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Income Tax Calculator

Check your income-tax liability

Use the calculator below to check your income-tax payability

In her Budget for 2020-21, presented on 1 February 2020, Finance Minister Nirmala Sitharaman proposed a new personal tax regime under which those earning up to Rs 15 lakh in a year and opting to forgo deductions provided under various sections of the I-T Act would be able to pay income tax at lower rates.

The finance minister announced that individuals with an annual income between Rs 5 lakh and Rs 7.5 lakh would pay 10% tax, and those earning Rs 7.5 lakh to Rs 10 lakh 15%. Under the old regime, with deductions, these individuals pay 20% income tax.

Similarly, people earning Rs 10 lakh to Rs 12.5 lakh pay 20 per cent, and those earning Rs 12.5 lakh to Rs 15 lakh pay 25% — against 30 per cent earlier.

Use this Business Standard tax calculator, powered by Ladder 7, to know how much you need to pay as income tax under the old regime (with exemptions), and new regime (without exemptions).


Income Tax Calculator

(Salaried / Individual)

Total Tax Payable:

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NOTES:
  • Gross annual income, excluding reimbursements
  • Standard deduction under sec 16 is fixed at rs 40,000
  • Exemptions available under sec 10a for hra has not been included
  • Sec 80c: lic premium, ulip, etc (up to rs 1.5 lakh)
  • Sec 80d: medical insurance premium (up to rs 25,000, assuming deduction for self and eligible dependent children)
  • Sec 24: interest part of home loan (up to rs 2 lakh)
POWERED BY LADDER 7