For years, I’ve been running behind my friends to get my income tax calculation done.
To be honest, I had never taken pains to cross-check whether my friend did it right or not. The main reason ,” I thought it is complicated!”
Here’s a simple fix!
The Income Tax Calculation
Income Tax = 10% or 20% or 30% of your Total Taxable Income
Your Total Taxable Income = Total yearly income – Tax exemption on Salary Components – Tax exemption on Investments
The following calculator helps you to calculate your income tax in minutes.
Please note that this calculator best suits salaried individuals
Note: This income tax calculation sheet best suits for salaried individuals.
How to Use the Income Tax Calculator Sheet
Step 1: Keep your latest payslip handy!
Your payslip is the key thing for your Income Tax calculation. Grab your latest payslip, and keep it opened
Step 2: Keep all your investment details handy!
Rent receipts, Fixed deposits, Policy premiums, or whatever, save all of these in a folder or repository where you could easily access from anywhere. You would need to enter the data in the excel sheet that you are going to download in the next step
Step 3: Have all the medical bills for this year beside your computer!
Medical exemption is available upto INR 15000 for a year. If you fail to declare, this amount becomes taxable, and you might want to pay tax for INR 15000.
Step 4: Open the Excel Sheet, and start entering your details!
The Excel sheet is a IT calculator which calculates your income tax in minutes, all you need to do is just enter your salary details in the excel sheet.
How to save tax other than 80c?
Section 80C covers almost all the investments for individuals. You may use Section 80D to exempt the interest on your housing loan.
Is it worth paying income tax India?
To be honest, it is our responsibility to pay income tax to our country. The country does a lot to us, come on.
Does this income tax calculator immediately calculates my income tax ?
Yes, it does.
Who can use this calculator?
This income tax calculation sheet is for all salaried individuals in India. Best suits IT professionals.