Income Tax Calculator for FY 2021-2022

Описание: https://lenvica.com/income-tax-calcul...

This video describes how you can calculate your income tax in easy steps for FY 2021-2022.

Step 1: Open the Income Tax Calculator

Step 2: Fill in the basic details to start with

Step 3: Key in your Earnings from your payslip for April 2021
Copy the earnings from your payslip to appropriate salary heads listed. If a salary head is not listed, you should key in the value under 'Other Allowance'.

Step 4: Key in your Deductions
Copy the deductions from your payslip to appropriate salary heads. If a salary head is not listed, you should key in the value under 'Other Deduction'.

Step 5: Make changes to Earnings and deductions for the year, if necessary.
If your salary has changed during the financial year, you can make changes here.

Step 6: Compute Income Tax to calculate Tax Liability
As you see, the Tax Liability in Old regime is INR 68752 and liability in new regime is INR 61838. You are recommended to choose New regime as it provides a benefit of INR 6914.

Step 7: View Calculation Summary
Over here, you will know how the Tax liability is calculated from the data you provided.

Step 8: Investment Declarations
Now, let's declare the investments that you have made or are about to make. The investment declarations can bring down the tax liability.

Let's assume you have invested INR 54000 in Life Insurance Policy and INR 42000 in Children's Education. Let's declare that.

Step 9: Investment Summary
As you can see you have an opportunity to invest INR 54000 in Section 80C, which will bring down your tax liability further.

Step 10: Compute Income Tax again
This time the investment declarations will also be taken in to consideration while calculating tax liability.

As you see, the tax liability in Old regime was INR 64592 and it has come down to INR 50731. Also, the tax liability in old regime is now lesser than new regimd, so, you are recommended to choose the Old regime now.

The income tax calculator helps you understand the tax calculation process and also helps you save tax by letting you experiment your investment declarations. The income tax calculator advises you on how to save maximum tax.

00:00 Income Tax Calculator for FY 2021-2022
00:17 Income Tax Calculator
00:40 Basic Details
00:55 Earnings from your payslip
01:30 Deductions from your payslip
02:00 Make changes to Earnings and Deductions
02:55 Calculate Income Tax
03:37 Calculation Summary
04:08 Investment Declarations
05:25 Investment Summary
05:46 Compute Income Tax

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