There are many factors on which you can calculate the income tax. You can also use the online income tax calculator on the internet. You have to enter the required information on the calculator, and by that, you can estimate tax refund and easily file for the income tax refund.
Income tax is that one pays more than the actual tax amount in that case he is eligible for filing the income tax return from the income tax department and gets the amount after his file is processed. The entire amount he gets in his bank account for this he has to verify the refund process within 120 days of filing the return tax.
Here are some questions that are important for one who is going for filed for income tax return amount.Through these questions, he gets help to calculate his tax refund estimate and according to that, he can file for the return amount.
- Any deduction under the new tax regime
Yes, according to the new tax regime there is a deduction facility. This facility is used by the employer when he supports the NPS account of his employee. The deduction is allowed under section 80CCD(2)of the income tax act,1961. And the employee can claim for the maximum deduction of 10% of the salary (Salary means basic plus dearness allowance).
- The new tax regime offersa higher tax-exemption limit on income based on age
No. According to the present tax regime which offers a higher tax-exemption limit for senior citizens (age 60 years and above but less than 80 years) and super senior citizens (80 years and above the age of 80 years, the new tax regime does not offer a higher tax-exemption limit on income.
- How can an individual arrive on net taxable income?
If an individual wants to reach net taxable income, then he has to calculate the total of taxable incomes, in a financial year. After this, the one needs to total the amountof the deductions that an individual is eligible to claim in a financial year. One needs to deduct the total amount deductions from the total taxable income to reach the net taxable income.
- How do I know in which tax slab applies to my income?
The total tax is calculated on the different tax slabs in the particular tax slabs. When the income is increased according to that income at different levels will be taxed on the different tax slab rates.
That means whenever the income increased the tax rate is changed according to that and it will be calculated on different slab rates, so you can identify the actual value of your tax amount and when you need you can get the actual return tax amount accordingly.
We hope that these questions help you while you apply for the income tax return amount. On the base of thesequestions, you can easily calculate your tax refund estimate and filed for the amount.
