9 Easy Steps to Calculate Your Tax Liability

Here are 9 very easy steps to calculate your taxable income and income tax on taxable income. The persons who are confused to calculate their tax for A.Y. 2018-19 & A.Y.2017-18 should read the following article to calculate your income tax very easily with step-by-step guide. If you have any doubt regarding the calculation of taxable income or income tax should comment below. We will reply you as early as possible.

The following article is applicable for individuals/HUFs/AOP/BOI/Artificial Judicial Persons for A.Y.2018-19 & A.Y.2017-18.

Computation/Calculation of Taxable Income

  • Step 1: Calculate income under each head of income; for example: salary, house property, profession, business, capital gains, and income from other sources.
  • Step 2: Don’t forget to add income of any other person, which is required to be clubbed.
  • Step 3: Total the incomes as we discussed above.
  • Step 4: Deduct losses as per set off of losses provisions if applicable.
  • Step 5: Deduct deductions, which allowable as per under section 80C to 80U to arrive at total/taxable income.

Computation/Calculation of Tax Liability or Tax Refund

Note: Any tax payable or tax refund should be rounded off to the nearest multiple of Rs.10. 

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3 Comments

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  1. Suresh Ganpatrao Choudhari

    Really very useful information

  2. It is very useful .
    thanks
    sunil y

  3. very useful onformation and thanks

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