Introducing a web portal for salaried employees to calculate income tax with data from their pay slips. Save tons of tax using the Income Tax Calculator. Let’s find out how easy it is to use the calculator to calculate Income Tax.
Step 2: Fill in basic details
![Basic details for Calculate income tax Fill Basic details in income tax calculator](https://lenvica.com/wp-content/uploads/2021/11/Basic-Details.png)
Step 3: Key in your salary details
![Income Tax – Earnings Income Tax - Earnings](https://lenvica.com/wp-content/uploads/2021/11/Income-Tax-Earnings.png)
![Income Tax – Deductions Declare Deductions in income tax calculator](https://lenvica.com/wp-content/uploads/2021/11/Income-Tax-Deductions.png)
Step 4: Compute Income Tax
![Save Income Tax Calculator Save Income Tax Calculator](https://lenvica.com/wp-content/uploads/2021/11/Compute-income-tax-2.jpg)
As you see, I’ve a total tax liability of INR 85800 if I choose the old regime.
Step 5: Declare House Rent
I’m paying house rent of Rupees 15000 per month. But, as I haven’t declared it, the HRA exemption is calculated as zero.
![Save Income Tax Calculator Save Income Tax Calculator](https://lenvica.com/wp-content/uploads/2021/11/Save-Income-Tax-Calculator.jpg)
Now, let me add the declaration.
![Declare Calculate Income Tax in calculator](https://lenvica.com/wp-content/uploads/2021/11/Declaration-1.png)
Step 6: Compute income tax again
![Save Income Tax Calculator Save Income Tax Calculator](https://lenvica.com/wp-content/uploads/2021/11/Save-Income-Tax-Calculator-2.jpg)
As you see, I’ve now got an HRA exemption of Rupees 129000.
![Compute income tax Save income tax calculator](https://lenvica.com/wp-content/uploads/2021/11/Compute-income-tax-2-1.jpg)
So, my total tax liability is Rupees 58968 if I choose the old regime.
Step 7: Declare deductions under Section 80C, 80D, 80E, and so on
I’ve invested Rupees 80000 in Life insurance Policy. Let me declare that.
![Declaration Save income tax calculator](https://lenvica.com/wp-content/uploads/2021/11/Declaration1.png)
Step 8: Compute income tax again
![Compute income tax Compute income tax](https://lenvica.com/wp-content/uploads/2021/11/Compute-income-tax-4.jpg)
As you see, my total tax liability has come down to Rupees 42328.
Step 9: Declare investment on Home Loan
The principal part of my home loan is Rupees 80000 and interest is Rupees 150000 for this financial year. Let me declare that.
![Declare investment in Income tax calculator Save income tax calculator](https://lenvica.com/wp-content/uploads/2021/11/Declaration-2.png)
![Declare investment in Income tax calculator Save income tax calculator](https://lenvica.com/wp-content/uploads/2021/11/Declaration-3.png)
Step 10: Compute income tax again
![Compute income tax Compute income tax](https://lenvica.com/wp-content/uploads/2021/11/Compute-income-tax-5.jpg)
As you see, my total tax liability has come down to zero.
The income tax calculator helps you understand the tax calculation process and also helps you save tax by letting you experiment your investment declarations. The income tax calculator advises you on how to save maximum tax.
Leave A Comment
You must be logged in to post a comment.