Tax Calculator 2020-21

The tax Calculator will assist you to determine your revenue income tax for monetary year FY2019-20 (AY2020-21).

How Exactly To utilize Tax Calculator

understand the distinction between deduction & exemption

Before you employ the income tax calculator, you have to understand the distinction between deduction and exemption. They sound rather similar, and people that are many one for the next. Nonetheless, they have been quite various. An exemption is provided for a purpose that is specific. For instance, if you might be a farmer, agricultural earnings is exempt from income tax. When you have a bank checking account, interest earnings in the account is exempt from income tax as much as Rs 10,000 per year.

Deductions are profits which are excluded from your own income that is taxable under conditions. This amount will be deducted from your taxable income for example, if you invest Rs. 1.5 lakh in specified investments under Section 80C of the Income Tax Act. Continue reading “Tax Calculator 2020-21”