How to Calculate Income Tax on Salary With Example | Easy Calculation in India
Income tax is seen by many as a necessary evil. The constantly changing tax laws and terms like tax exemption, tax saving, tax deduction, tax rebate, etc., make taxes difficult to understand. In most cases, we do not realise how much money we are taxed on and how much money we can save.
Tax fraud can result in legal penalties such as severe fines and jail. Everyone wishes to live a luxurious life but believes it is difficult due to the fact that a large portion of their salary is spent on taxes. Knowing how to do accurate calculations and deductions aids in proper money investment and tax savings, allowing you to live the lavish life you've always wanted. It also prevents from committing tax fraud.
According to the Union Budget 2021, senior citizens over 75 years of age are excluded from filing Income Tax Returns for the financial year 2021-22 if their only source of income is pension and interest income, both of which are deposited/ earned in the same bank.
If you had a loss during the financial year that you want to carry forward to the next year to offset positive income in the following year(s), you must file a claim of loss by filing your return before the due date.
Easy and fast calculation of Income Tax for Salaried and Pensioners.
Income Tax Calculator is a utility app that helps you calculate the tax for your income in no time based on the latest Indian tax rates. This app is a useful tool for Indian individuals, especially Salaried employees and Pensioners. In this app, you can calculate tax for the Financial years 2018-19, 2019-20, 2020-21, 2021-22, and the Financial Year 2022 - 2023 (AY 2023-24).
Find Income Tax Slab Rates for Financial Year 2018-19 onwards.
Important Link
Available a number of new tax-saving ideasideas in India.
Besides, find here easy-to-follow guidelines on how to file Income Tax returns. Follow the guidelines to know "How to register in the e-filing portal for online submission of ITR", "How to login to the income tax portal", "How to choose ITR Forms", and "How to e-Verify your Return" etc.
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