Basic Details
Financial Year
Your Current Age
Income Details
Basic Salary
Deductions
₹ 0
Gross Total Income
₹ 0
Deductions
₹ 0
Tax
ParticularsFinancialYear 2019-20
Gross Total Income
₹ 0
Total Deductions
₹ 0
Total Income
₹ 0
Tax On Total Income
₹ 0
Surcharge
₹ 0
Health & Education Cess
₹ 0
Total Tax Payable
₹ 0
Basic Details
Financial Year
Your Current Age
Income Details
Basic Salary
Deductions
Your tax liabilityFor FY 2019-20
₹ 0
Gross Total Income
₹ 0
Deductions
₹ 0
Tax
ParticularsFinancialYear 2019-20
Gross Total Income
₹ 0
Total Deductions
₹ 0
Total Income
₹ 0
Tax On Total Income
₹ 0
Surcharge
₹ 0
Health & Education Cess
₹ 0
Total Tax Payable
₹ 0

FAQs

Q

Which Income Tax slab rates are used to calculate Tax liability under the New Tax Regime?

The New income tax regime will be applicable from the FY 2020-21 onwards. The taxpayer will have an option to choose between the Current and New Tax Regime based on the income situation. Since the income tax slab rates are different under both the old & new income tax regime, the tax liability calculated may vary.
For income earned, during FY 2019-20 the old income tax slab rates will be applicable. Meaning the old income tax slab rates are applicable for AY 2020-21.

Income Range Current Regime Slab Rates New Regime Slab Rates
Upto INR. 2.5 Lac
NIL
NIL
INR. 2.5 Lac – 5 Lac
5%
5%
INR. 5 Lac – 7.5 Lac
20%
10%
INR. 7.5 Lac – 10 Lac
20%
15%
INR. 10 Lac – 12.5 Lac
30%
20%
INR. 12.5 Lac – 15 Lac
30%
25%
INR. 15 Lac & Above
30%
30%
Q

Can I claim HRA exemption while calculating Income Tax Liability under the New Tax Regime?

No, you can not claim tax exemption on HRA. Also you can not claim LTA, Transport Allowance, Entertainment Allowance, Standard Deduction and Professional Tax deduction under New Tax Regime.

Q

Can I claim 80C deduction while calculating Income Tax liability under the New Tax Regime?

No. You can not claim 80C deduction under the New Tax Regime. A taxpayer can not claim any Chapter VI-A deduction except 80CCD(2) and 80JJAA under New Tax Regime.

Q

Is Rebate u/s 87A available after Budget 2020 while calculating Income Tax liability?

Yes. Rebate upto INR. 12,500 is available on income upto INR. 5,00,000 after Budget 2020. Rebate is available under both Current and New Tax Regime.

Q

How to calculate tax liability for Senior Citizens under the New Tax Regime?

Under the New Tax Regime slab rates remain the same for all taxpayers. However, Senior Citizens will be able to claim basic exemption limit up to INR. 3,00,000 under the old income tax regime.
Taxpayers have the option to choose between the old and new income tax regime from FY 2020-21 onwards. To calculate the income tax liability, the slab rates for the selected income tax regime will be considered.

Q

Can I claim Interest paid on Home Loan if I follow New Tax Regime?

Under the New Tax Regime, you can not claim Interest on Home Loan (HP Loss on Self Occupied HP). However, you can still claim interest paid on Home Loan taken for Let Out Property.

Q

How to use Income Tax Calculator?

To calculate the Income Tax liability:
i) select the financial year from FY 2019-20 & FY 2020-21 and Age bracket.
ii) enter income details like basic salary, HRA, House property loss, other incomes and allowances.
iii) to Calculate eligible Chapter VI A deductions enter investments made u/s 80C, 80CCD, medical expenses, insurance premium paid, donations, etc.
iv) the Income Tax Calculator will calculate your Gross Total Income, eligible Deductions, and compare your total tax liability under the Old tax regime and New Tax Regime.