For assessment
year 2015-16, new Income tax forms has been notified, you can check your annual
tax liability with great ease on a new computer-based calculator. Online
calculator is launched by CBDT.
It is hosted
on the online website of Income Tax Department. You can easily access your
- Due Tax
The ITR filing
session end in August so that new forms have been released by Income Tax
Department.
This new
facility can be used by anybody whether it is an individual or any corporate.
Tax department make it clear that filers should not depend completely on these
calculators as there are critical cases also related to ITR which have
different requirements. These requirements are not calculated by this
calculator. You can use it for basic tax calculations and does not give right
calculations for complicated cases. It should be clear that correct calculations
may be made according to Acts and Rules in provisions.
This facility
is available at www.incometaxindia.gov.
Calculator has been standardized to compute total tax liability under
- House property
- Capital gains
- Profits
- Agricultural income
- Profits of Business
These columns have been removed by government
from ITR form-foreign travel history and dormant bank accounts after strict
criticism.
For more
information visit tax advisor in India.
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