Income Tax Calculator to know the taxes to be paid for a given Income and to compare Old vs New tax regimes (scheme) for IT declaration with your employer or to know your tax exposure. Including Marginal Relief for new tax regime, Surcharge, Cess. Updated per latest Budget 2023 rules
Calculate income tax for an individual or HUF based on the given total income and deductions. Applicable for last three years, FY 2023-24, FY 2022-21, FY 2020-21. Use for Tax Computation, IT or Investment Declaration with your employer. Updated with latest tax rates from Budget 2022
Calculator provides comparison between Old and New Tax regimes / laws for FY 2022-23, useful to know income tax amount to be paid, to provide IT declaration to your employer.
This Calculator considers financial year, age group such as Normal, Senior, Super Senior citizens, residential status such as Resident or NRI, Tax payer status such as Individual or HUF, and most important factor of net taxable income and the result will give you Net Tax, rebate, cess, and other information. Once calculated, one can take a print of the result for further use.
Budget for FY 2020-21 announced on Feb 1st 2020 introduced a new IT Regime where lower tax rates applicable for those who forego exemptions, deductions, & reliefs
Budget 2023 announced on Feb 1st 2023 introduced new tax slabs for new IT Regime to make it attractive.
Recent statistics on the efiled ITRs show that there is a plenty of room to improve majority of the income tax profiles. It's staggering 70% of all the ITRs filed could save on tax if the taxpayer takes little time to analyse and invest. Below are most common ways to save on taxes
Refer tax saving options and the potential return on investments to know more.
To set a personal budget and validate the best practices refer Personal Budget Calculator
OR take the expert tax consultation to have our team analyse and guide you
Any Individual or group of Individual or artificial bodies (AOB) who have earned income are required to pay Income tax on it. The IT Act recognizes the earners of income under eight categories.
Any person whether they are resident or non-resident, whose income in India exceeds Rs. 2,50,000 during financial year ending 31st March is required to file their income tax return in India.
For a more customised , perfect answer, refer below calculator to know who should file taxes in India.
The Income tax Act applies to all persons (resident or non-resident) who earn income in India in a given financial year. An individual stays in India for 182 days or more in a financial year is treated as resident in that financial year regardless of his citizenship. An Individual who stay in India for less than 182 days is treated as non-resident. Check more @ NRI Tax Help Center for latest.
IT Filing made easy and quicker. Below is a list of steps in filing the taxes with EZTax.in It's as simple as
Learn more on @ How to start FREE Self Service Income Tax Filing with EZTax.in?
The due date for filing income tax return for individuals is July 31st.
In case you haven’t filed your return before Jul 31st, you still can file your return with EZTax through self-service or assisted service but need file as belated tax return before the Dec 31st of the assessment year.
While there are genuine cases where one may need to file their taxes late, one should understand the how Income Tax Department may treat such return ? Belated return is a tax return submitted after the due date Jul 31st but before Dec 31st. Briefly, belated returns may attract few penalties / restrictions.
Yes, you can revise a belated return before Mar 31st of the corresponding Assessment Year.
Income earned during twelve months between 1st April to 31st March of an year, commonly called as Financial Year (FY), is taken into account for purposes of calculating Income Tax. Income earned in the financial year is assessed (evaluated, calculated) in the next Financial year which is called as the Assessment Year (AY). A person files his return during an Assessment Year for the income earned in the Financial Year.
For example, income earned in Financial Year (FY) 2021-22 to be filed during the Assessment year (AY) is 2022-23.
The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Under the Act, all incomes earned by persons are classified under 5 income heads, such as:
Yes, as long as the business loss is declared part of the previous year’s tax return and the return filed before the due date of income tax filing.
Gross Total Income (GTI, in short), is the aggregate taxable income under the different heads of income such as income from salary, income from house property, income from profits or gains of business, capital gains, and income from other sources. i.e., the total income computed in accordance with the provisions of the IT Act before making any deductions under Sec 80 C to 80 U.
PAN is a ten-digit unique alphanumeric number issued by the Income-tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card).
As per section 203A of the Income-tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN. Section 203A also makes it mandatory to quote TAN in following documents:
TAN is allotted by the Income-tax Department on the basis of the application submitted online at NSDL-TIN website or offline to TIN-FC managed by NSDL. NSDL will intimate TAN to the applicant at the address specified in the application
There are two modes for applying for TAN:
They are as follows:
OFFLINE: An application for allotment of TAN is to be filed in Form 49B in duplicate and submitted to any TIN-FC. Addresses of TIN-FCs are available at NSDL-TIN website (https://www.tin-nsdl.com). In case of an applicant, being a company which has not been registered under the Companies Act, 2013, the application for allotment of Tax Deduction Account Number may be made in Form No. INC-7 specified under sub-section (1) of section 7 of the said Act for incorporation of the company.
ONLINE: Online application for TAN can be made from the website of NSDL-TIN website.
Income tax is charged on total income earned by an Assessee during the previous year, but at the rate applicable to the assessment year. It shall be determined on the basis of the residential status of the Assessee. Sec.6 of the act divides the Assessee into 3 categories. Find your Tax Residential Status using Tax Residential Status Calculator
There is basic and additional condition for determining the residential status of different assessee. Comprehensive Knowledge available @ NRI Tax Help Center
While it depends on the nature of income you received, there are few must have information / documents and other good to have documents.
Should have if certain financial events:
For some, the below may be required:
Marginal Relief under New tax Regime means the tax payable should not exceed the income that exceeds Rs 7 lakhs.
For Example : Mr Ram has a net taxable income of Rs 715000 for FY 2023-24. He wants to opt for New Tax Regime. In this case, he is not eligible for rebate u/s 87A as his income exceeded Rs 7 lakhs. He is required to pay a tax of 26500(excluding Edu cess) . In this case, the income exceeding Rs 7 lakhs (7,15,000-7,00,000=15000) is less than the tax payable of Rs 26500. Hence the marginal relief is applicable on his taxes payable for FY 2023-24
After applying marginal relief, his tax payable is 15000 (excluding educ.cess) which we will be a benefit to Mr Ram