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We will create a Python program that will assist us in calculating income tax based on certain conditions. Keep in mind that criteria are not fixed because income tax formats differ from country to country. In this code, I’m calculating income tax in Indian format.
Examples:
Example1:
Input:
Give Income = 670000
Output:
The tax for the income 670000 = 29500.0
Example2:
Input:
Give Income =1200000
Output:
The tax for the income 1200000 = 115000.0
Python Program to Calculate the Income Tax
Below are the ways to calculate the Income Tax in Python.
Method #1: Using If Statement (Static Input)
Approach:
Give the income as static input and store it in a variable.
Now we’ll place if and else statements here to complete our income tax calculating conditions, which are as follows,
If your income is less than or equivalent to Rs. 2,50,000, you will pay no tax.
If your income is less than or equal to Rs. 5,00,000, your tax will be 5% of your total income over Rs. 2,50,000.
If your income is less than or equal to Rs. 7,50,000, your tax rate will be 10% of your total income beyond Rs. 5,00,000, with an additional cost of Rs. 12,500.
If your income is less than or equivalent to Rs. 10,00,000, your tax rate will be 15% of your total income over Rs. 7,50,000, with an additional fee of Rs. 37,500.
If your income is less than or equal to Rs. 12,50,000, your tax rate will be 20% of your total income beyond Rs. 10,00,000, with an additional fee of Rs. 75,000.
If your income is less than or equal to Rs. 15,00,000, your tax rate will be 25% of your total income beyond Rs. 12,50,000, with an additional cost of Rs. 1,25,000.
If your income exceeds Rs. 15,00,000, you will be taxed at 30% of the excess, with an additional fee of Rs. 1,87,500.
Print the Tax.
The Exit of the Program.
Below is the implementation:
# Give the income as static input and store it in a variable.
givenincome = 670000
# We will use if and else statements here to complete our income tax calculating conditions,
# which are as follows,
# If your income is less than or equivalent to Rs. 2,50,000,the taxAmount=0.
if givenincome <= 250000:
taxAmount = 0
# If your income is less than or equal to Rs. 5,00,000,
# the taxAmount will be 5% of your total income over Rs. 2,50,000.
elif givenincome <= 500000:
taxAmount = (givenincome - 250000) * 0.05
# If your income is less than or equal to Rs. 7,50,000,
# your taxAmount rate will be 10% of your total income
# beyond Rs. 5,00,000, with an additional cost of Rs. 12,500.
elif givenincome <= 750000:
taxAmount = (givenincome - 500000) * 0.10 + 12500
# If your income is less than or equivalent to Rs. 10,00,000,
# your taxAmount rate will be 15% of your total income over Rs. 7,50,000,
# with an additional fee of Rs. 37,500.
elif givenincome <= 1000000:
taxAmount = (givenincome - 750000) * 0.15 + 37500
# If your income is less than or equal to Rs. 12,50,000,
# your taxAmount rate will be 20% of your total income beyond Rs. 10,00,000,
# with an additional fee of Rs. 75,000.
elif givenincome <= 1250000:
taxAmount = (givenincome - 1000000) * 0.20 + 75000
# If your income is less than or equal to Rs. 15,00,000,
# your taxAmount rate will be 25% of your total income beyond Rs. 12,50,000,
# with an additional cost of Rs. 1,25,000.
elif givenincome <= 1500000:
taxAmount = (givenincome - 1250000) * 0.25 + 125000
# If your income exceeds Rs. 15,00,000,
# you will be taxed at 30% of the excess, with an additional fee of Rs. 1,87,500.
else:
taxAmount = (givenincome - 1500000) * 0.30 + 187500
# Print the Tax.
print('The tax for the income ', givenincome, '=', taxAmount)
Output:
The tax for the income 670000 = 29500.0
Method #2: Using For Loop (User Input)
Approach:
Give the income as user input using int(input()) and store it in a variable.
Now we’ll place if and else statements here to complete our income tax calculating conditions, which are as follows,
If your income is less than or equivalent to Rs. 2,50,000, you will pay no tax.
If your income is less than or equal to Rs. 5,00,000, your tax will be 5% of your total income over Rs. 2,50,000.
If your income is less than or equal to Rs. 7,50,000, your tax rate will be 10% of your total income beyond Rs. 5,00,000, with an additional cost of Rs. 12,500.
If your income is less than or equivalent to Rs. 10,00,000, your tax rate will be 15% of your total income over Rs. 7,50,000, with an additional fee of Rs. 37,500.
If your income is less than or equal to Rs. 12,50,000, your tax rate will be 20% of your total income beyond Rs. 10,00,000, with an additional fee of Rs. 75,000.
If your income is less than or equal to Rs. 15,00,000, your tax rate will be 25% of your total income beyond Rs. 12,50,000, with an additional cost of Rs. 1,25,000.
If your income exceeds Rs. 15,00,000, you will be taxed at 30% of the excess, with an additional fee of Rs. 1,87,500.
Print the Tax.
The Exit of the Program.
Below is the implementation:
# Give the income as user input using int(input()) and store it in a variable.
givenincome = int(input('Enter some random salary = '))
# We will use if and else statements here to complete our income tax calculating conditions,
# which are as follows,
# If your income is less than or equivalent to Rs. 2,50,000,the taxAmount=0.
if givenincome <= 250000:
taxAmount = 0
# If your income is less than or equal to Rs. 5,00,000,
# the taxAmount will be 5% of your total income over Rs. 2,50,000.
elif givenincome <= 500000:
taxAmount = (givenincome - 250000) * 0.05
# If your income is less than or equal to Rs. 7,50,000,
# your taxAmount rate will be 10% of your total income
# beyond Rs. 5,00,000, with an additional cost of Rs. 12,500.
elif givenincome <= 750000:
taxAmount = (givenincome - 500000) * 0.10 + 12500
# If your income is less than or equivalent to Rs. 10,00,000,
# your taxAmount rate will be 15% of your total income over Rs. 7,50,000,
# with an additional fee of Rs. 37,500.
elif givenincome <= 1000000:
taxAmount = (givenincome - 750000) * 0.15 + 37500
# If your income is less than or equal to Rs. 12,50,000,
# your taxAmount rate will be 20% of your total income beyond Rs. 10,00,000,
# with an additional fee of Rs. 75,000.
elif givenincome <= 1250000:
taxAmount = (givenincome - 1000000) * 0.20 + 75000
# If your income is less than or equal to Rs. 15,00,000,
# your taxAmount rate will be 25% of your total income beyond Rs. 12,50,000,
# with an additional cost of Rs. 1,25,000.
elif givenincome <= 1500000:
taxAmount = (givenincome - 1250000) * 0.25 + 125000
# If your income exceeds Rs. 15,00,000,
# you will be taxed at 30% of the excess, with an additional fee of Rs. 1,87,500.
else:
taxAmount = (givenincome - 1500000) * 0.30 + 187500
# Print the Tax.
print('The tax for the income ', givenincome, '=', taxAmount)
Output:
Enter some random salary = 1200000 The tax for the income 1200000 = 115000.0
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