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Income Tax Calculation

New Tax Slab

Your Annual Salary

To calculate your income tax you need to mention your annual salary. If your annual salary is less then 2.5LPA you are exemptee from income tax, as per the Income Tax Department GOI.

Section 80C

Maximum of upto 1.5 lakh (aggregate of 80c, 80ccc, and 80ccd)

Section 80CCC

Maxximum of up to 1.5 lakh (aggregate of 80c, 80ccc, and 80ccd)

Section 80CCD

Employee Contribution Under Section 80CCD(1): Maximum of upto 10% of salary (for employees) or 20% of gross total income (for self-employed individuals). The limit is capped at 1.5 lakh (aggregate of 80C, 80CCC, and 80CCD)

Self Contribution Under Section 80CCD(1B): Individuals can claim an additional deduction of 50,000 (available to both salaried and self-employed individuals) for contributions towards NPS, with this, the maximum deduction available under Section 80C increases to 2 lakh.

Employer's Contribution Under Section 80CCD(2): Additional deduction up to 10% of an employee's salary for employer's contributions towards NPS.

Section 80CCG

Deductions under this section were specific to the Rajiv Gandhi Equity Savings Scheme (RGESS)

The deduction allowed under RGESS is 50% of the total amount invested and is capped at 50,000.

Note:Deduction under Section 80CCG has been discontinuded starting from April 1, 2017

Section 80D

Deduction for health insurance premium and medical expnses for senior citizens is allowed under this section.

Individuals below 60 year can claim up to 25,000; whereas senior citizens can claim up to 50,000.

Section 80DD

75,000 for those with 40%-80% disability;

1.25 lakh for severe disability(80% or more)

Section 80DDB

Deduction can be claimed for medical treatment of a dependent who is suffering from a specific illness (Explained in the article below).

The amount allowed as deduction is as follows.

  • A Maximum of 40,000 or amount paid, whichever is less (for individuals under 60 years)
  • A maximum of 1 Lakh or amount paid, whichever is less (for senior citizens and super senior citizens)

Section 80E

Deduction is provided only on the education loan.

It is available only for eight years, starting from the year your loan repayment begins or until the interest is fully repaid, whichever is earlier.

Section 80EE

Deduction is provided on the interest part of the residential house property loan availed from a finacial institution.

A maximum of 50,000 can be claimed under this section.

Section 80EEA

This section allows a deduction up to 1.5 lakh for intrest paid by first-time homebuyers for a looan sanctioned from a financial institution.

Section 80G

Deduction is provided on donations made towards charity.

Donations of up to 100% or 50% can be clamed as a tax deduction under this section.

Section 80GGB

Indian Companiesor enterprises can claim tax deductionsunder this section for contributions made to a political party or an electoral trust registerd in India.

They can claim up to 100% tax deduction against the amount donated.

Section 80GGC

Individuals can claim deductions under this section for contribution made to political parties.

The tax deduction claimed can range from 50-100% of the amount contributed.

Section 80GG

Those paying rent for residency can claim a tax deduction of

  • 5,000 per month
  • 25% of total income
  • Rent minus 10% of adjusted gross total income, whichever is less.

Section 80RRB

Income of up to 3 lakh received from royalities is eligible for tax deduction under this section.

Section 80TTA

Income of up to 10,000 earned from interest on savings accounts can be claimed as a tax deduction under this section.

Section 80TTB

Thus section allows senior citizens (oged 60 years and above) to claim up to 50,000 as a tax deduction from their gross total income.

Section 80U

Deductionof up to 75,000 can ber claimed for people suffering from a disability and up to 1.25 lakh for people with dever disability.

Total Amount For Tax Calculation:

Total Ammount To Pay Tax Is:

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