Latest Income Tax Calculator | Calculate Income Tax & Check Income Tax Liability

New Income Tax Calculator India as per the Budget 2017-18 is here. If you don’t know how to calculate Income Tax Don’t worry, use this Income Tax Calculator 2018 and calculate the amount to be paid to the Income Tax Department. Also, you may have many doubts regarding the new budget. Therefore, we have clearly mentioned the all the complete details about the Income Tax calculation in this article. Scroll down this page and get rid of all your doubts.

Recently, the Finance minister has released the budget. But, it may take some time for the Income Tax department to update the official Income Tax calculator. So, we have provided the Income Tax calculator for Assessment year 2018-19. If you have not paid the Income Tax for the last few years use the income tax calculator available in our site and return the Income Tax as soon as possible. You can calculate the exact and accurate Income tax amount using this calculator. The Income Tax calculator for AY 2018-19, AY 2016-17, 2017-18 which performs calculation perfectly are available on our site.

Income Tax Calculator

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Income Tax CalculationResult
Net Taxable Income
Income Liable to Tax at Normal Rate
Winnings from Lottery, Crossword Puzzles, etc) 30%
Income Tax After Relief u/s 87A
Surcharge
Education Cess
Secondary and higher education cess
Total Tax Liability

Income Tax Calculator 2018

We earn some income, and we know that we need to pay Income Tax on that income, but how much? To know how much to pay in the Assessment Year (AY), you need to calculate the Income Tax for the income you earned in the Previous Year (PY). Income Tax charged on the Total Income of a PY at the rates prescribed for the AY.

We know calculating the Income Tax manually is a difficult task. So, we have provided the AY Tax Calculator. Before you calculate the Income Tax, you must know some of the important basic things about the Income Tax. After you get a clear idea about Income Tax then start calculating the Income Tax using the Latest Income Tax calculator India.

What is AY, FY?

  • What is Assessment Year AY?

The assessment is nothing but calculation. In terms of Income Tax, the AY is the assessment year. It is a period of 12 months which starts from 01 April ends on 31st March every year. Assessment year is the year in which your Total Income is assessed. Financial Year is immediately preceding the assessment year.

  • What is Financial/ Fiscal Year FY?

According to the Indian Income Tax, the period in which Income is earned is called as Financial Year (FY). Usually, the income Tax returns are paid in the next year after the end of the Fiscal year. For example, if you earn Rs. 7,50,000/- in 2016-2017, then the Income will be assessed in the Financial year/ Fiscal Year 2017- 2018.

  • What is Previous Year PY?

Previous year is the Financial year FY. The Previous year is the year for which the Assessment is done. To get more clarity about the AY, PY and FY refer the below table. Therefore, from this table, you can remove your confusions about AY, PY/FY.

Year Starts from Year ends on FY/ PY Assessment Year
April 1st, 2012 March 31st, 2013 2012-13 2013-14
April 1st, 2013 March 31st, 2014 2013-14 2014-15
April 1st, 2014 March 31st, 2015 2014-15 2015-16
April 1st, 2015 March 31st, 2016 2015-16 2016-17
April 1st, 2016 March 31st, 2017 2016-17 2017-18

What is Income Tax?

The Income Tax is the amount to be paid to the Government from the Income you earned in the Financial Year (FY). One who pays taxable Income is called Tax Payers. Generally, the Income tax is calculated as a product of Tax Rate times taxable Income. The Income Tax may vary from individual to individual. Taxation rate depends on the characteristics of the Taxpayer. It is mandatory to select the type of Taxpayers when you calculate taxable Income. The following are the categories of Income Taxpayers.

  • Individual.
  • HUF.
  • AOP’s/ BOI.
  • Domestic Company.
  • Foreign Company.
  • Firms.
  • LLP.
  • Co-operative Society.

Anybody who belongs to above mentioned categories can select that particular category in the India Income Tax Calculator and calculate the Income Tax in India. Also, you need to select the Assessment Year because the slab rates vary for each AY. There is also an option to select the type of assessee, i.e., Male / Female / Senior Citizen.

Click here to know more about Taxation in India

What is Tax Rate?

The Tax rate is a ratio at which an individual is taxed. There are several methods to calculate the Tax rate, that is statutory, average, marginal, and effective. Therefore, the Tax rate should be calculated carefully.

How to Calculate Income Tax?

Simply use the below given basic formula for Total taxable income to calculate Tax manually or calculate Tax using Tax refund calculator given on this page.

“Total Taxable Income = Gross Total Income – Deductions”.

Total Taxable Income: It is the income that is liable to tax. It comes from deducting the applicable deductions from the Gross Total Income.

Gross Total Income = Income from Salaries + Income from House Property + Profits and Gains of business or profession + Income from Capital Gains + Income from Other Source.

Deductions: Deductions will be given to the taxpayers as per Section 80C to 80U. For more details regarding deductions refer below sections.

Income Tax Calculator for AY 2016-17, 2017-18, 2018-19

To calculate Income Tax, the Heads of income are considered. These are nothing but various sources of income that differently taxed. The heads of income that included in the Income Tax Calculation 2015-16 are given below.

  • Income From Salary:

You need to enter the salary paid by your employer in the Tax Calculator 2016-17.

  • Income From House Property:

You need to enter Interest Paid/Payable on Housing Loan or Income from Let-out Property if any.

  • Profits & Gains of Bussiness or Profession:

In the Income Tax Calculator, you need to enter the income earned from a business or profession.

  • Income From Capital Gains:

Add the income from sale purchase of house or shares during the Calculation of Income Tax.

  • Income From Other Sources:

You need to enter Interest or Commission/Other Income or Winnings from Lottery, Crossword Puzzles, etc. (if any) in the Income Tax Calculator.

On entering all these above income values, you will get the Total Taxable Income in the Income Tax Calculator provided here. In Income Tax Calculator you need to enter the Income from all the heads mentioned above. Then you can get the Gross Total Income. If there are any deductions that you want to claim, you need to enter those values in the Income Tax Calculator under deductions field. These deductions will be lessened from the Gross Total Income and shown as Total Taxable Income in the IT Calculator.

Income Tax Refund Calculator

Income Tax Deductions helps to reduce your taxable income. These are available under sections 80C to 80U of the IT Act, 1961. You need to use the Income Tax India Calculator if you want to claim deductions because the amount of deduction varies, depending on the type of tax deduction you claim. There are some maximum limits to the deductions based on the section you are claiming. Because of this, calculating Income Tax manually may cause several errors and also a time-consuming process. So, make use of this Income Tax Calculator and calculate the Total Taxable Income for AY 2016-17, AY 2017-18, AY 2018-19 within few minutes.

Income Tax Deductions

Deductions help you to reduce the Tax amount for every Taxpayer. To claim the Income Tax deductions you must have a clarity about the Deductions in details so we have explained the different Income Tax deductions below. All the individuals below 60 years can check the Income Tax Slab Rte AY 2018-19 (FY 2017-18).

  • 80CCD is for the Employee’s / Self-employed contribution toward NPS will be up to 10%.
  • 80CCD (1B) is for additional contribution towards NSP.
  • 80CCF is on Long Term Infrastructure Bonds.
  • 80CCG comes under Investment Equity saving Scheme.
  • Medi-claim Premium Deduction is 80D.
  • 80DDB slab rate is for Actual payment towards medical treatment.
  • 80G deductions are of Donations.
  • 80E is for Intrest on Higher Education.
  • Deduction in the case of persons with disabilities is 80U.
  • 80TTA is to claim the deduction on Deposits on saving accounts.

The deductions are made based on the above rates. So, if you want to claim the deduction on Income Tax you can select from the above. Then after entering the deduction, the Net Taxable Income will be displayed on the Income Tax Calculator. Therefore, to the obtained Total Tax liability the Surcharges, Education Cess, Secondary and Higher Education Cess are added to Income Tax amount.

Income Tax+Surcharge+Education Cess+Secondary and higher education cess = Total Tax Liability”.

Finally,  the Income Tax is calculated using the Income Tax Calculator.

Income Tax Slab Rates

Assessment Year Slab Rates
2016-17 Income Tax Slab Rates for AY 2016-17
2017-18 Income Tax Slab Rates for AY 2017-18
2018-19 Income Tax Slab Rates for AY 2018-19

Make use of these Income Tax Slab Rates of AY 2016-17, 2017-18 and 2018-19 to calculate the Income Tax Manually. Also, you can check your calculation with the help of these Income Tax Rates.

What is Surcharge?

The surcharge is a checkout fee, charged by the person when receiving the payment Cheque/ Credit card/ Debit card. ( But it is not cash).

What is Education Cess?

This Education cess is also added in the Income tax which is nothing but a tax in India to cover the cost of Government sponsored programs.

What is Secondary Higher Education Cess?

This is commonly called as SHEC. It is an additional levy on the basic tax liability. This Tax is imposed by the government.

Steps to Use Income Tax IT Calculator

The Income Tax calculation is somewhat difficult as it includes a lot of steps such as Slab rates, deductions, the addition of surcharges, Higher and Secondary education cess etc. Income Tax slab rates also vary every year and different for various categories of people. So, it is best option to use the Income Tax calculator to calculate the taxable Income within few seconds. The Income Tax Estimator on our site gives you the clear Income amount to be paid along with the clear calculation steps. As the slab rates are not fixed we have provided the Income Tax calculator for each Assessment/ Financial year separately. So, Just follow the simple steps below to calculate Income Tax for the respective years you have to Pay.

Income Tax Calculator For AY 2018-19

  • Firstly, you have to select the year in the Online Tax Calculator for AY 2018-19.
  • For this, the Financial year is FY is 2017-18.
  • Then, select the Taxpayer type using the drop down list.
  • Now, you have to select the gender male/ female and senior citizen/ super senior citizens.
  • Select the Residential Status (Resident/ Non-Resident).
  • Enter the Income from salary, other columns and click on “Calculate”.
  • After the deductions are made, the Income Tax Slab rates for AY 2018-19 are applied.
  • At last the Total Tax Liability Income is displayed.
  • Pay Income tax before the last date.

Income Tax Calculator For AY 2017-18

  • Firstly, you have to select the year in the Online Income Tax Calculator for AY 2017- 18.
  • The AY 2017-18 is nothing but FY 2016-17.
  • Then, select the Income Taxpayer type using the drop down list.
  • You have to select the gender male/ female and senior citizen/ super senior citizens.
  • Select the Residential Status.
  • Enter the Income from salary, other columns and click on “Calculate”.
  • Automatically, the deductions and the Income Tax slab rates for AY 2017-18 are calculated.
  • Then, Total Tax Liability Income is displayed.
  • Pay Total Income tax before the last date.

Income Tax Calculator for AY 2016-17

  • First of all, you have to select the year in the Online Tax Calculator for AY 2016 -17 i.e, FY 2015-16.
  • Then, select the Taxpayer type using the drop down list.
  • Now, you have to select the gender male/ female and senior citizen/ super senior citizens.
  • Select the Residential Status i.e, Resident or NonResident.
  • Enter the Income from salary, other columns and click on “Calculate”.
  • The Income tax slab rates for AY 2016-17 will be applied automatically.
  • If you have any deduction, select the type of deduction.
  • Finally, the Total Tax Liability Income is displayed.
  • Pay Taxable Income before the last date.

Note:

Senior Citizen: Between 60-80 years.

Super Senior Citizen: Above 80 Years.

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