Indian Income Tax Calculator
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Indian Income Tax Calculator
Calculate your income tax liability for the financial year. Enter your income details, deductions, and get accurate tax calculations with detailed breakdowns.
Basic Information
About Indian Income Tax Calculator
Calculate your income tax liability accurately with this comprehensive calculator. Get detailed breakdowns of income, deductions, tax slabs, and final tax payable or refund.
Key Features
- Calculate tax for all income sources (Salary, House Property, Capital Gains, Other Sources)
- Support for all major deductions (80C, 80D, 24b, etc.)
- Age-based tax slabs (General, Senior Citizen, Super Senior Citizen)
- Automatic calculation of rebate under Section 87A
- Surcharge and cess calculations
- Detailed tax slab breakdown
- Income and deduction breakdowns
- TDS, advance tax, and self-assessment tax tracking
- Comprehensive tooltips and hints for all fields
- Free to use, no registration required
Use Cases
Tax Planning
Plan your investments and deductions to optimize your tax liability for the financial year.
Investment Decisions
Calculate tax savings from various investment options under Section 80C and other deductions.
Home Loan Planning
Understand tax benefits from home loan interest (Section 24b) and principal repayment (Section 80C).
Salary Negotiation
Calculate your take-home salary and tax liability to make informed salary negotiation decisions.
Retirement Planning
Plan your retirement investments in PPF, NPS, and other tax-saving instruments.
Tax Filing Preparation
Prepare your tax return by calculating total tax liability, TDS, and advance tax.
What is Assessment Year (AY)?
Assessment Year is the year following the financial year in which income is earned. For example, income earned in FY 2023-24 is assessed in AY 2024-25.
What is Standard Deduction?
Standard Deduction is a flat deduction of ₹50,000 allowed to salaried individuals from their salary income. This deduction is available from FY 2019-20 onwards.
What is Section 80C deduction?
Section 80C allows deduction up to ₹1.5 lakhs for investments in PPF, ELSS, NSC, life insurance premiums, principal repayment of home loan, etc.
What is Section 80D deduction?
Section 80D provides deduction for health insurance premiums. Maximum deduction is ₹25,000 for self/family and ₹50,000 for senior citizens.
What is Section 24(b) deduction?
Section 24(b) allows deduction of interest on home loan up to ₹2 lakhs for self-occupied property. For let-out property, there is no limit.
What is Rebate under Section 87A?
Rebate under Section 87A provides tax relief up to ₹12,500 if your taxable income is up to ₹5 lakhs. This effectively makes income up to ₹5L tax-free.
What is Surcharge?
Surcharge is an additional tax levied on high-income earners: 10% for income above ₹50L, 15% for income above ₹1Cr, and 37% for income above ₹5Cr.
What is Health and Education Cess?
Health and Education Cess is levied at 4% on the total tax (including surcharge). This cess is used to fund health and education initiatives.
Advisory
Purpose of this Calculator: This Income Tax Calculator is designed to help taxpayers estimate their income tax liability for a given financial year. It provides an approximate calculation based on the information provided by the user.
How to Use:
- Select the appropriate Assessment Year (AY) for which you want to calculate tax
- Enter your age group to determine applicable tax slabs and deduction limits
- Select your residential status (Resident/Non-Resident/RNOR)
- Enter all sources of income: Salary, House Property, Capital Gains, and Other Sources
- Enter all applicable deductions under various sections of the Income Tax Act
- Enter tax already paid (TDS, Advance Tax, Self-Assessment Tax)
- Click "Calculate Tax" to get your estimated tax liability
Important Points to Remember:
- This calculator provides an estimate only and should not be considered as final tax liability
- Actual tax liability may vary based on specific provisions, exemptions, and deductions applicable to your case
- Tax rates and exemption limits are based on the Income Tax Act, 1961 and Finance Act provisions
- Some deductions may have specific conditions and limits that need to be verified
- For complex cases involving multiple sources of income, capital gains, or special deductions, consult a tax advisor
- Ensure all figures entered are accurate and match your Form 16 and other tax documents
- This calculator does not account for all possible deductions and exemptions under the Income Tax Act
- Tax calculations may vary for different assessment years based on applicable Finance Act provisions
Limitations:
- This calculator assumes standard tax rates and may not account for all special provisions
- Some deductions have specific eligibility criteria that are not validated by this calculator
- Tax calculations for capital gains may require indexation and other adjustments not fully covered
- This tool does not replace professional tax advice for complex tax situations
Disclaimer
Accuracy and Liability: While every effort has been made to ensure the accuracy of the calculations, this calculator is provided "as is" without warranty of any kind, either express or implied. The calculations are based on the Income Tax Act, 1961 and Finance Act provisions as applicable, but may not reflect all recent amendments or circulars issued by the Income Tax Department.
Not a Substitute for Professional Advice: This calculator is intended for general informational purposes only and should not be considered as professional tax advice. Tax laws are complex and subject to frequent changes. For accurate tax planning and compliance, it is recommended to consult with a qualified Chartered Accountant or Tax Advisor who can consider your specific circumstances and applicable tax provisions.
No Legal Binding: The results provided by this calculator are estimates only and do not constitute a binding determination of your tax liability. The actual tax payable or refundable will be determined by the Income Tax Department based on your filed return and assessment proceedings, if any.
User Responsibility: Users are solely responsible for the accuracy of the information entered into this calculator. Incorrect or incomplete information will lead to inaccurate results. Users should verify all calculations independently and cross-reference with their Form 16, Form 26AS, and other tax documents.
Updates and Changes: Tax laws, rates, and exemption limits may change from time to time through Finance Acts, notifications, or circulars. While we strive to keep this calculator updated, there may be delays in incorporating the latest changes. Users are advised to verify current tax provisions from official sources such as the Income Tax Department website (incometaxindia.gov.in).
Limitation of Liability: The developers and operators of this calculator shall not be liable for any loss or damage, including but not limited to indirect or consequential loss or damage, arising from the use of or reliance on this calculator or its results. Users agree to use this calculator at their own risk.
Official Sources: For official tax calculations, filing returns, and tax-related queries, please refer to the Income Tax Department's official website (incometaxindia.gov.in) or consult with authorized tax professionals.
By using this calculator, you acknowledge that you have read, understood, and agree to this disclaimer.
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