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Online Income Tax Calculator Procedure

In order to calculate the taxable amount on salary, you must first understand what is included in salary under Section 17 of the Income Tax Act:<br><br>Payments, pensions, gratuities, commission fees or profit, profit sharing, leave salary, contributions under 80CCD, and taxable transfers to recognized pension funds.

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Online Income Tax Calculator Procedure

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  1. What is the process of using an Income Tax Calculator? Online Income Tax Calculators allow you to calculate your taxable income tax. Using an income tax calculator can make preparing your financial statement for the current year a breeze. By using income tax calculators online, you can easily estimate your net taxable income (after deducting various expenses and investments). Let's calculate your income tax owed using an online tax calculator. How can I use an online income tax calculator for FY 2021-22 and FY 2022-23? Using the online income tax calculator requires the following steps: ● Visit the Online Income Tax Calculator. ● You can calculate taxes for either financial year - 2021-22 or 2022-23. You can also choose if you're a regular individual (0-60 years old), a senior citizen (60-80 years old), or a super senior citizen (80+ years old) by clicking "Next". ● Please enter your Gross Salary Income, Interest Income, Rental Income, and Other Income. ● On the next page, enter the details for deductions, and exemptions and click on Next. ● You will be able to calculate tax online based on both the old and new tax regimes once you enter all of the details mentioned above. How do you calculate gross income for different sources of income? Calculate your gross income using Income tax calculator 2020 to calculate tax online. When filing an ITR online, gross income is classified into five categories: ● Salary income ● Profession or business income ● House property income ● Gains on capital investments ● Other sources of income Detailed explanations of the following categories are provided: Salary Income: Your monthly income as an employee must be included here. You can include your salary income under the salary heading if you are a salaried employee. Salaries include various components, including Basic Salaries, House Rent Allowances (HRAs), Dearness Allowances, Gratuities, Provident Funds, travel allowances, or any

  2. other allowances. These components are shown on your Salary Slip every month provided by your employer. Profession or Business Income: Enter all income from business activities or practiced professions under this heading. Business and profession-related income is also taxable. Residential and commercial property rental income: is considered house property income. Taxes will be due in addition to rental income. Gains on Capital Investments: Gains on capital investments include profits from stock, mutual fund, property, and real estate sales. A capital gain's duration determines whether it is Short Term Capital Gains (STCG) or Long Term Capital Gains (LTCG). STCG and LTCG must also be categorised differently due to their different taxation systems. Other sources of income: There are sources of income that are not listed above. In addition to winning the lottery, a gift (greater than Rs.0.5 lacs a year), interest paid to bank, and so on, can also be considered lottery income.

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