Income Tax Calculator

The Union Budget for financial year 2020-21 which was presented by Finance Minister on February 1 proposed a new income tax regime under which those earning up to Rs 15 lakh in a year and opting to forgo deductions provided under the various sections of the Income Tax Act would be able to pay income tax at lower rates. To check your tax liability, you can use tax calculator on the NDTV website. The tax calculator allows individuals to enter income, HRA and exemptions under various sections of income tax act and computes the tax liability.

According to Budget 2020 proposals, annual gross income of Rs 15 lakh will lead to a tax liability of Rs 1.95 lakh, but there's a catch: the assessee has to give up a range of income tax exemptions and deductions (including Section 80C).

"A person earning Rs 15 lakh in a year and not availing any deductions etc will pay only Rs 1,95,000 as compared to Rs 2,73,000 in the old regime," she said during her Budget speech.

You can use this income tax calculator to find out your estimated income tax liability. The tax calculator takes into account factors such as standard deduction, house rent allowance (HRA) exemption, premium paid against mediclaim policy for self, spouse, children and parents, repayment of home/education loan and any overall deductions applicable under Section 80C of the Income Tax Act.

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