How to calculate tax india
Income Tax Rates
Want to check how much Income Tax you’ll pay or see how deductions affect the Income Tax you owe? Use our Income Tax Calculator.
This Calculator calculates your Total Tax when you have Income from Salary and it also includes calculation for Income from House Property.
Select the Assessment Year you want to calculate your taxes for. Choose your Age. And enter your Annual Taxable Salary.
Taxable Salary - To find out your Taxable Salary, look up your CTC. Include all fixed components - Basic Salary, HRA (exclude exemption), all fixed allowances. Include bonus payment (if you don't have actual numbers take an estimate). Do not include reimbursements like telephone bills or medical bills. Also exclude retirement benefits which are not paid to you with your salary, like PF and Gratuity.
If you have details of TDS deducted on your salary enter that too. This
is the tax that has already been deducted from your salary.
Enter details of Interest Income, if any. You can also enter details of TDS deducted from your Interest Income.
Do you own a House Property? You can include details of Interest on home loan for your Property for the relevant assessment year. If this property is rented – do remember to enter the Annual Rental Income.
You are almost there! Now just tell the calculator all the Deductions that you want to claim. Click on the green button and your Income Tax details are ready!
Smart tip - Use the calculator to your advantage – see how deductions can change how much tax you finally owe! Here are all the Section 80 Deductions you can claim.
You can also upload your Form 16 on ClearTax and see your IT Return and final Income Tax details automatically.Source: cleartax.in