Income Tax Calculator

An income tax calculator is a simple online tool which can help you calculate taxes payable on your income. We have updated our income tax calculator according to the latest income tax rates & rules, so you may calculate your tax with accuracy and without worry. If you wish to know more about FY 20-21 income tax slabs click now.

Basic Salary
House Rent Allowance
Other Allowances
Profits from Business/Profession
Interest Income (Savings Bank)
Interest Income(FD & PO)
Family Pension
Any Other Income
Interest Income(Other Deposits)

Income from Capital Gains has not been considered as Capital Gains are taxed at special rates.

Property is self occupied or rented?
Whether living in metro city?
Rent paid(for availing HRA exemption)
Interest on housing loan
Annual rent received from let out property
Tuition Fees
Life Insurance Premium
Contribution to Provident Fund
Repayment of Principal for Housing Loan
Contribution to Public Provident Fund
Employee Contribution to NPS u/s 80CCD(1)
Enter only if applicable.Maximum contribution limit is
10% of Basic Salary for FY
Health Insurance Premium
For self and Family
For parent whose age is below 60 years
For parent whose age is above 60 years

Note: Deduction under section 80D is available for premiums paid for self, spouse, dependent children and parents (of self only). The maximum limit of deduction is provided in the table below:

Sr.noParticularsMaximum amount of deduction under section 80D
1Premium paid for Self and Spouse (both less than 60 years) and dependent childrenRs. 25,000
2Premium paid for Parents* (less than 60 years) of an individualRs. 25,000
3Premium paid for Self and Spouse (60 years and above) and dependent childrenRs. 50,000
4Premium paid for Parents* (60 years and above) of selfRs. 50,000
Employee Contribution to NPS u/s 80CCD(1B)
Enter only if applicable. Maximum contribution limit
is Rs. 50,000 for the FY
Employee Contribution to NPS u/s 80CCD(2)
Enter only if applicable.Maximum contribution limit is
10% of Basic Salary for FY
80TTB deductions
Applicable for age above 60
with limit upto 50,000
80TTA deductions
Applicable for age below 60
with limit upto 10,000


Further deductions under Chapter VIA such as Sec 80DD, Sec 80U, Sec 80E, Sec 80G etc. are not considered, as these deductions will increase the tax benefit available in the old regime.

How to use income tax calculator

You firstly would need to enter your birth details.

  1. Further ahead, there will be sections that would require information about your income details such as:

  • Basic salary
  • HRA
  • Interest income
  • Profits from business
  • Etc.
  1. Enter the details as per applicable to you.
  2. Once that is done, you need to add your income from house property
  3. Moving on, you need to add the details of your 80C deductions.
  4. After that, you need to add the details of your 80D deductions.
  5. Then the Calculator will ask you to add the details of any other deductions that you may have.
  6. Once that is done, you shall be able to calculate your income tax as per the latest tax regimes and calculations.

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Knowledge Center

Frequently Asked Questions

When can you file your income tax returns?

Individuals need to file Income Tax Returns (ITR) on or before the 31st August of the current financial year.

What is the difference between exemption and deduction?

Income tax exemptions are restricted to particular sources of income and are not applicable on the total income. For instance, agricultural income is exempted under tax. You can also get tax exemption by re-investing long-term capital gains arising from a property sale in a real estate property or specified bonds within a certain time period.

What are the major tax provisions introduced in the budget for Individual taxation?

FM introduced a new tax regime for Individuals and HUFs for income <Rs. 15 lakh. It provides for new tax slabs with reduced tax rates without allowing for deductions (80C, 80CCC, 80D, 80G, interest from housing loan, etc)/exemptions (LTA, HRA, Standard deduction of salary, etc)

What are the different tax slabs and tax rates under the new tax regime?

Total Income per annum

Tax Rates

Upto Rs. 2.5 lakh


Above Rs. 2.5 lakh up to Rs. 5 lakh


Above Rs. 5 lakh up to Rs. 7.50 lakh


Above Rs. 7.50 lakh up to Rs. 10 lakh


Above Rs. 10 lakh up to Rs. 12.50 lakh


Above 12.50 lakh up to Rs. 15 lakh


Above 15 lakh


Which are the deductions/exemptions not available under the new tax regime?

Deductions/exemptions not allowed*

Deduction amount (Rs.)

80C investments


House Rent allowance (HRA)

As applicable

Leave Travel Allowance (LTA)

As applicable

Housing Loan interest


Medical insurance premium


(considered for self and parents<60 yrs.)

Standard deduction of salary



Savings bank interest



*All chapter VI-A deductions and specific exemptions u/s 10 are not available

Whether section 10(10D) exemption is available in the new tax regime?

Yes. Section 10(10D) exemption continues for a life insurance policy under both new and old tax regime.

How will the new tax regime work for an individual?

While computing your tax liability, in the new tax regime you will have to forgo the deductions/exemptions stated in Q.3 above and apply new tax slabs and reduced tax rates as stated in Q.2 above.

Is the new tax regime optional? Can I change the option once selected for any financial year?


a) For individuals without business income, option can be selected every financial year.

b) For individuals with business income, one time option to select the new tax regime from financial year 2020-21. Once option chosen it cannot be changed.

Is tax planning still required since FM has announced a lower tax rate without deductions/exemptions?

Yes, certainly. Though FM has provided an optional new tax regime, an individual has to weigh the old tax regime and new tax regime, to optimize tax savings and creation of wealth through investments for meeting his future needs.

Tax planning is one of the important aspects of financial planning. Taking control of your own finances is a key to wealth creation. This can be achieved by taking tax benefits (deductions/exemptions) available under the Income tax law, which further leads to creation of an asset pool for your future.

The investment in life insurance, pension and health insurance is imperative to fulfill your financial goals such as children’s education, marriage, your own retirement needs, life and health eventualities of your family.

Does my investment in insurance and pension still be eligible for tax benefit?

These investments are still eligible for tax benefit under the old tax regime.

Does new budget proposals apply for current financial year 2019-20?

No. It will apply from financial year 2020-21.

What is the taxability of dividend received in the Budget proposal?

Currently dividend is tax free in the hands of the recipient. However, it will be taxed in the hands of recipient from financial year 2020-21.

Whether there is any TDS on dividend income in Budget proposal?

Yes. Companies distributing dividend to its shareholders will be deducting TDS @10% for dividend exceeding Rs. 5000.

TDS will be reflected in Form 26AS as well.

The tax calculations stated above are a broad understanding of the Income Tax Provisions and therefore is not specific advice in regard to your personal tax and investment matters. Kindly contact your tax consultant for exact calculation of your tax liabilities. The above mentioned tax benefits are subject to changes in the tax laws.

This interactive does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. HDFC Life Insurance Company Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the interactive.

The information being provided through this interactive is provided for your assistance/ information only and is not intended to be and must not alone be taken as the basis for an investment decision (“Information”). The recipient/ user assume the entire risk of any use made of this Information. Each recipient /user of this interactive should make such investigation as it deems necessary to arrive at an independent decision while making an investment and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. HDFC and its affiliates, group companies, sales staff, financial consultants, officers, directors, and employees may have potential conflict of interest with respect to any recommendation, related information or opinions.

This Information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This Information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject HDFC and its affiliates/ group companies to any registration or licensing requirements within such jurisdiction. The distribution of this Information in certain jurisdictions may be restricted by law, and persons in whose possession this Information comes, should inform themselves about and observe, any such restrictions. The Information given in this interactive is as of the date of this report and there can be no assurance that future results or events will be consistent with this Information. This Information is subject to change without any prior notice. HDFC reserves the right to make modifications and alterations to this statement as may be required from time to time. However, HDFC is under no obligation to update or keep the Information current.

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