Calculator Tax

Tax Calculator

A salary calculator is an easy-to-use tool that assists in calculating the take-home annual salary, take-home monthly salary, total annual deductions, total monthly deductions, etc., of an individual.

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Total Monthly Deductions

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Total Annual Deductions

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Take Home Monthly Salary

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Take Home Annual Salary

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Goal

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Frequently Asked Questions

The salary income of an individual comprises of the following components
Basic salary
HRA
Special Allowance
Transport Allowance
any other allowance
Salary components like telephone bills, leave travel allowance and if live in rented premises, can claim the HRA as an exemption (with the prescribed limits for Metro and Non Metro Cities)
In addition to the above, mentioned deductions in the amount of Rs 40,000, which was introduced in the budget 2018 which was later increased to Rs 50,000 in the budget as standard deduction.
You can calculate your tax liability with Chola Securities’ income tax calculator.

No, it is not mandatory to file an ITR if your income is below the exemption limit, but it is advisable for every individual, including senior citizens and super senior citizens, to file their ITR returns if they earn above Rs. 2.5 lakhs and claim their tax refunds if any during the ITR.  

Income details, deductions and exemptions are the crucial components in the complex Income Tax calculation of an individual.
The new tax regime introduced by the government offers a flat tax structure without any scope of deductions unlike the old regime.
The Chola Securities’ income tax calculator will help you get a fair idea of your tax liability and make an informed decision.

As of FY 23 -24 the income limit for no tax is defined as per age
For Individuals below 60 years of age – Rs.2.5 Lakhs
For Individuals between 60 to 80 years – Rs. 3 Lakhs
For individuals above 80 years – Rs. 5 Lakhs  

Professional tax is a direct tax levied by the state government and is deducted from the gross salary of employees by your employer.
As tax is levied by the state government it may vary depending on the state you reside in Rs. 2500 is the maximum limit for professional tax that can be charged to an individual.