Income Tax Department Launches New and Improved Online Calculator
The Income Tax Department has launched an easy-to-use online calculator on its website. User can calculate his/her income tax based on the income and complete the tax formalities, including paying the tax, online.
Information and details regarding the tax amount to be paid have been sent to the email id of all taxpayers. Based on this, taxpayers can calculate the amount of tax they will have to pay for their various incomes and fill up the online form appropriately.
The online calculator helps in calculating taxes from bonuses and incentives, income from assets like house, capital gains, business, profits from trade, and agricultural income.
Launching of the online calculator is part of the Government’s efforts to encourage and simplify tax payment processes.
Tax Calculator as per Union Budget 2014-2015.