Calculate Taxes & Deduction

Income Tax Calculator

This calculator allow to calculate the total income and tax thereon along with interest under section 234 A/B/C

Medical Facility

The calculator enable valuation of perquisite for medical facility provided to an employee by his employer in india or outside india.

Transport Allowance

The calculator enable calculation of taxable and exempt portion of transport allowance given to an employee by his employer.

Deferred Tax Calculator

This calculator allow you to calculate the provision required to be made for deferred tax as per provisions of AS 22

Children Education Hostel Allowance

The calculator enable calculation of taxable and exempt portion of children education and hostel allowance given to an employee by his employer.

House Rent Allowance

House rent received by an employee is taxable. however exemption is available under section 10(13A). this calculator enable calculation of taxable and exampt portion of HRA.

Rent Accommodation

The calculator enable calculation of taxable value of perquisite in the case the employer provided rent free accommodation to its employees

Period of holding of capital asset

Taxability of capital gains depends on the nature of capital asset which can be either long term or short term. nature of capital asset is determined on the basis of its period of holding since date of acquisition.

Advance Tax Calculator

This calculator enables estimation of advance tax installments on the basic of taxable income of taxpayer.

TDS Calculator

This calculator enables calculation of TDS to be deducted from specified payments to be made to resident or non resident.

Tax Calculator

This calculator allow you to compute your tax liability on mere input of your taxable income.

Taxability of Agent Commision

Agent earning commission up to Rs. 60,000, who are not maintaining detailed accounts, can claim ad-hoc deduction.

Presumptive income under section 44AE

to give relief to small transporter, income tax allow them to compute their income from business of paying, hiring or leasing of goods carriages on presumptive basis. an assesses opting for presumptive scheme is not required to maintain regular.

Presumptive income under section 44AD

to give relief to small assesses, income tax allow them to compute their income from business on presumptive basis. an assesses opting for presumptive scheme is not required to maintain regular books of account.

Depreciation

Tangible and intangible assets used for purpose of business is subject to depreciation at specified rates. an additional depreciation is also allowed to certain entitles on certain entitles on certain tangible assets subject to fulfilment of some condition.

Income from house property

Income earned by taxpayer from letting out his house property is taxable under this head. A house even if not let out, can be changed to tax if it is demand to be let out.

Relief under section 89

This relief is allowed when an employee receive past due in current year, section 89 aim to provide relief from additional tax paid in the current year on past year income.

Motor Car Facility

Use of own car or employer’s car for personal purpose or partly for personal or partly for official purposes is a taxable perquisite the valuation of such perquisite is depend on certain fectors i.e capacity of car, usage of car etc.

Concessional or interest free loan

Employees taking interest free loan or at concessional rates from the employer are taxable on the perquisite of such benefits, the taxable perquisite is computed at the rate of interest charged by SBI for similar loan.

Gratuity

Gratuity receive by an employee from his employer is exempt up to certain limit if some conditions are satisfied. Gratuity received by government employee is fully exempt from tax.

Leave encashment

Leave encashment may be received by an employee during the employment or on retirement its taxability depends upon various factors like employer type, period of employment etc.

Deduction Under Section 80U

This deduction is available to a resident individual who is certify by medical authority that he or she is disable person.

Deduction Under Section 80TTA

Almost all taxpayers earn some interest from their saving bank account deposit. An assessee can claim deduction up to Rs 10000 from such interest income.

Deduction Under Section 80DD

This deduction is allow to a taxpayer if he incurs some expenditure to support his disabled family members who is dependent on him for support and maintenance.

Deduction Under Section 80D

To promote health insurance plan, a deduction is allow under section 80D in respect of premiums paid towards health insurance policy.

Deduction Under Section 80C

Deduction under section 80C is allow to an individual for investment made by him in life insurance plans, tuition fee, housing loan repayment etc, maximum deduction of Rs 1,50,000 is allowed to a taxpayer under the provision.

Interest on NRC

National saving certificates are issued with a mixed maturity period. the tenure of a NRC Certificate is 5 to 10 years fore the NSC VII issued and NSC IX issue respectively. However NSC IX issue has been discontinued with effect from 20-12-2015.

Partner's Remuneration

A partnership firm is allowed to pay remuneration to its partner. such remuneration can be paid within and overall limit specified under section 40(b). any payment above this limit is disallowed.

Indexed cost of acquisition or improvement

Capital gains from sale of a long terms capital asset is calculated after reducing the indexed cost of acquisition/improvement from the sales consideration. indexed cost is calculated after adjusting impact of inflation on the cost of acquisition.

Residential Calculator

Levy of income tax is depend on the residential status of the person. residential status of taxpayer is determined in accordance with section 6 of the income tax act which can be NRI, a RNOR an ordinary resident of india.

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