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 1: Open the Income Tax Calculator

Step 2: Fill in basic details

Fill Basic details in income tax calculator

Step 3: Key in your salary details

Income Tax - Earnings
Declare Deductions in income tax calculator

Step 4: Compute Income Tax

Save Income Tax Calculator

As you see, I’ve a total tax liability of INR 85800 if I choose the old regime.

But, as per the new regime my tax liability is INR 41600 , and I get a benefit of INR 44200 if I choose the New Regime.

Now, I’m going to declare my investments , and claim exemptions to bring my income tax down to zero under 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

Now, let me add the declaration.

Calculate Income Tax in calculator

Save maximum Income Tax with the
Free Online Income Tax Calculator!

Step 6: Compute income tax again

Save Income Tax Calculator

As you see, I’ve now got an HRA exemption of Rupees 129000.

Save income tax calculator

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.

Save income tax calculator

Step 8: Compute income tax again

Compute income tax

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.

Save income tax calculator
Save income tax calculator

Step 10: Compute income tax again

Compute income tax

As you see, my total tax liability has come down to zero.

Try the Free Online Income Tax Calculator

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.