Test your income-tax legal responsibility
Use the calculator beneath to examine your income-tax payability
In her Finances for 2020-21, offered on 1 February 2020, Finance Minister Nirmala Sitharaman proposed a brand new private tax regime beneath which these incomes as much as Rs 15 lakh in a 12 months and opting to forgo deductions offered beneath numerous sections of the I-T Act would be capable of pay earnings tax at decrease charges.
The finance minister introduced that people with an annual earnings between Rs 5 lakh and Rs 7.5 lakh would pay 10% tax, and people incomes Rs 7.5 lakh to Rs 10 lakh 15%. Below the previous regime, with deductions, these people pay 20% earnings tax.
Equally, folks incomes Rs 10 lakh to Rs 12.5 lakh pay 20 per cent, and people incomes Rs 12.5 lakh to Rs 15 lakh pay 25% — in opposition to 30 per cent earlier.
Use this Enterprise Normal tax calculator, powered by Ladder 7, to know the way a lot you could pay as earnings tax beneath the previous regime (with exemptions), and new regime (with out exemptions).
Revenue Tax Calculator
(Salaried / Particular person)
- Gross annual earnings, excluding reimbursements
- Normal deduction beneath sec 16 is fastened at rs 40,000
- Exemptions out there beneath sec 10a for hra has not been included
- Sec 80c: lic premium, ulip, and many others (as much as rs 1.5 lakh)
- Sec 80d: medical insurance coverage premium (as much as rs 25,000, assuming deduction for self and eligible dependent kids)
- Sec 24: curiosity a part of house mortgage (as much as rs 2 lakh)
POWERED BY LADDER 7