An income tax calculator is an easy tool for any individual or a salaried employee to calculate annual tax on tour total income. With the help of tax calculator, an individual taxpayer can easily prepare and organise his/her financial statement for the purpose of tax savings. Both registered and unregistered individuals can make use of income tax calculator on income tax portal. This tax calculator provides tax calculation under both old and new tax regime.
Let’s know how to calculate income tax using online income tax calculator. Here’s a step by step guide.
Step 1: First of all, visit the e-Filing portal homepage of income tax here
Step 2: Go to the quick links and select the Income Tax Calculator or click here
Here you will find two tabs– Basic Calculator and Advanced Calculator. The Basic Calculator tab is selected by default.
Step 3: Fill the required details in the Basic Calculator tab like Annual Year, taxpayer category, age, residential status, total annual income and total deductions. As per details entered by you, the tax calculation as will appear in the tax summary section. Click ‘View Comparison’ to get a more detailed comparison of tax under the old and new tax regime.
After entering all the required details, the income tax calculator will calculate tax online on the basis of old and new tax regime.
Steps to use Advanced Tax Calculator tab
Step 1: Choose the your preferred tax regime, Annual Year, Taxpayer category, Age, Residential status, due date and actual date of submission of return.
Step 2: Enter the required details in the tabs like
1. Income under the head Salaries
2. Income under the head House Property
3. Income under the head Capital Gains
4. Income under the head Business or Profession
5. Income under the head Other Sources.
6.Under Deduction Details, enter deductions applicable to you, including but not limited to PPF, LIC, Housing Loan, NPS, Mediclaim, Loan on Higher Education.
7.Under Taxable Income, enter or edit the TDS/TCS details where you have substantiating evidence available.
After filling all the required information, you will see total tax and interest payable by you at the end of the page.
Online Income Tax Calculator in India for FY 2025-26: The income tax calculator helps you calculate your tax liabilities online as per both the old and new tax regimes. The income tax calculator can be easily accessed at the income tax portal. Here is a step by step guide to calculate your income tax. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
