In the
Union Budget 2018, there is no idea for changing the arrangement of income tax
slabs. The Budget 2018 has raised the tax liability of citizens, save for some division
of senior citizens. Still standard assumption of Rs40,000 has been declared for
salaried individuals, the actual benefit is very less since it is in lieu of
existing benefits. Besides, health and education cess has increased on your tax
from 3% to 4% which increases your tax liability.
To
calculate your taxes using this tax calculator, you should first choose the
Assessment Year for which you want to calculate the tax liability. Then, from
the drop down list, choose for whom—male, female, senior citizen or super
senior citizen—you want to calculate tax. Next step is to put in your income
details. Remember, there are isolated space to put in minutiae of income from
other cause, interest income and income from let-out property. If you are
servicing a home loan, put in details of interest paid on home loan of self-engaged
property and let-out property.
Read More:- Tax Calculator
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