. Tax Saving Calculator

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Income Tax Calculator
Income Tax Calculator
Income Tax Calculator
Eligible Deductions Rs.

You can invest Rs. 1,48,200more to save taxes
You can invest in the follwing to cover your additional Rs. 27,200 investments.

Prepay your housing loan if,
i) Your interest out go for Financial Year is exceeding Rs. 2,00,000/- or
ii) You want to exhaust your 80C limit and maximize your tax benefits
This is 15 year account with an attractive interest rate of 8.1%. The interest accrued on PPF account is exempt from tax. Contribute to your PPF account if :
i) You want to safeguard your retirement planning or
ii) You want flexibility for your periodic investments
• If you’re long term investment goal is to meet higher education and marriage expenses of your daughter this scheme is a good investment.
• You can open the account in the name of your daughter any time before she attains the age of 10 years.
• This is 21 year account with an attractive interest rate of 8.6%.
• Deposits can be made till completion of 14 years and partial withdrawals are allowed only after your daughter attains 18 years of age.
The VPF is the additional contribution to your existing PF account. The rate of interest for VPFs is 8.1%. You can consider voluntarily contributing to your provident fund, if
i) You want guaranteed returns from your monthly investments and
ii) You have a long term investment horizon.
ELSS (Equity Linked Savings Scheme) is diversified equity funds with a lock - in period of 3 years. You can consider investing in ELSS, if
i) You have an appetite for high risk high return
ii) You want a relatively shorter lock-in period
There are other investment avenues such as 5 year tax saving fixed deposit, post office time deposit, National Savings Certificates, Life insurance policies etc. Evaluate these options with the help of an expert financial advisor before you make investment in these products.
Get additional deduction up to Rs. 50,000/- for contribution to National Pension Scheme. We would recommend you to invest in this if
i) You want to leverage equity market risk for your retirement planning or
ii) You want additional tax benefits over and above your 80C investments.
iii) 40% of the accumulated corpus is exempt at the time of withdrawal on maturity.
Disclaimer: H&R Block has developed the Tax Calculator as a tool to provide the user with information about their overall, annual tax liability. The Tax Calculator is a tax estimator tool only and should only be used to calculate an individual’s estimated total tax liability. The Tax Calculator is not intended to serve as an online tax preparation tool for Income Tax Returns, or any other return; any other use is strictly prohibited. In the event the user intends to procure H&R Block’s tax filing services or any other services, they could obtain the same by accepting the applicable terms and conditions. H&R Block and its officers, employees or representatives disclaim any and all representations, warranties or guarantees and assume no responsibility or liability for any damages arising out of the use of, reference to or reliance on the Tax Calculator.
To file your taxes choose the option below