Online Income Tax Calculator: Calculate Income Taxes for FY 2020-21

The Union Budget 2020 has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. With the help of the income tax calculator, you can gauge the impact of both the tax structures on your income. This calculator will help you estimate your taxes on your income.

income tax calculator

What is the Income Tax Calculator?

Paying tax is inevitable, be it an individual or a business. Income tax is levied on the income earned after considering few deductions. With too many tax exemptions and deductions, calculating tax can be complicated.

An income tax calculator is a tool that will help calculate taxes one is liable to pay under the old and new tax regimes. The calculator uses necessary basic information like annual salary, rent paid, tuition fees, interest on child’s education loan, and any other savings to calculate the tax liability of an individual.

It gives the total tax payable under the old and new scheme. Also, it suggests investment opportunities for the individual based on the tax liability. The online income tax calculator is a convenient tool and is free to use. It is simple to understand and can be used by anyone to calculate their tax liability.

income tax calculator
income tax calculator

How does an income tax calculator help you?

The income tax calculator is a very useful tool. It helps to calculate a person’s tax liability by considering necessary details like salary, expenses, and investments. Below listed are the benefits of an income tax calculator.

Tax Planning

The Ministry of Finance in its Union Budget 2020 has given a new tax regime along with the existing one. It’s up to the taxpayers to choose which tax regime they will follow. The income tax calculator will help the taxpayers to access which tax regime best suits them. Individuals can plan their taxes accordingly and avail tax benefit. With tax planning, one can easily do their retirement planning as well. The 80C like NPS and SCSS help in retirement planning.

Easy to Use

The calculator is straightforward to use. The inputs are all investor’s income, expenses, and investment details.


Planning one’s taxes can be very tiring. And with the introduction of the new tax regime, it has only become complicated. The income tax calculator will help taxpayers calculate taxes under both the regimes and let them decide which one is better for them in a matter of seconds. Hence it saves a lot of time for them.

Free to use

One can use the calculator multiple times at free of cost.

How to use Scripbox’s income tax calculator?

Scripbox’s Income tax calculator online helps anyone in determining their tax outflow for the financial year. The online tax calculator requires some data concerning income, investments, and expenses of the taxpayer to calculate taxes online.

Let us now see the step-by-step process of how one can make use of the Scripbox’s Income Tax calculator online.

Step 1: Enter Annual Income

Provide the details of the income earned under various heads of income such as salary, interest income from deposits, capital gain, rent from house property, and other taxable income

Step 2: Enter Exemptions

Provide the details of exemptions available against the income earned during the financial year. Such exemption can be against salary, self-occupied property, and let-out property.

Step 3: Tax Deductions

Provide the details of deduction available under section 80C investments and expenses, health insurance, NPS, education loan, and donations.

Step 4: Basic Details

Provide your age and taxes paid during the financial year. Your age will help in determining the tax payable.

Step 4: Tax Breakdown

In this step, the calculator calculates the total tax as per the new scheme as well as per the old scheme. Also, it determines how much more needs to be invested for effective tax saving. Furthermore, taxpayers can go back at any step and change the values as required. Additionally, the calculator suggests the best investment options to save tax further.

Benefits of Scripbox’s Income Tax Calculator

Following are the benefits of Scripbox’s Income Tax Calculator:

  • The calculator helps users try various permutations and combinations of investments and expenses to check the tax-flow.
  • The online tax calculator is completely free. One can calculate their taxes online with Scripbox’s Calculator.
  • Accurate results are computed within seconds.
  • The tax calculator online saves quite an amount of time for users from doing lengthy and time-consuming calculations.
  • Scripbox’s Income Tax Calculator provides investment options for the assessee to save tax further by taking advantage of the deductions.
  • Also, the calculator helps in investment planning.

What are the Sources of Income?

For income tax calculations, income is categorized under the following five categories:

Income from Salary

It is the monthly income one receives for their work from the employer. Usually, the salary component in a payslip includes the following:

  • Basic Salary
  • Dearness Allowance (DA)
  • Gratuity and Annuity benefits
  • Allowance: Medical, Transportation, etc.
  • Any Special Allowance

The total of the above components becomes the Gross Salary of an Employee. Part of the gross salary is subject to taxation after certain deductions.

Income from Business or Profession

It includes the income generated from a business or a professional engagement. This income also becomes part of the taxable income.

Income from Capital Gains

Capital Gains are classified as Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG). Income from Capital Gains can become tedious to compute at times. The number of transactions and complexity sum up to the effort required to calculate the income. Total sales of all capital assets come under this category.

Income from rent on house property

This mainly consists of rental income received by the taxpayer from the house he let out. In the instance where the assessee resides in the only self-owned house, he is required to compute income from house property. This is usually nil or negative. 

Income from other sources

Income from sources that don’t fall under the above four categories become part of the income from other sources. It usually includes interest income, dividend income, gifts (taxable), etc. These components are tracked from the credit entries in the savings account.

Additionally, interest on cumulative Fixed Deposits (FD) is not credited to a savings account. Therefore, an interest certificate needs to be obtained, although the certificate is required only when TDS is not deducted. Use Scripbox’s FD calculator to calculator to calculate interest from FD.

How to Calculate Income Tax in FY 2020-21?

Let’s start with the basics here. For a salaried employee, the monthly payslip describes the various components of one’s salary. Have a look at your payslip. You will find that your total salary is the total of Basic Salary HRA Transport Allowance Special Allowance Any other allowance. Income Tax Act provides various exemptions from salary like house rent allowance, leave travel allowance, etc.

Further, budget 2018 also introduced the concept of standard deduction of INR 40,000, which has been again increased in budget 2019 to Rs 50,000. This tax exemption will not be available in case you are opting for the new tax regime.

Before we move to the calculation part, it is essential to know that if you are opting for the new tax regime, many exemptions are not allowed to be claimed.

Exemptions not allowed under the new tax regime

Individual or HUF opting for taxation under the newly inserted section 115BAC of the Income Tax Act shall not be entitled to the following exemptions/deductions:

  • Leave travel concession as contained in clause (5) of section 10;
  • House rent allowance as contained in clause (13A) of section 10;
  • Some of the allowance as contained in clause (14) of section 10;
  • Allowances to MPs/MLAs as contained in clause (17) of section 10;
  • Allowance for the income of minor as contained in clause (32) of section 10;
  • Tax Exemption for SEZ unit contained in section 10AA;
  • The standard deduction, the deduction for entertainment allowance and employment/professional tax as contained in section 16;
  • Interest under section 24 in respect of self-occupied or vacant property referred to in sub-section (2) of section 23. (Loss under the head income from house property for the rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per existing law);
  • Additional depreciation under clause (iia) of sub-section (1) of section 32;
  • Deductions under section 32AD, 33AB, 33ABA;
  • Various deduction for donation for or expenditure on scientific research contained in sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) of section 35;
  • Deduction under section 35AD or section 35CCC;
  • Deduction from family pension under clause (iia) of section 57;
  • Any deduction under chapter VIA (like section 80C, 80CCC, 80CCD, section 80D, section 80DD, section 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc). However, deduction under sub-section (2) of section 80CCD (employer contribution on account of the employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed.

Exemptions allowed under the new tax regime

Following allowances shall be allowed as notified under section 10(14) of the Act to the Individual or HUF exercising option under the proposed section:

  • Transport Allowance granted to a divyang employee to meet the expenditure for commuting between residence and place of duty
  • Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office;
  • Any Allowance granted to meet the cost of travel on tour or transfer;
  • Daily allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.

Now that we have discussed the above, we can move onto the practical aspect of the same. We will be calculating the total income and income tax on the same should you choose to go with either the old tax regime or the new tax regime.


Amit receives a Basic Salary of INR 1,20,000 per month. House Rent Allowance is INR 50,000 per month and Special Allowance of INR 30,000 per month. Amit lives in Bangalore and the rent paid per month is INR 30,000. Below is what Amit’s taxable salary would look like:

Basic Salary Rs 1,440,000
House Rent Allowance(HRA)Rs 600,000 
HRA exemptionRs 216,000Rs 384,000
Special Allowances Rs 360,000
Standard Deduction Rs (50,000)
Gross Total Income from Salary Rs 2,134,000

To calculate income tax, we need to club the income from other sources such as capital gains, business, and other sources.

In continuation of the above example, suppose Amit invested INR1,20,000 in Public Provident Fund (PPF) and the  LIC premium paid is INR 30,000.

To keep things easier, let us assume that Amit did not have any other income, and his savings bank account generated an interest of INR 16,000. His gross total income will be calculated as below.

Computation of Gross taxable income of Amit(old tax regime)

Income from salaryRs 2,134,000 
Income from other sourcesRs 16,000 
Gross Total Income Rs 2,150,000
80CRs 150,000 
80TTA (restricted to Rs. 10,000)Rs 10,000Rs 160,000
Gross Taxable Income Rs 1,990,000
Tax on above Rs 425,880

Continuing the above example, let us calculate the income tax on Amit’s income as per the new tax regime.

As discussed above, if one is opting for a new tax regime, they will not be eligible for tax deductions. Such as HRA, standard deduction, LTA, chapter VI-A deductions (Public Provident Fund (PPF), LIC, and Equity Linked Savings Scheme (ELSS mutual fund), etc.

Salary for the purpose of the new tax regime

Basic Salary Rs 1,440,000
House Rent Allowance(HRA)Rs 600,000 
HRA exemptionNot allowedRs 600,000
Special Allowances Rs 360,000
Standard DeductionNot allowed 
Gross Total Income from Salary Rs 2,400,000

Assuming all other data to be the same, below will be the tax payable by Amit under the new tax regime:

Computation of Gross taxable income of Mr. Amit (new tax regime)

Income from salaryRs 2,400,000 
Income from other sourcesRs 16,000 
Gross Total Income Rs 2,416,000
Gross Taxable Income Rs 2,416,000
Tax on above Rs 480,792

Income Tax Deductions & Exemptions

Deductions under the income tax act

Income tax act allows individuals to take certain deductions from the salary. However, only a few sections are eligible for tax deductions. These are covered in chapter VI-A of the Act. These are discussed below:

Deductions under Section 80C

Applicability: Individual & HUF

Maximum Limit: INR 1,50,000 in a financial year provided investments are made in certain financial instruments.

Instruments covered: Public Provident Fund (PPF), Employees’ Provident Fund(EPF), the premium paid towards life insurance policies, principal repayment of a home loan, investment in National Savings Certificate(NSC), investment in Equity Linked Savings Scheme (ELSS mutual fund), children tuition expenses, etc. Also, it includes car loans (four wheeler loan) used for commercial purposes for self employed individuals.

Deductions under Section 80CCC

Applicability: Individual

Maximum limit & coverage: INR 1,50,000 per financial year if the amount is invested in keeping in force any annuity plan of a life insurance company.

Deductions under Section 80CCD(1)

Applicability: Individual (salaried or self-employed)

Maximum limit & coverage: Contribution to National Pension Scheme (NPS) is allowed as a deduction from gross total income. The maximum deduction available in the case of salaried employees is 10% of the salary (basic DA, but excluding all allowances & perquisites) and for self-employed individuals, up to 20% of the gross total income. Also, the National Pension Scheme is one of the popular retirement planning instruments.

The maximum limit is INR 1,50,000 in a given financial year.

Deductions under Section 80CCD(1B)

Applicability: Individual (salaried or self-employed)

Maximum limit & coverage: INR 50,000 will be allowed as a deduction over and above the contribution claimed under section 80CCD(1). This effectively increases the total deduction under section 80CCD to INR 2,00,000.

 Deductions under Section 80CCD(2)

Applicability: Contribution made by the employer towards the National Pension Scheme (NPS) of the employee. Applicable only to salaried individuals

Maximum limit & coverage: Maximum deduction available to the extent of 10% of salary (basic DA). Deduction under this section is available over and above section 80CCD(1).

Deductions under Section 80CCD(2)

The aggregate amount of deductions under section 80C, section 80CCC and section 80CCD(1) shall not, in any case, exceed INR 1,50,000.

Deductions under Section 80D

Applicability: Individual & HUF

Maximum limit & coverage:

Deduction of INR 25,000 on medical insurance policies for self, spouse & dependent children.

Additional deduction of INR 25,000 for health insurance policies for parents who are below the age of 60 years.

Deduction of INR 50,000 if both the taxpayer and the parents are above 60 years of age.

The mode of payment should be other than cash.

Deductions under Section 80DD

Applicability: Individual & HUF

Maximum limit & coverage:

Expenditure should be incurred on the medical treatment of a disabled dependent relative.

Where disability is 40% or more but less than 80% – deduction allowed is INR 75,000.

Where disability is 80% or more – deduction allowed is INR 1,25,000

Deductions under Section 80E

Applicability: Individual

Maximum limit & coverage: Interest paid on childs education loan is allowed as a deduction up to 8 years beginning from the year in which the individual starts paying the loan.

What are the tax slabs in India?

Income tax rate under the old regime are:

Income tax slab rates for HUF and Individuals below 60 years

Annual IncomeTax Rates
Up to INR 2.5 lakhsNIL
INR 2,50,001 – INR 5 lakhs5% + 4% cess on income tax
INR 5,00,001 – INR 10 lakhs20% + 4% cess on income tax
Above INR 10 lakhs30% + 4% cess on income tax

Income tax slab rates for senior citizens who are 60 years and above but below 80 years

Annual IncomeTax Rates
Up to INR 3 lakhsNIL
INR 3,00,001 – INR 5 lakhs5% + 4% cess on income tax
INR 5,00,001 – INR 10 lakhs20% + 4% cess on income tax
Above INR 10 lakhs30% + 4% cess on income tax

Income tax slab rates for super senior citizens who are 80 years and above

Annual IncomeTax Rates
Up to INR 5 lakhsNIL
INR 5,00,001 – INR 10 lakhs20% + 4% cess on income tax
Above INR 10 lakhs30% + 4% cess on income tax

Income tax slab rates under new regime are:

Income tax slab rates for HUF and Individuals below 60 years

Annual IncomeTax Rate(New Scheme)
Up to INR 2,50,000Nil
INR 2,50,001 to INR 5,00,0005%
INR 5,00,001 to INR 7,50,00010%
INR 7,50,001 to INR 10,00,00015%
INR 10,00,001 to INR 12,50,00020%
INR 12,50,001 to INR 15,00,00025%
Above INR 15,00,00030%

Income tax slab rates for senior citizens who are 60 years and above but below 80 years

Annual IncomeTax Rate(New Scheme)
Up to INR 2,50,000Nil
INR 2,50,001 to INR 5,00,0005%
INR 5,00,001 to INR 7,50,00010%
INR 7,50,001 to INR 10,00,00015%
INR 10,00,001 to INR 12,50,00020%
INR 12,50,001 to INR 15,00,00025%
Above INR 15,00,00030%

Income tax slab rates for super senior citizens who are 80 years and above

Annual IncomeTax Rate (New Scheme)
Up to INR 2,50,000Nil
INR 2,50,001 to INR 5,00,0005%
INR 5,00,001 to INR 7,50,00010%
INR 7,50,001 to INR 10,00,00015%
INR 10,00,001 to INR 12,50,00020%
INR 12,50,001 to INR 15,00,00025%
Above INR 15,00,00030%

How is TDS calculated on salary?

TDS or Tax Deducted at Source is the amount which is deducted from an individual’s income by a company on behalf of the Income Tax department and later deposited to the Income Tax department. TDS can be calculated by following these steps.

  • Calculate monthly gross income. This includes basic, allowances, and perquisites received in a month.
  • The next step is to calculate the tax exemption under Section 10 of The Income Tax Act.
  • Deduct the tax exemption from gross income.
  • Since the above is the monthly income, multiply it by 12 to calculate the yearly taxable income.
  • The next step is to add all other incomes and deduct losses. For example, incomes like rental income, interest income, and losses in trading or transacting.
  • Calculate investments that fall under Chapter VI-A of The Income Tax Act. An example of investments eligible for deductions under 80C is Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS Mutual Fund), Fixed Deposits (FDs), ULIPs SSY, Senior Citizen Savings Scheme , car loan (four wheeler loan) taken for business purpose etc. This amount has to be deducted from gross income.
  • Now the resulting figure is the total taxable income. The tax slabs according to age and income have to be applied to calculate taxes or TDS on the income.

TDS is usually calculated on basic salary plus allowances. After deducting all the allowances and deductions, TDS is calculated by the employer on the gross salary. They do not consider any other income or losses. The tax liability is distributed throughout 12 months. The individual will receive a salary post TDS.

How much tax should I pay on the salary?

The amount of tax payable depends on the annual income and tax scheme one chooses. Tax laws divide taxpayers into different groupings as per their taxable income. The grouping is called income-tax slabs.

Income Tax Slab 2019-20
Income range per annumTax Rate as per Old RegimeTax Rate as per New Regime
Upto Rs 2.50 LakhNo TaxNo tax
Rs 2.50 Lakh – Rs 5 Lakh5%5%
Rs 5 Lakh – Rs 7.50 Lakh20%10%
Rs 7.50 Lakh – Rs 10 Lakh20%15%
Rs 10 Lakh – Rs 12.50 Lakh30%20%
Rs 12,50,000 – Rs 15,00,00030%25%
Above Rs 15,00,00030%30%

One can use the Scripbox’s Income Tax calculator at the top of the page to calculate their tax liability on the salary earned.

Does everyone have to file their income tax returns?

Yes, it is mandatory for everyone to file income tax return. However, a taxpayer whose net taxable income is less than the minimum tax slab, i.e., INR 2.5 lakh is exempted from mandatory tax filing.

It is mandatory for a taxpayer who wants to claim tax refunds of TDS deducted to file income tax returns. Even though tax filing isn’t mandatory for some individuals, it has some benefits.

  • Claim Tax refunds: For any TDS that has been deducted can be claimed only by tax filing.
  • Applying for a loan: While applying for a loan, the eligibility and the loan amount sanction depends on the assessee income. The tax filing documents are processed for this.
  • Carry forward of Losses: The taxpayer can always carry forward the losses to set them off against capital gains. However, this is only allowed if one is filing their taxes for the assessment year.

What are the details required when e-filing income tax returns?

Following details are required to e-filing income tax return:

  1. Basic details like PAN, Aadhar card details, permanent address
  2. Details of all the bank accounts held in the financial year. Among these banks account, in which bank account refund amount (if any) must be credited
  3. Income earned proof like Form-16, interest earned on Fixed Deposits (FDs), and other investments.
  4. Deduction claimed under Chapter VI-A proof like LIC receipt, investment, health insurance policies.
  5. Tax paid proof like advance tax paid challan, TDS forms.

Frequently Asked Questions

How do I calculate my income tax?

One can calculate their income tax based on their tax slab. Individuals can take their gross income and deduct the investments made under section 80C. And calculate taxes based on the tax rate (slab rate) they fall under. It is a very tedious process to determine the tax. Doing all the calculations manually might take up to a couple of days to figure out the taxable income. Alternatively, one can use the Scripbox income tax calculator to calculate taxes. The online income tax calculator is not only free but also generates results within seconds. Additionally, Scripbox’s tax calculator online also suggests investment products for tax saving that one can buy online. Therefore, the calculator helps in investment planning as well.

How can I save my income tax and do tax planning?

Income tax can be saved by investing across various products that qualify for tax exemption. Section 80 C is one of the popular categories under which income tax can be saved. Some of the products that fall under Section 80 C are Public Provident Fund (PPF), NSC, Equity Linked Savings Scheme (ELSS mutual funds), and 5-Year Fixed Deposits (FDs),  National Pension Scheme (NPS), and Senior Citizen Savings Scheme (SCSS). NPS and SCSS are suitable for retirement planning. Tax planning is very important to ensure that one doesn’t pay tax unnecessarily on their income. Therefore, tax planning helps minimize the tax outflow by taking full advantage of the tax savings instruments available. To do this accurately, Scripbox’s Income Tax calculator can help in determining the taxable income. It also suggests the appropriate products to invest that one can buy online. Therefore, by investing in 80C instruments, one can avail tax benefit.

Does the income tax calculator calculate for TDS?

No, the income tax calculator doesn’t calculate TDS. TDS is deducted by the employer. On the Gross Salary, the employer deducts any applicable TDS. Therefore, the income tax calculator only calculates the tax liability for the assessment year.

What is the maximum non-taxable income limit in India?

For a taxpayer, tax is not levied for an income up to INR 2.5 lakh in a financial year. Additionally, a full tax rebate u/s 87A is allowed to a taxpayer if income is less than INR 5 Lacs.

Is income tax calculated on gross income?

Income tax is payable on the ‘total income’ and not the gross total income as calculated in accordance with the income tax act. The gross total income is the sum of income under the six income heads. The deductions available to the taxpayer is deducted from gross total income, this is the net total income. The tax is payable at the applicable tax rate or tax slab on the net income.

Which option is better for income tax?

Budget 2020 had given the option to the taxpayers to either continue under the old regime or move towards a new regime of taxation. The major difference between the two is on account of change in the tax rates under various slab along with foregoing of certain benefits under the new slab rate.
If the taxpayer is opting for the new tax regime, below are the main benefits that the taxpayer has to forgo in order to pay tax under the new rates:
Standard deduction of Rs 50,000, House rent allowance, Leave travel allowance, Interest on housing loan Contribution to public provident fund, Contribution towards Life Insurance Premium, Investment in Equity Linked Savings Scheme(ELSS)
There is no concrete way to say which option better suits a taxpayer. It all depends on the current slab of the assessee, whether or not they are willing to give away the benefits etc.
A taxpayer should carefully evaluate both the options considering the pros and cons of each case and decide accordingly which option would suit better.

Can we change the tax regime every year?

Yes, the taxpayer can switch the regime each year from old to new or vice-versa. However, the taxpayer having business income would not be able to utilize this option. In simple terms, this would mean that salaried individuals and pensioners would be eligible to switch between a new tax regime and the old tax regime as per their convenience every year provided they don’t have business income.

Is 80C exemption removed?

If the taxpayer is opting for the new tax regime, deductions under section 80C cannot be claimed. The Section 80C deduction is not removed. The claim has been restricted for taxpayers opting for a new tax regime.

How do you calculate income tax in 2020?

Budget 2020, provides an opportunity to choose between a new-tax regime or continue with the old-tax regime. The tax rates are different on the basis of the regime chosen by the individual. In this article, we have explained both the options in detail.

How can I reduce my taxable income?

A taxpayer can consider the below in order to reduce their taxable income:A taxpayer can claim a deduction up to Rs. 1,50,000 under section 80C of the income tax act. However, the same is not available if the taxpayer is opting for the new tax regime.An exemption can be claimed for House rent allowance. Interest paid on your housing loan can be claimed.Contribution towards National Pension Scheme or Health Insurance.

How much tax is deducted from salary?

The tax deduction from salary depends on 3 major factors i.e total salary received, exemptions, deductions, investments, and applicable tax slab. From the total salary, the exemptions, deductions, investments are deducted. Then the basic tax exemption is provided on the net salary and tax is deducted on the rest of the income. For example- The total salary is Rs 10 lakhs, deductions and investments are Rs 3 lakh. Net salary is Rs 7 lakh. The basic exemption limit is Rs 2.5 lakh. Tax will be deducted on Rs 4.5 lakh (7 lakh minus 2.5 lakh).

How do I calculate my self assessment tax?

The self-assessment tax is the tax payable to net taxable income minus taxes already paid. To calculate the self-assessment tax first calculate the net taxable income after giving into effect every deduction and exemption. Now calculate the total tax payable on such net taxable income. Self-assessment tax will be total tax payable minus taxes already paid i.e. TDS/ TCS, advance tax, tax relief under section 87A/90/90A/91, tax credit, AMT/ MAT. You can also refer to Scripbox’s Income Tax Calculator to calculate the total tax payable on income earned.

Is TDS refundable on salary?

The TDS is deducted on salary income depending on the net tax payable by the assessee or taxpayer. If the total taxes paid is more than the total tax payable at the time of filing of ITR then you will receive a refund of the TDS deducted earlier. Hence, make sure you plan your taxes, make tax-free investments like ELSS, claim all the eligible deductions to get that TDS refund. Further, remember you must file the income tax return on or before the due date to claim the tax refund. To know more about TDS and tax refunds refer to our guide.