The income tax calculator is an easy-to-use online tool which provides you with an estimation of the taxable income and tax payable once you provide the necessary details.
The steps to use the tool are as given below -
- Choose your age bracket. This determines your applicable tax slab rates
- Enter your annual salary. You can include the total salary inclusive of all bonuses and variable components
Once you enter these details, subsequent fields open up where you can enter your investment details
- Enter your investment amount under Section 80C and 80CCD(1B)
- Enter your medical insurance premium u/s 80D, if you have a health insurance policy
- If you live in a rented property, enter your HRA received and rent paid. You can calculate your HRA exemption here
- If you have a home loan you're paying back, enter the interest paid, as the same is eligible for deduction from taxable income
- If you have an educational loan you're paying back, enter the interest paid, as the same is eligible for deduction from taxable income
Note: Whichever fields are not applicable, you can enter 0
You can see your taxable income and the tax payable on the Summary tab!
What is the professional tax in India?
- It is a tax on profession, trade, and employment of person
What is gross income?
- Gross income is the total income earned by an individual in a year before any taxes or deductions. For example, even though your monthly salary might be ₹ 30,000, you might only receive a cheque for ₹ 25,000. In that case, your net income would be ₹ 25,000, but your gross income is ₹ 30,000
What is the income tax on a ₹ 24 lakh salary in India?
- The taxability of income depends on a number of factors. Please get in touch with your personal advisor
How much tax should I pay on my salary?
- The income tax on your salary will be calculated depending on the tax slab and whether you have opted for the old tax regime or the new tax regime. The taxable income will be worked out after making applicable deductions, if any. If you invest in life insurance, you can claim a deduction from taxable income of life insurance premium paid upto ₹ 1.5 lakhs. Section 80C also offers deduction from taxable income for investments in PPF (Public Provident Fund), NSC (National Savings Certificate) and other instruments along with home loan principal repayment. Additionally, if you invest in health insurance, you can get a deduction of up to ₹ 25000 under Section 80D for yourself and your family(₹ 50000 if the age of the insured is 60 years or above) and up to ₹ 25000 (₹ 50000 if the age of insured is 60 years or above) for your parents. You can also get a deduction of home loan interest up to ₹ 2 lakh under Section 24. These are ways you can consider to lower your overall tax outgo.
Which income is not taxable in India?
- Incomes mentioned under Section 10 of The Income Tax act 1961 are not taxable in India.
Income Tax Calculator provides a quick and easy way to calculate your tax in a beautifully designed app.This Calculator calculates tax and salary deductions with detailed tax calculations and explanations based on the latest Indian tax rates for FY 2020-2021(AY 2021-2022).This calculator is for the salaried individuals resident of India.
Paying tax to the government is very much beneficial for both the people and for the growth of the country as well.
Many people are dealing with the income tax computations, and to resolve the things, a person has to discuss with tax professionals to clear up the things or now the software programs are also available that can ease up the stress of the people who are dealing with the income tax computations.
Calculating the income tax may be very confusing and stressful, but the income tax (IT) calculator can help the people to reduce the stress.
Contact the Professional (Chartered Accountant).
Both the options are convenient, time saving, and easy to calculate income tax.
But if you want to save your hard earned money (fees of a professional chartered accountant) and also want to calculate & pay the right amount of tax on your total earnings, then first option will be best for you.
https://www.justwebworld.com/what-is-income-tax-calculator-and-how-to-calculate-income-tax/
A guide to claiming back Income Tax
It is not uncommon to overpay income tax, and this guide will help you get it back.
HMRC use this information to calculate the exact amount of tax you should have paid, and often will refund any overpayment automatically.
Once you do receive it, check it carefully as sometimes HMRC don’t have all the information and may have missed something.
Claiming on-line If you haven’t received a P800, but suspect that you may have overpaid your tax, and you are registered with HMRC on-line, you can make your claim HERE.
You can also claim back for previous years’ overpaid tax.
