The Pentaxsailaway Foundation Tax Calculator allows you to simulate some tax savings in 2008 from President Bush’s tax cuts that reduced the marriage penalty, and lowered taxes on work and savings. Unfortunately, these tax cuts are scheduled to expire in 2011, so taxpayers will pay more in taxes unless Congress renews the Bush tax cuts. First online tool for tax planning is Tax calculator. Almost each & every financial site whether it belongs to mutual fund Company, Investment Management Company or Life Insurance Company provides the above facility. Sites like Sify , moneycontrol provides wide range of calculators. Almost all sites provide Salary Tax Calculator but very few provide separate Capital Gains Tax Calculator also.

Income Tax Calculator India assesses the income of the adult male individual citizens. According to the new income tax rates, as fixed from 2007-08, there will be no tax charged on income of upto Rs. 1,10,000 per year. If the income of the person is Rs. 2,10,000, then the next Rs. 40,000 is taxable at the rate of 10% which is calculated as Rs. 4,000 and the remaining Rs. 60,000 is taxable at the rate of 20%, which is 12,000. Therefore, the net income tax payable, as calculated by the Income Tax Calculator India is Rs. 4,000 + Rs. 12,000 i.e. Rs. 16,000. Above 2,50,000, the person is required to pay 30% of amount greater than Rs. 2,50,000.

Similar computations are made by the Income Tax Calculator India in assessing the income tax of the women and senior citizens, as per income tax slabs. The income tax rate for women citizens with taxable income, no tax payment for income is required up to Rs. 1,45,000 per year while for the senior citizens it is fixed at Rs. 1,95,000.

There is an additional charge of 10% on total tax levied if the income exceeds Rs. 8,50,000, along with the education cess of 2% calculated on the tax amount.