If you are an income taxpayer and want to compute your total tax payable for the financial year 2024-25, you can use an income tax calculator to find it.
The income tax calculator helps you calculate tax under both the old and new tax regime for all categories of taxpayers —individuals, firms, trusts, companies and others. You can access the income tax calculator here.
Income Tax Calculator: Steps you need to follow
I. First, you need to write the PAN and name of the taxpayer.
II. Then you need to enter the type of ITR — updated return under section 139(8A) or other than updated return.
III. Now, you can enter the tax regime: the old tax regime or the new tax regime and assessment year.
IV. The taxpayer must enter the category, i.e., individual, firm, LLP, domestic company or foreign company.
V. Then, the taxpayer has to enter age, whether the person is a regular citizen, senior citizen (above 60 years) or a super-senior citizen (above 80).
VI. Following this, income must be entered under separate heads, i.e. salary which includes net salary (less standard deduction), entertainment allowance, and professional tax.
VI. Income under the head – house property – which includes both income from self-occupied property and income from let-out property.
VII. One has to enter the income under the head business or profession under presumptive income under sections 44AD and 44ADA.
VIII. The income under the head of other sources includes interest from a savings bank account, interest from a deposit (bank/ post office/ cooperative society), interest income and any other income.
IX. After you enter the income on which normal tax is calculated, you have to calculate tax at special rates i.e., capital gains and lottery.
X. Then you get income before tax rebate under section 87A. After deducting the rebate, you get tax after rebate. On this, you have to add a surcharge and health and education cess.
XI. This will be the total tax on income.
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