Steps to use the Income Tax Calculator
An income tax calculator can be used to calculate taxes for different categories of taxpayers for different assessment year. Most of the calculators require prior knowledge of income tax to calculate the right amount of taxes.
In order to use the calculator, the following steps should be undertaken (See Link below for various I Tax calculators) : –
- Select the relevant Assessment Year
- Select the category of the taxpayer . The following categories are provided : –
- Individual
- Hindu Undivided Family – HUF
- Association of person/ body of individuals
- Domestic company. These are further divided into two categories, namely, those who had turnover of of more than Rs. 250 crores, during FY 2017-18, and those who did not had turnover of of more than Rs. 250 crores, during FY 2017-18
- Foreign company
- Firms
- Limited liability Partnership
- Cooperative society
Use the I Tax calculator at the following link : – https://www.taxmann.com/Tax-Calculator.aspx
3.Thereafter , the net taxable income of the assessee needs to be entered. Once this amount is entered, depending on the category of the taxpayer, and the relevant income, the calculator would give the following outputs : –
-
- Income tax
- Surcharge
- Health and education cess
- Total tax.
This calculator is a very handy tool, where a person knows the net taxable income. However to arrive at the net taxable income, one would need to know or compute, the total taxable income, for which all the relevant provision of the Income Tax Act need to be analysed.
Links for some I Tax calculator
Here are the links for some other income tax calculator : –
- https://cleartax.in/paytax/TaxCalculator
- https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx
- https://www.taxmann.com/Tax-Calculator.aspx
Wish you a Happy and Lower Tax calculations.
