Skip to main content

header 1

text add

Official Income Tax Calculator By Income Tax Authority Of India : Calculate your Tax Easy

Official Income Tax Calculator By Income Tax Authority Of India : Calculate your Tax Easy

CcLICK HERE. for income tax calculator

How much Income Tax do I need to pay?

How much tax you should pay depends upon the tax slab applicable to your income. Income tax is calculated on the basis of these tax slabs.

Join Our Whats app Group :- Click Here

Join Our Telegram Channel :- Click Here

Income Tax Rates for taxpayers under 60 years of age in FY 2018-2019 and FY 2017-2018

Income Slab                        Tax Rate
Up to Rs.2,50,000                 No Tax
Rs.2,50,000 - Rs.5,00,000 5%
Rs.5,00,000 - Rs.10,00,000 20%
Rs.10,00,000 and beyond 30%

How to calculate income tax? (See example)

Income tax calculation for the Salaried

Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this HRA Calculator.

Transport allowance is given to employees as part of their salary to meet travel expenses from residence to work & back. Starting financial year 2015-16, limit of exemption on transport allowance is 1,600 per month or Rs 19,200 per annum. For example - if you receive Rs 2,000 as transport allowance every month, Rs 1600 shall be exempt from tax and remaining Rs 400 per month or Rs 4,800 per annum shall be taxed as salary income.

Let's understand income tax calculation by way of an example. Neha receives a Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Transport Allowance of Rs 8,000 per month. Special Allowance of Rs 5,000 per month. LTA of Rs 20,000 annually. Neha pays a rent of Rs 20,000 and lives in Delhi.

To calculate income tax, include income from all sources. Include:

Income from Salary (salary paid by your employer)


Income from house property (add any rental income, or include interest paid on home loan)


Income from capital gains (income from sale purchase of shares or house)


Income from business/profession (income from freelancing or a business or profession)


Income from other sources (saving account interest income, fixed deposit interest income, interest income from bonds)



CHECK UR INCOME TAX ⤵⤵
CcLICK HERE. for income tax calculator

Comments

Popular Posts

Cheq your family name could be covered in the PMJAY beneficiary list

Cheq your family name could be covered in the PMJAY beneficiary list
CLICK HEREIndia takes a giant leap towards providing accessible and affordable healthcare to the common man with the launch of Ayushman Bharat – Pradhan Mantri Jan AarogyaYojana (AB-PMJAY) by the Prime Minister, Shri Narendra Modi on 23rd September, 2018 at Ranchi, Jharkhand. Under the vision of Ayushman Bharat, Pradhan Mantri Jan AarogyaYojana (AB-PMJAY) shall be implemented so that each and every citizen receives his due share of health care. With Ayushman Bharat – Pradhan Mantri Jan AarogyaYojana, the government is taking healthcare protection to a new aspirational level. This is the “world’s largest government funded healthcare program” targeting more than 50 crore beneficiaries.

BENEFITS UNDER THE SCHEME:
Ayushman Bharat- Pradhan Mantri Jan ArogyaYojana (PMJAY) will provide a cover of up to Rs. 5 lakhs per family per year, for secondary and tertiary care hospitalization.

Over 10.74 crore vulnerable entitled families…

❌❌SALANG NOKARI !! IJAFO MALSE K ?? ❌❌JANO NANA VIBHAG NO PARIPATRA SHU CHE ??KM THASE GANATARI

❌❌SALANG NOKARI !! IJAFO MALSE K ?? ❌❌JANO NANA VIBHAG NO PARIPATRA SHU CHE ??KM THASE GANATARIgovernments competitive examinations and if they want to prepare their General Knowledge subject.they can check your knowledge with our post.Here are important current affairs -GK questions with answers that will help you all for any competitive exams.we have updates today daily Genral Knowledge Current affairs of of every day to day ,current affairs 2018 .Join Our Whats app Group :- Click HereJoin Our Telegram Channel :- Click Herethis Current affairs /gk questions with answers that will help you all for Government Competitive exams - UPSC,SSC,IBPS,Banks and any other exams.We are uploading Current affairs in ImageClick to download G.R

STD 10 GUJARATI PAPER SOLUTION AVAILABLE NOW

STD 10 GUJARATI PAPER SOLUTION AVAILABLE NOWSTD 10 GUJARATI PAPER SOLUTION AVAILABLE AFTER PAPER TIME.STD 10 GUJARATI PAPER SOLUTION AVAILABLE AFTER PAPER TIME.Join Our Whats app Group :- Click HereJoin Our Telegram Channel :- Click Here
STD 10 GUJARATI PAPER SOLUTION AVAILABLE AFTER PAPER TIME.STD 10 GUJARATI PAPER SOLUTION AVAILABLE AFTER PAPER TIME.

CLICK HERE TO VIEW

PAPER SOLUTION BY SANDIPANI SCHOOL

add 2