Income tax for individuals in India based on the tax slabs for the financial year 2023-24 (assessment year 2024-25)
Income Tax Calculator - India
Tax Refund Estimator - India
Components of the Income Tax Calculator
Taxable Income (₹)
Users input their taxable income, which includes income from various sources such as salary, business profits, capital gains, and other earnings subject to taxation.
Tax Slabs
The Income Tax Act of India specifies different tax slabs with corresponding tax rates based on the taxpayer’s income level for the financial year. The code defines simplified tax slabs for the financial year 2023-24.
Calculation Process
The calculator iterates through the tax slabs and calculates the tax amount applicable to each slab based on the user’s taxable income.
It calculates the tax amount by applying the respective tax rate to the income falling within each slab.
The total tax amount is computed by summing up the tax amounts from all applicable slabs.
Tax refund estimator
Tax Rates and Slabs: Tax rates and slabs are defined for different filing statuses (individual, senior citizen, super senior citizen) based on Indian tax laws for the financial year 2023-24.
Taxable Income Calculation: Taxable income is computed by subtracting deductions from the total income provided by the user.
Tax Amount Calculation: Tax liability is determined by applying the appropriate tax rates to the taxable income within each slab and summing up the tax amounts across all applicable slabs.
Tax Credit Adjustment: Tax credits provided by the user are subtracted from the total tax liability to calculate the final tax amount payable or refundable.
The estimator provides users with an estimate of their tax liability or refund based on their financial details and filing status, helping them better understand their tax obligations and plan their finances accordingly.