The calculator is only to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances.
Recently, the government launched online income tax calculator for individuals, corporate or any other entity, to compute the liability.
Here are three online calculators available in Income Tax site, under the tax tools menu on right side of the page. Individuals can choose the calculator depending on the tax complexities.
Individuals who have an only single source of income can calculate the tax liability with this calculator. One needs to enter basic details like assessment year, a status of tax, residential status and taxable income.
Income and tax calculator
Individuals who has multiple incomes can calculate their tax liability with this calculator. Tax payers must enter income under different heads and capital gains details for that particular year.
After clicking on Calculate button, it will show all the details along with surcharge and cess payable.
Advance tax calculator
Individuals can need to pay advance tax can estimate on how much to pay tax. One needs to enter different income under respective heads.
Once you submit the details, the tool provides all the details along with instalments with due dates for payment of income tax.
It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc, informs the CBDT.