Plan Tax Savings Calculator

Tax Saving Calculator

Calculate how much income tax you need to pay using this tax saving calculator from Scripbox. It is an easy-to-use online tax calculator that helps you get an estimate of how much tax you need to pay based on your income. The calculator uses the latest income tax slab calculations.

Tax saving made as easy as 1-2-3. From tax calculations to investment proof in less than 72 hours!
Tax 1
Income
What is your annual income?
YOUR ESTIMATED TAX
Annual income
Tax payable
However, some parts of your salary are tax free under Section 80C and can lower this amount.
Cool
House
Do you pay any monthly house rent?
How much rent do you pay monthly?
Your monthly house rent allowance (HRA)?
Where do you reside?
TIP
You can get this detail from your salary slip
Slip
TIP: You can get this detail from your salary slip
Home
What is the total loan amount?
How much EMI do you pay?
What is the total duration of the loan?
In which year did your EMI start?
Construct
Epf
Your monthly employee providend fund (EPF)
TIP
You can get this detail from your salary slip
Slip
TIP: You can get this detail from your salary slip
Are you saving in the following?
Cool
Help a friend be as tax savvy as you
Home
Home
Your total tax is

Invest in Tax Saver Plan and
save tax per year
Apart from saving tax, your money also grows over time.
Investment mobile
Your Investment
Lock in mobile
3 years lock-in
Apart from saving tax, your money also grows over time.
*Considering a 12% annualised rate of return for tax saving funds
Invest in Tax Saver Plan
and save tax per year

How to calculate your tax in 2019?

There are different ways you can calculate your income tax. The straightforward way uses just the slabs specified by the finance ministry. But if you make an extra effort you can save on the amount of tax that you pay. For that, you can use the tax calculator presented on this page, and you can also closely work with an accountant who will be able to tell you how many deductions you can avail to minimize your tax burden.

Presented below is tabular information on the generic tax slabs that are to be used when calculating your income tax. Please keep in mind that in the below table, the deductions haven’t been included – they will be included in the next table.

Income tax slabs for citizens below 60 years of age

Taxable income slabs Income tax rates and cess
Up to ₹ 2,50,000 No tax
₹ 2,50,001-₹ 5,00,000 5% income tax
₹ 5,00,001-₹ 10,00,000 ₹ 12,500 + 20% of income exceeding ₹ 5,00,000
₹ 10,00,000 + ₹ 1,12,500 plus 30% of income exceeding ₹ 10 lakh

Income tax slabs for citizens between 60-80 years (senior citizens)

Taxable income slabs Income tax rates and cess
Up to ₹ 3,00,000 No tax
₹ 3,00,001 - ₹ 5,00,000 5% of (total income - ₹ 3,00,000) + 4% cess
₹ 5,00,001 - ₹ 10,00,000 ₹ 10,000 + 20% of (total income - ₹ 5,00,000) + 4% cess
₹ 10,00,000 + ₹ 1,10,000 + 30% of (total income - ₹ 10,00,000) + 4% cess

Income tax slabs for Indian citizens above 80 years of age (super senior citizens)

Taxable income slabs Income tax rates and cess
Up to ₹ 5,00,000 No tax
₹ 5,00,001 - ₹ 10,00,000 20% of (total income - ₹ 5,00,000) + 4% cess
₹ 10,00,000 + ₹ 1,00,000 + 30% of (total income - ₹ 10,00,000) + 4% cess

Important FAQs for saving tax

What are tax deductions?

Tax deductions are various claims that you can use to reduce your taxable income. It can be different expenses. It can be the investments that you have made. There are many deductions that help you reduce your overall tax liability.

How can I reduce my taxable income?

You can use tax saving investment options such as equity-linked saving schemes, public provident fund and employee provident fund and other investment instruments that are mentioned under the Section 80C of the Income Tax Act and claim tax deductions (pay less tax) when you spend money on. Under this act, you can claim tax deduction of up to ₹ 1.5 lakhs.

You can also mention health and education cess to avail 4% of the exact tax amount.

The premium that you pay for medical insurance can also help you reduce your tax amount. If you make donations to charities, you can save tax. Donation to many charities give you 50-100% deduction. Under Section 80DD you can avail deduction up to ₹ 75,000-₹ 125,000 based on the degree of disability you have.

What are the tax brackets for 2019?

The tax brackets for 2019 are as follows:

  • Up to ₹ 250,000 – Nil.
  • ₹ 250,001-₹ 500,000 – 5% of total income exceeding ₹ 250,000.
  • ₹ 500,001-₹ 10 lakh – ₹ 2500 plus 25% of total income exceeding ₹ 5 lakh.
  • About ₹ 10 lakh – ₹ 112,500 plus 30% of total income exceeding ₹ 10 lakh.

How can I save my income tax under Section 80C?

You can save income tax under Section 80C using the following schemes:

  • Equity-linked savings scheme (ELSS) Investment enjoys a deductible amount up to ₹ 1 lakh. The lock-in period must be at least 3 years.
  • Public Provident Fund (PPF) Investment and interest are tax free. The lock-in period must be 15 years from the first investment and partial withdrawals are allowed after 5 years.
  • 5-years bank fixed deposit Whereas, the investment is deductible, the interest that you earn is fully taxable.
  • Unit-linked insurance plans (ULIPS) Both investment and maturity amount are tax free. The lock-in period must be 5 years.
  • Traditional insurance policy Premium and maturity amounts are tax free. The lock-in period is till the policy matures.

Is there any online tool that can help me calculate how much income tax I can save?

Sure there is.You can use our tax saving calculator to calculate precisely how much income tax you can save.