Find Your Payable Tax Using Income Tax Calculator!
What is an Income Tax Calculator?
Allcalculator.net, your one-stop destination for all your Income Tax Calculation needs. is an online tool that helps you evaluate your taxes based on your income, taking into account the latest Union Budget for the year. Whether you prefer tax deducted at source or filing income tax returns, Allcalculator.net provides a user-friendly platform to calculate your tax payable under both the old and new schemes. With our simple and efficient calculator, Our Income Tax Calculator anyone can easily determine their income tax liability.
List out some of the taxable income
Interest Income – taxed as ordinary income, including interest earned on checking and savings accounts
Short Term Capital Gains/Losses – profit or loss from the sale of assets held for less than one year.
Long-Term Capital Gains/Losses – profit or loss from the sale of assets held for one year or longer.
Ordinary dividends will be considered ordinary unless specifically classified as qualified.
Qualified dividends are taxed at the same rate as long-term capital gains, lower than that of ordinary.
Passive Incomes – distinguishing between passive and active income is important because taxpayers can claim passive losses.
What are the categories of tax credits?
Tax credits are of four types which are listed below:
Income
- Earned Income Tax Credit
- Foreign Tax Credit
Children
- Child Tax Credit
- Child and Dependent Care
- Adoption Credit
Education and Retirement
- Saves Credit
- American Opportunity Credit
- Lifetime Learning Credit
Environmental
- Residential Energy Credit
- Non-business Energy Property Credit
- Plug-in Electric Motor Vehicle Credit
How will you calculate the total Income Tax Liability?
The tax liability of a resident or non-resident Indian at the end of a financial year can be calculated as follows:
- Annual income from salary or profits
- Income from other sources such as investments, rental income etc.
- Tax exemptions are applicable
- House rent and transport allowance
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