Income Tax Calculator | InCorp Advisory

What Is Income Tax?

Income tax is a tax imposed by the Indian government on income made by companies and citizens. Individuals must pay taxes on the percentage of their net annual income based on the rate prescribed to their taxable income group.

What Is The Income Tax Calculator?

The Income tax calculator is a simple online tool that helps you determine your taxes based on your income. It is convenient, easy to understand and can be used by anyone to calculate their tax liability.

To calculate an individual’s tax due, the calculator uses basic information such as annual income, house rent and any other savings. It shows the total amount of tax due under both the old and new regimes.The rates depend on the announcements made every year at the Union Budget.

BASIC DETAILS
Age
Actual Rent Paid
City
INCOME FROM SALARY
Basic Salary	Enter your basic salary as mentioned in your Form 16- Part B.
Dearness Allowance	Enter the total amount of dearness allowance as given by your employer to you in Form 16- Part B.
House Rent Allowance	Enter the total amount of taxable House rent allowance as given by your employer to you in Form 16- Part B.
Leave Travel Allowance	Enter the total amount of taxable leave travel allowance as given by your employer to you in Form 16- Part B.
Special Allowance	Enter the net taxable value of any special allowance received by you after deducting the allowance/exemption (if any) as per prevailing provisions under Income tax Act.
Taxable Prequisites	Enter the total taxable value of all the perquisites provided by your employer to you.
Professional Tax Paid	Enter your professional tax liability which has been paid by employer on your behalf or paid by you in personal capacity.
Net Salary
INCOME FROM HOUSE PROPERTY
Income from Self Occupied Property	For this section, If no deduction for interest on home loan is to be claimed then , enter 0. In case, any interest benefit is to be claimed then enter the total interest amount on home loan taken in negative.
Income from Let Out Property	Enter your net income from property which is given on rent / deemed to be on rental after taking the benefit of standard deduction of 30% from total rental income and after that reduce interest from home loan (if any). If the net income is coming as negative, enter the amount in negative.
INCOME FROM OTHER SOURCES
Interest Income from Bank and Post Office Savings Account	Enter all the bank interest and post office interest
Other Interest Income from Bank and Post Office Account	Enter all interest received from fixed deposits and other deposits
Residual Income from Other Sources	Enter all other incomes not covered in any other heads
Gross Total Taxable Income – Old Regime
Gross Total Taxable Income – New Regime
DEDUCTIONS
80C^*	Enter the total deduction amount for the payment of LIC premium paid, PPF, PF, tuition fees ,etc as per section 80C of Income tax Act
Contribution to Specified Pension Funds (80CCC)	Enter total amount of contribution made to specified pension funds u/s 80CCC in the previous year.
Employee’s Contribution to Notified Pension Scheme (80CCD(1))	Enter total amount of deduction to be claimed under 80CCD(1)
Mediclaim Insurance Premium (80D)	Enter the total deduction to be claimed in respect of health insurance premium u/s 80D
Donation to Specified Fund / Trust (80G)	Enter total amount of eligible donation made in respect of which deduction is claimed u/s 80G
Deduction in Respect of Savings Account Interest (80TTA)	Enter the total amount of interest received for savings account interest upto Rs. 10,000 for claiming the deduction u/s 80TTA
Interest on Education Loan (80E)	Enter the total interest paid in respect of loan taken for higher education for yourself, your spouse and children u/s 80E
Any Other Eligible Deduction	Enter any other deduction to be claimed with respect to maximum deduction allowed in that respective section. Are you confused about the input ? Please reach out to us in the link below.
Employer’s Contribution to Notified Pension Scheme (80CCD(2))	Enter total amount of deduction to be claimed under 80CCD(2)
TAX DETAILS OLD Regime
Total Deductions
Net Total Income
Tax Amount
Less : Rebate under Section 87A
Add : Surcharge
Add : Educational CESS
Total Tax Payable
TAX DETAILS New Regime
Total Deductions
Net Total Income
Tax Amount
Less : Rebate under Section 87A
Add : Surcharge
Add : Educational CESS
Total Tax Payable

Disclaimer:

‣The tool only has been designed to provide basic tax calculations and does not intent to provide full-fledged computations. The information which has been provided through these tools are strictly as per the provisions of the Income Tax Act 1961, where every effort has been made to make the calculations accurate and up-to-date as per the latest provisions of the Act. In.Corp India does not hold itself liable for any legal consequences, liabilities or any damages caused errors or omissions, negligence or any other cause which may arise from the use of information provided herein. The tool has been designed for basic informational purpose and should not be construed as a professional advice. In.Corp India does not assumes or interprets any information which has been obtained from the usage of this tool nor does it provide any warranty or guarantee of any kind either expressed or implied.
‣This calculator is intended to calculate the tax liability of Individuals only up to the age of 59 Years old. The amount of rent should be net of 30% deduction under section 24 of the Income Tax Act 1961. Under old regime, any person would be entitled to claim deduction under section 80C in respect of eligible payment/investment like PFF, Life insurance premium, tax savings FD, repayment of housing loan, stamp duty and registration fees paid on purchase of house etc. However, no deductions in respect of Investment/ Payment would be available under Chapter VI-A would be available under the new concession tax rate scheme. Leave Travel Allowance received is assumed to be fully taxable. Only Resident person can claim rebate u/section 87A.
‣The information in this summary is intended to be no more than a general overview of your tax position. In the interest of simplicity, some details have been omitted. If you need professional advice or assistance, please contact us.

Read Terms Of Use

How to use an Income Tax calculator?

The instructions for using the tax calculator are as follows:

First fill in your basic details, which consist of 3 different categories.
- Income from salary.
- Income from house property.
- Income from other sources.
After filling the basic details, you will get your Gross Total Taxable Income- Old & New Regime.
Next step, you will have to fill in the details of your tax saving investment. These investments can be claimed as deductions from your income.
Finally, you will be able to see your total tax amount under the Old & New Regime.
Accordingly, you can make an informed decision.

When do you have to file your income tax returns?

Taxpayers must file their Income Tax Returns (ITR) by August 31st, 2021 for the financial year 2020-2021.

Depending on my salary, how much tax should I pay?

You will be taxed based on your income group.

Income Groups	Tax Rate
Up to ₹ 2.50 lakh	Nil
Above ₹2.50 lakh and upto a maximum of ₹5 lakh	5%
Above ₹ 5 lakh and upto a maximum of ₹ 7.5 lakh	10%
Above ₹7.5 lakh and upto a maximum of ₹10 lakh	15%
Above ₹10 lakh and upto a maximum of ₹12.5 lakh	20%
Above ₹12.5 lakh and upto a maximum of ₹15 lakh	25%
Above ₹ 15 lakh	30%

If your gross taxable income after all deductions/exemptions is ₹ 5 lakh, your tax will be determined as follows:

Income Groups	Tax Rate	Income	Tax (in ₹)
Above ₹ 2.50 lakh up to ₹ 5 lakh	5%	₹ 5 lakh	₹ 25,000

What are the main tax provisions for individual taxation included in the budget?

Individuals and HUFs with an annual income of Rs. 15 lakh are subject to a new tax regime announced by the Finance Minister. It establishes new tax groups with lower tax rates that do not allow for deductions (80C, 80CCC, 80D, 80G, mortgage interest, etc.) or exemptions (LTA, HRA, Standard deduction of salary, etc)

Is it necessary for everyone to file their income tax returns?

No, you are not required to file income tax returns if your income is below the basic exemption amount. Those with an income of less than Rs 2.5 lakh who want to claim an income tax refund can only do so by filing an ITR. Otherwise, if your income exceeds the basic exemption limit, you must file income tax returns.

Looking to save on your Income Tax? Talk to our experts!