Online Tax Calculator with latest tax slab and Email Feature Launched by CBDT
CBDT has launched new tax calculator updated with the income tax slab of financial year 2014-15, for computing tax liability which can also be emailed to the mail address of the assessee, to his chartered accountant or to his tax/financial planner.
The tax calculator is updated every fiscal year with the latest slab rates and tax rebates according to the announcements made by the Finance Minister.
The Tax Calculator computes the total tax of an individual or any other category of taxpayer (HUF, LLP, AOP, BOI, Company, Firm and Society) by taking the figures of salary, house property, business/profession, capital gains, income from other sources and deductions under various sections i.e. 80C to 80U. The tax liability so arrived is after the tax rebate of Rs 2,000 under section 87A. The tax calculator acts like a true copy of Income Tax Return.
This step has taken to make filing ITR more user friendly. Soon department will start sending mails and SMSes about the status of assessee I-T refunds and processing of certain tax statements.
The calculator can be accessed at