Tax Calculator
Tax Calculator
An Income Tax Calculator is a user-friendly online tool, which helps you in calculating your income tax based on the taxable income. You can calculate tax online for FY 2023-24 (AY 2024-25), FY 2022-2023 (AY 2023-2024) & FY 2021-2022 (AY...Show More
Age:
Parent Age:
Total Annual Income:
Life Insurance Premium:
Loan Insurance (LI):
Unit Linked Insurance:
ELSS
Children's Tution Fees:
EPF / NPS
PPF:
Contribution To SSY
Tax Saving FD
NSC:
Principal On Home Loan:
NPS 80CCD(1B):
Section 80GG Hra:
Sec 80E Interest On Education Laon:
Sec 80EEA Interest On Home Loan:
Health Insurance For Self:
Health Insurance For Parents:
Total Deductions Under 80D (₹):
Section 24B Home Loan Interest:
Section 80EEB interest On EV:
Standard Deduction:
LTA Section 10(5):
Others:
Overall Summary
Gross Income:
Total Deductions:
Net Taxable Income:
Income Tax Calculator:
An income tax calculator is a tool that helps individuals estimate the amount of income tax they owe to the government based on their income and various other factors. It simplifies the complex process of tax calculation and provides users with a clear understanding of their tax liabilities.
How to Use the Income Tax Calculator:
Using an income tax calculator is straightforward:
- • Input Information: Enter your income details such as salary, investments, deductions, etc., into the designated fields.
- • Submit Data: Once you've entered all relevant information, submit the data for processing.
- • View Results: The calculator will generate a breakdown of your tax liabilities, including the amount you owe and any deductions or exemptions applied.
- • Analysis: Review the results to gain insights into your tax situation and plan accordingly.
How to Calculate Income Tax:
Income tax calculation involves several steps:
- • Determine Gross Income: Add up all sources of income, including salary, bonuses, interest, rental income, etc.
- • Adjustments: Subtract eligible deductions such as HRA, standard deduction, investments under Section 80C, 80D, etc., from your gross income.
- • Apply Tax Slabs: Calculate tax payable based on the applicable tax slabs for your income bracket.
- • Account for Rebates: Deduct any applicable rebates such as tax credit under Section 87A.
- • Final Calculation: After applying all relevant adjustments and deductions, arrive at the final income tax payable.
Exemptions/Deductions Disallowed under the New Tax Regime:
Under the new tax regime introduced by the government, certain exemptions and deductions are disallowed. These include:
- • Standard Deduction: The standard deduction of a fixed amount allowed for salaried individuals is not applicable under the new tax regime.
- • House Rent Allowance (HRA): While HRA can be claimed as a deduction under the old tax regime, it is not available under the new tax regime.
- • Investment Deductions: Deductions under Section 80C for investments in instruments such as PPF, ELSS, NSC, etc., are not applicable under the new tax regime.
- • Interest on Home Loan: Deductions on interest paid on home loans under Section 24 are not available under the new tax regime.