You Can Calculate Your Taxes Easily Using An Income Tax Calculator!
Welcome to Allcalculator.net, your trusted destination for effortless tax calculations. Our Income Tax Calculator simplifies the process of calculating your taxes, ensuring accuracy and convenience. Whether you're an individual or a business owner, Allcalculator.net provides you with the tools and resources you need to calculate your taxes with ease. Say goodbye to complex calculations and let our Income Tax Calculator streamline your tax preparation process.
What do you mean by income tax calculator?
It is an online tool used to evaluate taxes based on a person's income once the Union Budget for the year is announced. Income Tax can be paid as tax deducted at source while monthly salary disbursement or through the income tax returns portal managed by the Central Board of Direct Taxes. The provision for online payment of taxes ensures individuals pay their stipulated dues on any earnings generated from other sources.
How can you calculate the total income tax liability?
You can determine the total tax expenses through an online Income Tax Calculator. This tool considers the following pointers to reflect the actual tax liability of a resident or non-resident Indian at the end of the financial year.
- Annual income from salary/profits
- Income from other sources such as rental income etc
- Tax exemptions applicable, if any
- House rent and transport allowance
How to use the income tax calculator for FY 2023-24?
The steps to use the tax calculator are shown below:
- Choose the financial year for which you want your taxes to be calculated
- Select your age where tax liability in India differs based on the age groups
- Go to the next steps
- Enter your taxable salary after deducting various exemptions such as HRA, LTA, etc.
- Along with the taxable salary, you must enter details such as interest income, rental income, interest paid on the home loan for rent and interest paid on loan for the self-occupied property.
- Enter the net income; such income is taxed at a 30% applicable surcharge and cess.
- Go to the next step
- To calculate your taxes under the old tax slabs, you must enter your tax savings investments under sections 80C, 80D, 80E and 80TTA.
- Click on calculate to get your tax liability.
- You will also see a comparison of your pre-budget and post-budget tax liability.
Does a tax credit have any categories?
Tax credits are separated into four categories which are shown below:
- Earned Income Tax credit
- Foreign Tax Credit
- Child Tax Credit
- Child and Dependent Care
- Adoption Credit
Education & Retirement
- Saver’s Credit
- American Opportunity Credit
- Lifetime Learning Credit
- Residential Energy Credit
- Plug-in Electric Motor Vehicle Credit