I-T Department Launches Tax Calculator and E-Filing of Few ITRs Begins [ Current Affairs ]
About tax calculator: The tax calculator is computer-based programme works online and it is hosted on the website of the tax department. It is invented to help taxpayers or filers evaluate their tax liability. The calculator works when a filer correctly enters his basic details and information, which is informed for the current assessment year by the government.
About launching of tax calculator:
- E-filing of income tax was launched a select category of entities and individuals for the assessment year 2016 - 17 even as India’s IT department provided an online calculator for filers to do an easy check and obtain their annual tax charge.
The two categories are:
- ITR (Income Tax Returns) 1 (SAHAJ) which is for individuals having income from salary and interest,
- ITR 4S (Sugam) which is for individuals, HUF, partnership firms having income from probable business.
At the time of filing the form, the taxpayer has to fill his PAN details, personal information and information on taxes paid but TDS will be auto-filled in the form.
There is an attention from the tax department that filers should not only depend on it, as difficult cases of ITR have different requirements which may not be addressed by the calculator.
- Published on: April 4, 2016