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Tax Planning Calculator
Calculate your income tax conveniently within a few clicks.

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What is a Tax Calculator?

An income tax calculator is an online tool through which you can calculate taxes on your income after the announcement of the Union Budget for the year.

How to use a Tax Calculator?

STEP 1 –Select the year for which you want tax calculation.

STEP 2 – Mention your age.

STEP 3 – After clicking on the ‘Income Field’, submit the following details.

  • Your gross salary
  • Annual income from other sources.

STEP 4 – Submit the following details.

  • Basic deductions that will be under Section (87A , 80TTA , 80TTB , 80C , 80CCD (1B) , 80D , 80E , 80G , 80GG)
  • The interest rate on educational loan 
  • The deposits you have in your savings account.

STEP 5 – Under the HRA exemption, you have to submit the following details.

  • Basic salary
  • DA
  • HRA
  • Total rent paid per annum 
  •  

STEP 6Select if you reside in any metro city.

STEP 7 – Click on the calculate button

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Highlights of Tax Planning

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For the best possible outcome, you need to take multiple elements into considerations. These are—

  • Income timing
  • Purchase timing
  • Expenditure Planning 
  • Size
  • The right investment selection
  • Tax filing status
  • Deductions, and so on.

 

Advantages of Tax Planning

The business of different sizes ranging from small to large, can avail of tax deductions effectively. However, it is mandatory for individuals who come under the IT bracket to pay taxes. By putting tax planning into effect, you can get the following benefits—

  • Streamline your tax payments
  • Minimized risk
  • Minimized litigation
  • Make significant returns
  • Achieve financial growth
  • Get reduced tax liability on you

 

What is Tax Planning?

Tax planning refers to a financial plan analyzed in terms of tax to ensure maximum tax efficiency. 

Here are the four different tax plans—

Permissive tax planning
is the practice of making those plans allowed under different frameworks of the law.
Purposive tax planning

The value of a transaction is the price that investors and traders pay for trading. 

Short-range tax planning

is carried out at the end of the income year for legally taxable income reduction.

Long Term Tax Planning

If the brokerage amount is higher, then the volume of transactions will be higher. Some brokers offer reduced percentage commissions for investors and traders dealing in large quantities.

Frequently Asked Questions

Yes, you can use the Tax Calculator to estimate your income tax at no cost.  

Tax Planning Calculator helps you to pick the best investment option under Section 80C, where you can minimize risk and achieve your financial goal. 

Paying tax in India varies from person to person according to their age group.

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