Use Online Tax Calculator to File ITR for AY 2015-16

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    With the new Income Tax Return (ITR) forms being recently notified for assessment year 2015-16, filers can do an easy check of their annual tax liability on a new computer-based 'calculator' launched by the CBDT.

    The 'tax calculator' is an online computer-based programme hosted on the official website of the I-T department and is meant to help the taxpayer assess their due tax, in a general fashion, as notified for an assessment year by the government.

     

    Also read: How to compute your tax using an IT calculator?

    Use Online Tax Calculator to File ITR for AY 2015-16

    The CBDT had notified the new forms early this week ushering in the ITR filing season which ends on August 31.

    Officials said the 'calculator' has been updated and calibrated by the Central Board of Direct Taxes, the apex policy making body of the department, according to the new announcements made by the Finance Minister in respect to tax rates in his last Budget speech.

    The facility can be used by any taxpayer whether individual, corporate or any other entity, to compute the liability. However, it comes with a word of caution from the tax department that filers should not solely rely on it as complicated cases of ITR have different requirements which may not be addressed by the 'calculator'.

    "The calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances.

    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," a disclaimer by the department says.

    A senior official said the facility has been hosted on the website of the department-- www.incometaxindia.gov.in--, for the ease of all taxpayers who either do an e-filing or manual filing of ITR.

     

    The 'calculator' has been calibrated to compute 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.

    After it faced criticism, the Finance Ministry simplified the ITR forms excluding columns seeking additional details like the filers' foreign travel history and dormant bank accounts.

    PTI

    Read more about: income tax itr
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more