Income Tax Calculator: Know your tax liabilities for better financial planning

Income Tax Calculator: For a sound financial planning it is important to know your assets and liabilities. Income tax outgo is one such liability which is very essential to plan your financial goals. It is not difficult to know how much your tax outgo will be in any financial year for a salaried person whose sources of income are fixed.

Income tax can be calculated online. You can find a number of websites where you can do this. You can also do that on the Income Tax Department Website. See the link here. This link will lead you to the Income Tax Department website, where you can calculate your income tax by keying information as asked.

-- Enter the assessment year
-- Tax payer type - individual/HUF/AOPs/BOI/ Domestic Company/Foreign Company etc
-- Mention if you are Male/Female/Senior Citizen
-- Residential address
-- Income from salary, house property, capital gains, other sources
-- Deductions: There is a whole list of information which needs to be can be filled in case they apply to you
--Click on the Calculate Button. You can also reset information if need be.    

After entering all the above-mentioned details, you will get summary of income tax outgo.

Under the Income Tax rules, following forms of returns are prescribed for different classes of taxpayers.

-- ITR-1: For individuals having salary or pension income or income from one house property or income from other sources.

-- ITR-2: For individual or an Hindu Undivided Family (HUF) not having income chargeable to income-tax under the head “Profits or gains of business or profession”.

-- ITR-3: For individual or a HUF who has any income chargeable to tax under the head business or profession.

-- ITR-4: For individuals or HUF or partnership firm who have opted for the presumptive taxation scheme of section 44AD/44ADA/44AE.​

-- ITR-5: For a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority.

-- ITR-6: For a company other than a company claiming exemption under section 11 (for charitable/religious trust).

-- ITR-7: For persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).

-- ​ITR-V: It is the acknow​ledgement of filing the return of income.