Income & Tax Calculator

By teacherbook - Friday 29 December 2023 - No Comments

Income & Tax Calculator

Note:

To see the effect of marginal relief please use advance tax calculator or login to use Income & Tax Estimator.

Disclaimer

The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct income and tax calculation in all circumstances. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc.

Step-by-Step Guide:

You will be taken to the Income and Tax Calculator page. There are two tabs – Basic Calculator and Advanced Calculator. The Basic Calculator tab is selected by default.

Step 2 : In the Basic Calculator tab, enter the required details such as AY, taxpayer category, age, residential status, total annual income and total deductions. The tax calculation as per the details entered by you will appear in the Tax Summary section.

Note: Click View Comparison to get a more detailed comparison of tax under the old and new tax regime.

Step 3b: In the Advanced Calculator tab, enter the following details:

Preferred tax regime, AY, taxpayer category, age, residential status, due date and actual date of submission of return.

Under Details for Income and tax calculation, enter the required details of:
Income under the head Salaries,
Income under the head House Property,
Income under the head Capital Gains,
Income under the head Business or Profession, and
Income under the head Other Sources. (what details are required?) – (entered)

Under Deduction Details, enter the relevant deductions applicable to you, including but not limited to PPF, LIC, Housing Loan, NPS, Mediclaim, Loan on Higher Education. (what details are required?) – (entered)

Under Taxable Income, enter or edit the TDS/TCS details where you have substantiating evidence available.