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Income Tax Calculator India
Income Tax Calculator India is a requirement, designed specially for individuals paying income tax to the government.
From 2005, a more updated form of calculating the income tax known as True Tax Calculator 2005, came into effect for the assessment year 2005-06. The calculation is based on the regulations as per the Indian Income Tax Act of 1961.
The True Tax Calculator 2005 generates two reports, one in the Saral form (Form 2D) and the other in a computerized form. The tax-paying individual is needed to furnish the details of the income earned (salary amount, possession of movable and immovable properties, etc). After the other details are filled automatically, the Saral form of the report is printed in the original format and submitted in the Income Tax Department.
Income Tax Calculator for Male Individual
Income Tax Calculator India assesses the income of the adult male individual citizens. According to the new income tax rates, as fixed from 2007-08, there will be no tax charged on income of upto Rs. 1,10,000 per year. If the income of the person is Rs. 2,10,000, then the next Rs. 40,000 is taxable at the rate of 10% which is calculated as Rs. 4,000 and the remaining Rs. 60,000 is taxable at the rate of 20%, which is 12,000. Therefore, the net income tax payable, as calculated by the Income Tax Calculator India is Rs. 4,000 + Rs. 12,000 i.e. Rs. 16,000. Above 2,50,000, the person is required to pay 30% of amount greater than Rs. 2,50,000.
Similar computations are made by the Income Tax Calculator India in assessing the income tax of the women and senior citizens, as per income tax slabs. The income tax rate for women citizens with taxable income, no tax payment for income is required up to Rs. 1,45,000 per year while for the senior citizens it is fixed at Rs. 1,95,000.
There is an additional charge of 10% on total tax levied if the income exceeds Rs. 8,50,000, along with the education cess of 2% calculated on the tax amount.
From 2005, a more updated form of calculating the income tax known as True Tax Calculator 2005, came into effect for the assessment year 2005-06. The calculation is based on the regulations as per the Indian Income Tax Act of 1961.
The True Tax Calculator 2005 generates two reports, one in the Saral form (Form 2D) and the other in a computerized form. The tax-paying individual is needed to furnish the details of the income earned (salary amount, possession of movable and immovable properties, etc). After the other details are filled automatically, the Saral form of the report is printed in the original format and submitted in the Income Tax Department.
Income Tax Calculator for Male Individual
Income Tax Calculator India assesses the income of the adult male individual citizens. According to the new income tax rates, as fixed from 2007-08, there will be no tax charged on income of upto Rs. 1,10,000 per year. If the income of the person is Rs. 2,10,000, then the next Rs. 40,000 is taxable at the rate of 10% which is calculated as Rs. 4,000 and the remaining Rs. 60,000 is taxable at the rate of 20%, which is 12,000. Therefore, the net income tax payable, as calculated by the Income Tax Calculator India is Rs. 4,000 + Rs. 12,000 i.e. Rs. 16,000. Above 2,50,000, the person is required to pay 30% of amount greater than Rs. 2,50,000.
Similar computations are made by the Income Tax Calculator India in assessing the income tax of the women and senior citizens, as per income tax slabs. The income tax rate for women citizens with taxable income, no tax payment for income is required up to Rs. 1,45,000 per year while for the senior citizens it is fixed at Rs. 1,95,000.
There is an additional charge of 10% on total tax levied if the income exceeds Rs. 8,50,000, along with the education cess of 2% calculated on the tax amount.
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