LazyTax - Income Tax Calculator (New Regime)

Hosted here - https://rvndbalaji.github.io/lazy-tax/

LazyTax is a React-based web application that calculates income tax based on the new tax regime in India. It provides a user-friendly interface for inputting salary details and displays a comprehensive breakdown of tax calculations.

Features

• Input fields for Basic Salary, Housing Allowance, and Other Allowances/Bonuses
• Automatic calculation of Gross Annual Salary
• Standard Deduction and PF Deduction display
• Detailed tax slab-wise calculation
• Cess calculation
• Total tax payable (yearly and monthly)
• Monthly salary credited after tax and PF deductions

Technologies Used

• React
• React Bootstrap
• Local Storage for data persistence

How to Use

1. Enter your annual Basic Salary
2. Input your annual Housing Rent Allowance (HRA)
3. Add any other annual allowances or bonuses
4. The application will automatically calculate and display:
   • Gross Annual Salary
   • Standard Deduction
   • PF Deduction
   • Tax breakdown for each slab
   • Total tax payable
   • Monthly tax and PF deductions
   • Net monthly salary credited

Installation

1. Clone the repository
2. Run npm install to install dependencies
3. Run npm start to start the development server

Note

This calculator is based on the new tax regime in India as of the 2023-2024 financial year. Tax slabs and rates may change, so please verify the current tax rules for the most accurate calculations.

Contributing

Contributions, issues, and feature requests are welcome. Feel free to check issues page if you want to contribute.

License

MIT

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This README provides a brief overview of the project, its features, how to use it, and how to set it up for development. You may want to customize it further based on any specific details or requirements of your project.