Planning for Taxes – EQUIBOND INVESTMENTS

Income Tax Calculator FY 2019-20 (AY 2020-21)

Head Description Amount in Rs.
Gross Income Salary and Other Income
Exemptions u/s 10 A HRA , Convenyance etc
Professional Tax Professional Tax
Net Income under Salaries
Standard Deduction Salaried Individual and Pensionar (Up to 50000 Rs.)
Deductions u/s 80 C Investments in PF, PPF, Ins, ELSS, NPS etc
Deductions u/s 80 CCD Investments in NPS (Maximum limit 50,000)
Deductions u/s 80 D Medical Insurance Premium (Self, Parents)
Deductions u/s 80 G Eligible Donations
Deductions u/s 80 E Interest Paid on Education Loan
Deductions u/s 80 TTA Interest received from savings account
Tax Benefit u/s 24 Interest Paid On Home Loan

Total Deductions/Benefits

Taxable Income
Tax Slab Slab Income Tax Rate Tax Amount
Income Tax Payee Type Male, Female, Sr. Citizen>60, Very Sr. Citizen>80
0%
5,00,000 5%
10,00,000 20%
10,00,000+ 30%
Tax on Total Income Output
Surcharge 10% on Tax if Income Rs 50 lakhs Rs 1 Crore 10%
Surcharge 15% on Tax if Income > Rs 1 Crore 15%
Tax with Surcharge Output
Tax Credit Upto Rs. 12500 if Taxable Income < Rs. 5 lakhs Output
Tax with Surcharge less Rebate, if any Output
Education Cess 4%
Tax Liability with Cess Output