Income Tax calculator helps you compute the total income tax for AY 2019-2020. It is computed using Income tax slabs for Ay 2019-2020.
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For every individual, Income tax saving is a vital aspect of financial planning. These days we all are aware of income tax and our liability towards it, and due to this reason, we are very keen to calculate our income tax. Use Fintra's Income Tax Calculator to calculate the income tax liability/tax estimates and income tax refund.
In India, Income tax is referred to the annual direct tax on income that every individual, corporate firm, local authority, or a company is legally required to pay to the government if they fulfil certain criteria. The tax on the income is calculated on the net taxable income of a person or an entity for the applicable fiscal.
Moreover, the tax on the income is applicable at incremental income tax slab rates, for example, lower-income is taxed at a lower slab rate, and a higher income features a higher slab rate. Currently, the income tax cycle coincides with the start of the fiscal on 1st April of the year and ends on 31st March of the next calendar year.
To obtain accurate results you need to provide the following data:
When all data has been filled into the Fintra's Income Tax Calculator click on “Submit”, and instantly results will be displayed.
Who is liable to pay tax in India?
In India, every Indian resident, including individuals and group of individuals, or an artificial body is liable to pay taxes. Thus, the following categories are liable to pay tax:
What is the difference between the financial year (FY) and assessment year (AY)?
The Financial year (FY) refers to the year for which you're filing your returns, on other hand, assessment year (AY) refers to the year in which you're filing your income tax return. As an example, if you are filing taxes for FY 2018-19, then the assessment year in which you will file the taxes will be AY 2019-20.
Who can use Fintra's Income Tax Calculator?
Anyone with access to the internet can use the income tax calculator. The results can be received various times for free.
Are the results provided by the Income Tax calculator correct?
As long as you have fed in the data correctly, the results will be correct.