Income tax Calculator

Type of Assessee: 0

Assessment Year : 0

Particulars	Result

An Income Tax Calculator, as the name suggests, is a calculator to calculate the taxes. It is an online tool that helps the person in estimating their tax liability. Further, the income tax calculator is the one which simplifies the tax planning as it helps the person to choose between the old and new tax regime. Thereby, it also helps in potential savings as well as complying with the Income Tax laws.

What is an Income Tax Calculator?

Who can make use of the Income Tax Calculator?

Salaried Individuals

Business Owners

Self-employed professionals

Investors

Freelancers

NRIs - Senior Citizens

Anybody who pays taxes in India

On what basis does the Income Tax Calculator calculate the taxes?

The Income Tax Calculator calculates the taxes on the basis of the following:

• Relevant financial year and assessment year
• Type of the assessee
• Age of the assessee
• Residential status of the assessee
• Income of the assessee
• Allowances, exemptions and deductions availed by assessee
• Income Tax Slab applicable to the assessee

How TaxHelpdesk can help in calculating Income Tax?

TaxHelpdesk can help in calculating Income Tax in numerous ways and these are as follows:

• User Friendly and Easy To Use: To start with, TaxHelpdesk's Income Tax Calculator is user friendly as it is very easy to use. The person just has to select the relevant financial year, and fill the desired details such as income, exemptions, allowances, deductions etc availed by him and the calculator will do its job in seconds.
• Helps in choosing tax regime: The Income Tax Calculator will tell you about the tax liability under both the tax regimes i.e., old and new. Thereby, it will help you in choosing the best tax regime.
• Beneficial for all types of assessee: The Income Tax Calculator can be used to calculate taxes for all types of assessees. Whether you are a salaried individual, business owner, self-employed professional, freelancer or any other person, TaxHelpdesk's Income Tax Calculator can calculate taxes for everyone.
• Help in Tax Planning: The Income Tax Calculator will help you in calculating taxes as well as in tax planning. You can make use of the calculator for the tax insights and plan investments for saving taxes as well as for your future.
• Free Tool at all points of time: Lastly, but not least – the TaxHelpdesk's Income Tax Calculator is a free tool and be used at any point of time for calculating as well as saving taxes.

How to use TaxHelpdesks Income Tax Calculator?

To use TaxHelpdesks Income Tax Calculator, follow the following steps:

Step 1: Fill Basic Details:
Start by entering essential information such as:
• Assessment Year
• Type of Assessee (Individual, HUF, Company, etc.)
• Residential Status (Resident, NRI)
• Age Category (Below 60, Senior Citizen, Super Senior Citizen)
• Date of Filing
• Click on "Next" or choose tab "Income Details"

Step 2: Enter Income Details:
Provide income information from the following sources:
• Salary: Total income from employment.
• House Property: Rental income or self-occupied property details.
• Capital Gains: Income from selling assets like shares, property, etc.
• Business & Profession:Profits or losses from business or professional income.
• Virtual Digital Assets: Gains or income from cryptocurrencies or NFTs.
• Other Sources:Interest, dividends, or other miscellaneous incomes.
• Agricultural Income:For partial tax exemption under specific rules.
• Reliefs: Under applicable sections like 89(1).
• Deductions: Include investments and expenses under sections like 80C, 80D, etc.
• Exemptions: Such as HRA, LTA, and other applicable allowances.

Step 3: Deposit Tax Details:
Add details of taxes already paid or to be paid:
• TDS (Tax Deducted at Source)
• TCS (Tax Collected at Source)
• Advance Tax payments made during the year.
• Self-Assessment Tax details for any outstanding liability.
• Date of Payment for each tax component.

Ms. Naina, a 35-year-old salaried individual, earns ₹10,00,000 annually. She also receives HRA, has a life insurance policy, and pays for medical insurance. Heres how her taxes are calculated:

Details Provided by Ms. Naina:
• Salary Income: ₹10,00,000
• HRA Exemption: ₹1,00,000
• Standard Deduction: ₹50,000
• Life Insurance policy (Section 80C): ₹1,50,000
• Health Insurance Premium (Section 80D): ₹25,000
• Advance Tax Paid: ₹15,000

Tax Regime Comparison

Particulars	Old Tax Regime (₹)	New Tax Regime (₹)
Gross Salary Income	10,00,000	10,00,000
Less: HRA Exemption	(1,00,000)	-
Less: Standard Deduction	(50,000)	(75,000)
Net Income	8,50,000	9,25,000
Less: Deductions Under Chapter VI-A
- Section 80C (Investments)	(1,50,000)	-
- Section 80D (Medical Insurance Premium)	(25,000)	-
Taxable Income	6,75,000	9,25,000
Income Tax Calculation
Tax @ 5% on slab income	12,500	30,000
Tax @ 10% on slab income	-	2,500
Tax @ 20% on slab income	35,000	-
Total Tax Before Cess	47,500	32,500
Add: Health & Education Cess @ 4%	1,900	1,300
Total Tax Liability	49,400	33,800
Less: Advance Tax Paid	(15,000)	(15,000)
Net Tax Payable	34,400	18,800

Income Tax Slab Rates Under the Old and New Tax Regime:

Old Tax Regime

Income Tax Slab	Individuals Age (Below 60 years)	Resident Senior Citizens (Age is between 60 – 80 years)	Resident Super Senior Citizens (80 years and above)
0 to ₹2.5 lacs	NIL	NIL	NIL
₹2.5 lacs to ₹3 lacs	5%	NIL	NIL
₹3 lacs to ₹5 lacs	5%	5%	NIL
₹5 lacs to ₹10 lacs	20%	20%	20%
Above ₹10 lacs	30%	30%	30%

You need to use the Income Tax Calculator to know your tax liability as well as to do the financial planning. The calculator can help you in knowing your tax liability and thereby, it can help you in exploring tax saving options.

The Income Tax Calculator calculates taxes by considering your income, subtracting the eligible exemptions, allowances, deductions and applying the relevant tax slab rates on the remaining income. Having said that, the calculator calculates the tax liability under both the tax regimes i.e., old and new.

The Income Tax Calculator can only help you to know your tax liability. If you want to know ways of saving taxes, then you can use TaxHelpdesk’s Tax Saving Calculator.

No, it is not necessary to know all the allowances, exemptions or deductions before using the Income Tax Calculator. You can input whatever details you have for calculating the tax liability in the calculator.

Of course, yes! The Income Tax Calculator shows the tax liability under the old tax regime as well as the new tax regime.

Yes, the TaxHelpdesk’s Income Tax Calculator includes Health and Education Cess as well as surcharge for the purpose of telling you about the exact tax liability.

Yes, you can use the Income Tax Calculator if you have income from multiple sources. You just have to input the values of income from the multiple sources in its relevant column and the Income Tax Calculator will do its work.

You can make use of this Income Tax Calculator to calculate the tax liability of any person. You just need to know the details of their income and other relevant details required for calculating the income tax liability.

TaxHelpdesk believes in providing easy access to its valuable users. Therefore, all the calculators including this Income Tax Calculator are easy and free to use.

Yes, you can calculate your House Rent Allowance in Income Tax Calculator. Alternatively, you can also use TaxHelpdesk’s HRA calculator to know your HRA effectively.