Income tax is the amount that is paid by an individual on his or her income. This income tax has to be paid to the government based on rules made by the government. In the digital world, many online tools are available on the internet that will help you to calculate your income tax on your income. Every individual calculates how much amount he or she has to pay as income tax and pays it to the government before the deadline.
In case, an individual has paid more amount of money as income tax to the government, he or she will get a refund within some days. Better is this if you pay the exact amount of money as income tax. So, use the income tax calculator available online. You have to pay a little amount of money for using an online income tax calculator. Special packages are available for income tax and you should also know about those packages.
Tax calculator packages with details are here:
- Basic $49 W-2 filer, renter, standard deduction Optional Audit Protection Analysis of filing status to maximize tax benefits
- Deluxe $99 Homeowners, investors, maximize deductions & credits Optional Audit Protection Analysis of filing status to maximize tax benefits
- Foreign $149 Non-residents, expatriates, foreign investors Optional Audit Protection Ensure proper tax compliance for foreign firms
- Self-employed $169 Self-employed, freelancers, and contractors Optional Audit Protection Business activity review to ensure maximum tax benefit
- Business $249 Partnerships, corps, trusts and estates, and non-profits Option to file for maximum return Work with your Pro to uncover additional business benefits
Above listed packages are available with every tax return estimator. There may be a slight difference between the prices of all packages but working and calculation feature is the same. So, do not think too much and get calculated your income tax with the exact amount. Now, you are thinking that how to use the online tax calculator tool and how it gives us an accurate result. For your help, we have given several steps for using a tax calculator
All steps for the tax calculator are here:
- Choose the financial year from the given list for which you want your taxes to be calculated.
- Select your age accordingly.
- Click on ‘Go to Next Step’.
- Enter your taxable salary i.e. salary after deducting various exemptions such as HRA, Standard deduction, LTA,and so on.
- Or else, just enter your current salary in a given column i.e., salary without availing exemptions such as LTA, HRA, professional tax, standard deduction, and so on.
- Along with taxable salary, you should have to enter other details such as rental income, interest income, interest-paying on home loan for rent, and interest-paying on loan for the self-employed property.
- Now, click on ‘Go to Next Step’ again.
- In case, you want to calculate your taxes under the previous tax slabs for other year, not in the current financial year, you will have to enter your tax-saving investments under different sections 80C, 80D, 80G, 80E, and 80TTA.
- Click on the ‘Calculate’ button to get tax liability. You will see a comparison of your pre-budget and post-budget tax liability, i.e., old tax slabs and new tax slabs.
Note: Which field is not applicable as per you, enter “0”.
