How To Check Your Income Tax Liability

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

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.

  1. 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.

  2. 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.

  3. 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.

 

FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE

Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)

If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting

Upload Form-16

Upload Salary Individual Form-16

If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.

Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com

 

Resources from: https://www.myitronlinenews.com/in/how-to-check-your-income-tax-liability

 

Comments