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Surfindia » Finance » Income Tax » Income Tax Calculator

Income Tax Calculator


Learn how to calculate your Income Tax
Step I : Gross Income
Calculate your Annual Income. (Monthly Income * 12)

Step II : Donations
Calculate the total donations you have made towards various institutions in accordance to Income Tax Rules.

Step III : Savings
Calculate your total savings. This may include all the savings and investments mentioned in Income Tax Saving Schemes Sections.

Step IV : Taxable Income Follow the following rule to calculate your taxable income

Step I - ( Step II + Step III) = Taxable Income

Step V : Income Tax
When you have calculated your taxable income, refer to the following slabs to calculate your Income Tax accordingly. Choose the slab according to your income and calculate your Income tax.

Income tax slabs 2009-2010 (for Men) in India:
Income Tax Slab (in Rs.) Tax
0 to 1,60,000 No Tax
1,60,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%
Income tax slabs 2009-2010 (for Women) in India:
Income Tax Slab (in Rs.) Tax
0 to 1,90,000 No Tax
1,90,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%

Income tax slabs 2009-2010 (for Senior Citizens) in India:
Income Tax Slab (in Rs.) Tax
0 to 2,40,000 No Tax
2,40,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%

Step VI : Surcharge
Add 10 % Surcharge of your annual income to the Income Tax calculated in Step V and calculate new Income Tax.
(Not applicable if income is BELOW Rs. 10 lakh)

Step VII: Education Cess
Add 3 % of your taxable income as the Educational Cess to the new Income Tax amount calculated in step VI.

TAX CALCULATED

Example
Example 1: Mrs. Kuldeep is 35 year old and earning 8 lac annually. (Male)

Calculation
Tax on Income up to 1,60,000 Nil
Tax on Income between 1,60,000-3,00,000 (@ 10%) 14,000
Tax on Income between 3,00,000-5,00,000 (@ 20%) 40,000
Tax on Income between 5,00,000- 8,00,000 (@30%) 90,000
Total 1,44,000
Educational Cess(@ 3% of Total Tax) 4,320
Net Tax Payable 1,48,320

Example 2: Mrs. Harminder Kaur is 32 year old and earning 12 lac annually. (Female)

Calculation 8
Tax on Income up to 1,90,000 Nil
Tax on Income between 1,90,000-3,00,000 (@ 10%) 11,000
Tax on Income between 3,00,000-5,00,000 (@ 20%) 40,000
Tax on Income between 5,00,000- 12,00,000 (@30%) 2,10,000
Total 2,61,000
Educational Cess(@ 3% of Total Tax) 7,830
Net Tax Payable 2,68,830

Example 3: Mrs. Rajesh is 67 years old and earning 8 lac annually. (Senior Citizen)

Calculation
Tax on Income up to 2,40,000 Nil
Tax on Income between 2,40,000-3,00,000 (@ 10%) 6,000
Tax on Income between 3,00,000-5,00,000 (@ 20%) 40,000
Tax on Income between 5,00,000- 8,00,000 (@30%) 90,000
Total 1,36,000
Educational Cess(@ 3% of Total Tax) 4,080
Net Tax Payable 1,40,080
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