Income Tax Calculator
Income tax is the tax you pay to the government on your Income (such as salary and other earnings) if you fall under the taxable income bracket.
Individuals can pay their taxes through TDS from their salary or by filing their income tax returns online (CBDT).
Manual tax calculation can be lengthy, time-taking, and complex because that involves a lot of work. Your final income tax paying liability will depend on your total income, slab rates, and eligible deductions/exemptions (especially in the old regime).
You can use an online income tax calculator to save time and calculate your tax liability faster than normal. Income Tax calculation using the online calculator enables you to plan your investments and avoid mistakes that happen when you do the math by hand.
What is the calculator for income tax?
An income tax calculator is an online tool you can use online to calculate how much tax you owe based on your income, tax bracket, and deductions. It works for both old and new tax systems.
It helps you figure out your taxes and how much you owe in taxes for a given year with just a few pieces of information.
Income Tax Slab:
Tax Slab | Applicable Tax Rate | Amount |
Up to ₹4 Lakhs | Nil | ₹0 |
More than ₹4 Lakhs and up to ₹8 Lakhs | 5% | ₹20,000 |
More than ₹8 Lakhs and up to ₹12 Lakhs | 10% | ₹40,000 |
More than ₹12 Lakhs and up to ₹16 Lakhs | 15% | ₹60,000 |
More than ₹16 Lakhs and up to ₹20 Lakhs | 20% | ₹32,000 |
Income Tax | ₹1,52,000 | |
Health & Education Cess | 4% of the tax amount | ₹6,080 |
Total tax to be paid | ₹1,58,080 |
How does the Income Tax calculator help you?
It helps you figure out your taxes in a systematic way: first, calculate your taxable income, then apply slab-wise rates, and finally, add cess to get the total amount of tax you owe.
Formula
Taxable Income = (Income from salary + other Income) − deductions/exemptions (if they apply).
Income Tax = the total of the slab-wise tax on taxable income according to the chosen regime (old or new).
The final tax you have to pay is the income tax plus the health and education cess, which is usually 4% of the tax.
Example
If your salary is: ₹18,00,000
Your standard deduction is: ₹75,000
Your income from other sources is: ₹35,000
Then your salary after the standard deduction is: ₹17,25,000
Total taxable income is: ₹17,60,000.
With the new regime slab example,
The total income tax is ₹1,52,000,
the Health & Education Cess at 4% is ₹6,080,
so the total tax is ₹1,58,080.
How to use the Stockify Income Tax Calculator
Follow these simple steps to calculate the Income Tax using the Stockify's calculator:
1. Select the assessment year and the age group.
2. Optionally, choose whether they live in a metro area or not.
3. Next, enter your salary and other income, choose between the old and new regimes.
4. Add any deductions (which are mostly important in the old regime), and see your estimated tax bill right away.
Advantages of Stockify's Income Tax Calculator
These are the advantages of Stockify’s Income Tax Calculator:
Accurate estimation:
Cuts down on mistakes made by hand when figuring out taxes from slabs and deductions.
Convenience:
It works anywhere and anytime and gives you results faster than calculations on paper.
Better tax planning:
Calculator helps you figure out how much you owe ahead of time and make better decisions about how to save money on taxes.
Privacy-friendly:
Doesn't show financial information on paper and lets you make private estimates when used online.
FAQ
Yes, you can pick between the old and new systems, which have different tax rates and deductions.
The competitor positioning says that Stockify's online income tax calculator is in line with updates of the Union Budget for FY 2025–26 and AY 2026–27.
You can pay your income tax through TDS when you get your monthly salary or through the income tax returns portal.
To figure out how much tax you are liable to pay, it usually needs some information. You need to enter the information like: 1) about your income 2) the right slab 3) any deductions or exemptions that apply.
The amount of tax you pay will depend on your income level. To get a better idea of this, you can look at the income tax brackets and rates above.
To get the rebate under Section 87A, you must file an ITR. People who make more than ₹4 lakh but less than ₹12 lakh will not automatically get the Section 87A rebate if they don't file their ITR starting next year.
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