- ‣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.