Income Tax Calculator

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Your Tax Details

Total Income 00.000
Deduction 00.000
Net Taxable 00.000
Income Tax payable 00.000
Rebate u/s 87A 00.000
Balance tax Payable 0

FAQS

In order to use Masters India Income Tax Calculator you need to follow the below mentioned steps:

  • i. Choose the Assessment Year for which you want to pay tax for.
  • ii. Select the age bracket from the Choose taxpayer type column this will help in determining the tax slab rate.
  • iii. Enter all the incomes that you have earned during the FY or AY.
  • iv. Add all the deductions in the deduction column.
  • v. Afterwards enter amount of TDS that has been deducted and Advance tax
  • vi. Once you enter the entire details click on the Calculate button and after clicking you will see the summarized details of income tax.

Tax slab rates are the rates on the basis of which the taxable amount is calculated.

Under 60 Years of Age
Income Tax Rate
Up to 2,50,000 INR Nil.
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%.
Above Rs. 10,00,000 30%
Senior citizen
Senior citizen
Income Tax Rate
Up to Rs.3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Very senior citizen
Income Tax Rate
Up to Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Additional tax to be paid on income tax:

  • i. 10% Surcharge shall also be paid where the income of a person exceeds 50 Lakhs INR up to 1 Crore INR.
  • ii. 15% Surcharge has to be additionally paid by the person whose income exceeds the mark of 1 Crore INR.

Any income that falls under section 10 of the Income Tax Act 1961 is not taxable in India.

Any person earning up to 2.5 Lakhs INR does not have to pay taxes. In addition to this under section 87A, a person gets a full tax rebate if the income of a person is less than 5 Lakhs INR.

No, any person whose salary is below 2.5 Lakhs INR need not file Income Tax Return. However, anyone who has a PAN Card and whose salary is below 2.5 Lakhs INR can voluntarily file a NIL return. IT Department will come to know through NIL return that in that particular year the person does not have taxable income. In case if an Indian Residents have foreign investment or assets has to compulsorily filed the ITR irrespective of the taxable threshold limit.

RETURN OF INCOME
Name of the Assessee : XYZ
Father's Name : ABC
Address : ABC Colony
Permanent Account Number : FXXX 1111P
AADHAAR Card No. : 7XXX XXXX XXX2
Date of Birth : 01.01.01
Previous year ended on : 31.03.2019
Assessment Year : 2019-20
Status : INDIVIDUAL / RESIDENT
COMPUTATION OF TOTAL INCOME
Amount (Rs.)
I. Profit and Gain from Business and Profession
Income from Business of LIC Commission Agent (TDS Rs. 3,975/-) 79,321
Gross Receipts from Business of GSK Kendra Operator Business 91,748
Other Business 125,000 296,069
Gross Total Income 296,069
Less: Deduction u/s 80C Insurance Premium (Wife) 25,420
Insurance Premium (Self) 1,952 27,372
Taxable Income 268,697
Taxable Income (Rounded off) 268,700
Tax on Rs. 268,700 935
Less: Rebate u/s 87A 935
Balance Tax Payable NIL
Less: TDS 3,975
Balance Tax Refundable 3,975

Masters India Income Tax Calculator will compute the tax based on the information provided by the person. The tax summary shall not be taken as a base for any investment decision as it is for only general understanding and reference. The Income Tax Calculator user shall use his discrete knowledge and verify the fact of the content and seek professional advice before making any decision. Masters India Pvt. Ltd. expressly disclaims any liability to any person, if tax benefits stated above are denied to the Income Tax Calculator user.