Income Tax Calculator, IT Calculator, Save Tax

About Income Tax Calculator, IT Calculator, Save Tax Android App

Income tax calculator by factoB is one of the easiest mobile app to calculate income tax for any salaried individual or employee.

It calculates tax, exemptions and deductions with detailed tax calculations and explanations based on the latest Indian tax rates for 2018-2019 assessment year. It helps you calculate taxable income and payable tax from salary slip. It also allows the user to save tax calculation and download it in PDF format.

Key Feature of factoB Income Tax Calculator

Quick Tax Calculation
Here you just need to select financial year, person type (Male,Female,Senior citizen,Super Senior citizen), place of residence (Metro, Non-metro), enter no. of children, Income from all sources, exemptions, deductions, donations and taxes paid (if any).

In no time, app will calculate total taxable income, rebate u/s 87A, surcharge, education cess (@2%), secondary and higher education cess (@1%) and show you the Tax amountto be paid at last. This app provides the quickest way to calculate tax.

Multiple Income Sources
Enter Incomes from the Salary, House Property or Other Sources to calculate tax.

Income from Salary It includes your Basic, DA, HRA, Medical allowances, Transport allowances, Conveyance allowances, Children Education allowances, Uniform allowances, Any other allowances.

Income from house property Here you need to select your type of House property (Self-occupied, Let out), your loss amount from House property. Also enter rent received and municipal tax paid if type of house property is ‘Let out’.

Income from Other Sources It includes all other incomes from various sources.

Exemptions They are a part of the fixed amount exempted from your allowances only if you give bill proofs of your allowance spendings.

All exemptions are covered here like

House Rent Exemption HRA is exempted from the following of the three conditions:
-> Actual HRA
-> 50% of the Basic pay (in metro) or 40% of the Basic pay (in non-metro)
-> Actual rent paid minus 10% of basic pay

Medical Exemptions Employees can claim a tax benefit of up to Rs. 15,000 per annum.

Transport Exemptions Employees can claim a tax benefit of up to Rs. 19,200 per annum.

Conveyance Exemptions Employees can exempt conveyance allowance to the extent of expenditure incurred for official purposes.

Children Education Exemptions It is exempted upto Rs 1200 per Child per annum (upto 2 childs)

Uniform Exemptions Employees can exempt uniform allowance to the extent of expenditure incurred for official uniform purchases.

Professional Tax Professional tax is a tax that is levied by a state government on all individuals who earn a living through any medium. Professional tax paid are exempted from income tax.

Deductions are the payments or investments made by the assesses through which a specific amount or percentage is reduced from their gross total income to arrive at total taxable income.

Deductions covered here are

Deduction under 24B It is deduction of home loan interest paid

Deduction under 80C It is most famous deduction it covers Investment in EPF, VPF, PPF, Sukanya Samriddhi scheme, NSCs, Insurance Premium etc

Deduction under 80CCD(1b) Additional contribution to NPS

Deduction under 80CCD(2) Employer's contribution to NPS account

Deduction under 80D Investment under Medical Insurance

Deduction under 80DD Deductions for disease and medical expense

Deduction under 80E Interest paid for higher education loan

Deduction under 80EE Interest on home loan for first time home owners

Deduction under 80DDB Deductions for dependents’ disease

Deduction under 80G Deductions for donations paid

Deduction under 80TTA Interest received on savings account

Deduction under 80U Deductions for disability

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