Python Program to Calculate the Income Tax

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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. We include all the necessary information to learn Income Tax Calculation code in python, Income Tax Program in python, Income tax calculation program in python hackerrank solution, Income Tax Calculator using python.

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 for Income Tax calculation program 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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Here are some problems if you want to try an application regarding the Income Tax Program In Python.

  1. Calculate Income Tax For The Given Income By Adhering To The Below Rules Taxable Income Rate (%) First 5,00,000 0 Second 7,50,000 10 Third 10,00,000 20 Remaining 30.
  2. Write A Program To Calculate Income Tax Of An Employee In Python?
  3. Write A Python Program To Accept Salary And Calculate Tax Amount?

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