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Income tax return must be filed by all individuals who have a total income of more than Rs.2.5 lakhs per annum. Use the income tax calculator below to calculate income tax payable and the income tax rate applicable for you.
Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2019 – 20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.
The income tax calculator helps in calculating taxes that an individual is liable to pay under the old and the new tax regimes.
Necessary information like the annual salary, rent that is paid, tuition fees, interest on the child's education loan, and other savings are required to calculate the tax liability of the individual.
The IndiaFilings Income Tax calculator helps to calculate the taxes online. It is free and you can generate the results within seconds.
No TDS is not calculated by the income tax calculator. The TDS is deducted by the employer on the gross salary of the employee. The income tax calculator only calculates the tax liability for the assessment year.
The payable income tax is calculated on the total income and not the gross total income as laid down by the Income Tax Act. The gross total income is the sum of the income under six different income heads. The deductions that are available to the taxpayer are deduced from the gross income this is known as the net total income. The tax is payable at the applicable tax rate or the tax slab on the net income.
Yes, the taxpayer can switch between the tax regimes every year. But this can not be done by the individuals having a business income. So only salaried individuals and pensioners can switch the tax regimes.
If the taxpayer is opting for a new tax regime the deductions under this section 80 C cannot be claimed. Section 80 C is not removed, the claim has been restricted for the taxpayers that are opting for the new tax regime.
Income tax is calculated based on the old or the new tax regime. The taxpayer has the option to choose the tax regime.
Income from wage, salary, interest, dividends, business income, capital gains, and pension during a given tax year are considered to the taxable incomes.