Why nithya tax calculator

Post Comment. Notice: It seems you have Javascript disabled in your Browser. In order to submit a comment to this post, please write this code along with your comment: f98ec2adc89efe9e25b5eb13b User Menu. Income Tax Downloads. Features : 1. Mainly useful for the salaried Employees having income includes: a. Separate sheet for each Source of Income 3.

Detailed statements are provided for : a. Income Tax Slab b. Tab Rebate c. You may contact me for any clarification in this Excel Tax Calculator at [email protected] Article was Originally Published on Access Denied! Register Here or Login. Tags: Calculator , Income Tax Calculator. Name : Govindaraj K. Member Since : 23 Apr Total Posts : 6. View Full Profile. View More Published Posts. Disallowing finance charges, which were allowed in earlier years, needs re-consideration — Matter remanded back to AO.

Tax Audit Series-2 — Business Vs. Whether depreciation on acquired goodwill allowable under Income Tax Act, October 27, at pm. September 17, at pm. Maruti genu Raut says:. September 14, at pm. September 14, at am. Dilip says:. August 23, at am. Ashok says:. September 5, at pm. Shanmuganandam says:. August 19, at pm. R P Bhatla says:. August 16, at am. Ranawade says:. I am receipt of House Rent Rs. Whether it is liable for TDS deduction.

August 15, at pm. Md Khizer Alam says:. August 10, at pm. Urvi Lalka says:. Dear sir, I am a pensioner aged 62 yrs. ERAJ says:. August 9, at am. Dishant S says:. July 13, at am. Prabhakar says:. July 12, at pm.

July 16, at am. July 10, at pm. N Krishnappa says:. June 29, at pm. Arjun says:. June 27, at pm. You can also include income from gifts received if its more than Rs 50, and from non-relatives. In case you have home loan, fill up the columns to reflect the same. You get tax benefit on interest under section Budget onwards there is additional benefit for first time buyers of affordable homes. You can also claim tax benefit on interest paid on home improvement loan.

This seems intuitive as how can you pay for home loan and also live on rent. Fill in the tax deductions you want to claim. Section 80C offers more than 10 investments where you can invest to save tax, However many a times you need not actually do this investment as its already covered due to expenses like children tuition fee or automatic EPF deduction for salaried.

In case you are new to taxes and investment do read our helpful guide on How to take maximum advantage of Section 80C and choose the best investment to save tax. There are several cases where you can claim tax deductions like buying medical insurance, etc.

Mention the same accordingly. This would help you to determine which tax regime suits you. You need to follow following steps using the below example. Everyone hates Taxes and go out in full force to save it — sometime legally and sometimes beyond the law.

Learn about them here and use it to your advantage. Amit had made the following investments to save tax. These will be deducted from the gross income to arrive at net taxable income. A person files his return during an Assessment Year for the income earned in the Financial Year. The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income.

For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Under the Act, all incomes earned by persons are classified under 5 income heads, such as: Income from Salary: Income can be charged under this head only if there is an employer-employee relationship between the payer and payee.

Salary includes basic salary or wages, any annuity, gratuity, advance of salary, leave encashment, commission, perquisites in lieu of or in addition to salary and retirement benefits.

The aggregate of the above incomes, after exemptions available, is known as Gross Salary and this is charged under the head income from salary. Income from House property: Any residential or commercial property that you own will be taxed.

Even if your piece of real estate is not let out, it will be considered earning rental income and you will need to pay tax on it. If you have home loan then interest part of it would also be considered as negative income from House property.. Income from capital gains : Any profit or gain arising from transfer of capital asset held as investments such as house, jewellery, are chargeable to tax under the head capital gains.

The gain can be on account or short- and long-term gains. Income from other sources: Any income that does not fall under any of the four heads of income above is taxed under the head income from other sources. Example is interest income from bank deposits, winning from lottery, any sum of money exceeding Rs 50, received from a person other than from relative, on marriage, under a will or inheritance.

Gross Total Income GTI , in short , is the aggregate taxable income under the different heads of income such as income from salary , income from house property , income from profits or gains of business, capital gains , and income from other sources. PAN is a ten-digit unique alphanumeric number issued by the Income-tax Department. As per section A of the Income-tax Act, , every person who deducts or collects tax at source has to apply for the allotment of TAN.

Section A also makes it mandatory to quote TAN in following documents:. In case of an applicant, being a company which has not been registered under the Companies Act, , the application for allotment of Tax Deduction Account Number may be made in Form No. INC-7 specified under sub-section 1 of section 7 of the said Act for incorporation of the company.

Income tax is charged on total income earned by an Assessee during the previous year, but at the rate applicable to the assessment year. It shall be determined on the basis of the residential status of the Assessee. There is basic and additional condition for determining the residential status of different assessee.

Pricing Software or Expert Service Pricing. IT Calculator Old vs New. Salaried taxpayers can calculate their tax using income tax calculator. Income from salary is the sum of basic salary, HRA and any other allowances. If you receive house rent allowance and live on rent, then you can claim an exemption on HRA. In Budget , a new income tax regime has been introduced, in which tax-payers will be given an option to choose between the existing income tax regime and new tax regime.

Under the new tax regime, taxpayers are not allowed to claim many exemptions as available under the current regime, but will be charged at much lower tax slab rates. The new tax regime is applicable for FY You can also compare the tax payable for this year under current tax regime and new tax regime to be able to get an understanding of which tax regime may be better for you once it comes for implementation from next year.

Income tax is calculated after adding the income from all sources like salary, house property, capital gain, and other sources to get Gross Total Income. After clubbing the income from all these sources, the investments and expenses which are allowed as deductions and exemptions are to be deducted from the Gross Total Income to arrive at Taxable Income. Then, the tax is calculated as per the applicable income tax slab. In the case of income from business and profession, the income tax is calculated separately as the individual tax slab is not applicable for it.

Calculating income tax manually may not be able to give you accurate results. Most of the time, income tax calculation involves numerous calculations of exemptions within it, along with provisions of multiple sections. All these things make the computation lengthy and complicated.

Thus, it is best to use a taxable income calculator to get the right result with the least amount of time. Net taxable income is the income that is calculated by clubbing the income from various sources after deducting the standard deduction from salary income as well as all available tax exemptions on allowances, income from investments and housing loan etc. The final tax rates and tax slabs are applied on the Net Taxable Income to calculate the amount of tax a taxpayer needs to pay to the government.