Tax slab calculation

These new tax slabs are available for those who give up all deductions and exemptions. And since the new slabs are optional, you have the option of staying with the old tax slabs for now (alongwith all the exemptions and deductions). The online income tax calculator is a great help, but you should have an idea of how to calculate income tax on your own. Follow these steps to find out whether you will save money with the new tax slabs or whether you should stick with the old tax slabs.

Following are the steps to use the tax calculator : 1. Choose the financial year for which you want your taxes to be calculated. Select your age accordingly. Tax liability in India differs based on the age groups. Sitharaman, who cut tax paid by companies to its lowest in September last year, proposed new tax slabs of per cent and per cent in addition to the existing per cent, per cent and per cent.

The new slabs would be for individuals not availing certain specified deductions or exemptions. The final step is to analyse the tax slabs and identify Mr. Dutta’s tax liability. The amount of tax he needs to pay is dependent on the tax slab that his income falls under.

This makes your total taxable income amount $ 2800. Given that the first tax bracket is , you will pay tax on $7of your income. Sitharaman also proposed an additional income tax deduction of Rs 1. The finance minister raised surcharge on individuals having taxable income over Rs crore till Rs crore.

This will have an effective income tax increase. EXCLUDES: HRA exemption INCLUDES: Interest, income under the head house property, short term capital gains etc. Income Tax Calculator. Accurate Calculations Guaranteed. Your tax outgo calculation might however change as there has been some changes in rebates and standard deduction.

Your taxable income is worked out after making relevant deductions, other taxes that you may have already paid (Advance Tax ) and tax deducted at source (TDS), the resultant taxable income will be taxed at the slab rate that is applicable. Step 1: To calculate the income tax with the help of IF function you have to prepare following sheet in excel. INCLUDES: Salary, interest, income under the head house property, short term capital gains etc. There are seven tax brackets for most ordinary income: percent, percent, percent, percent, percent, percent and percent.

Disclaimer:The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. The current tax slab starts at for income between ₹ 2. To calculate your income tax liabilities as per old tax slab , you need to provide inputs such as your gross income, exemption amount. In addition to that, you need to provide information about the investment made by you under various sections.

The sheet contains inputs for various sections such as 80C, 80 80CC etc. Under new tax structure, Assessee can pay tax at lower slab rate, however he will not be allowed any deduction or exemption benefits (Read Section 115BAC for details). Which one is more beneficial will depend on taxable income, exemption, deductions available.

This utility can be helpful to calculate tax under both structures. The tax calculation for a salaried person less than years of age. The rate at which individuals are taxed depends on the level of income they earn, with rates charged at nil, , and.

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