The Free Income Tax Calculator for FY 2024-25 by Rest The Case is a user-friendly tool designed to compute your income tax accurately based on your earnings, deductions, and applicable tax slabs. It simplifies the tax calculation process, saves time, minimizes errors, and helps you plan your finances effectively by exploring tax-saving opportunities. Whether you're a salaried professional, self-employed, or investor, this calculator provides quick and precise results, making tax planning and compliance hassle-free.
*Income Tax Calculator for Individuals Below Age 60
If your income falls within the taxable range, you must pay a portion of your yearly earnings as income tax. For those with monthly earnings, the tax can be deducted automatically from your salary (TDS) or paid online through the Central Board of Direct Taxes (CBDT) portal. To ensure taxes are paid on any extra income from other sources, the IRS has made online tax payment simple and convenient. This page features an income tax calculator updated with the latest changes from the Union Budget 2023–2024, helping you understand the new tax regime easily.
Simple Steps To Calculate Income Tax For Salaried Individuals
To calculate income tax for salaried individuals, start by figuring out your total annual income, including your salary and any other earnings. Follow these steps to calculate your Income Tax:
Find your total annual income – Add your salary and any other income sources.
Subtract eligible deductions – Claim deductions like Section 80C, 80D, etc.
Apply the tax slab rates – Use the applicable tax rates based on your total taxable income.
Add any applicable surcharge or cess – Include any additional charges.
Check your final tax liability – This is the amount of tax you need to pay.
You can also use an online tax calculator for quick results! If you enter accurate details as mentioned, your total tax liability will be calculated. Any remaining taxes, after deducting the amount already paid through TDS, can be paid online via Challan 280 on the official portal. If you've paid more tax than owed, the Government will refund the excess within 30 days of filing your return. However, if you miss the deadline for filing your tax return, you may face penalties and interest under Section 234A. So, it’s important to remember the ITR filing deadline, which varies based on the type of taxpayer. For salaried individuals, the usual deadline is 31st July of the assessment year.
Understanding Income Tax Slabs
Income tax slabs show the tax rates individuals need to pay based on their total annual income from all sources. These slabs help determine how much tax you owe. Using a taxable income calculator, you can easily figure out the tax amount for the fiscal year 2021–22, considering the applicable tax rates.
How To Use The Restthecase Online Income Tax Calculator
Using the Restthecase Income Tax Calculator for AY 2024-25 is simple. Start by entering your basic details, income information, and deductions.
Select the assessment year you want to calculate for.
Choose your age from the options provided.
Enter your income details, including your full salary (monthly or yearly, without deductions). You also need to provide information about other income sources, such as annual rental income, interest paid on home loans (for self-occupied or rented properties), and income from other sources.
Input details for various deductions, including Section 87A, 80C, 80CCD (1B), 80D, 80G, 80E, 80TTA, 80TTB, and 80GG.
Include any interest on student loan deposits.
Finally, click 'Calculate' to get your accurate tax results based on the new tax regime.
How To Calculate Your Total Income Tax Liability
Calculating your total tax liability is straightforward with a new tax regime calculator. You can find your taxable income using this simple formula:
Taxable Income = Gross Income - (Deductions + Exemptions)
Gross income includes your basic salary, house rent allowance (HRA), special allowances, transport allowance, and any other salary benefits. Additionally, your income might include tax-free perks like travel expenses and phone bill reimbursements. If you live in a rented place and receive HRA, you can also claim an exemption for it.
Example Of Income Tax Calculation
To illustrate how income tax is calculated, let's take Mr. Rahul as an example. He earns a basic salary of ₹1,00,000 per month, along with an HRA of ₹50,000, a special allowance of ₹21,000 per month, and an annual LTA of ₹20,000. Rahul pays a monthly rent of ₹40,000 and lives in Delhi NCR.
Nature
Amount
Exemption/Deduction
Taxable (Old Regime)
Taxable (New Regime)
Basic Salary
₹12,00,000
-
₹12,00,000
₹12,00,000
HRA
₹6,00,000
₹3,60,000
₹2,40,000
₹6,00,000
Special Allowance
₹2,52,000
-
₹2,52,000
₹2,52,000
LTA
₹20,000
₹12,000 (bills submitted)
₹8,000
₹20,000
Standard Deduction
-
₹50,000
₹50,000
₹50,000
Gross Total Income from Salary: ₹16,50,000 (Old Regime), ₹20,22,000 (New Regime).
This table helps clarify Mr. Rahul's income and how it is taxed under both old and new tax regimes.
Calculating Gross Taxable Income In India (Old Tax Regime)
Calculation of Gross Taxable Income in India (Old Regime)
Amount
Income from Salary
₹16,50,000
Income from Other Sources
₹20,000
Gross Total Income
₹16,70,000
Deductions
Section 80C
₹1,50,000
Section 80D
₹25,000
Total Deductions:
₹1,75,000
Net Taxable Income
₹14,95,000
Income Tax Calculation for AY 2024-25 (Old Regime)
Income Tax Slab Rates:
Income Range (₹)
Tax Rate (%)
Up to ₹2,50,000
0%
₹2,50,001 - ₹5,00,000
5%
₹5,00,001 - ₹10,00,000
20%
Above ₹10,00,000
30%
Calculating Net Taxable Income and Total Income Tax Payable
Following the slab rates for AY 2024-25:
Total Taxable Income: ₹14,95,000
Tax Slab
Tax Amount (₹)
Up to ₹2,50,000
0
₹2,50,001 - ₹5,00,000
₹12,500
₹5,00,001 - ₹10,00,000
₹1,00,000
Above ₹10,00,000
₹1,49,500
Total Income Tax Payable = ₹0 + ₹12,500 + ₹1,00,000 + ₹1,49,500 = ₹2,62,000
Final Tax Payable After Deductions
Total Deductions: ₹1,75,000
Total Tax Payable After Deductions = ₹2,62,000 - ₹1,75,000 = ₹86,000
So, the final tax payable by Mr. Rahul is ₹86,000.
Conclusion
The income tax calculation process for salaried individuals is straightforward if you follow the steps outlined above. Using an online income tax calculator can further simplify your calculations and help you understand your tax liability better. Always keep abreast of the current tax slabs and any changes introduced in the annual budget to ensure accurate calculations.
Frequently Asked Questions
Explore quick answers to common queries about income tax calculation.
What is an online income tax calculator?
An online income tax calculator is a digital tool that helps individuals estimate their income tax liability based on their earnings, deductions, and applicable tax credits.
How does the calculator work?
Users input their total income, deductions, and credits into the calculator. It processes this information using current tax rates to provide an estimated tax amount owed or refund expected.
Is the calculation accurate?
The calculator provides a good estimate but may not account for all specific situations or changes in tax laws. For precise calculations, it is advisable to consult a tax professional.
Do I need to create an account to use the calculator?
Most online income tax calculators do not require an account for basic use. However, some may offer advanced features or save data for registered users.
Can I file my taxes using the calculator?
Generally, no. An income tax calculator is designed for estimation purposes only. To file taxes, you must use tax preparation software or submit forms directly to the tax authority.
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पगार कॅल्क्युलेटर तुम्हाला तुमचा एकूण पगार निव्वळ वेतन, कपात आणि लाभांमध्ये विभागून दाखवतो, ज्यामुळे तुमच्या हाती मिळणाऱ्या पगाराची स्पष्ट माहिती मिळते.
आरडी कॅल्क्युलेटर तुम्हाला मासिक गुंतवणूक रक्कम, कालावधी, आणि व्याजदर टाकून तुमच्या रिकरिंग डिपॉझिट (आरडी) चा परिपक्वता रकमेचा अंदाज लावण्यास मदत करते.
आमच्या मोफत सरळ आणि व्याज सिद्धांत कॅल्क्युलेटरचा वापर करून SI आणि CI सहजपणे कळा. प्राथमिक, व्याज दर आणि कालावधी टाका आणि अचूक निकाल मिळवा, आणि तुमची वित्तीय योजना अधिक चांगली ठरवा.
