Income Tax Calculator

Income Tax Calculator

Try out The Tax Heaven's user-friendly Income Tax Calculator to quickly estimate your income tax liability. Simply provide your income details and deductions, and the calculator will provide you with an instant estimate of your tax refund or the amount you owe. This tool can help you effectively plan your finances and stay ahead in managing your taxes. Give it a try now! Let us take a look upon the steps to work upon Tax Heaven's Income Tax Calculator -: To use Taxheaven Income Tax Calculator, you can follow these steps:

Step1-: Visit the Taxheaven website:

Step2-: Navigate to the Income Tax Calculator:

Step3-: Provide your personal information:

Step4-: Enter your income details:

Step5-: Add deductions and exemptions:

Step6-: Review and verify the information:

Step7-: Calculate your tax liability:

Step8-: Analyze the results:

Deductions

Income Tax Calculator

Deductions in Indian ITR When filing an income tax return (ITR) in India, there are various deductions available under different sections of the Income Tax Act. Some common deductions include:

• Section 80C: This section allows deductions for investments in specified financial instruments and expenses. The maximum deduction limit is Rs. 1.5 lakh. Some eligible investments and expenses under this section include:
  ● Life insurance premium ● Employee Provident Fund (EPF) contribution ● Public Provident Fund (PPF) ● National Savings Certificate (NSC) ● Tax-saving fixed deposits ● Repayment of principal on home loan ● Tuition fees for children's education
• Section 80D: This section provides deductions for premiums paid for health insurance policies. The deduction limit varies based on the age of the insured and the category of individuals: ● For individuals and their family (including spouse, children, and parents): Up to Rs. 25,000 (Rs. 50,000 for senior citizens) ● Additional deduction for health insurance premiums of parents (not covered under 80D): Up to Rs. 25,000 (Rs. 50,000 for senior citizen parents)
• Section 80E: This section allows deductions on the interest paid on an education loan. The loan must be taken for higher education for self, spouse, children, or a student for whom the individual is a legal guardian. There is no upper limit on the deduction amount.
• Section 80G: This section provides deductions for donations made to eligible charitable
• Section 24(b): This section allows deductions on the interest paid on home loans. For a self-occupied property, the maximum deduction allowed is Rs. 2 lakh per year.

Other Income

Income Tax Calculator

Other Income

• Other Sources of Income: Apart from the main income, you may have income from other sources like interest on FDs, savings account interest, dividends, lottery winnings, etc. You need to provide details of such income.
• Foreign Assets and Income: If you have foreign assets or income, you may need to report them separately and comply with any specific disclosure requirements for foreign assets.

Income Details

Income Tax Calculator

Here are some other income details you might need to consider when filing your ITR:

• Salary Income: Include details of your salary, such as salary received, allowances, deductions, and employer details.
• Income from House Property: If you own a house property and receive rental income, you should provide details of the rental income earned and any deductions available, such as municipal taxes paid or home loan interest
• Capital Gains: If you have sold any assets like property, stocks, mutual funds, or other

About Yourself

Income Tax Calculator

• Categorize your income: Identify the different sources of income you have, such as salary/wages, business income, rental income, capital gains, dividends, and interest income.
• Categorizing your income will help you determine the appropriate tax rules and deductions that
• Determine taxable income: Calculate your taxable income for each income category.
• This involves subtracting any allowable deductions, exemptions, or credits from your total income.
• Consult the tax laws or seek professional advice to identify the deductions and exemptions that you qualify for.