How to Calculate Taxes on Your Own

Taxpayers can use the sheet to compute the taxes on their own. Following are some steps with which they can use the sheet:
Fill in the amounts for the first category of payments like the Basic and HRA
Then fill up the "Other Payments" and "Pre-requisites or Others" sections if you receive such payment. Once filled up the aggregate amount will represent the your overall income
Now comes the part of finding out how much can be exempted from taxes. For this you will need to put in the applicable figures for your housing loan interest or loss from residential property. (In case you are eligible for any of the above mentioned tax exemptions granted under Section 80C, 80D, 80U or 80E you can also include the amount to calculate your taxable income.)
Now, with regards to determining the applicable income tax amount the basic tax to be imposed on salary needs to be mentioned in the columns. Tax payers can also fill in the other taxes like PRV employer tax and referral claim.