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

What are the slab rates under New Tax Regime?

Budget 2020 proposed New Tax Regime with lower slab rates. New Tax Regime will be applicable from FY 2020-21. However, a taxpayer will have an option to select between Current and New Tax Regime based on his/her income situation. Use above calculator to know which once is better for your income situation.

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 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 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?

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

Should Senior Citizens opt for New Tax Regime?

Under the New Tax Regime slab rates will remain same for all. However, Senior Citizens will be able to claim basic exemption limit upto INR. 3,00,000 under the current tax regime.

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.