1 min read.Updated: 01 Feb 2018, 08:54 PM ISTLivemint
While a standard deduction has been announced in Union Budget 2018, there has been no change in the income tax slabs. Here's a free tax calculator tool to calculate your income tax for 2018-19
In the Union Budget 2018, there is no proposal for changing the structure of income tax slabs. The Budget 2018 has raised the tax liability of citizens, except for some categories of senior citizens. Though standard deduction of Rs40,000 has been announced for salaried individuals, the actual benefit is very less since it is in lieu of existing benefits. Besides, health and education cess has increased on your tax from 3% to 4% which increases your tax liability.
To calculate your taxes using this tax calculator, you should first choose the Assessment Year for which you want to calculate the tax liability. Then, from the drop down list, choose for whom—male, female, senior citizen or super senior citizen—you want to calculate tax. Next step is to put in your income details. Remember, there are separate space to put in details of income from other sources, interest income and income from let-out property. If you are servicing a home loan, put in details of interest paid on home loan of self occupied property and let-out property.
Next step is to put in details of deductions under Section 80C which include payment of life insurance premium, investment in public provident fund, equity linked savings schemes, and so on. Put other details like interest earned from bank deposits, donation made, health insurance premium paid and interest paid on education loan in respective section. If you are living in a rented accommodation next step help you to claim deduction related to house rent allowance (HRA).
Once you are done with it, click on the calculate tab to know the tax payable.