• About Us
  • Privacy & Policy
  • Contact
The Magazine Times
  • Home
  • News
    • All
    • Business
    Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

    Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

    Espresso

    Step by step instructions to Begin an Economical Espresso Truck Business

    The Top Advantages of Considering Custom Hemp Oil Boxes 

    The Top Advantages of Considering Custom Hemp Oil Boxes 

    Why you need a business coach

    Why you need a business coach

    How to Build a Recruitment Agency Software in 4 Easy Steps

    Can You Hire A Real Estate Agent To Help You Find The rental property?

    The 5 Greatest Innovation Patterns In 2023 Everybody Should Prepare For the present

    Trending Tags

  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Water purifier

    Benefits of Water purifier and avail best services for it

    Dongguan Promax

    Dongguan Promax: The Most Advanced Pogo Pin Technology

    YouTube Video Downloader Online for Long Videos

    YouTube Video Downloader Online for Long Videos

    mechanical keyboard

    Why use a mechanical keyboard?

    VR Games

    Best Multiplayer VR Games in 2023

    WHAT IS THE DIFFERENCE BETWEEN Mbps & MBps? (Megabits per second and Megabytes per second)

    WHAT IS THE DIFFERENCE BETWEEN Mbps & MBps? (Megabits per second and Megabytes per second)

    Trending Tags

  • Entertainment
    • All
    • Gaming
    • Sports
    Animal Crossing

    Animal Crossing: New Horizons is the title of the current instalment in the series

    Encanto – A Disney Movie Trivia Quiz

    Encanto – A Disney Movie Trivia Quiz

    Veibae Face – Is Veibae Face a Voice Changer?

    Veibae Face – Is Veibae Face a Voice Changer?

    How to Get the Most Out of an Instagram Influencer

    How to Get the Most Out of an Instagram Influencer

    Unblocked Games

    Unblocked Games

    Sonic 2 Game Review

    Sonic 2 Game Review

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health & Fitness
    • Travel
    The 5 Best Astrology Apps To Help You Understand Your Horoscope

    The 5 Best Astrology Apps To Help You Understand Your Horoscope

    owl

    Manga Owl Yaoi: What can I use instead of MangaOwl?

    Commitment

    12 Unique Commitment Gifts Each Couple Will Cherish in 2022

    Can You Hire A Real Estate Agent To Help You Find The rental property?

    6 Methods for guaranteeing the Best Consideration for Your Youngster

    Necklace Chains

    Know About the Types of Necklace Chains

    Dog Breeds

    Top 15 Herding Dog Breeds in 2023

    Trending Tags

  • Review
    themelbwinestore.com.a

    The Melbourne Wine Store: Opening Hours, Taste Wines Review (2022)

     Cheapest NBA 2K22 MT 

    Guaranteed dark matter packs are included in the NBA 2K22 version of MyTeam

    Disneyplus com/begin – Enter Code for Smart TV

    Disneyplus com/begin – Enter Code for Smart TV

    Roof Racks For Adventure Vehicles: 7 Benefits

    Danger Warning for Diesel Owners

    Adminlinked.Com: Is It Real or Fake?

    Adminlinked .Com: Is It Real or Fake?

    Yayoins Review

    Yayoins Review: Is Yayoins legit or Not?

  • Celebrity
  • Digital Marketing
  • Education
No Result
View All Result
  • Home
  • News
    • All
    • Business
    Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

    Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

    Espresso

    Step by step instructions to Begin an Economical Espresso Truck Business

    The Top Advantages of Considering Custom Hemp Oil Boxes 

    The Top Advantages of Considering Custom Hemp Oil Boxes 

    Why you need a business coach

    Why you need a business coach

    How to Build a Recruitment Agency Software in 4 Easy Steps

    Can You Hire A Real Estate Agent To Help You Find The rental property?

    The 5 Greatest Innovation Patterns In 2023 Everybody Should Prepare For the present

    Trending Tags

  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Water purifier

    Benefits of Water purifier and avail best services for it

    Dongguan Promax

    Dongguan Promax: The Most Advanced Pogo Pin Technology

    YouTube Video Downloader Online for Long Videos

    YouTube Video Downloader Online for Long Videos

    mechanical keyboard

    Why use a mechanical keyboard?

    VR Games

    Best Multiplayer VR Games in 2023

    WHAT IS THE DIFFERENCE BETWEEN Mbps & MBps? (Megabits per second and Megabytes per second)

    WHAT IS THE DIFFERENCE BETWEEN Mbps & MBps? (Megabits per second and Megabytes per second)

    Trending Tags

  • Entertainment
    • All
    • Gaming
    • Sports
    Animal Crossing

    Animal Crossing: New Horizons is the title of the current instalment in the series

    Encanto – A Disney Movie Trivia Quiz

    Encanto – A Disney Movie Trivia Quiz

    Veibae Face – Is Veibae Face a Voice Changer?

    Veibae Face – Is Veibae Face a Voice Changer?

    How to Get the Most Out of an Instagram Influencer

    How to Get the Most Out of an Instagram Influencer

    Unblocked Games

    Unblocked Games

    Sonic 2 Game Review

    Sonic 2 Game Review

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health & Fitness
    • Travel
    The 5 Best Astrology Apps To Help You Understand Your Horoscope

    The 5 Best Astrology Apps To Help You Understand Your Horoscope

    owl

    Manga Owl Yaoi: What can I use instead of MangaOwl?

    Commitment

    12 Unique Commitment Gifts Each Couple Will Cherish in 2022

    Can You Hire A Real Estate Agent To Help You Find The rental property?

    6 Methods for guaranteeing the Best Consideration for Your Youngster

    Necklace Chains

    Know About the Types of Necklace Chains

    Dog Breeds

    Top 15 Herding Dog Breeds in 2023

    Trending Tags

  • Review
    themelbwinestore.com.a

    The Melbourne Wine Store: Opening Hours, Taste Wines Review (2022)

     Cheapest NBA 2K22 MT 

    Guaranteed dark matter packs are included in the NBA 2K22 version of MyTeam

    Disneyplus com/begin – Enter Code for Smart TV

    Disneyplus com/begin – Enter Code for Smart TV

    Roof Racks For Adventure Vehicles: 7 Benefits

    Danger Warning for Diesel Owners

    Adminlinked.Com: Is It Real or Fake?

    Adminlinked .Com: Is It Real or Fake?

    Yayoins Review

    Yayoins Review: Is Yayoins legit or Not?

  • Celebrity
  • Digital Marketing
  • Education
No Result
View All Result
The Magazine Times
No Result
View All Result
Home News Business

Online income tax calculator: How to calculate your income tax for FY 2022-2023

ackleyadam8@gmail.com by ackleyadam8@gmail.com
March 22, 2022
in Business
0
home loan

home loan

0
SHARES
36
VIEWS
Share on FacebookShare on Twitter

An income tax calculator is an online digital tool that helps to calculate the income tax liability for a particular financial year. However, for the current financial year, no changes have been mentioned by the Union Government. However, while calculating this financial liability, using an online tax calculator, consider knowing about the income tax liability for new and old regimes. This will help to will ease the calculations significantly and pay the correct amount. 

Steps to calculate an income tax online

The steps to calculate income tax are using an online calculator are given below – 

Step 1: Visit the official portal of income tax of India

Step 2: Select the desired assessment year

Step 3: Then, enter the type of taxpayer

Step 4: If a candidate has additional sources of income, click on ‘show details’ and fill up the required details

Step 5: Enter the ‘Profits and Gains of Business or Professions’, if applicable

Step 6: If an individual has agricultural income, they need to enter it in their required field

Step 7: Enter applicable deductions, including ‘life insurance premium paid’, ‘repayment of housing loan’ and others

Step 8: Finally, individuals have to enter their ‘Net Taxable Income’ to calculate income tax

Benefits of using an income tax calculator

The benefits of using for an online tax calculator are – 

  • It provides accurate details on income tax liability for taxpayers and helps them to pay the right tax amount. 
  • This calculator is fast and helps to save time considerably.
  • Calculating income tax manually might be challenging for most individuals. So, using an income tax calculator assists in an error-free calculation and provides the correct financial details. 
  • Finally, this calculator is free to use, and taxpayers can use it multiple times without paying any fees. 

It is important to note that beneficiaries who opted for a home loan have to pay lower income tax than those without an active loan. This is because a home loan fetches certain tax exemptions, which significantly lowers the tax liability. 

Tax benefits on a home loan 

The details about tax benefits of a home loan are provided in more information below – 

Benefit 1: Under Section 80 C

Under this section, an individual can claim a maximum home loan tax benefit of Rs.1.5 lakh on principal repayment every year. Moreover, it is essential to note that this is available on the construction and purchase of any residential property. Section 80C also offers tax exemptions on stamp duty and registration charges. 

Benefit 2: Under Section 80 EE

Section 80EE provides additional tax exemptions of Rs.50000. But, this is only applicable for residential properties below Rs.50 lakhs valuation. Also, the loan amount must not exceed Rs.35 lakhs.

Benefit 3: Under Section 24 B 

Individuals can claim a maximum tax exemption of Rs.2 lakh under this scheme. However, under section 24B, the tax exemption can only be claimed under interest payment of a home loan. 

Besides these tax benefits, leading financial institutions offer lenient home loan eligibility. This allows prospective borrowers to meet the prerequisites quickly to avail of a loan. However, one should remember that these eligibility criteria differ with every lender, and before settling for one, he/she must check these parameters thoroughly.  

Additionally, before availing of a home loan, most lenders advise using a home loan calculator to get a better financial understanding. A home loan EMI calculator provides a comprehensive idea about the financial liabilities of a prospective borrower.

Benefits of using EMI calculator 

A few benefits of using the home loan EMI calculator are – 

  • A home loan EMI calculator provides borrowers insight into the EMI beforehand, which helps in proper financial understanding before availing of a home loan. This assists in easy financial planning for them. 
  • The calculator provides an amortisation schedule that offers a detailed breakup on how payment proceeds throughout the tenor.
  • This calculator is a free tool to use and provides accurate details for prospective borrowers.     

In India, selected HFCs also offer pre-approved offers that simplify and expedite the loan application process. Such offers are available on a range of financial products like loans against property, home loans, etc. Borrowers can enter their name and contact number to check their pre-approved loan offer. 

Thus, individuals can use an online tax calculator for accurate results to calculate tax liabilities for the current financial year. Also, they can check the steps to get proper knowledge on how to use it.  

 

Previous Post

Importance of Auto Accident Attorney

Next Post

Warning Signs That Immersion Heater Replacement Is Needed:

ackleyadam8@gmail.com

ackleyadam8@gmail.com

My name is Adam and I am a professional blogger. I have searched out different niches and brought up amazing results. Contact me via e-mail at ackleyadam8@gmail.com

Next Post
Immersion Heater Replacement

Warning Signs That Immersion Heater Replacement Is Needed:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • Trending
  • Comments
  • Latest
Watch Ni Main Sass Kutni Punjbai Movie

Where to Watch Ni Main Sass Kutni Punjbai Movie Online

May 16, 2022
A-Lovely-Crypto-Wallet-Web-3.0-Dapp-Browser

A Lovely Crypto Wallet & Web 3.0 Dapp Browser

May 11, 2022
Paula Dietz

Paula Dietz (Dennis Rader’s Ex-wife) – Bio, Wiki, Age, Death

September 7, 2021
What is Hanahaki Disease

What is Hanahaki Disease? – Is it Reality or a Myth?

September 7, 2021
How to Make a Pakistani Dress Cut and Sew at Home

How to Make a Pakistani Dress Cut and Sew at Home

1
Water purifier

Benefits of Water purifier and avail best services for it

0
The Top 7 Tile Trends we Watched in 2021

The Top 7 Tile Trends we Watched in 2021

0
kitchen

Tips To Maintain The Perfect Kitchen

0
Water purifier

Benefits of Water purifier and avail best services for it

February 7, 2023
The 5 Best Astrology Apps To Help You Understand Your Horoscope

The 5 Best Astrology Apps To Help You Understand Your Horoscope

February 7, 2023
Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

February 6, 2023
Writing a Thoughtful Evaluation Essay – 5 Simple Tips to Get Started

Writing a Thoughtful Evaluation Essay – 5 Simple Tips to Get Started

February 4, 2023

Recent News

Water purifier

Benefits of Water purifier and avail best services for it

February 7, 2023
5
The 5 Best Astrology Apps To Help You Understand Your Horoscope

The 5 Best Astrology Apps To Help You Understand Your Horoscope

February 7, 2023
5
Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

Park View City Hills Estate: A Thorough Overview of this Luxurious Residential Development

February 6, 2023
7
Writing a Thoughtful Evaluation Essay – 5 Simple Tips to Get Started

Writing a Thoughtful Evaluation Essay – 5 Simple Tips to Get Started

February 4, 2023
4
The Magazine Times

Here at The Magazine Times, we share the latest news and helpful guides to our visitors. So, Stay Connected with us for the quality informational blogs.

Follow Us

Browse by Category

  • Apps
  • Business
  • Celebrity
  • Digital Marketing
  • Education
  • Entertainment
  • Fashion
  • Food
  • Gadget
  • Gaming
  • General
  • Health & Fitness
  • Home Improvement
  • Lifestyle
  • Mobile
  • News
  • Review
  • Sports
  • Startup
  • Tech
  • Travel
  • Uncategorized

Recent News

Water purifier

Benefits of Water purifier and avail best services for it

February 7, 2023
The 5 Best Astrology Apps To Help You Understand Your Horoscope

The 5 Best Astrology Apps To Help You Understand Your Horoscope

February 7, 2023
  • About Us
  • Privacy & Policy
  • Contact

© The Magazine Times Copyright 2021. All Rights Reserved.

No Result
View All Result

© The Magazine Times Copyright 2021. All Rights Reserved.