How to Calculate Income Tax on Salary With Example | Easy Calculation in India

 How to Calculate Income Tax on Salary With Example | Easy Calculation in India

Income Tax Calculator is a utility app that helps you calculate the tax for your income in no time based on the latest Indian tax rates. This app is a useful tool for Indian individuals, especially Salaried employees and Pensioners. In this app, you can calculate tax for the Financial years 2018-19, 2019-20, 2020-21, 2021-22, and the Financial Year 2022 - 2023 (AY 2023-24).

Available a number of new tax-saving ideas.

Besides, find here easy-to-follow guidelines on how to file Income Tax returns. Follow the guidelines to know "How to register in the e-filing portal for online submission of ITR", "How to login to the income tax portal", "How to choose ITR Forms", and "How to e-Verify your Return" etc.

Key Features:

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» Easy to calculate income tax.

» Fastest, quickest, and accurate in the calculation.

»Income Tax Calculator calculates tax on income for 2019, 2020, 2021, and 2022.

»Instantly find the difference of tax between OLD Tax regime and NEW Tax regime.

» Save calculation details on your device for future need.

» Open any calculation in the app that has been previously saved.

» Enjoy the Standard Deduction.

» Enter amount fo availing deduction under section 80TTA and 80TTB for Employees and Pensioners respectively.

» Income Tax Slabs at a glance.

» Ideas on how to Save Tax.

Income tax calculation formula will consider the following parameters for deductions while calculating the Payable Tax:

√ Deduction under 10(13A).

√ Deduction under 80C.

√ Deduction under 80CCD(1B).

√ Deduction under 80D.

√ Deduction under 80DD.

√ Deduction under 80U.

√ Deduction under 80G.

√ Deduction under 80EE.

√ Deduction under 80TTA.

√ Deduction under 80TTB.

Tax calculation has never been so easy and fun! Efficient tax calculation and planning for the financial year 2023 - 2024 made possible for FREE!!! When most of the taxpayers find tax computation and tax planning very complex, My Tax India enables assessees to do these with it's simple and powerful interface. Union budget 2020 has put forth two tax regimes to choose from, and with MyTax India, be it the new regime or the old, it's just a walk in the park to foresee the tax liability and make better use of tax saving instruments. With My TaxIndia advanced user interface and tools, tax payers understand the Income Tax calculation and Tax saving opportunities so as to choose the best suited from the old and the new tax regimes.

What is Salary Income Tax Calculator App ?

Salary Income Tax Calculator App is powered by India's Biggest Tax Youtuber which helps you to Calculate your taxes easily on our App with Basic Details for the Salaried People.

Which Assesement or Financial Year Included in App ?

We added Income Tax Calculator for AY 2022-23 or FY 2021-22 (Latest) and AY 2023-24 FY 2022-23 For the Tax Planning.

Who can use this Income Tax Calculator App ?

- Salaried Person,Businessman,Govt Employees,Pensiors,Senior Citizen anyone can use this Calculator as its not just added salary even include Capital Gain and Business & Other Income.

Who can use this Income Tax Calculator App ?

- Salaried Person,Businessman,Govt Employees,Pensiors,Senior Citizen anyone can use this Calculator as its not just added salary even include Capital Gain and Business & Other Income.

Can We Calculated TDS on Salary with this Calculator ?

Yes once you insert your data from from-16, you can easily calculate your TDS on the Salary for the same.

Income tax is seen by many as a necessary evil. The constantly changing tax laws and terms like tax exemption, tax saving, tax deduction, tax rebate, etc., make taxes difficult to understand. In most cases, we do not realise how much money we are taxed on and how much money we can save.

Tax fraud can result in legal penalties such as severe fines and jail. Everyone wishes to live a luxurious life but believes it is difficult due to the fact that a large portion of their salary is spent on taxes. Knowing how to do accurate calculations and deductions aids in proper money investment and tax savings, allowing you to live the lavish life you've always wanted. It also prevents from committing tax fraud.

According to the Union Budget 2021, senior citizens over 75 years of age are excluded from filing Income Tax Returns for the financial year 2021-22 if their only source of income is pension and interest income, both of which are deposited/ earned in the same bank.

If you had a loss during the financial year that you want to carry forward to the next year to offset positive income in the following year(s), you must file a claim of loss by filing your return before the due date.

Easy and fast calculation of Income Tax for Salaried and Pensioners.

Income Tax Calculator is a utility app that helps you calculate the tax for your income in no time based on the latest Indian tax rates. This app is a useful tool for Indian individuals, especially Salaried employees and Pensioners. In this app, you can calculate tax for the Financial years 2018-19, 2019-20, 2020-21, 2021-22, and the Financial Year 2022 - 2023 (AY 2023-24).