Tax payer needs to file ITR within due date. For salaried individual due date for submission of ITR is 31st, July, 2014. To help you in computing your tax liability CBDT has launched new online “tax calculator”. This income tax calculator also includes email facility. Compute your tax liability and send email about income and tax computation on your email id.
New Income Tax Calculator
This Tax calculator is hosted on Income tax website and meant for providing assistance to tax payer before they actually file Income tax return (ITR). It is updated by central board of direct taxes (CBDT) for every financial year after budget announcement. Current Tax calculator is updated as per Union Budget 2014-15 & it allows you to calculate current year tax liability also.
Also Read:- Union Budget 2014-15 – A Review
This New Income Tax Calculator can be accessed here.
Features of New Income Tax Calculator
- This tax calculator provide facility for computing tax liability for assessment year starting from 2010-11 to 2015-16.
- Not only individual it allows you to calculate tax for HUF, Domestic Company, Foreign Company, firm, LLP etc.
- Option for selecting tax calculation for Male, female, senior citizen, super senior citizen.
- Provision for calculating tax for Resident and Non –Resident
- Tax calculation including income from House Property, Capital Gains and other sources.
How to use Income Tax Calculator
In order to use this calculator kindly click here. You will be redirected to income tax calculator site. You need select assessment year and provide input for income from salary and other income detail. As soon as you place this information it will compute your tax liability automatically.
You can send this tax details on your email id by clicking on “Send Email” button. On clicking send email button it will ask your email id. Just input your email id and press go button.
Do share your views about this new tax calculator!