Income Tax Liability
Let’s find out how you can calculate Tax Liability from Income Tax using an online income tax calculator.
Step 2: Fill in Basic Details
Step 3: Key in your Salary Details
Copy the earnings and deductions from your payslip to appropriate salary heads listed.
Step 4: Declare your investments
Step 5: Compute Income Tax
Step 6: Calculation of Tax Liability
View Calculation Summary to find how Tax Liability is calculated from Income Tax
Tax Liability is calculated as Income Tax + Surcharge + Health and education cess. The calculation is the same for old and new regime.
Surcharge is applicable if the taxable income is more than 50 lakhs. Surcharge is calculated as 10% of income tax if taxable income is between 50 lakhs and 1 Crore and so on as described here.
Health and education cess is calculated as 4% of income tax as described here.
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.