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Income Tax Calculator

 
 

Note * : Fill all the fields on the above Income Tax Calculator

Income tax is not an unknown subject to any income earning person. Knowing the tax liability in advance helps an individual in tax planning. Karvy Value offers a simple calculator to calculate the tax liability of any individual post deductions offered under the income tax act. This would be helpful for the individual to invest in the required tax saving options.

How to use this calculator?

You need to input the following details to get the desired results:

  • Assessment Year – Choose the assessment year for which you want to know the tax liability. Ex: AY 2017-18, AY 2016-17, etc. AY 2017-18 is also known as FY 2016-17.
  • Age – Select your age
  • Gross Salary – Choose the gross salary as mentioned by your employer.
  • Transport Allowance – Enter the transport allowance offered by the employer. Exemptions are allowed as per the applicable rules. Any changes in yearly budgets need to be factored in.
  • HRA Exemption – House Rent Allowance (HRA) as offered by the employer needs to be entered. Exemptions differ based on the city you live in i.e. metro or non-metro.
  • Section 80C Deduction – Deduction is allowed up to Rs. 1.5 lakh per financial year. It is subject to change, though.
  • Section 80D Deduction – Enter the health insurance premium, if any.
  • Section 80E Deduction – Enter the amount of education loan premium, if any. There is no limit on the deduction available for education loans.
  • Interest on Home Loan – Any interest paid on home loan can be availed as deduction u/s 24.
  • Other Deductions – Enter any other deductions, if applicable
  • Click on Calculate to know the total amount of tax payable for the year.

By knowing the amount of tax payable in advance, proper tax planning can be done so that further tax saving options can be explored to minimize the total tax payable.

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Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.