5 Easy Steps to Calculate your Tax

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Calculating income tax is not any rocket science. The following 5 steps give you an idea of the process.

1. Calculate your gross total income. This includes gross income from Form 16; and the taxable income from other sources.
2. Calculate your net deductions, which may include, donations, investments and savings such as provident fund subscriptions, Life Insurance Premiums etc.
3. Your net taxable income is gross total income minus net deductions.
4. Apply the appropriate income tax slab to calculate your tax payable on aggregate income.
5. Education Cess of 3% is applied on the tax payable to arrive at the total tax payable. Relief under various sections would be applied on this total tax.

For example: Let us consider a net taxable income of Ravi as Rs. 8, 00,000.

As an assessee, here’s how his tax is calculated.

Calculation

	Tax up to Rs. 2,00,000		Nil
Tax on Rs.2,00,000 to Rs.5,00,000 @ 10%		30,000
Tax on Rs. 5,00,000 to Rs. 8,00,000 @ 20%		60,000
Total		90,000
Educational Cess - 3% of Total Tax		2,700
Net Tax Payable		92,700

 

 

 

 

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