Hi,
I am very bad with numbers. Even though I have sort of tried to understand the income tax deductions calculations for certain salary slabs, I have not completely grasped it. Can someone out there who understands the income tax slabs explain it in simple language that even I can understand? I have heard that the slabs for male and female employees are different. If yes, then by what scale? Where all can we invest for saving tax deductions?
Regards,
Shalini
From India, Mumbai
Acknowledge(0)
Amend(0)
I am very bad with numbers. Even though I have sort of tried to understand the income tax deductions calculations for certain salary slabs, I have not completely grasped it. Can someone out there who understands the income tax slabs explain it in simple language that even I can understand? I have heard that the slabs for male and female employees are different. If yes, then by what scale? Where all can we invest for saving tax deductions?
Regards,
Shalini
From India, Mumbai
Acknowledge(0)Amend(0)
Hi Shalini,
Income tax slabs: If your income is less than ₹1,10,000 - tax-free.
₹1,10,001-1,50,000 - Tax Rate is 10%.
₹1,50,001-2,50,000 - Tax Rate is 20%.
More than ₹2,50,001 - Tax Rate is 30%.
These slabs are as per the existing income tax applicable rates.
Goodbye,
Venu
From India, Gurgaon
Acknowledge(0)Amend(0)
Income tax slabs: If your income is less than ₹1,10,000 - tax-free.
₹1,10,001-1,50,000 - Tax Rate is 10%.
₹1,50,001-2,50,000 - Tax Rate is 20%.
More than ₹2,50,001 - Tax Rate is 30%.
These slabs are as per the existing income tax applicable rates.
Goodbye,
Venu
From India, Gurgaon
Acknowledge(0)Amend(0)
Hi Shalini,
Please find the attachment. You can calculate Income Tax in a very easy manner. You just need to enter basic, HRA, Conveyance, etc. & PT for every month. The rest is calculated automatically, and finally, you will arrive at the income tax due for the year. Any investments like House rent, LIC, NSC, Mutual funds, etc., can be entered in this sheet, and tax is calculated automatically.
Hope this helps you to calculate Income Tax in a simple way.
Regards,
Madhu
Acknowledge(0)Amend(0)
2Please find the attachment. You can calculate Income Tax in a very easy manner. You just need to enter basic, HRA, Conveyance, etc. & PT for every month. The rest is calculated automatically, and finally, you will arrive at the income tax due for the year. Any investments like House rent, LIC, NSC, Mutual funds, etc., can be entered in this sheet, and tax is calculated automatically.
Hope this helps you to calculate Income Tax in a simple way.
Regards,
Madhu
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls