Calculate Income Tax liability as per the Old or New Tax Regime.
What is Income Tax
Income tax is a form of direct tax levied on the income generated by persons (Individuals, Companies, etc.). It is collected by the Central Government to fund public projects and initiatives. Income is classified into 5 different sources: Income from Salary, Business & Professional, Capital Gains, House Property, and Income from Other Sources.
In the case of Individuals/ HUF, it is mandatory to file the ITR if their gross income in a year exceeds the basic exemption limit of INR 2.5 lakhs. Whereas for companies, firms, etc. it is compulsory to file the ITR irrespective of their income.
However, the calculation of tax liability can change depending on any new guidelines issued by the government during the budget session or additional notification by the income tax department, thereby, making managing tax computation difficult and prone to error.
Sandbox’s income tax calculator APIs are constantly updated as per the latest guidelines, helping you in calculating the income tax liability.
Available Income Tax Calculators
- Calculate Income Tax as per the old regime: calculates income tax as per the Old Tax Regime.
- Calculate Income Tax as per the new regime: calculates income tax as per the New Tax Regime introduced in 2020.
Updated 3 months ago