How To Check Your Income Tax Liability? Before The Last Date
If a person earns more than a specific amount in a year, they are required to pay income tax to the government. Individuals who fall into the taxable income bracket must report their earnings, settle the tax owed, and submit their income tax returns.
As per the present income tax regulations, individuals below the age of 60 years who earn an annual income exceeding Rs. 2.5 lakh are obligated to pay taxes. For individuals aged 60 years and above but below 80 years, the minimum exemption limit is Rs. 3 lakhs. Taxpayers who are 80 years or older need to pay income tax if their income exceeds Rs. 5 lakh.
The amount of income tax an individual is required to pay is determined by their earnings during a fiscal year and the applicable income tax slab. The income tax slabs can vary for different types of taxpayers, including individuals, Hindu undivided families (HUF), Associations of Persons (AOP), Bodies of Individuals (BOI), Foreign Companies, Domestic Companies, Firms, Limited Liability Partnerships (LLP), and Co-operative Societies.
Steps To Calculate Income Tax
The Income Tax Department provides a tax calculator that can help you determine your income tax liability. Additionally, there are several other online tools available for calculating your income tax liability.
It's important to remember that these tools only provide an estimate based on the information provided. The actual tax liability may differ from the estimated amount, so it is advisable to seek advice from a Chartered Accountant or tax expert if needed.
The first step is to visit the official website of the income tax department click on quick links and then select Income and Tax Calculator.
The Basic Calculator will appear on your screen, where you can enter the assessment year, taxpayer category, age, and residential status. You will also need to input your total annual income and total deductions in the provided boxes.
Upon entering the necessary information, a summary of your tax details will be shown on the left side of the page. It will display the amount of tax payable under both the old and new tax regimes.
Additionally, you can click on 'View Comparison' to get a detailed comparison of the income tax payable under each regime. The tool also provides information on the savings you can achieve by selecting a particular tax regime.
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