How Do You Calculate Your Taxable Income? Here Is A Step-By-Step Photo Guide

As FY25 ends, calculate your taxable income to know deductions and exemptions under the old tax regime. Follow these steps to reduce your tax liability and simplify the filing process.

Crunch the numbers carefully. Your taxable income is the key to accurate tax filing.

Find Out Your Total Income: Your financial journey begins with identifying your total income. It’s the sum of all earnings, more than just your salary. Include earnings from business, rental properties, and even interest on savings accounts | Photo: ABP Live AI

Know Your Deductions: The Income Tax Act offers numerous deductions to help you lower your taxable income. From Section 80C investments like PPF and ELSS to Section 80D health insurance premiums, these deductions can substantially reduce your liability | Photo: ABP Live AI