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Tax Saving Options - At a Glance

Finotax Tax Saving Calculator A Y 2013-14 (FY 2012-13)
For Individual and HUF Tax payers

Maximise your tax savings and reduce your income tax liability for Assessment Year 2013-14 by availing the benefit of provisions relating to deduction from taxable income under various sections of Income Tax Act. Use this calculator to calculate and compare your tax savings and see how much tax you are saving and how much more tax you can save. You can change the amount of your investments / expenditure /donations and see its effect on your overall tax liability. You can also check the effect of availing housing loan and / or educational loan on your tax liabilty.

The amount of tax saved depends upon your income level and the amount of deductions availed by you under various sections of Income Tax Act. The tax saving will be more for a person having total taxable income chargeable at 30% than to a person having total taxable income chargeable at 20% for same amount of investments / expenditures / donations. Similarly, the tax savings will be more for a person having total taxable income chargeable at 20% than to a person having total taxable income chargeable at 10% for same amount of investments / expenditures / donations.

This calculator has been designed for limited purpose of calculating your tax savings. For calculating your tax liability for AY 2013-14, please use Income Tax Calculator AY 2013-14.

Please send your feedback on usefulness of this calculator and suggestions to improve and make it more useful to finotax@gmail.com.

Calculate and Maximize Tax Savings for A Y 2013-14
Select Your Age group
Enter data in shaded boxes.
A. Incomes chargeable at Normal Rates and Special Rates
Aggregate Income from all sources
Less : Exempt Income (if any) (e.g. Dividends, interest upto Rs. 1500 in minors' accounts etc.)
Less : Income chargeable at Special Rates (if any) (e.g. Winnings from Lotteries, Long Term Capital Gain etc.)
Total Income chargeable at Normal Rates (1 - 2 - 3)
B. Tax Planning for Assessment Year 2013-14
Deductions you can plan
SectionDescription / InformationInvestment/ Expenditure/ DonationEligible Deduction AmountInvestible amount available
80CInvestment in eligible securites, Expenditures, Repayments.
(PF, PPF, Life Insurance, NSCs, ULIPs, MFs, Housing Loan repayment, tuition fees etc.)
80CCCPremium Paid for Annuity Plan of LIC or Other Insurer.
80CCDContribution to Pension Account upto 10% of salary.
Sections 80C, 80CCC and 80CCD Maximum deduction : Rs. 100,000/-
80CCGRajiv Gandhi Saving Scheme For persons whose taxable income is upto Rs. 10 lacs.
Maximum deduction : 50% of the amount invested in specified securities.
80DHealth Insurance for Self / Family and Preventive Health Check up (upto Rs. 5000/-)
Maximum deduction : Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others.
80DHealth Insurance of parents. Parents have been presumed as senior citizens in calculations.
Maximum deduction : Rs. 20,000/- if parents are Senior Citizen, else Rs. 15,000/-.
80GDonations eligible for deduction upto either 100% or 50% with or without restriction
Maximum deduction : Depends on your capacity and will to donate and type of donation.
Other deductions
SectionDescription / InformationEnter Amount
80DDMedical treatment of handicapped dependent relative Maximum deduction : Rs. 50,000/-. Rs. 100,000/- in case of severe disability.
80DDBMedical treatment of specified disease or ailment for self or dependent relative. Maximum deduction : Rs. 40,000/-.
80EInterest on Loan for Higher Studies of self/ family member or a relative. Maximum deduction : No upper limit.
80GGHouse Rent paid. Maximum deduction : Please click on Section number for details.
80RRBIncome by way of Royalty of a Patent. Maximum deduction : Rs. 300,000/-.
80TTAInterest on Savings Accounts (not time deposits), available to Individuals or HUFs. Maximum deduction : Rs. 10,000/-.
80UPersons suffering from Physical Disability. Maximum deduction : Rs. 50,000/-. Rs. 100,000/- in cases of severe disability.
24Interest Accrued on Housing Loans. Maximum deduction : Please click on Section number to view details.
Total Deductions from Income chargeable at Normal Rates.
Taxable Income chargeable at Normal Rates
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
Education Cess @ 3% of Income Tax Payable
Total Tax liability on income chargeable at Normal Rates
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