Calculations of Personal Income Tax 2020-2021
In this blog i have tried to explained the concepts of Income tax calculations for any layman. A salaried person or a professional can easily calculate his or her own income tax by understanding the basics of Income tax calculation process.
How to Calculate Your Income Tax in 5 steps
- Step 1: Calculate your gross income. First, write down your annual gross salary you get annually.
- Step 2 – Arrive at your net taxable income by removing deductions as applicable under different sections.
- Step 3: Arriving at your net taxable income
- STEP 4 – Calculate Your Taxes as per slab.
- Step 5: Consolidate your net tax.
Hope you all will enjoy reading my blog.
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