Tax calculator for senior citizens is here….
Before using the tax calculator, I would suggest you to read my blog posit on new vs old tax regime. The blog post will highlight major changes that has been brought in the new tax regime. The blog will also explain who should opt for the new rates and who should stick to the old regime. Read blog…
| Income | Remarks | |
|---|---|---|
| Annual Income | Total Annual Income in Rs. | |
| -Deductions 80C | Maximum upto Rs.150K | |
| -Deductions 80CCD 1B (NPS) | Upto Rs.50K. Additional contribution to NPS over and above Rs.150K | |
| -Medical Insurance (Self) | Upto Rs.25K. Additional Rs.25K for Sr. Citizen | |
| -Medical Insurance (Parents) | Upto Rs.25K. Additional Rs.25K for Sr. Citizen | |
| -Housing Loan Interest | Upto Rs.200K | |
| -Allowable HRA Deduction | 50% of Basic+DA salary if living in metro cities, or 40% for non-metro cities |
| Report - Chart |
|---|
| Tax Liability (2020) | Tax Liability (2019) | |
|---|---|---|
| Taxable Income | ||
| Deductions (Rs.) | ||
| Tax Liability | ||
| Surcharge | ||
| - Income Increase | ||
| - Tax increase with Surcharge | ||
| Surcharge (Marginal) | ||
| Cess | ||
| Total Tax Payable |