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This application is designed to allow users to calculate EMI and income tax.

Income Tax Calculation: Salary income is the sum of basic salary + housing allowance + special allowances + transportation allowance + any other allowances. Certain portions of salary are tax-exempt, such as telephone expense reimbursements and travel allowances for family visits. If you receive a housing allowance and rent accommodation, you can claim a housing allowance tax exemption. In addition to these tax-exempt items, the annual budget introduced a standard deduction of ₹40,000. In the annual budget, this deduction was increased to ₹50,000. When calculating income tax, income from all sources should be included. This includes:

Salary income (salary paid by the employer)
Property income (including any rental income, or including mortgage interest payments)
Capital gains income (income from the sale of stocks or property)
Business/professional income (freelance or business/professional income)
Other sources of income (interest income from savings accounts, time deposits, bonds)

EMI Calculation: Enter the principal amount, interest rate, and term to obtain your monthly repayment amount (EMI).