Simple & Smart Tools to Manage Your Business
Spend less time on routine office tasks and more on your business productivity.
Spend less time on routine office tasks and more on your business productivity.
The government levies Income Tax on the income earned by an assessee during the previous year. The tax is payable in the assessment year at the rate prescribed by the significant Finance Act. Income Tax is a source of revenue for the government. According to an analysis, 71% of the government’s total revenues are collected through taxes. The government uses these funds for infrastructural development and public welfare.
The Union Budget has left individuals confused with the choice of the tax regime. Both old and new tax regimes require a proper assessment before choosing one. With the help of the new income tax calculator FY 2023-24, you can gauge the impact of both the tax structures on your income. This calculator will help you estimate your taxes on your income.
An Income-tax calculator is an online tool that helps to evaluate taxes based on a person’s income once the Union Budget for the year is announced. Individuals falling under the taxable income bracket are liable to pay a specific portion of their net annual income as tax. Income tax can be paid either as tax deducted at source while disbursement of monthly salary, or through the income tax returns portal managed by the Central Board of Direct Taxes (CBDT). The provision for online payment of taxes is to ensure individuals pay their stipulated dues on any earnings generated from other sources.
An income duty calculator is an online AI- grounded tool that assists an assessee to cipher the taxable income in agreement with the Income Tax Act, 1961. The calculator computes an estimated duty liability on your income by taking the five heads of income( income from payment, income from house property, income from gains and earnings of business, income from capital earnings, and income from other sources), deductions and immunity into consideration.
A PPF calculator is an online tool that assists PPF account holders in calculating the interest earned on the deposited quantum.
Home Loan EMI Calculator helps you to calculate home loan EMI( Equated Monthly Installment).
This HRA Exemption Calculator for Salaried Employees will help you to know your HRA exemption amount to be claimed to save income tax.
Income Tax calculator is a Free Tax Calculator that helps you in calculating Income Tax based on your Income.
Income Duty is calculated after calculating the total gross income under section 14 of the Income Tax Act, 1961. It’s the total of income reckoned under the five heads of income after allowing the set- off of losses according to the vittles of the duty laws. The five heads of income include
As a result of an express or unexpressed agreement, payment is compensation entered periodically by or accruing to an existent for services rendered. In simple words, payment is paid by the employer to an hand in consideration of the service rendered by them to the organisation. It includes the financial ornon-monetary value of benefits and installations handed by the hand. Any quantum entered other than from the employer can not be nominated as payment. Taxable income from payment is the difference between the gross payment and the deductions u/ s 16.
The gain on the transfer of a capital asset in the previous year is referred to as capital gains. Capital gains are broadly classified into short-term and long-term gains. Short-term and long-term gains are taxed at 10% and 15%, respectively. According to the act, capital gains are not taxable if an individual inherits the property and has no sale clause. Conversely, if the individual decides to sell the inherited property, it will be taxable under Income from Capital Gains.
According to section 22, any structure or land appurtenant to a structure possessed by the assessee is subject to income duty under the head, Income from House Property. House parcels are classified into tone- enthralled house parcels, let out house parcels and inherited house parcels. The taxable income from house property is calculated after abating standard deductions and interest from a net periodic value on home loans.
Business and professional income refers to any income derived from business operations. The income earned by freelancers falls into this category. Simply put, it is the net profit or loss of a business.
Any source of income that doesn’t fall under any of the other heads of income is chargeable to tax under the head income from other sources. For example:
Every assessee whose taxable income exceeds the exemption limit must file income tax returns in accordance to the specified slab rates. Individuals whose taxable income falls below the exemption limit are absolved from paying income tax. An assessee can file taxes manually or by e-filing intermediaries. By opting for e-filing, you can avail the following benefits:-