The tax calculator is designed to help individuals from 20 different countries calculate the tax payable on their income earned in India over the last year.
It allows users to input their income, select their country of residence, and provide additional details like tax deductions, tax credits, and their age.
The calculator then computes the tax based on the predefined tax rates for each country, applying relevant exemptions or adjustments such as age-based reductions for senior citizens.
The tax rates vary by country, with India having a specific rate of 5% for residents. The calculator also accounts for any deductions or credits the user may have, subtracting them from the calculated tax.
It ensures that the tax payable is not negative, making it a practical tool for individuals to estimate their tax obligations. By including factors like age and allowing deductions and credits, the calculator provides a more personalized and accurate tax estimate for each user.