Central Board of Direct Taxes (CBDT) has launched a new online ‘tax calculator’ for computing annual I-T liability.The ‘tax calculator’ is a computer based program hosted on the web-based platform of the I-T department and is meant for the aid of the taxpayer before they file their final Income Tax Return (ITR). The ‘calculator’ is updated every fiscal after budget and is calibrated by the Central Board of Direct Taxes according to the new announcements made by the Finance Minister in respect of tax rates.
The ‘tax calculator’ computes the total tax liability of an individual or any other category of taxpayer under various heads like income from house property, capital gains, profits and gains of business or profession and agricultural income among others.
The department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
You can access the calculator here at: Income Tax Calculator
Also e-payment facility can be availed here: E-Tax payment system
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