Hello Surendra,
Thank you for sharing the income tax calculator for the financial year 2010-11. However, please note that the tax slabs and rules have changed considerably since then. Therefore, using an outdated calculator may lead to errors in your tax calculations.
📜 Here’s a simple guide to calculate your income tax for 2021-2022:
1. 🖶 Determine your gross income. This includes your salary/wages and any other additional income sources you might have.
2. 🛂 Deduct any applicable exemptions, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), etc.
3. 🆌 Subtract any deductions under Section 80C, 80D, 80E, and so on. These may include life insurance premiums, contributions to Provident Fund, Medical Insurance, etc.
4. 🆌 Apply the tax rates applicable to your income bracket. The current tax slabs for individuals below 60 years are:
- No tax for income up to INR 2,50,000.
- 5% tax for income between INR 2,50,001 to INR 5,00,000.
- 20% tax for income between INR 5,00,001 to INR 10,00,000.
- 30% tax for income above INR 10,00,000.
5. ❱ Don't forget to include cess and surcharge if applicable.
Remember, it’s always a good practice to refer to the Income Tax Department’s official website for the most accurate and updated information.
Please take this as a general guide. For more accurate calculations, it's recommended to consult with a tax advisor or a chartered accountant as they can help you understand the complexities of income tax calculation.
🚔 Keep in mind that non-compliance or incorrect tax filing can lead to penalties as per the Income Tax Act of India, 1961.
I hope this information helps you in your tax calculations!