In this article, We’ll create a Python program that determines the income tax owed on a specific quantity of money. Please be informed that the income tax slabs are changed every year. Since income taxes vary from nation to nation, we have created a program that solely supports the Indian format and uses India as the country for tax calculation.
Tax slabs for AY 2022-23
AMOUNT INCOME TAX RATE
Up to ₹2,50,000 0%
₹2,50,001 – ₹5,00,000 5% above ₹2,50,000
₹5,00,001 – ₹7,50,000 10% above ₹5,00,000 + ₹12,500
₹7,50,001 – ₹10,00,000 15% above ₹7,50,000 + ₹37,500
₹10,00,001 – ₹12,50,000 20% above ₹10,00,000 + ₹75,000
₹12,50,001 – ₹15,00,000 25% above ₹12,50,000 + ₹1,25,000
Above ₹15,00,001 30% above ₹15,00,000 + ₹1,87,500
Python Program to Calculate Income Tax
In this program, we will take annual income from the user as input after that we will pass that data to compare the Tax slab with different if-else conditions. After comparing we will calculate the tax and return it to that function to print the calculated Tax on that Income.
Python3
def calculate(amount, percent): return (amount * percent) / 100 def calculate_income_tax(total_income: float) -> float: if total_income <= 250000: return 0 elif total_income <= 500000: return calculate(total_income - 250000, 5) elif total_income <= 750000: return calculate(total_income - 500000, 10) + 12500 elif total_income <= 1000000: return calculate(total_income - 750000, 15) + 37500 elif total_income <= 1250000: return calculate(total_income - 1000000, 20) + 75000 elif total_income <= 1500000: return calculate(total_income - 1250000, 25) + 125000 else: return calculate(total_income - 1500000, 30) + 187500 if __name__ == '__main__': total_income = float(input("What's your \ annual income?\n>>> ")) tax = calculate_income_tax(total_income) print(f"Total tax applicable at \ ₹{total_income} is ₹{tax}") |
Input 1: When your income is ₹1,00,000 which is less than ₹2,50,000 then the tax should be ₹0
Output:
Input 2: When the income is ₹3,00,000 which is more than ₹2,50,000 then the tax should be ₹2,500
Output:
Input 3: When the income is ₹7,00,000 which is more than ₹5,00,000 then the tax should be ₹32,500
Output:
Input 4: When your income is ₹1,00,00,000 which is more than ₹15,00,000 then the tax should be ₹27,37,500
Output:
