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Income Tax Calculator - How to calculate Income taxes online? for FY 2023-24 (AY 2024-25), 2024-25 & 2023-24 with ClearTax Income Tax Calculator. Refer examples & tax slabs for easy calculation.
Disclaimer: The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc.
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The Basic Calculator tab is selected by default. Step 3a: In the Basic Calculator tab, enter the required details such as AY, taxpayer category, age, residential status, total annual income and total deductions. The tax calculation as per the details entered by you will appear in the Tax Summary section.
The Income-tax slab for FY 2023-24 has been updated on our Income Tax Calculator Fy23-24 for your convenience. Let's check out the steps to use it furthermore-. 1. The first step is to select the assessment year for which you are calculating the tax liability. 2.
You have follow the steps given below to figure out the tax payable on your income for FY 2024-25 or AY 2025-26: Step 1: Provide your basic details. Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as your age group (it tells your applicable tax slab rates), type ...
- How much tax should I pay on my salary?Tax payable on salary is based on your total taxable income after all the deductions and exemptions, the income tax slab you belong to, and the tax...
- When can I file my income tax returns?Typically the last date for filing an income tax return is 31st July after the end of the financial year. But it may be further extended as per the...
- What is the difference between exemption and deduction?Exemptions are a part of your income on which tax is not applicable. For example, a part of your LTA (Leave travel allowance) is considered an exem...
- What are the major tax provisions introduced in the budget for Individual taxation?The major tax provisions introduced in the Budget 2022 are shown below: Taxpayers can file the updated return within two years from the last assess...
- Which deductions/exemptions are not available under the new tax regime?Under the new tax regime, all deductions under Chapter VIA such as 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGC, are not avail...
- How will the new tax regime work for an individual?Under the new tax regime, individuals can not claim popular deductions such as PPF, ELSS, insurance, etc. However, the slab rates are different. He...
- Is the new tax regime optional? Can I change the option once selected for any financial year?Yes, the new tax regime is optional. You can opt for the new or old tax regime at the beginning of a financial year and cannot change it till the n...
- What details do I need to provide while e-filing my ITR?Information required at the time of e-filling are as follows: Basic details such as PAN number, Adhar number, and Address Details of income earned...
- Does everyone have to file their income tax returns?If the taxable income of the individual exceeds the basic exemption limit of Rs.2.5 lakh in a financial year, then it is mandatory to file the inco...
- What is the maximum non-taxable income limit?The maximum non-taxable income limit is Rs 2.5 lakh. If your total taxable income is below Rs 2.5 lakh, then you are not required to pay any tax. I...
Choose the assessment year for which you want to calculate the tax. If you are looking for FY 2023-24, then the AY would be 2024-25, which you can select from the dropdown menu. In the next field, select your age. As already mentioned, Income tax in India differs based on different age groups. Next, click on the ‘income field’.
Income Liable to Tax at Normal Rate --- Short Term Capital Gains (Covered u/s 111A ) 15% Long Term Capital Gains (Covered u/s 112A ) 10%
