Income Tax Calculator
Your Income Tax: ₹0
What is Income Tax Calculator?
An Income-tax calculator is a vital online tool that aids in evaluating taxes based on an individual’s income, especially following the Union Budget announcement for the year. Individuals falling under the taxable income bracket are obligated to pay a specific portion of their net annual income as tax. Income tax can be remitted either as tax deducted at source during the disbursement of monthly salary or through the income tax returns portal managed by the Central Board of Direct Taxes (CBDT). The provision for online tax payment ensures that individuals pay their stipulated dues on any earnings generated from various sources.
The Income Tax calculator provided on this page is aligned with the updates announced in the Union Budget for FY 2023-24 and AY 2024-25.
How to Use the Online Income Tax Calculator? Follow these steps to utilize the tax calculator effectively:
- Select the appropriate assessment year.
- Choose the relevant age category.
- Click on “CALCULATE” to get an accurate income tax estimation.
How to Understand Income Tax Slabs?
The Indian Income-tax system operates on a slab structure, with taxes levied according to the individual taxpayer’s income. Different tax rates are applied to various income ranges. The tax slabs are revised annually during the budget announcement. These slab rates are categorized for different types of taxpayers. According to the Income-tax of India, there are three categories of individual taxpayers:
- Individuals (Below 60 years)
- Senior Citizens (60 to 80 years)
- Super Senior Citizens (Above 80 years)
How to Calculate Total Income Tax Liability?
Use an online income tax calculator to determine the total tax liability. These tools take into account the following factors to reflect the actual tax liability of a resident or non-resident Indian at the end of a financial year:
- Income from salary
- Income from house property
- Profits and gains from business or profession
- Capital gains
- Income from other sources
Entering accurate data regarding these pointers will demonstrate the total tax liability. Any taxes already paid through TDS can be deducted, and the remaining amount can be deposited online through the official portal Challan 280. In case the taxes paid exceed the total liability, the difference is reimbursed by the government within 30 days of filing.
Exemptions on Total Income Tax
Taking into account various expenditures, individuals can use the online tax calculator available on the official website of Groww to make informed financial decisions.