CBDT Launches New Tax Calculator for Taxpayers
The tax calculator is launched by CBDT for computing annual income tax liability, it’s a computer based program hosted on the web based platform of the IT department.the tax calculator can be emailed to personal inbox’s of tax payers before returns are filed by the edn of this month. It is meant for the aid of the taxpayers before they file their final income tax return(ITR). The calculator is calibrated by the Central board of Direct taxes according to the new announcements made by the Finance Minister in respects of tax rates.This calculator can use as an aid to compile your tax return.The facility of emailing the tax calculator has been launched as part of new measures initiated by the department to make ITR filing more custom friendly. The tax calculator figure out the total tax liability of an individual or any other category of tax payer under various heads like income from house property, capital gains , profit and gains of business or profession and agricultural income among others.It’s act like a true copy of ITR.
This calculator carries out following calculations for individual and HUF assesssees for the Assessment Year 2014-15 for resolving your taxable Income and income tax.
1. Evaluate taxable Income by determining income from all sources including salary and allowances, Hous property, Capital Gains etc.
2. Calculate income chargeable at special rate for determining the taxable income.
3. According to various sections of income tax act, calculate the deduction available from the tax income.
4. Evaluate and shows income tax with slab-wise income details.
5. Calculate additional charge net of Marginal relief, wherever applicable.
6. Calculate Income net of Income Tax liability.
The department will soon start updating the status of their Income Tax refunds and processing of certain tax statements to taxpayers by sending real-time SMSes and emails.