How to Calculate Tax Liability For All Citizens With Income Slabs

By Paul watson 4 years ago

In every case an individual has to pay the tax excess liability, the excess amount paid in the tax amount from the actual tax amount is refund by the government. For getting a refund for your excess amount, you should have to file a case that you have paid an extra amount. You can easily estimate the tax refund amount using a tax return calculator. If you are one of the TDS payees, then minus the TDS amount you are paying and pay the remaining amount as tax amount directly using any onlinetax calculation tools.

Different slabs for paying income tax

Income Tax Slabs give the total tax rate which has to be paid by an individual, based on his or herannual earnings from different sources combined. There are different tax slabs designed by the government based on their income and age factor. Even a tax calculator has all features so that it can calculate your tax amount based on your income and age. The tax amount has to pay for the current financial year. Just take alook at the different income tax slabs:

For Super Senior Citizens (above 80 years) –

  1. No. Total annual earnings (Rs.) Tax rate
  2. Above 10 lakh 30 % of income exceeding Rs. 10 lakh + Rs. 100000
  3. 5 lakh – 10 lakh 20% of income exceeding Rs. 5 lakh
  4. 0-5 lakh Nil

For Senior Citizens (above 60 years) –

  1. No. Total annual earnings (Rs.) Tax rate
  2. Above 10 lakh 30 % of income exceeding Rs. 10 lakh + Rs. 110000
  3. 5 lakh – 10 lakh 20% of income exceeding Rs. 5 lakh + Rs. 10000
  4. 3 lakh – 5 lakh 5% of income exceeding Rs. 3 lakh
  5. 0-3 lakh Nil

For Hindu Undivided families (HUFs), NRIs, and individuals –

  1. No. Total annual earnings (Rs.) Tax rate
  2. Above 10 lakh 30 % of income exceeding Rs. 10 lakh + Rs. 112500
  3. 5 lakh – 10 lakh 20% of income exceeding Rs. 5 lakh + Rs. 12500
  4. 2.5 lakh – 5 lakh 5% of income exceeding Rs. 2.5 lakh
  5. 0-2.5 lakh Nil

There are several ways available to pay the amount of income tax. One of the simple ways is to deduct the tax amount from the source of income when the distribution of monthly salary is done. The other way to pay the tax amount by using an online tax calculator tool.  The rule for paying taxable income is different for every individual.

Calculate total income tax liability using an online tool

not only on the salary, but an individual has to pay the tax amount on other assets also such as investments, rental income, transport, and another source of income. Use the online calculator tool by entering your exact information about all assets. This online tool of income tax calculator uses all points to calculate the tax under the liability of resident citizens or a non-resident citizenwhen the financial year is about to end.

  1. House rent and transport allowance.
  2. Annual income from salary/profits.
  3. Tax exemptions applicable, if any.
  4. Income from other sources such as investments, rental income, etc.