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Income Tax Calculator

Assessment year

Age category

Income

Gross salary income

₹

Annual income from other sources

₹

Annual income from interest

₹

Annual income from let-out house property (rental income)

₹

Annual interest paid on home loan (self-occupied)

₹

Annual interest paid on home loan (let-out)

₹

Deductions

Basic deductions u/s 80C

₹

Contribution to NPS u/s 80CCD(1B)

₹

Medical Insurance Premium u/s 80D

₹

Donation to charity u/s 80G

₹

Interest on Educational Loan u/s 80E

₹

Interest on deposits in saving account u/s 80TTA/TTB

₹

HRA Exemption

Basic salary received per annum

₹

Dearness allowance (DA) received per annum

₹

HRA received per annum

₹

Total rent paid per annum

₹

Do you live in a metro city?

What is an Income Tax Calculator?

An income tax calculator is an online tool that lets you calculate your income tax liability based on the income generated in a year. Every salaried individual needs to pay applicable tax through the income tax portal handled by the Central Board of Direct Taxes (CBDT). The Navi income tax calculator aligns with the tax updates announced during the Union Budget 2021-2022 and helps you calculate the taxes that you owe with ease.

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How to Use an Income Tax Calculator?

An income tax calculator takes into account your annual income, investments, savings, etc. to calculate the tax payable. The tax regime (old or new) and the tax slab you fall under is also a deciding factor. With Navi’s income tax calculator, calculating the tax you owe is easy, fast and accurate. Here’s how to calculate the income tax using the online calculator:

Select the assessment year

Select the year of assessment for which you want to calculate the income tax

Enter salary details

Enter the details of your gross salary (either month or yearly salary you have received without deduction) and annual income earned from other sources (if any)

Enter details of deductions

Enter the details of deductions you can avail of under various sections of the Income Tax Act

Enter details of exemptions

Enter the details for HRA exemptions, including basic salary, HRA, DA, and the total rent you have paid per annum

Select your location

Finally, select your location details to see whether you live in a metro city

The calculator will display the tax you owe in just a few seconds

What is the Formula for Calculating Income Tax?

Income tax is calculated based on the income slab you fall under.

Here are the old and new income tax slabs:

Income tax slabs

Old tax rates

(With exemptions and deductions)

New tax rates

(Without exemptions and deductions)

0 – 2,50,0000%o%
2,50,000 – 5,00,0005%5%
5,00,000 – 7,50,00020%10%
7,50,000 – 10,00,00020%15%
10,00,000 – 12,50,00030%20%
12,50,000 – 15,00,00030%25%
15,00,000 & above30%30%

Advantages of Using the Navi Income Tax Calculator

Here are some advantages of Navi’s Income Tax Calculator

User-friendly design

Easy-to-use and intuitive

Saves time

Calculate the tax payable in seconds

Helps you plan better

Calculate your income tax to better manage your budget and apply for eligible deductions

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Frequently asked questions

You can calculate your tax liability for the current financial year or past years.
Yes, the Navi income tax calculator is absolutely free to use. You don’t have to pay any charges to calculate your tax liability.
Yes, firms, companies, and foreign companies can also use the income tax calculator facility.
You can request your employer to provide you with Form 16. You can also download it from the Income Tax Department’s website.
Opt for the old or new tax regime depending on your income tax slab as well as whether you are eligible for deductions and exemptions.
Disclaimer : Navi does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User’s own risk.

Blogs

Jan 1

Income Tax On Interest Earned From Fixed Deposits

Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.

Jan 22

Fixed Deposit 101: Should You Invest In FDs?

A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.

Feb 18

Tax-Saver FDs in India: Tax Deductions Through Section 80C Of Income Tax Act

Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.

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