Income Tax Calculator

Calculate your income tax liability online easily Get in touch with our tax experts to file your IT returns

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Income Tax Calculator

Which Financial Year do you want to Calculate taxes for?

Your Age

How to use Vakilsearch online Income Tax Calculator?

Following are the steps you need to follow to use the tool:

Step 1

Select the relevant Financial Year for which you want your income tax to be calculated.

Step 2

Select the age group you fall into. This determines your tax band

Step 3

Select the due date for submission of your IT return

Step 4

Enter your taxable salary after standard deductions.

Step 5

Enter the income from other sources. It could be from Interests, Winnings, etc.

Step 6

Enter the details of income from house property, if applicable.

Step 7

Next, enter details of your investments under Sections 80C (PF, LIC, etc.), 80D (Medical insurance claims for self and family), 80E (interest on educational loans) and interest on loans for Hire Purchase (if select FY 19-20).

Step 8

Hit “Calculate my Income Tax” to check your tax liability.

How to calculate income tax for salaried?

To understand the taxable amount on salary, you should first know what are the components of salary under Section 17 of the Income Tax Act:

Compensation, pension, gratuity, commission fees or profits or benefits, advance salary, leave salary, contributions under 80CCD and the taxable portion of transfer to recognized PF.

Income Tax Slabs 2019-20 & 2020-21

Taxable Income Range (In Rs.)Tax Rate prior to Budget 2020 (Existing)Tax Rate Post Budget 2020
0-2.5 lakhExemptedExempted
2-5.5 lakh5%5%
5-7.5 lakh20%10%
7.5-10 lakh20%15%
10-12.5 lakh30%20%
12.5-15 lakh30%25%
Above 15 lakh30%30%

You can stick to previous tax slabs or opt for a new one. If you go for a new one, you can’t avail the following deductions -

  • Leave Travel Allowances (LTAs) as mentioned in clause 5, section 10 of the Income Tax Act 1961
  • Housing Rent Allowances (HRAs) as mentioned in clause 13 A, section 10 of Income Tax Act 1961
  • The professional tax deduction under section 16
  • The standard deduction of Rs. 50,000 under section 16
  • Deduction of Interest u/s 24 with respect to vacant or self-occupied property mentioned in sub-section 2, section 23 (Loss under income from house property for a rented house)
  • Deductions up to Rs 1, 50, 000 u/s 80 C for investments made towards provident fund, insurance premium, principal repayment of housing loan, etc.
  • Any deduction under chapter VI-A including donations ( u/s 80 G), interest against education loan repayment ( 80 E), interest on savings account (80 TTA), additional interest on housing loan (80 EEA); but, excluding deductions u/s 80CCD (2) ( NPS Contribution by the employer).
  • Others deductions/exemptions as prescribed.
  • FAQs

    Am I required to file my income tax returns?

    Filing IT return is mandatory for individuals earning more than 2.5 lakh per annum.

    Individuals who are below the exemption limit and want to claim income tax refund can file ITR.

    Which income is not taxable in India according to the IT Act?

    Section 10 of the IT Act specifies an exhaustive list of exemptions that are available to reduce the tax burden of individuals. Following are some of the exemptions:

    Special allowances:

    Allowances granted to High court, government employees who are Indians working abroad, UNO employees.

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