As per the Income-tax of India, there are three categories of “individual “taxpayers such as: Again, These slab rates are segregated for different categories of taxpayers.

These slabs of income tax are revised every year during the budget announcement. In other words, the more your income, the more tax you have to pay. Slab implies the different tax rates charged for different income ranges. The Indian Income-tax works on the basis of a slab system and the tax is levied accordingly on individual taxpayers. Finally, select whether you live in a metro city and hit the calculate button to obtain your tax liability.In the next step, provide the details of HRA exemption such as basic salary, DA, HRA, and total rent paid per annum.Also, provide the details of interest on an educational loan and on deposits on the savings account. Next, enter the details of various deductions, viz.Also, you have to fill in other details like annual income from other sources such as rental income, annual interest paid on home loans for the self-occupied and let-out property. Provide the details of your gross salary (monthly or yearly salary paid without any deductions). As already mentioned, Income tax in India differs based on different age groups. If you are looking for FY 2023-24, then the AY would be 2024-25 which you can select from the dropdown menu. Choose the assessment year for which you want to calculate the tax.How to Use the Online Income Tax Calculator?įollow the below-given steps to use the tax calculator: The IT calculator given on this page is aligned with the updates announced in the Union Budget for FY 2023-24 and AY 2024-25. The provision for online payment of taxes is to ensure individuals pay their stipulated dues on any earnings generated from other sources. Income tax can be paid either as tax deducted at source while disbursement of monthly salary, or through the income tax returns portal managed by the Central Board of Direct Taxes (CBDT). Individuals falling under the taxable income bracket are liable to pay a specific portion of their net annual income as tax. An Income-tax calculator is an online tool that helps to evaluate taxes based on a person’s income once the Union Budget for the year is announced.

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