DSP BlackRock AMC has given a useful tool on their website, which enables you to calculate your income tax. You just need to enter your total income and deductions under Sec80C and Sec80CG and the online calculator will show your income tax payable liability. You can save the report in PDF format or in Excel (XLS) format.
Click here to visit the calculator.
You’ll get screen something like:
- • Maximum deduction of 100,000 is allowed for 80C.
- • Maximum deduction of 30,000 is allowed for 80D.
- • 80C includes Public Provident Fund (PPF), National Savings Certificate (NSC), Insurance Premium Paid, Tuition Fees ( up to 2 children),Housing Loan-Principal payment, Tax saving Mutual Funds, Fixed Deposit (Tax Saving) and etc.
- • Deduction of an amount equal to hundred percent of income-tax payable or an amount of 2,000, whichever is less, is allowed to an individual resident in India whose total income does not exceed 500,000.
- • Surcharge @ 10% is also applicable for taxable income exceeding 1 crore. However, marginal relief is also allowed to ensure that the surcharge payable on excess of income over 1 crore is limited to the amount by which the income exceed 1 crore.
- • To avail tax benefit under RGESS, investors shall comply with condition as prescribed under Rajiv Gandhi Equity Savings Scheme, 2012.
- • This is not to be considered as a tax advice document. Please reach out to a tax consultant for further tax related issues.