Income Tax Calculator

Estimating your taxes before you file your tax return is an essential part of tax planning. However, income tax computation requires good knowledge of taxation laws.

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Income Details


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Deductions



Tax Value



Old Regime


Gross income 0
Deductions 0
Taxable Income 0
Tax amount 208209.87

New Regime


Gross income 0
Deductions 0
Taxable Income 0
Tax amount 208210.50

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.

At the last, provide the detail of your residential place and hit on the button 'Calculate' to get your tax liability.

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.

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FAQs about the Income Tax Calculator

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How extensivelyTax will be deducted from the salary, wages, or income?

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The tax will be applied to your salary as per the income slabs you fall under.


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Does everyone have to file their income tax return?

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No. If your annual salary does not exceed the exemption limit then you are not mandatory to file the income tax return. But If the individual's salary is more than 2.5 lakh then it's mandatory for them to file an income tax return.


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What are the essential details to file income tax returns?

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You should have the following documents while filing the income tax returns. A PAN card, Aadhar Card, or any identity proof along with current address proof, All the bank statements and details are retained in the financial year. All the Tax payment details such as TDS and advance tax payments along with income proofs as salary details, FD and saving bank account details, etc.


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What is ITR?

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ITR (Income Tax Return) is a form that taxpayers are believed to submit to the Income Tax Department of India. In this form, All information related to the taxpayer’s yearly income and the whole amount of tax to be paid is mentioned along with a refund that needs to be credited for that specific year.


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Does the income tax calculator calculate for TDS?

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No. The income tax calculator does not calculate the TDS. This calculator computes only tax liability.


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What is the minimum non-taxable income limit?

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The maximum limit of non-taxable income is assessed at 2.5 lakh for an individual.


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Is section 80C exemption removed?

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No. section 80C is not removed. If the taxpayer is opting for the new tax regime then a deduction can not be claimed under section 80C.


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Can we change the tax regime every year?

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Yes. You can change the regime every year from an old to a new regime. Only salary individuals and pensioners are eligible to make the switch from an old tax regime to a new tax regime or vice versa.


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What are the advantages of the Myitronline income tax calculator?

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Taxpayers can easily determine the gross tax expenses through the myitronline 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. Myitronline Income tax calculator gives you results with maximum accuracy and eradicates the time of manual calculation. It preserves your precious time and exuberance.


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What is Income tax?

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Income tax is a candid tax that is levied on the earned income of individuals.


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How does the government collect taxes?

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The government collects taxes in the following ways.
Voluntary payment by the taxpayers such as Advance Tax, and Self-Assessment Tax.
(TDS) Tax Deducted at Source.
(TCS) Taxes Collected at Source.


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Do I need to pay tax on received gifts?

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If you have received any gift which costs more than 50,000 will be taxable. But in the scenario of marriage, received gifts are not taxable, and if the cost value of the gift is below the 50,000 it will be tax-free.


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