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Updated on : 6 May, 2018

Tax Saving Calculator AY 2019-20
Maximise Tax Savings

You can plan to maximize your tax savings and reduce income tax liability by availing the benefit of provisions relating to deductions/exemptions from taxable income under various sections of Income Tax Act.

How to Pay No Tax on aggregate Income of ₹ 7,75,000/- ?    View details

If investments are properly made, a resident individual assessee aged below 60 years having income of ₹ 8,15,000/- from salary or Rs. 7,75,000/- from business or profession / other sources including saving bank interest of ₹ 10,000 and living in house / flat acquired with borrowed funds will not be required to pay tax. The exempted income will be more in case of senior and very senior citizens and assessees eligible for other deductions available.

Income from salary (Net of Standard Deduction) / Business or Profession / Other Sources₹ 7,75,000
Less : Interest on funds borrowed for aquiring the house property₹ 2,00,000
Gross Total income₹ 5,75,000
Less : Deduction available under Sec. 80C₹ 1,50,000
Less : Deduction u/s 80CCD(1B) (Contribution to NPS scheme)₹ 50,000
Less : Deduction u/s 80D for medical insurance of self / family₹ 25,000
Less : Deduction u/s 80D for medical insurance of parents (presumed that the parents are senior citizen)₹ 50,000
Less : Deduction u/s 80TTA for Saving account interest₹ 10,000
Total Income₹ 2,90,000
Tax payable₹ 2,500
Less : Rebate u/s 87A₹ 2,500
Net Income Tax LiabilityNil
Tax Savings₹ 77,200

Tax Saving Calculator for Resident Individuals

Select Status
Aggregate Income Taxable at Normal Rates (Net of Standard Deduction, if applicable)
A. Deductions you can plan to maximise tax savings :
SectionDescription / InformationActualAvailableDeduction *
80CInvestment in eligible securities, Expenditures, Repayments etc. (PF, PPF, Life Insurance, NSCs, ULIPs, MFs, Home Loan repayment, tuition fees etc.) Max. - ₹ 1.50 lacs
80CCCPremium Paid for Annuity Plan of LIC or Other Insurer
80CCD(1)Contribution to Pension Account (Max. 10% of Salary)
Total deductions available u/s 80C, 80CCC and 80CCD(1) (Max. ₹ 1.50 lac)
80CCD(1B)Contribution to NPS
80CCGInvestment in listed shares subject to certain conditions.(50% of amount invested. Max. ₹ 25,000)
80DHealth insurance (self / family)
80DHealth insurance (parents) (If parents are Senior Citizen Max. - 50,000, else 25,000)
80GDonations eligible for deduction upto 100% / 50% (with or without restriction)
* Maximum deduction available under the section or the actual amount of investment / expenditure / donation, whichever is lower.
B. Other deductions :
SectionDescription / InformationDeduction *
80CCD(2)Contribution to Pension Account by employer. (Max. 10% of salary)
80DDMedical treatment of handicapped dependent relative. (Max. - ₹ 100,000/-. ₹ 125,000/- in case of severe disability.)General
Severe
80DDBMedical treatment of specified disease / ailment. (Max. - ₹ 1,00,000 for Senior Citizen / Very Senior Citizen and ₹ 40,000 for others)< 60 years
> 60 years
80EInterest on Educational Loan for Higher Studies. (Max. - No upper limit)
80GGHouse Rent paid. Maximum ₹ 60,000/-
80RRBIncome by way of Royalty of a Patent. (Max. - ₹ 300,000/-)
80TTAInterest on Savings accounts (not time deposits) (Max. - ₹ 10,000/-)
80TTBInterest on Bank / PO Deposits, available to Sr. Citizen (Max. - ₹ 50,000/-)
80UPersons suffering from Physical Disability. (Max. - ₹ 75,000/-. In cases of severe disability. ₹ 125,000/-) General
Severe
24Interest Accrued on Home Loans. (Max. ₹ 2,00,000/-.)
Total Deductions from Income chargeable at Normal Rates.
Taxable Income chargeable at Normal Rates
* Maximum deduction available under the section or the actual amount of investment / expenditure / donation, whichever is lower.
C. Tax Liability & Tax Savings
DescriptionBefore deductionsAfter deductionsTax Saved
Income SlabIncome TaxIncome SlabIncome Tax
Exempt Income Slab
Income chargeable at 5%
Income chargeable at 20%
Income chargeable at 30%
Total
Less : Rebate under Section 87A **NANA
Income TaxNA
SurchargeNA
Health & Education CessNA
Total Tax liabilityNA
** Where taxable income is upto ₹ 3.5 lacs, Income Tax chargeable or ₹ 2,500, whichever is lower)
Note : This calculator has been compiled for limited purpose of calculating and comparing your tax savings. For calculating your taxable income and tax liability, please use Income Tax Calculator.