About Income Tax Calculator
An Income tax calculator is an online utility tool that lets you have the estimations of taxes on the basis of an individual's income. All individuals who fall under the taxable category are liable to pay a specific portion of total annual income for a tax deduction. After the income budget is presented, we have updated our online calculator with the new changes in income tax.
How to use an income tax calculator?
Following are the steps to use the income tax calculator which are given below.
- Firstly, you have to select the assessment year for which you want to estimate the tax value.
- Fill out your age as per your preferences. Tax liability in India is different based on age groups.
- Click on 'Go to Next Step'
- Fill out the details of your total salary(monthly and yearly without any type of deduction). . You have to enter other details Along with taxable salaries such as interest income, rental income, interest paid on home loan for rented, and interest paid on loan for the self-owned property.
- Click on 'Go to Next Step' again.
- In case, you have another deduction or you want to estimate your taxes under the old tax slabs, you will have to enter your tax-saving acquisitions under sections 80C, 80D, 80G, 80E, and 80TTA, 80GG or 80TTB.
Understanding Income Tax slabs
The Indian income-Tax is based on the concept of a slab system. Tax is applied to individuals accordingly. Moreover, The rates of slabs are revised every year during the budget announcement. According to the Income-tax of India- There are three types of taxpayers which are given below.
- Individuals who come under 60 years of age.
- Senior citizens residents are citizens who are between the age of 60 to 80 years of age.
- Senior citizens Who have crossed the 80 years of age.
How to calculate the total income liability?
Taxpayers can easily determine the gross tax expenses through the myitronline tax calculator. You will need certain details to reflect the accurate tax liability of an Indian at the end of the financial year. These details are following
- Annual income from profit or salary
- Income from other sources like rental income, investments, or interest income.
- Transport allowance and house rent.
- Make sure to enter the correct accurate data to get the error-free total tax liability. Do subtractio0n of tax that is already paid through TDS, and the rest can be deposited online by the official portal.
- If unknowingly You have paid an excessive tax than the total amount of liability then income tax government will be given back to you within the 30 days. Taxpayers who have paid their tax by the due date, have to pay the penalty as per the interest under the 234A.