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Income Tax Calculator

Finance Minister Arun Jaitley has made a few minor tweaks in personal tax in an effort to ease the demonetisation pain. He reduced the tax rate to 5 percent from 10 percent for those with taxable income of Rs 2.5 lakh to Rs 5 lakh and also cut the rebate to Rs 2,500 from Rs 5,000. The tax rate cut will be beneficial for all tax payers. If you are still confused as to how much your tax will be next year, here is a simple tax calculator designed by us. Check it out:

Assessment Year
Category
Gross Taxable Salary
HRA Exemption (i)
Transport Allowance (i)
Medical Insurance Premium (Section 80D)
Interest Paid on Home Loan
Education Loan (Section 80E)
Basic Deductions (Section 80C)
Basic Deductions (Section 80CCD)
Donations to Charity (Section 80G) (i)
Please note that figures displayed above are approximate.