Using the Tax Calculator is simple, quick and hassle-free. There are a bunch of details that you need to feed in and you’ll have the most accurate calculation of your tax liability flashing on your computer screen. Just follow these steps to quickly get over with the entire process: -
Identify the Tax Slab that You Fall In
The Indian Taxation System is divided into various segments according to the different types of tax payers. There are different slabs for individuals, HUF businesses and corporates. Within the individual category, there is a further subdivision on the grounds of age of a person: -
Fill in the Annual Income
A person’s income is divided into five parts under the Indian Tax Laws. The categories are listed down below: -
Also, do not forget to feed in the information of tax deducted at source on any of the above income.
Punch in the Details of Eligible Deductions
Section 80 of Income Tax Act, 1961, has a lot of provisions which are named under different sub-sections, meant for allowing deductions on some eligible expenses made by you. For instance, if you give a donation to approved charitable institutions like Narayan Sewa Sansthan, you are eligible for a deduction under section 80G to the extent allowed in the law. Similarly, expenditure towards life insurance premium, medical insurance, provident fund contribution etc. fall within the bracket of Section 80C, all eligible for deductions from the total taxable income.
Arrive at the Final Value
After you have filled in the above specified information, simply click on the ‘Process’ button and in no time, you’ll be served with the most accurate calculation of your tax liability. Please do make sure that the details filled in the Tax Calculator are to the best of their accuracy and are not in conflict with the actual expenditure. If required, take the assistance of your usual tax planner to cross-check the values inserted.
As 31st March is in close proximity, there might not be a day that goes by without worrying about the taxes. However, by using the Tax Return Calculator, you can reduce the gravity of your stress and in no time arrive at the most precise version of your tax calculations.