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Income Tax Calculator

Calculate your income tax anywhere, anytime

Income tax calculator AY 2022-2023.

Income Tax Calculator (India)
Assessment year (Select 2015-16 for current financial year)
 
Net Annual Taxable Income in Rs.
 
Gender Male Female
 
Age Less than 60
Greater than 60
Greater than 80
 
Income Tax in Rs.
Educational Cess in Rs.
Total Tax Liability in Rs.
Overview
An Overview

Income Tax Calculation

When earning a monthly income, income tax can be collected either as tax deducted at source or online through the Central Board of Direct Taxes’ (CBDT) income tax returns portal . To guarantee that people pay their required taxes on any income derived from other sources, the IRS has allowed for online tax payment. The updated information in the Union Budget for 2021–2022 is reflected in the Income tax calculator new regime provided on this page.

1
Then, enter the information for different deductions, including the fundamental deductions under Section 87A, Sections 80C, 80CCD (1B), 80D, 80G, 80E, 80TTA, 80TTB, and Section 80GG.
2
Additionally, include information about interest rates for student loan deposits and
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Calculating Total Income Tax Liability

Calculating total tax liability is very easy using a new tax regime calculator. However you can calculate the taxable income using the following formula.

Taxable income = Gross income – (deductions + exemptions)

The gross income includes the total of the basic wage, the HRA, the special allowance, the transport allowance, and any other benefits is income from salary. Your income may include tax-free benefits such as travel expenses and phone bill reimbursement. You may request an exemption from HRA if you live on rent and receive HRA. These are taken into consideration by this income tax calculator while performing the calculations.

Income Tax Exemptions

Section 87A

Income under ₹5 lakh is capable for a tax value of up to ₹12,500

Section 80D

Tax exemption of up to ₹25,000 on medical insurance premium bills. For older citizens, the cap is improved to ₹50,000

Section 80C

Up to ₹1.5 lakh in interest income is repaid in any tax-saving fixed security, public provident fund, national savings certificate

Section 80G

All contributions to charity organisations are completely free from tax computations

Section 80CCD (1B)

Up to ₹2 lakh of contributions to the national pension system are exempt from taxation

Section 80E

Interest on student loan is tax-deductible upto eight years of 100% tax rebate

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Documents related to the company employing the individual
Employment Proof
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Residence Proof
Proof of Profession
Financial Soundness proof
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FAQs

Let’s clear all the doubts!

What is Gross Income?
Your income, revenues, capital profits, business revenue, retirement distributions, and other references of income are all included in your gross income. Adjustments to revenue can be made for aspects like tuition expenses, dividend on student loans, alimony expenditures, or payments to retirement accounts.
What is Professional Tax in India?
Your employer withholds professional tax, a type of direct tax, from your gross salary. Since the state government imposes this tax, the amount you pay will depend on the state in which you reside. You can only be charged up to a total of ₹2500. The slabs are used to calculate income tax online.
Does Everyone Have to File Their ITRs?
If the individual's professional gross income for the previous year totaled more than ₹10 lakh, they are required to file an ITR. If TDS or TCS totaled ₹25,000 or more for the year, a tax return for that period must be filed. Senior individuals would be liable to this law if their incorporated TDS or TCS is ₹50,000 or further each fiscal year.
How Can I Calculate My Income Tax?
The total of the main wage, the HRA, the personal income, the transport income, and any other advantages is income from compensation. Your revenue may include tax-free advantages such as leave, travel, and phone bill compensation.
How Much Tax Will Be Deducted From My Salary?
No tax is paid if your income is less than ₹5 lakhs. 20% of your salary will be withheld if it exceeds ₹5 lakh. This percentage will increase in line with your income.
Does This Easy Tax Calculator Calculate TDS?
The Tax Deducted at Source is not calculated by the income tax calculator. It does, however, determine your tax obligation for the assessment year.
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