As the new fiscal year 2016-17 begins, the new Income Tax Return (ITR) forms have been appraised with duly upgraded assessment notification. Keeping this mind, IT Department has hosted computer-based calculator enabling the tax payers with easy tax check and obtain their annual tax liability.
‘Tax Calculator’ hosted on the official website of the IT department is an innovative online computer based program which is is meant to help taxpayers or filers assess their tax liability. The calculator works once a filer correctly feeds his basic details and information, as notified for the current assessment year by the government.
The tax calculator is hosted on the website of the IT department – www.incometaxindia.gov.in . It is hoped to ease out the task of e-filing or manual filing of Income Tax Return.
Further, the department is planning to provide e-filing facility for ITR-1 (for individuals having income from salaries, single house property and other sources) and ITR-4 (for individuals and Hindu Undivided Families (HUFs) having income from a proprietary business or profession) online on its website probably this week; the other ITRs will be hosted soon after, a senior IT department officer said.
The new forms had been upgraded on March 30 by The Central Board of Direct Taxes. It has issued the notification that the Income Tax Returns can be filed till the stipulated deadline of July 31.
Officials said the calculator has been updated and calibrated by the department as per the new announcements made in respect of tax rates in the latest Budget.
The said facility can be used by any taxpayer whether individual, corporate or any other entity, to compute their tax liability.
But the tax department has also issued the warning that filers should maintain caution and 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.
According the IT department, the calculator is capable of computing 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..
A total of nine such ITRs have been notified which include the Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and an acknowledgement form called the ITR-V.
Also, the notification demands that the people with an income of more than Rs. 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the IT department in the new ITRs.
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