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Income Tax Calculator
Read the Guidelines to use the Income Tax Calculator,
Inputs for Income Tax Calculator:
This calculator helps you calculate your income tax liability .This calculator requires following inputs:
1. Personal data (age, sex and place of residence)
2. Detailed salary break-up (basic, HRA, allowances, reimbursements etc.)
3. Exemptions and deductions (interest paid on home loans, rent paid etc.)
4. Investments made under section 80C of IT (Income Tax) act which enable you to avail tax benefits
5. Deductions under 80D to 80U (Health Insurance, Educational Loan)
1. This calculator is meant for calculation of income tax from salary & other sources of income viz. business, capital gains, house and property, etc. have been considered.
2. Though every effort has been made to incorporate relevant tax guidelines, keeping in view the vastness of the subject, results may vary.
3. The calculator may only be used to calculate an approximate tax figure. For calculation of your actual tax liability, please consult a qualified chartered accountant or tax consultant.
5. Surcharge @10% on tax and educational cess@3% on tax plus surcharge is included in the tax liability, if applicable.
6. Section 80C allows total deductions upto Rs. 1 lac from annual taxable income.
7. Limits on Deductions under Section 80D to 80U have been considered for senior citizens and people with 80% disability. These would require revision in case deductions for other categories need to be calculated.
8. The in-hand monthly salary is calculated by subtracting income tax, professional tax and self contribution to P.F from monthly in-hand components.
1. Please enter gross annual figures.
2. Please enter numeric values in cells only.
3. Fields marked with * are mandatory.
I have read the guidelines.
(Please tick the box to use the Income Tax Calculator)
Tax Savings with 80C
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