Income Tax calculator
According to Income Tax Act,1961 Income Tax Calculator is use for calculation of income tax payable on total income earn during the relevant financial year immediately preceding the assessment year. While filing income tax return every assessee has to pay income tax payable on total income of an assessee. Now question arise how i can know what amount need to pay on a particular total income for a assessment year. Any assessee may know his/her income tax payable for a particular assessemnt year with help of income tax calculator.
While using Income Tax calculator some important points should keep in mind.
1.Assessment year section 2(9)
Assessment year means the period of 12 months commencing on the first day of April every year and end on 31 March of next year.
Assessment year 2021-22: Start from 1 April 2021 and end on 31st March 2022
Income tax will be clculated for assessment year 2021-22 total income earned during the relevant previous year. Prevrious year for assessment year 2021-22 is start from 1st April 2020 to 31 March 2021.
There are various type of taxpayer like
Firm (partnership firm)
Limited Liablities partnership
Pease choose correct option
3. If individual than select
Super senior citizen
Because exemption are applicable on age group basis
Basic exemption for individual Rs.2,50,000
Seniro citizen Rs.3,00,000
Interest deduction also availabe on age group basis
Senior Citizen Rs.50,000
4.Residential status section 6
An assessee may either be a
1. Resident of India
2. Non Resident of India
When an individual is said to be resident of in India if he/she satisfies the following two conditions:
1.He is stay in India for a period or periods total days to 182 days or more in the relevant previous year.
2. He is stay in India for 60 days or more suring the relevant previous year and has been in India for 365 days or more during the previous year immediately preceding the relevant previous year.
5.Income from salary
Now assessee should put taxable salary under the head income from salary means figure should put after deduction allowable under the head salary salary like
House rent allowance deduction etc.
6.Income from House property
There are two type of property under the head of income from hosue property
1.Self occupied mean a person himself living such property but there may be interest on borrowing on loan during the relevant previous year.
2. Let out property
Such type of property rent received by owner and there are various deducation allowable under the head income from house property like
Unrealise rent during the previous year
30% of maintenance deduction
Interest on Loan paid during the previous year
7. Income from Capital gain
Capital gain under the income from capital gain there are two type of capital gains
1.Short term capital gain
short term capital gain not covered under section 111A
short term capital gain covered under section 111A
2.Long term capital gain
Long term capital gain chargeable @ 20%
Long term capital gain chargeable @ 10%
Long term capital gain covered under section 112A
8. Income from other source
Income from interest
Income from commission
If any agriculture income earned during the relevant prious year.
10. Various Deduction
Accoring to chapter VIA there are various deduction available to assessee if he/she satisfies cartain condition of particular section.
Deduction 80 C
Life insurance premium
Payment to annuity plan
Contribution to PF
Repayment of housing loan
Health Insurance premium paid
and allowable other deductions
11.Income Tax after relief section 87A
12. Tax paid
Tax paid mean any advance tax
Tax Deducted at Source
If you fill all correct information than only correct tax payable will reflect on the income tax calculator. So please first collect all relevant above mentions information before use of income tax calculator.