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CBDT’s launches new tax calculator

The calculator is updated every fiscal after budget

New Delhi: CBDT has launched a new online ‘tax calculator’ for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month.

The ‘tax calculator’ is a computer based programme hosted on the web-based platform of the I-T department and is meant for the aid of the taxpayer before they file their final Income Tax Return (ITR).

The ‘calculator’ is updated every fiscal after budget and is calibrated by the CBDT according to the new announcements made by the finance minister with respect of tax rates.

The ‘Systems’ directorate of the department has recently launched the new online facility where a taxpayer, individual, corporate or any other entity, can compute the liability and this filled up format can even be sent to a private email or to the email of the tax planner, intermediary or CAs. “The facility of emailing the tax calculator has been launched as part of new measures initiated by the department to make ITR filing more customer friendly. This is also a step to encourage more e-filing of ITRs,” a senior I-T officer said. Taxpayers can see the tax calculator on the official website —www.income-taxindia.gov.in.

The ‘tax calculator’ computes 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. The calculator acts like a true copy of the ITR.

( Source : PTI )
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