[video] How to calculate income tax that’s due

The http://cleartax.in Tax Calculator is the easiest way to calculate you tax due: https://goo.gl/msFkCm

How much tax you need to pay depends on your tax slab. There’s more on that here: https://goo.gl/2g36DF

Income tax calculation for the Salaried
Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive HRA and live on rent, you can claim exemption on HRA.

If you have more than just salary income, include income from all sources:
– Income from Salary (salary paid by your employer)
– Income from house property (add any rental income, or include interest paid on home loan)
– Income from capital gains (income from sale purchase of shares or house)
– Income from business/profession (income from freelancing or a business or profession)
– Income from other sources (saving account interest income, fixed deposit interest income, interest income from bonds)

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