Apart from such schemes, the government has also revised the tax rates on individual income to reduce the financial burden of citizens. The revised rates have also been updated in all income tax calculators online to provide error-free and accurate figures to taxpayers.
Home loan borrowers can also use an income tax calculator to know their tax accountability, claim deductions under Section 80C and Section 24, and reduce their tax burden. One of the biggest benefits of a tax calculator is that it helps individuals with accurate figures and take necessary legal steps to claim deductions or pay the tax online. It also helps them to assess their tax liability and determine their capability of borrowing a housing loan.
An income tax calculator, which can compute the concerning figures for taxpayers.
These calculators can be used online for free. All you need to do is provide accurate personal and financial information in the provided blanks.
How to use an income tax calculator online?
If you have already landed in the portal of a financial institution, you can find a tax calculating tool there itself. Follow these steps to compute your income tax liabilities-
- Open the income tax calculator on a website.
- Put your total annual salary.
- Mention the interest received on your savings accounts.
- Provide details of your income from other sources.
- Click on ‘Next’.
This is how to calculate income tax online. If you are planning to borrow a home loan anytime soon, you can make use of a tax calculator to know your financial accountability in advance.
Additionally Read: A beginner’s guide on the income tax calculator
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