Tax Calculation Made Easy: Worksheets To Help You Arrive At Your Tax Liability 

What’s the first thing that comes to mind when you think of calculating tax liability? Add up your total income, from salary, business or profession, and look at the income tax slab it fits in. But calculating your tax liability is not that simple. There are some components of income that are tax-free, then there is income from other sources such as capital gains or from moonlighting or a side gig that you may be doing for an income kicker, and so on. Some of these may be taxed at a different rate and not at your slab rates. Post that, tax deduction benefits, where applicable, come into play and income tax slabs get applied only later. Your final tax liability is arrived at after considering various factors at different stages of calculation under the Income tax Act, 1961. If you don’t want to get unpleasantly surprised and pay extra at the time of filing your income tax...