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

Income Tax Calculator: Knowing your assets and liabilities is the first step towards a sound financial planning. Income tax outgo is one such liability which is very essential to plan your financial goals. 'How to file income tax' is on everyone's mind and we bring you a simple income tax calculator to figure out how much income tax you have to file during your income tax returns filing for the current assessment year. You can calculate it easily by visiting this link here on Zee Business.

This will not only tell you about how much your tax outgo will be in any financial year, it will also provide the latest income tax slabs based on your income and take into account your various incomes and deductions that are available to you in Income tax Act.

How to calculate your income tax?

1) Once you click on the link, a page will open before you which will ask your basic details like ‘Which Financial Year do you want to calculate taxes for’ and your age.  Click on ‘Go to Next Step’ after entering the details.
2) Enter your income details – like income from salary, income from interest, interest paid on home loan (If any), Rental income received (if any), Exemptions and deductions from salary, other income and interest paid on loan. Click on ‘Go to Next Step’ after entering the details.

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3) Then you will be required to enter details like Basic Deductions - 80C, Medical Insurance - 80D, Interest on Educational Loan - 80E, Employee's contribution to NPS - 80CCD, Interest from Deposits - 80TTA, Interest on Housing Loan - 80EEA. Click on ‘Calculate’.