How to compute your tax using an IT calculator?
Yes, now it's easy to compute your tax liability if you are aware of your total net income. The Income Tax department has provided a calculator which helps you to calculate your tax liability based on your taxable income. Here, you need not download any software or excel for calculation.
Steps to compute tax
Step 1-Visit income tax site
Step 2-Select the assessment year
Step 3-Select type of Assesseee
Step 4 - If your Assessee type is Individual than select
Income of Individuals as
- Resident - Female
- Resident - Senior Citizen (60 years or more but less than 80 years)
- Resident - Very Senior Citizen (80 years or more)
- Any Other
Step 5- Enter your net income
Step 6- Click on Compute tax liability
* Your liabilities will be known
This calculator provides deduction along with Income-tax Surcharge, Education Cess, Secondary and Higher Education Cess. This is hassle free calculation where you can compute your tax liabilities in a few seconds.
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