This quick and easy tax calculator helps you to calculate your income tax liability automatically with giving your income and few details. The end of the financial year is almost at the doorstep. This is the right time to recalculate your tax liability. In case of employees the employer is deducting TDS (Tax deducted at source) and should not be much worry about the calculation of income tax. But you can also make this calculation easily and can double check the accuracy of TDS deducted by the employer and if you have any other source of income (passive income) you can add it up and recalculate the tax. Here we are giving some income tax details and a window for calculating your tax automatically.
How to use this Tax Calculation window
In first step you select the Assessment year (Assessment year is year after financial year, suppose 2011-2012 is the assessment year of financial year 2010-11)
Second step select the category such as Male (Gents less than 65 years), Female (Ladies less than 65 years and Senior citizen (both Gents and Ladies who have completed 65 years of age)
In the first box you can give gross salary (you can calculate the gross salary from the pay slips or from form 16)
In the Second input box give all exemptions under section 10 such as Transport allowance, LTC, HRA and all other permissible items up to the allowed limit.
In the third box give entertainment allowance (as per exemption limit) and professional tax
If you have income from any other sources such as rent, interest, Capital gain, income from business etc. ,input the total taxable amount of that income in the fourth box
In the Fifth input box give the total exemptions under sections 80C to 80U such as all permissible investments (80C), Pension Fund (80CCC), New Pension Scheme (80CCD), Infrastructure Bond (80CCF), Mediclaim (80D), Donations (80G), Rent paid(80GG) etc.
And in the final step Click on Calculate to get your Tax liability for the year.
To know the Tax rate see the table below
Following table shows the ax rates for Gents, Ladies and Senior Citizen for the financial year 2010- 2011 (Assessment year 2011-2012) with an illustration of a person in each category with a taxable income of Rs. 900000.
Taxable Income = Total income – All admissible deductions and exemptions
Tax rate for Gents (Age is less than 65 Years)
| Taxable Income up to Rs. 160000 | Nil | 160000 | Nil |
| Income from 160000 to 500000 | 10% | 340000 | 34000 |
| Income from 500000 to 800000 | 20% | 300000 | 60000 |
| Income more than 8000000 | 30% | 100000 | 30000 |
| Total | 900000 | 124000 | |
| Education Cess (3% of Tax) | 3720 | ||
| Total Tax to be paid | 127720 |
Tax Rate for Ladies (Age is less than 65 Years)
| Taxable Income up to Rs. 190000 | Nil | 190000 | Nil |
| Income from 190000 to 500000 | 10% | 310000 | 31000 |
| Income from 500000 to 800000 | 20% | 300000 | 60000 |
| Income more than 8000000 | 30% | 100000 | 30000 |
| Total | 900000 | 121000 | |
| Education Cess (3% of Tax) | 3630 | ||
| Total Tax to be paid | 124630 |
Tax Rate for Senior Citizen (Both ladies and Gents completed 65 years)
| Taxable Income up to Rs. 240000 | Nil | 240000 | Nil |
| Income from 240000 to 500000 | 10% | 260000 | 26000 |
| Income from 500000 to 800000 | 20% | 300000 | 60000 |
| Income more than 8000000 | 30% | 100000 | 30000 |
| Total | 900000 | 116000 | |
| Education Cess (3% of Tax) | 3480 | ||
| Total Tax to be paid | 119480 |
Related Posts
There is a good chance to save for additional tax exemption under section 80CCF of income tax act. The IDFC (Infrastructure Development & Finance Company) issues the second batch of infrastructure bond. They wish to accumulate around 2930 crore through … Continue reading ?
Tax payers always try to pay less tax and it is legal that you can reduce your tax liability by proper tax planning. But most of the financial institutions and stock brokers offer high return for most of their financial … Continue reading ?
In case of salary the employer should deduct Tax at the time of disburse the salary. This deduction is known as Tax Deducted at Source (TDS) from Salary. TDS from Salary is not like other TDS such as TDS from … Continue reading ?
Apart from increasing the IT exemption limit, govt. should declare an uppper interest rate limit for existing housing loans, beyond which it should be considered as usurious rate of interest. Such upper limit of interest rates should also be applicable to home loans from foreign banks operating in india.
Pingback: Budget Expectation- Maximum limit of tax saving may be increased | Investment And Money Matters
Pingback: Income Tax refunds without TDS matching – CBDT relaxed norm | Investment And Money Matters
Pingback: Income Tax refunds may be without TDS matching – CBDT relaxed norm « GetPaidNotPlayed.com
Pingback: Union Budget 2011 – raised income tax limit for general tax payers. | Investment And Money Matters
Pingback: New Biometric PAN Card to tax payers | Investment And Money Matters
1) when calculations of income tax , is proff.tax deduct from gross salary ?
e.g
if there is
Gross ctc of a person (44 years of age) is Rs.25000 per month & net salary Rs.24792 per month (after deducting proff.tax ) then what will be the income tax of such person in a year.
please clear me this problem.
IF my income is annually 10 lakh LIC Premium one lakh donation per year two lakh under section 35 ac.medical insurance
D What will be my tax?