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Tax season is here and I am sure many people like you would want to know
how to calculate income tax on salary with examples. Before I get into it, you must know that
in India, income tax is calculated based on a progressive tax slab system. For the financial year 2023-24, individuals below 60 years of age are taxed as follows:
Up to ₹2.5 lakh (nil tax)
₹2.5 lakh to ₹5 lakh (5% tax)
₹5 lakh to ₹10 lakh (20% tax)
above ₹10 lakh (30% tax).
To calculate tax on salary, add up all sources of income, including salary, and deduct exemptions and deductions under various sections like 80C, 80D, etc. Then apply the applicable tax slab rates to arrive at the total tax liability.
How to Calculate Income Tax for Salaried Person with Example?
To calculate your income tax liability, you can simply use the
Income Tax Calculatorprovided by the Income Tax Department, Government of India.
Enter your salary, allowances, deductions, and exemptions into the calculator, and it will compute your tax liability automatically based on the latest tax rules and rates.
To manually calculate income tax, start with your gross salary and subtract exemptions such as:
HRA (House Rent Allowance)
LTA (Leave Travel Allowance)
Standard deduction
Then deduct applicable deductions under sections like 80C, 80D, etc. The resulting figure is your taxable income. Next, apply the applicable tax slab rates mentioned earlier to compute the tax liability. Finally, add cess and surcharge, if applicable, to arrive at the total tax payable.
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How to Calculate Income Tax on Salary with Example?
Neha
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1 Year
2024-05-02T10:18:47+00:00 2024-05-02T10:21:32+00:00Comment
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