In this Article we will let you know about Income Tax Calculator. Filing of income tax every financial year is important and mandatory for everyone who is liable to pay income tax. According to taxation laws if a person’s net income is more than 2, 50,000 rupees then he is liable to pay income tax. Income tax calculator will help you to calculate your tax on net income. If you want to calculate your income tax and don’t know how to calculate it then don’t worry about it, you can check your payable tax through online mode by visiting the official website of income tax department of India. This article talks about the income tax calculator and how to use it.
Income Tax Calculator
Income tax calculator is a type of calculator which calculates income tax it is available on the various websites and you can also check it on the website of income tax department of India. Basically it calculates your payable tax so you can pay your tax correctly. Many people don’t know that how to calculate their payable tax so this calculator help them to find their payable tax on their income. You have to fill some required details like your salary, interest, loan and other details then calculator will calculate your payable tax. You have to mention in the calculator that in which title you want to pay tax then it will calculate accordingly.
How to use it
It is very easy to use Income tax calculator because you have to fill some details and you will get results so it is very simple. You have to visit the official website of Income tax department of India or you can click on this link directly https://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator.aspx so after visiting on this page you will income tax calculator and it is work accordingly to latest finance laws so you don’t have to worry about the tax slabs. After opening of the calculator you have to fill some required details like-
- You have to fill your assessment year
- Then you have to choose category of tax payer, there are options available for individual, company, foreign company etc. so you have to choose accordingly.
- Then you have to choose title and residency
- Then you have fill your income from salary.
- Then you have to fill your income from house property
- Then you have to fill your capital gains, income from other sources, profits and gains, agriculture income and other income.
- After income you have to mention you deductions
- After filling of deduction you will get your net income.
- After getting net income you will find that how much you have to pay as income tax return and it will show in details that they are charging how much tax and education cess and other cess.
So basically this calculator help you to calculate your taxable income and it is easy to find.As you can see above that basically you have to calculate your all income from all resources then you have to deduct your expenses like interest on loan or other expenses then you will get your net income and after getting net income you have to pay accordingly tax slabs.
As you can see in above article that filing of correct income tax return is important because sometimes if you pay less income tax then you will be liable to pay fine or you may get punishment so filing of correct income tax return is important. Many people don’t know about the taxation laws and they don’t know that how to calculate income tax so income tax calculator help them to calculate their income tax return.If you want to calculate your income tax return then you should consider the above given points it will help you during calculation of income tax return.