Income Tax Calculator to check your Income Tax Return

Every registered professional pays income tax return according to his/her annual income from all sources and Income tax Department guidelines. In every fiscal, every professional from both government sector and private sector tries to get idea about his/her income tax return. In this article I am providing you income tax calculator based on latest union budget changes which will be helpful for all government as well as private sectors employees to find their income tax return.

Information about basic exemption limits
income tax calculator

In this union budget, the basic exemption limit is changed from Rs. 2 lakhs to Rs. 2.5 lakhs for individuals except senior citizens. The exemption limit for senior citizens in the age group of 60 to 80 years is raised from Rs. 2.5 lakhs to 3 lakhs. The revised income tax return slabs used in income tax calculator are as follows:

The rate of income tax return for persons below 60 years of age

Income tax slabs
Income tax return rate
Up to Rs, 2.5 lakhs
Zero
From Rs 2.5 lakhs to Rs. 5 lakhs
10%
From Rs. 5 lakhs to Rs. 10 lakhs
20%
Above Rs. 10 lakhs
30%

The rate of income tax return for persons of age group 60 to 80 years

Income tax slabs
Income tax return rate
Up to Rs. 3 lakhs
zero
From Rs. 3 lakhs to Rs. 5 lakhs
10%
From Rs. 5 lakhs to Rs. 10 lakhs
20%
Above Rs. 10 lakhs
30%

The rate of income tax return for tax payers of age above 80 years

Income tax slabs
Income tax return rate
Up to Rs. 3 lakhs
zero
From Rs. 3 lakhs to Rs. 5 lakhs
zero
From Rs. 5 lakhs to Rs. 10 lakhs
20%
Above Rs. 10 lakhs
30%


Apart from above standard income tax return rates some surcharges are also applicable and introduced into the income tax calculator. 

  • In income tax calculator, surcharge of 10% on calculated income tax for the individual having annual income above Rs. 10 crore is applicable. Total income tax is generated by income tax calculator after adding surcharges.
  •  Education cess 0f 3% on income tax is added and this surcharge is applicable to all.



Increase in tax limit under section 80C


Section 80C in our constitution gives definition tax benefits in various saving schemes and this year the limit is raised to Rs. 1.5 lakhs from Rs. 1 lakhs.

income tax returns


Increase of limit in housing interest deductions


The interest deduction limit for self occupied housing property interest is raised to Rs. 2 lakhs and initially it was Rs. 1.5 lakhs.

The income tax calculator is designed to calculate income tax from on income from short term or long term capital gains, salary, business income, gifts, pension, fixed deposit gain, house rent, gain from bank interest, etc.

Some important parameters that must be considered before calculating income tax return from income tax calculator:

1) Professional tax deducted by employer from salary must be removed from taxable salary

2) Employer’s contribution to EPF is not part of employee’s income and hence income tax is not applicable on it.

3) The taxable salary is considered after deducting the TDS from salary.

4) In hand monthly salary is the part of salary remaining after deductions towards FPF, TDS, etc. Some persons have other income sources along with salary. Total income is sum of income from all sources and income tax return is calculated on this total income according to above mentioned tax slabs. 

5) According to income tax rule, 30% of your income tax must be paid before 15 September, 60% before 15 December and the remaining before 31st march. If this not followed penalty is charged as per section 234C.

Now, calculate your income tax return from income tax calculator here http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator.aspx


Feel free to Comment , Share and to Join Us for regular updates.

Share this article:

No comments:

Post a Comment

Home | Designed by Brand Incisivea | Back to Top

| ©2013-15 All Rights Reserved |