Income Tax Calculator AY 2019-20 online with example for salaried employees: Calculate in 2 minutes
Income Tax Calculator Online for Assessment Year 2019-20: Income tax is levied by the Government of India on the income of every person.
Income Tax Calculator Online for Assessment Year 2019-20: Income tax is levied by the Government of India on the income of every person. The tax provisions governing the Income-tax are covered in the Income-tax Act, 1961. If you just started your career, it is important to know your tax liability. This can be done via this online Income Tax Calculator on our website. Having a fair idea of the tax liability helps in making personal financial plans well. You will get to know how much money you have at your disposal. Also, help plan for legit options to get tax rebates.
*Check the Income Tax Calculator here
Here's an example: First, some assumptions
Taxable salary - Rs 3,00,000
Income from interest - Rs 50,000
Interest paid on home loan - Rs 2,00,000
Rental Income Received - 0
Interest Paid on Loan - 0
Basic Deductions (Section 80C) - Rs 30000
Interest from Deposits (Section 80TTA) - Rs 10,000
Medical Insurance Premium (Section 80D) - Rs 30,000
Donations to Charity (Section 80G): 0
Interest on Educational Loan (Section 80E) - 0
Feeding all the the above details in the calculator will not take more than two minute. With these numbers, you will have to pay 0 taxes in the financial year 2019-20.
As per the official website of the Income Tax department, income-tax should be paid by every person. "The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons," it says.
"For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above," it adds. That means, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.
The Income Tax department also provides an online income tax calculator.