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Income Tax Calculator

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Have you paid your Taxes yet? Use Income Tax Calculator to know your Tax Liability

The Income Tax Calculator is quite popular among those who are employed and liable to pay taxes. It is also popularly known as Tax Calculator. Such Income Tax Calculators are used by major tax filing portals, personal finance companies. InvestmentYogi provides a very simple calculator for calculating the individual tax liability for the particular assessment year.

Why should you use this calculator?

income tax calculatorIf you want to know how much tax you would have to pay for the income generated in the year, income tax calculator is the one for you.

How to use Income Tax calculator?

The entries to make are:

Assessment Year – Choose the assessment year for which you want to know the tax liability. Ex: AY 2014-15, AY 2013-14, etc. AY 2014-15 is also known as FY 2013-14.

Income of Individual as – Choose under what status you are filing the taxes i.e. male, female or senior citizen. Tax slabs are different for few categories depending on year of assessment.

Gross Salary – It is the total salary including bonus, perquisites, compensation, etc.

Section 10 Exemptions – There are a lot of exemptions available for the employees depending on the company such as HRA, LTA, Medical, Petrol, Telephone, etc. The total of these exemptions needs to be entered here.

Section 16 Deductions – Section 16 allows a deduction for professional tax /tax on employment, entertainment. The total of such deductions for the year can be entered here.

Other Sources Income – Enter the other sources of income such as family pension, interest income from FD’s and other investments.

Chapter VIA Deductions – Deductions from Section 80C – 80U such as PF, Insurance premium, Donations, etc. Remember that each section has its own limit, like 80C limit is 1 lakh.

Once you enter these values and click on calculate, the result would be stating the total tax liability including education cess and surcharge (if applicable).

When should you use Income Tax Calculator?

This income tax calculator is to be used when you are unsure of your tax liability or want to recheck the tax liability for the assessment year concerned.

Can it be used in any other situation?

This is specifically used when looking for calculating the income tax to be paid or being paid. It is also useful when there is a refund involved and you are eager to know how much it would be.

Frequently asked questions about Income Tax

Some frequently asked questions related to Income tax have been answered in the following articles:

Tax Saving Options – The article gives various tax saving options under various sections as per the individual tax slab.

How to get your pending tax refund? – If you have refund pending from the income tax department, know how to go about in claiming it. The process is explained in detail.

  • Sugirtha Kumar E

    i am a government employee and living in a rented house. although i am paying Rs.4000/- as a monthly rent, our house owner, not ready to give a rent receipt or yearly rent proof for the financial year.
    how can i claim the deductions in the HRA part of income tax calculations for the year fy 2013-14 .

    • Av Suresh

      You can claim HRA exemption by submitting the required documents to your organization. You can also claim it at the time of tax filing.

  • Debasish Sen

    I have given Rs 1.5 Lakhs to my father for purchase of Car. The car is in my Mothers name. Can I get tax exemption for that ? If yes How ?

    • Av Suresh

      There is no specific tax exemption for this.

  • Naveen

    Suresh I want know about incometax calculation from basic onwards could please share me

  • prathyusha

    Net Income from House Hold Foods is fully exmpted from tax

  • suresh

    this is suresh from coimbatore last 5 years i am working abroad i made home with home loan 1000000 then i closed loan. i dont have a other income in india.so i need to pay tax or not

    • Av Suresh

      You need not any pay tax if total income in India from various sources is less than Rs. 2 lakh p.a.

  • sachchida nand Tiwary

    Post retirement from Govt of india service, i am engaged as Embankment Specialist for 20 months by government of bihar. TDS on this income has been made under Section 194j. How to compute Income tax on this income. The fee received is consolidated and does not have any component like transport car fuel, phone etc. Can any adjustment as expenditure incurred for these be made in the income received from technical/professional services?

  • E G

    i have recently started business and wanted to know ..about tax filling and every thing related to it.

  • Srinivas Rao

    5 % Bonus on maturity of POMIS no longer exists … but in articles still i come across the same … pls guide me regards

    • Av Suresh

      Yes, you are right. Bonus on maturity of POMIS does not exist any more. We will update it wherever applicable.

  • Srinivas Rao

    my parents stay in the house which i purchased, so i dont charge any rent, i live in a different place in a rented house. But still do i need to declare ZERO rent in ITR ???

    • Av Suresh

      You have the option of declaring one house as self occupied irrespective of whether you or your family lives in it. A self occupied house has Nil value.

  • Srinivas Rao

    How can a business man claim House Rent Allowance Rs 8000 PM, if the landlord doesnt give his / her pan number or agreement !!!

    • Av Suresh

      HRA is only applicable to employees. Self employed/business men can use section 80GG to claim tax deduction. Maximum deduction is Rs. 2000 per month.

  • Srinivas Rao

    i have recently started business and wanted to know ..about tax filling and every thing related to it.

  • jyoti

    what does gross income means in calculator is it yearly income or monthly

    • Av Suresh

      It is the total yearly income.

  • ashutosh Pratap

    i have paid health insurance premium for my parents approx 9k in year through my company from my salary to MDindia can get tax rebare on same as in scheem no tax rebate

    • Av Suresh

      Tax deduction can be claimed on health insurance premium up to Rs. 15,000 p.a. For senior citizens, it is Rs. 20,000 p.a.

  • Saurabh Gupta

    Sir, i am working as contractual employee in a bank, i have not been issued Form16, can i file my ITR without that.
    Also, i got the march,2014 salary credited in my account in April,2014,So should i include that amount in my salary for FY 2013-14 or count it in next year salary as it got credited in my account in next FY
    Also for previous year ITR, i got refund amount this year in Feb,2014. it is showing up in my form26As, should i include that amount as income in FY2013-14, as it has refund amount and interest amount. Plz suggest

    • Av Suresh

      You can file ITR even without form 16. You can count this salary in next year tax returns. You need not include the refund amount of the previous year.

  • http://www.technoinsta.com/ Sanjib Saha

    I have recently started a website http://www.foximinki.com and I have invested around 50000 INR. Will I get tax exemption?

  • Deepak Piplani


    I have allotted a 2BHk flat in ETA-2(Makora Village) under
    Greater Noida authority scheme in 2010 and price of the flat is 19.54lakh. I
    have opted an onetime down payment plan in which I have taken a 85% home loan
    from LICHFL and rest 15% I have paid regular EMI 15289 rs till March 2014.

    After 2 years the land acquisition was cancelled by
    Allahabad High court due to farmers agitation as UP government acquired the land under urgency clause. After
    several follow-up with GNIDA. Authority come up with a 2 plans for allottes.

    GNIDA offer an alternative flats in other

    GNIDA will return the money with 4% principle

    I have taken 2nd option (return money) with 4%
    interest on 19.54lkah. In the month of April 2014 I have received a sum of
    rupees 22.30Lakh(approx.) from GNIDA in my bank account. I have also repaid the
    home loan to LICHFL around 15.35lakh .

    Here my questions are:

    Would I need to
    pay any Tax in 2014-15Yr

    As I have lost around 4-5Lakh rs because of
    regular paying Home loan EMI.( I had paid 40 EMIs till March 2014) any Tax
    rebate in this scenario to me?

    Note: I have arranged 15.35lakh
    rupees from different resources in the month of feb-march for repaying the Home
    loan because all the original documents was with LICHFL.Once I had cleared the
    my Home loan account only after LICHFL given me the original documents of flats
    and GNIDA return the money after submitting the original documents once I
    received the money from G NIDA I had repaid the same to my relatives etc.

  • Imran Shaikh

    How to calculate car perquisite value if company is providing car allowance to the employees?

  • Imran Shaikh

    How to calculate car perquisite value if company is providing car allowance to the employees?

  • Jennifer Anderson

    Informative article on tax deductions and exemptions.
    Anyone looking for mobile advertising can try molotus..http://molotus.com

  • Jennifer Anderson

    Informative article on tax deductions and exemptions.
    Anyone looking for mobile advertising can try molotus..http://molotus.com

  • prasad

    Hi, i am staying in a rented house and purchased an under construction house in the same city. i am paying EMI for my home loan. How can i claim for tax exemption in this case? Can i claim on section 24 and section 80c along with HRA?

  • Ranganathan

    I was joined in a organisation on 17.May.2010 and resigned on 03.Mar.2014 ( Salary Date Last working day of the month). I have withdrawn PF on July 2015. For which my employer has deducted the TDS. Pls clarify whether the withdrawn PF money should be added to my Income of the FY 2015-2016, whether full amount withdrawn is taxable?

    As per Form 26 AS, Salary for the FY 15-16 is 4Lacs TDS deducted by current employer, PF Income as Rs 180,000.00 and TDS is deducted? Whether i need to Include this amount with my salary and pay extra tax if any? or I can get refund of the TDS deducted on my PF withdrawal?

  • Nitin Gokarn

    sir my father is 92 yrs old and his pension earnings r Rs 3.08 lakhs and income from interest in FD is 1.44 lakhs . Will he have to pay Income tax ?

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