Steps to use the Income Tax Calculator : –
An income tax calculator can be used to calculate taxes for different categories of taxpayers for different assessment year. Most of the income tax calculators require prior knowledge of income tax to calculate the right amount of taxes.
In order to use the income tax calculator, the following steps should be undertaken (See Link below for various Income Tax calculators) : –
- Select the relevant Assessment Year
- Select the category of the taxpayer . The following categories are provided : –
- Hindu Undivided Family – HUF
- Association of person/ body of individuals
- Domestic company. These are further divided into two categories, namely, those who had turnover of of more than Rs. 250 crores, during FY 2017-18, and those who did not had turnover of of more than Rs. 250 crores, during FY 2017-18
- Foreign company
- Limited liability Partnership
- Cooperative society
Use the income tax calculator at the following link : – https://www.taxmann.com/Tax-Calculator.aspx
3.Thereafter , the net taxable income of the assessee needs to be entered. Once this amount is entered, depending on the category of the taxpayer, and the relevant income, the calculator would give the following outputs : –
- Income tax
- Health and education cess
- Total tax.
Wish you a Happy and Lower Tax calculations.