Tax payable||₹ 12,500|
|Less : Rebate u/s 87A||₹ 12,500|
|Net Income Tax Liability||Nil|
|Tax Savings||₹ 113,880|
|Income Tax Calculator for AY 2020-21||House Property Income Calculator|
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|Depreciation Rates||View 26AS - Tax Credit Statement|
|HDFC Bank forms - Fillable||TDS forms - Fillable|
|Post Office Saving Bank accounts||Post Office Monthly Income Scheme|