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.
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.