How to compute your tax using an IT calculator?

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Yes, now it's easy to compute your tax liability if you are aware of your total net income. The Income Tax department has provided a calculator which helps you to calculate your tax liability based on your taxable income. Here, you need not download any software or excel for calculation.

How to compute your tax using an IT calculator?

Steps to compute tax

Step 1-Visit income tax site

Step 2-Select the assessment year

Step 3-Select type of Assesseee

Step 4 - If your Assessee type is Individual than select

Income of Individuals as

  • Resident - Female 
  • Resident - Senior Citizen (60 years or more but less than 80 years) 
  • Resident - Very Senior Citizen (80 years or more) 
  • Any Other 

Step 5- Enter your net income

Step 6- Click on Compute tax liability

* Your liabilities will be known

This calculator provides deduction along with Income-tax Surcharge, Education Cess, Secondary and Higher Education Cess. This is hassle free calculation where you can compute your tax liabilities in a few seconds.

GoodReturns.in

Read more about: tax
Story first published: Monday, November 19, 2012, 10:16 [IST]
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