Income Tax Calculator: Income tax payment is one of the most important and tiring things for salaried employees. If you fail to complete it in time, it may lead to financial loss as there is a provision for income tax refund also and income tax refund can be claimed only when you can file your Income Tax Return or ITR. Those, who are in the nascent phase of their career should also know their responsibility as fas as the ITR filing is concerned. Today, when everything is going online one can get the ITR filing done online also. 

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Even you can calculate your income tax outgo using an income tax calculator. Having a fair idea of your income tax outgo helps in making personal financial planning. You will get to know how much money you have at your disposal. Also, it helps plan for legit options to get income tax exemption and rebates under various sections of the Income Tax Act 1961.  

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Income Tax Calculator is easy to access and can help you calculate your income tax liability within 2 minutes. What you need is to follow few steps. Let's do the income tax calculation with this example below:

First, some assumptions

Taxable salary - Rs 3,00,000
Income from interest - Rs 50,000
Interest paid on home loan - Rs 2,00,000
Rental Income Received - 0
Interest Paid on Loan - 0
 
Basic Deductions (Section 80C) - Rs 30000
Interest from Deposits (Section 80TTA) - Rs 10,000

Medical Insurance Premium (Section 80D) - Rs 30,000
Donations to Charity (Section 80G): 0
Interest on Educational Loan (Section 80E) - 0

Feeding all the above details in the calculator will not take more than two minutes. With these numbers, you will have to pay 0 taxes in the financial year 2019-20.

According to the official website of the Income Tax department, income-tax should be paid by every person. "The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons," the income tax official website says.