Budget 2019: How to calculate income tax

The newly-appointed Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2019 on Friday, July 5. All eyes are on the Finance Minister who will table her first Budget, with rising expectations from every sector as well as the taxpayers.

However, when it comes to taxpayers, there is always a lot of expectation from the Budget. In order to full understand the impact of the Union Budget on your taxes, you must be able to calculate your Income Tax without error.

FULL COVERAGE:  Union Budget 2019

One easy way to calculate your Income Tax without seeking another individual's assistance is to use to BusinessToday.In Income Tax Calculator. All you need to know it a few details including particulars of your home loan interest paid, rental income received, income from interest and interest paid on loan if any as well as your taxable salary. Basic Deductions - 80C, Interest from Deposits - 80TTA, Medical Insurance - 80D, Donations to Charity - 80G and Interest on Annual Loan - 80E are also some of the particulars required.

Here's how to calculate your Income Tax step by step:

• Go to the Budget 2019 tab on the right side of the BusinessToday.In page, click on it
• On the lower right side of the new page, you'll see the Income Tax Calculator
• Fill your name, age group and the financial year for which you wish to calculate
• Once done, press 'Next Step'
• On the new page, choose the financial year and age group. Once done, press 'Go to Next Step'
• Fill in your income details and press 'Go to Next Step'
• Fill in your deductions details and press 'Calculate'
• The Income Tax Calculator will show the taxes you'll have to pay in FY20 as well as your post-tax estimate

Also read: Budget 2019 LIVE updates: Nirmala Sitharaman to present her maiden budget today; here's what to expect

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