Income Tax Exemptions

• Section 87A:

  Income under ₹5 lakh is capable for a tax value of up to ₹12,500

• Section 80C:

  Up to ₹1.5 lakh in interest income is repaid in any tax-saving fixed security, public provident fund, national savings certificate, unit-linked protection plan, and equity-linked savings scheme

• Section 80CCD (1B):

  Up to ₹2 lakh of contributions to the national pension system are exempt from taxation.

• Section 80D:

  Tax exemption of up to ₹25,000 on medical insurance premium bills. For older citizens, the cap is improved to ₹50,000

• Section 80G:

  All contributions to charity organisations are completely free from tax computations and these conditions are taken into consideration in this income tax calculator

• Section 80E:

  Interest on student loan is tax-deductible upto eight years of 100% tax rebate

• Section 80TTA/80 TTB:

  Savings account interest income is subject to tax exemptions of up to ₹10,000 under. According to Section 80 TTB, all sources of interest income up to ₹50,000 are completely exempt from taxation for senior citizens

• Section 80GG:

  Tax exemption for income used to pay rent (house rent allowance)

Income Tax Calculator FAQs

• What is Gross Income?

  Your income, revenues, capital profits, business revenue, retirement distributions, and other references of income are all included in your gross income. Adjustments to revenue can be made for aspects like tuition expenses, dividend on student loans, alimony expenditures, or payments to retirement accounts.

• What is Professional Tax in India?

  Your employer withholds professional tax, a type of direct tax, from your gross salary. Since the state government imposes this tax, the amount you pay will depend on the state in which you reside. You can only be charged up to a total of ₹2500. The slabs are used to calculate income tax online.

• Does Everyone Have to File Their ITRs?

  If the individual's professional gross income for the previous year totaled more than ₹10 lakh, they are required to file an ITR. If TDS or TCS totaled ₹25,000 or more for the year, a tax return for that period must be filed. Senior individuals would be liable to this law if their incorporated TDS or TCS is ₹50,000 or further each fiscal year.

• How can I calculate my income tax using this online tax calculator?

  The total of the main wage, the HRA, the personal income, the transport income, and any other advantages is income from compensation. Your revenue may include tax-free advantages such as leave, travel, and phone bill compensation.

• How Much Tax Will Be Deducted From My Salary?

  No tax is paid if your income is less than ₹5 lakhs. 20% of your salary will be withheld if it exceeds ₹5 lakh. This percentage will increase in line with your income.

Why Choose Income Tax Calculator?

Income tax calculation is complex and varies every year with the amendments made by the government. income tax calculator is here to make your day much easier. Here are some of the perks of using income tax calculator.

income tax calculator is very easy to use

• It's free of cost and accurate

• It's updated as per the new tax regime

• You can use it anytime anywhere

• Apart from helping you in calculating the tax, we also provide income tax filing services. Consult a tax professional right now and resolve all your queries.