How to Calculate Income Tax
In India income tax is a direct tax on an individual annual income. Every person whose income fall in taxable income bracket. He/she have to pay a particular amount of his/her annual income as Income Tax. Here is an income tax calculator for you to calculate your tax-easy and simple way.
Tax rates as per income tax for different categories for financial year 2020-21
Individuals
(Except senior and super-senior citizen)
Individuals
(Other than senior and super senior citizen)| Net Income Range | ||
|---|---|---|
| Assessment Year 2021-22 | Financial Year 2020-21 | |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Senior Citizen
(who is 60 years or more at any time during the previous year)
Senior Citizen
(who is 60 years or more at any time during the previous year)| Net Income Range | ||
|---|---|---|
| Assessment Year 2021-22 | Financial Year 2020-21 | |
| Up to Rs. 3,00,000 | Nil | Nil |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Super Senior Citizen
(who is 80 years or more at any time during the last year)
Super Senior Citizen
(who is 80 years or more at any time during the previous year)| Net Income Range | ||
|---|---|---|
| Assessment Year 2021-22 | Financial Year 2020-21 | |
| Up to Rs. 5,00,000 | Nil | Nil |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Hindu Undivided Family
(Including AOP, BOI, and Artificial Juridical Person)
Hindu Undivided Family
(Including AOP, BOI and Artificial Juridical Person)| Net Income Range | ||
|---|---|---|
| Assessment Year 2021-22 | Financial Year 2020-21 | |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
I hope this will help you a lot in your taxation. This calculator will solve all your queries and helps you calculate your tax and exemptions on total income tax. How much tax you should need to pay.
For more queries, questions and consultation feel free to call-
Hemant K Midha (Financial Consultant)
My Planner
Mobile number- 09988840022