INCOME TAX CALCULATOR New Tax Scheme vs Old Tax Scheme

For the convenience of Taxpayers, we have developed the Income Tax Calculator where you can calculate your Tax Liability with in seconds and know whether New Tax Scheme is beneficial for you...

Notes

1. Annual Figures are calculated automatically, however you can this as per your convenience.

2. In the row of Other Allowances, other income if any may also be

3. You can apply Excel Formulas in Cells while punching figures like Add, Minus, Multiply, Divide etc.

4. We have incorporated HRA Calculator also for the convenience of Taxpayers, Metro City Means: Bombay, Delhi, Kolkata & Madras, Please select Yes or No from Drop Down.

5. In case of Rent-out Property, borrowing cost can be deducted from the Rental Income, however any loss from income from house property can not be adjusted from Salary Income under New Scheme.

6. Maximum Additional Deduction for NPS is 50000 under 80CCD(1B) under New Scheme.

7. Tax is excluding Surcharge and Cess.

8. Option shall be exercised for every year in case where individual does not have business income, for others once exercised for New Scheme will not be allowed to change in subsequent Years.

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1. Though we have exercised due care in designing the article and calculator, you are advised to consult your Tax Adviser before taking any decision.

2. We request you to share any discrepancy in the calculator to our Notice at fabgyan2018@gmail.com..

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