Tax Calculator

Section 80C of Income Tax Act, 1961, provides a deduction of Rs.1,50,000 from the gross income. An individual and HUF can reduce the Net Taxable Income by Rs.1.5 Lac., and minimise the tax liability for the financial year.

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Assessment Year 19 - 20

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18 to 60
60 to 80
80 & above

Residential Status

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Non-Resident

Annual Income(Rs)

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Minimise Your Tax Liability Up To Rs. 46,350
& Enhance Your Wealth

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Taxable Amount
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Tax Liability Amount
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Frequently Asked Questions

How Does the Indian Government Collect Income Tax?

The income tax is collected by the Indian Government in 3 different ways: A. Voluntary Payment by Taxpayers in Banks B. Tax Deducted at Source (TDS) C. Tax Collected at Source (TCS)

If I Win a Lottery or Prize Money, Do I Have to Pay Taxes on it?

Yes. The lottery or prize amount is taxed at 30% with no exemption.

What Is Form 26AS?

It is a statement which contains details of TDS, TCS, advance tax, and paid refund. It is maintained and generated by the Income Tax Department for every individual.

What Is TDS?

Tax Deducted at Source (TDS) is the tax which is deducted by the employer from the income. Any tax deducted at the origin of the income is called TDS.

Should I Disclose the Income Which Is Exempt in the ITR?

Yes. It is mandatory to disclose every source of income even if it is exempted from tax. ITR filling is mandatory for every earning individual liable to pay tax.

What Is the Last Date to File an ITR?

The last date to file an ITR is 31st July. The last date to make investments under section 80C to reduce the tax liability of the financial year is 31st March.

What Is the Difference Between the Assessment Year (AY) and Financial Year (FY)?

Financial Year (FY) is the year between 1st April and 31st March in which you earn your income while Assessment Year (AY) is the year followed by the financial year in which you have to evaluate the income earned during the previous financial year and pay taxes on it.

Do I Need to Pay Taxes on the Pension?

Yes. Income from the pension is taxed as per the tax slab, however, pensions received from the United Nations Organization is tax-free.

What Is Form 16?

Form 16 is a certificate for TDS deductions given by the employer. It also contains the details of salary, allowances, and other deductions.

What Documents Are Needed to be Attached While Filing the ITR?

No documents are needed to be attached necessarily unless the Income Tax Department asks you to personally submit documents.