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Notes on Income Tax Calculator: 1. This calculator is meant for calcualtion of income tax from salary. Other sources of income viz. business, capital gains, house and property, etc. have not been considered. 2. Though every effort has been made to incorporate relevant tax guidelines, keeping in view the vastness of the subject, results may vary. 3. The calculator may only be used to calculate an approximate tax figure. For calculation of your actual tax liability, please consult a qualified chartered accountant or tax consultant. 4. For details on income tax slabs, please visit our learning centre. 5. Surcharge @10% on tax and educational cess@3% on tax plus surcharge is included in the tax liability, if applicable. 6. Section 80C allows total deductions upto Rs. 1 lac from annual taxable income. 7. Limits on Deductions under Section 80D to 80U have been considered for senior citizens and people with >80% disability. These would require revision in case deductions for other categories need to be calculated. 8. The in-hand monthly salary is calculated by subtracting income tax, professional tax and self contribution to P.F from monthly in-hand components. |
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| Disclaimer: This calculator is for illustrative purposes only. The accuracy of the calculated results is not guaranteed. You are advised to consult a certified chartered accountant/ tax consultant/ bank prior to relying on the results. Tags: Income Tax Calculator,Tax calculator,CTC optimizer
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