Free Income Tax Calculator Tool

Please Add Your Details

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Your Tax Details

Gross Total Income 00.000
Deduction 00.000
Total Taxable Income 00.000
Income Tax Payable (before rebate and cess) 00.000
Rebate u/s 87A 00.000
Net Tax Payable 0

Your Tax Details (Old Scheme)

Gross Total Income 00.000
Deduction 00.000
Total Taxable Income 00.000
Income Tax Payable (before rebate and cess) 00.000
Rebate u/s 87A 00.000
Net Tax Payable 0

Your Tax Details (New Scheme)

Gross Total Income 00.000
Deduction -
Total Taxable Income 00.000
Income Tax Payable (before rebate and cess) 00.000
Rebate u/s 87A 00.000
Net Tax Payable 0

Your Tax Details (Old Scheme) 2022

Gross Total Income 00.000
Deduction 00.000
Total Taxable Income 00.000
Income Tax Payable (before rebate and cess) 00.000
Rebate u/s 87A 00.000
Net Tax Payable 0

Your Tax Details (New Scheme) 2022

Gross Total Income 00.000
Deduction -
Total Taxable Income 00.000
Income Tax Payable (before rebate and cess) 00.000
Rebate u/s 87A 00.000
Net Tax Payable 0

What is an Income Tax Calculator?

Masters India’s Income Tax Calculator is an online tool that helps you to compute taxable income and the Income Tax payable on the income you have earned during a Financial Year (FY)/Assessment Year (AY). The Budget 2020, has recently announced the new tax regime. This calculator will help you decide between the new tax regime and old tax regime as well (coming soon).

How to use an Income Tax Calculator?

To use Masters India’s Income Tax Calculator, you need to follow the below-mentioned steps:

  • Select the Assessment Year for which you want us to calculate the Income Tax.
  • Select the age bracket (This will help in determining the tax rates applicable).
  • Enter details of all income earned during the FY/AY.
    • Income from Salary (Please add total salary after deducting various exemptions such as HRA, LTA, standard deduction, and related)
    • Income from house property
    • Income from other sources
  • Enter all the available deductions.
    • Basic Deductions u/s 80C
    • Medical insurance premium u/s 80D
    • Interest on Educational Loan u/s 80E
    • Donation to charity u/s 80G
    • Interest on deposits in saving account u/s 80TTA
    • Annual interest paid on home loan (self-occupied)
    • Other Deductions.
  • Add details of TDS and Advance tax paid
  • Calculate tax.

Once you have added the details, the tax will be automatically computed and displayed on your screen within seconds.

What are the details required to use the Income Tax Calculator?

The basic details of income earned should suffice to use this calculator. No documents are asked.

What are the Income Tax rates in India?

Under the old tax scheme, tax rates are allocated based on the income slabs and age group of the taxpayer.

Under 60 Years of Age
Income Tax Rate
Up to 2,50,000 INR Nil.
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%.
Above Rs. 10,00,000 30%
Under 80 Years of Age (Senior citizen)
Income Tax Rate
Up to Rs.3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Above 80 Years of Age (Super senior citizen)
Income Tax Rate
Up to Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Additional tax to be paid on income tax:

  • 10% Surcharge shall also be paid where the income of a person exceeds 50 Lakhs INR up to 1 Crore INR.
  • 15% Surcharge has to be additionally paid by the person whose income exceeds the mark of 1 Crore INR.

The Income Tax rates as per the new regime are:


Income SlabApplicable Tax Rate
Up to INR 2.50 lakhs Nil.
Above INR 2.50 lakhs and up to INR 5 lakhs 5%
Above INR 5 lakhs and up to INR 7.5 lakhs 10%.
Above INR 7.5 lakhs and up to INR 10 lakhs 15%
Above INR 10 lakhs and up to INR 12.5 lakhs 20%
Above INR 12.5 lakhs and up to INR 15 lakhs 25%
Above INR 15 lakhs 30%

What is the maximum amount of income on which tax is not payable?

Any person earning up to INR 2.5 lakhs in a year does not have to pay taxes. In addition to this under section 87A, a person gets a full tax rebate (up to INR 12,500 from FY 2019-20) if the income earned is less than INR 5 lakhs.


Disclaimer

Masters India’s Income Tax Calculator will compute the tax based on the information provided by the user. The tax summary shall not be taken as a base for any investment decision as it is for only general understanding and reference. The Income Tax Calculator user shall use his discrete knowledge and verify the fact of the content and seek professional advice before making any decision. Masters India IT Solutions Pvt. Ltd. expressly disclaims any liability to any person, if tax benefits stated above are denied to the Income Tax Calculator user.

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