Income Tax Calculator [2020-21]

Tax calculator for senior citizens is here….

Before using the tax calculator, I would suggest you to read my blog posit on new vs old tax regime. The blog post will highlight major changes that has been brought in the new tax regime. The blog will also explain who should opt for the new rates and who should stick to the old regime. Read blog

IncomeRemarks
Annual IncomeTotal Annual Income in Rs.
-Deductions 80CMaximum upto Rs.150K
-Deductions 80CCD 1B (NPS)Upto Rs.50K. Additional contribution to NPS over and above Rs.150K
-Medical Insurance (Self)Upto Rs.25K. Additional Rs.25K for Sr. Citizen
-Medical Insurance (Parents)Upto Rs.25K. Additional Rs.25K for Sr. Citizen
-Housing Loan InterestUpto Rs.200K
-Allowable HRA Deduction50% of Basic+DA salary if living in metro cities, or 40% for non-metro cities



Report - Chart
Tax Liability (2020)Tax Liability (2019)
Taxable Income
Deductions (Rs.)
Tax Liability
Surcharge
- Income Increase
- Tax increase with Surcharge
Surcharge (Marginal)
Cess
Total Tax Payable
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