Income Tax Calculator

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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. The Advance Tax Calculator 2020-21 provides a broad estimate of the tax outgo of a salaried individual or pensioner for assessment years 2020-21 and 2019-20.

It also gives a broad estimate of income tax liability for those earning above Rs 50 lakh a year (without marginal relief).

Select "2020-21" from the drop-down menu to find out how much income tax you will pay for assessment year 2020-21, and "2019-20" (income tax calculator 2019-20) to compare it with assessment year 2019-20.

One of the major tax changes incorporated into the latest income tax calculator is the amount of standard deduction, which has been increased by 25 per cent to Rs 50,000. Among others, the tax calculator 2019 also factors in the full rebate applicable to those earnings up to Rs 5 lakh a year.

Begin by selecting the age group and assessment year correctly, and filling in details about any other applicable deductions or investments. Click on the "?" for more information about a category. Click on "Calculate" after filling in all the applicable details, and press "Reset" to start again.

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