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Tax Saving Calculator AY 2014-15
Resident Individuals

Avail Deductions available from Taxable Income and Maximize Tax Savings

You can plan to maximize your tax savings and reduce income tax liability by availing the benefit of provisions relating to deduction from taxable income under various sections of Income Tax Act. The Calculator on this page calculates the impact of deductions available under various sections of Income Tax Act on your tax liability. Use this calculator to maximize your tax savings.

Note : This calculator has been designed for limited purpose of calculating and comparing your tax savings. For calculating your taxable income and tax liability, please use Income Tax Calculator AY 2014-15.



Enter data in applicable bordered cells
Select Your Age group
Total Income taxable at Normal Rates (Excluding Income taxable at Special Rates & Exempt Income)
Deductions you CAN plan
SectionDescription / InformationInvestment/ Expenditure/ DonationInvestible amount availableEligible Deduction Amount
80CInvestment in eligible securities, Expenditures, Repayments etc. (PF, PPF, Life Insurance, NSCs, ULIPs, MFs, Home Loan repayment, tuition fees etc.) Max. - Rs. 1 lac
80CCCPremium Paid for Annuity Plan of LIC or Other Insurer.
80CCD(1)Contribution to Pension Account by assessee upto 10% of salary.
TotalDeductions available u/s 80C, 80CCC and 80CCD (Max. Rs. 1 lac)
80CCGRajiv Gandhi Saving Scheme For persons whose taxable income is upto Rs. 10 lacs. 50% of the amount invested in specified securities. Max. Rs. 25,000/-
80DHealth insurance of self / family
80DHealth insurance of parents. (Max. - 20000 if parents are Senior Citizen, else 15000.) Parents have been presumed as senior citizens in calculations.
80GDonations eligible for deduction upto either 100% or 50% with or without restriction
Deductions you CANNOT plan
SectionDescription / InformationEligible Deduction Amount
80CCD(2)Contribution to Pension Account by employer. (Max. 10% of salary)
80DDMedical treatment of handicapped dependent relative (Max. - Rs. 50,000/-. Rs. 100,000/- in case of severe disability.)
80DDBMedical treatment of specified disease or ailment for self or dependent relative. (Max. - Rs. 40,000/-)
80EInterest on Educational Loan for Higher Studies of self/ family member or a relative. (Max. - No upper limit)
80GGHouse Rent paid.
80RRBIncome by way of Royalty of a Patent. (Max. - Rs. 300,000/-)
80TTAInterest on Savings Accounts (not time deposits), available to Individuals or HUFs. (Max. - Rs. 10,000/-)
80UPersons suffering from Physical Disability. (Max. - Rs. 50,000/-. In cases of severe disability. Rs. 100,000/-)
24Interest Accrued on Home Loans. (Max. Rs. 1,50,000/- in case of Self Occupied properties.)
Total Deductions from Income chargeable at Normal Rates.
Taxable Income chargeable at Normal Rates
Tax Liability & Tax Savings
DescriptionBefore deductionsAfter deductionsTax Saved by deductions
Income SlabIncome TaxIncome SlabIncome Tax
Exempt Income Slab
Income chargeable at 10%
Income chargeable at 20%
Income chargeable at 30%
Total
Less : Tax Credit (10% of Income - max. Rs. 20,000/-, if total income is below Rs. 5 lacs)
Income Tax
Surcharge
Education Cess [ 3% of (Income Tax + Surcharge)]
Total Tax liability on income taxable at Normal Rates