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Calculating income tax is not any rocket science. The following 5 steps give you an idea of the process.
- Calculate your gross total income. This includes gross income from Form 16; and the taxable income from other sources.
- Calculate your net deductions, which may include, donations, investments and savings such as provident fund subscriptions, Life Insurance Premiums etc.
- Your net taxable income is gross total income minus net deductions.
- Apply the appropriate income tax slab to calculate your tax payable on aggregate income.
- Education Cess of 3% is applied on the tax payable to arrive at the total tax payable. Relief under various sections would be applied on this total tax.
For example: Let us consider a net taxable income of Ravi as Rs. 8, 00,000.
As an assessee, here’s how his tax is calculated.
Calculation
| Tax up to Rs. 2,00,000 | Nil | |||
| Tax on Rs.2,00,000 to Rs.5,00,000 @ 10% | 30,000 | |||
| Tax on Rs. 5,00,000 to Rs. 8,00,000 @ 20% | 60,000 | |||
| Total | 90,000 | |||
| Educational Cess - 3% of Total Tax | 2,700 | |||
| Net Tax Payable | 92,700 | |||
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