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3. Housing Loan Interest - Max : Rs. 2 Lakh (Additional Rs. 1.5 Lakh under Section 80EEA) 4. Mediclaim (maximum of Rs. 25,000 / 50,000 + parents Rs. 25,000 / 50,000) 5. Medical treatment of mentally or physically handicapped dependents (Max : Rs. 1.25 Lakh) 6. Medical treatment for specified deseases (Max : Rs. 1 Lakh) 7.
- Form 10E Calculation for income Tax 2023-24 - ecostatt
Relief for Arrears 2023-24 (Form 10E) : Calculation. Relief...
- Form 10E Calculation for income Tax 2023-24 - ecostatt
Relief for Arrears 2023-24 (Form 10E) : Calculation. Relief for Arrears should be calculated only after the Tax Calculation. For more details, see this Help file.
- Step 1: Calculate Your Gross Taxable Income
- Step 2: Calculate The Total Tax Benefits
- Step 3: Calculate The Net Taxable Income
- Step 4: Calculate Your Total Tax Liability
To calculate your gross taxable income, you need to compute your net salary after subtracting your deductions, such as HRA, LTA, and standard deduction, from your gross salary. Now, you need to add the net salary with other income from different sources, such as interest income, capital gains from investments, and rental income, to come to your gro...
If you have made any tax-saving investments or are eligible for any exemptions, you need to compute the total benefits. You can cut your taxable earnings by investing in tax saving options such as Equity Linked Savings Scheme (ELSS), and Public Provident Fund (PPF), available under section 80C of the Indian Income Tax. Total tax benefits =Investmen...
In this third step, you need to calculate the net taxable income. You can easily subtract the total tax benefits from the gross taxable income. Net taxable income =Gross taxable income – net taxable income
If your total taxable income is less than ₹5 lakhs, you will get a rebate of ₹12,500 under section 87A. For individuals whose total taxable income is above ₹5 lakhs, the tax rate discussed earlier would apply. If you are going for the new tax regime, the various deductions/exemptions such as HRA, and LTA would be taxable. In addition, you can’t ava...
The revisions include new income tax slabs for the fiscal year 2024-25. The standard deduction, which reduces the taxable income, has been increased from Rs. 50,000 to Rs. 75,000. Additionally, the income threshold for the 5% tax rate has been raised from Rs. 5 lakh to Rs. 7 lakh. This helps more people to benefit from the lower tax rate.
How to Use the Income Tax Calculator for FY 2024-25 (AY 2025-26) and FY 2023-24 (AY 2024-25)? Following are the steps to use the tax calculator: Step 1: Choose the financial year for which you want your taxes to be calculated. Step 2: Select your age accordingly. Tax liability under the old regime differs based on the age groups.
Step 1: Go to the e-Filing portal homepage. Step 2: Select Quick Links > Income and Tax Calculator. (Select the quick link in the image to show where is the calculator) (No access to UAT/SIT currently, will have to add it later) You will be taken to the Income and Tax Calculator page. There are two tabs – Basic Calculator and Advanced Calculator.
Step 2: On the next screen, enter your income details, such as income from salary, rental income, etc. Step 3: Click on “Next” and enter your income from other sources. Step 4: Enter the deductions that are applicable to you. Step 5: Click on “Calculate,” and you will see how much income tax you will have to pay.
