Income Tax Calculator

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What is income tax calculator?

An income tax calculator is an online tool that helps individuals estimate their income tax liability for a specific financial year.


Benefits of income tax calculator

Here are some of the benefits of using a income tax calculator:

  • > Convenience
  • > Accuracy
  • > Planning
  • > Comparison
  • > Accessibility
  • > It is easy to use


Types of income tax calculator

There are different types of mortgage calculators available to cater to specific needs. Some common types include Basic Income Tax Calculators, Advanced Income Tax Calculators, Specific Purpose Calculators, Tax Planning Calculators, and Online Tax Preparation Software. Each type serves a unique purpose in assisting borrowers with their income tax-related calculations.


How to use income tax calculator?

To use income tax calculator just follow the following steps:

1. First enter the amount.

2. After that enter submit button.


F.A.Q's (Frequently Asked Questions)

Any individual or entity whose total income exceeds the basic exemption limit for their age and income source is liable to pay income tax. The current basic exemption limit for individuals below the age of 60 is Rs. 2.5 lakhs, while it is Rs. 3 lakhs for individuals aged 60 and above and Rs. 5 lakhs for senior citizens aged 80 and above.

There are three types of income tax in India: Income Tax: This is the tax levied on income earned by individuals and Hindu Undivided Families (HUFs). Corporate Tax: This is the tax levied on the income earned by companies. Capital Gains Tax: This is the tax levied on the profits earned from the sale of capital assets, such as shares, property, and investments.

Income tax is assessed under five heads: Income from Salary: This includes wages, commissions, pensions, and other income received from employment. Income from House Property: This includes income from rent, lease, or other letting out of property. Income from Business or Profession: This includes income earned from carrying on a business or profession. Income from Capital Gains: This includes profits from the sale of capital assets. Income from Other Sources: This includes income from interest, dividends, lottery winnings, and other sources not covered under the other heads.

E-filing is the process of electronically filing your income tax return through the Income Tax Department's website. It is a convenient and faster way to file your taxes compared to the traditional paper-based method.

The income tax slabs and rates vary depending on the individual's age and the tax regime chosen (old or new).

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NOTE :

All calculator are just a basic and simple tools and not for professional or perfect use.

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