With the new Income Tax Return (ITR) forms notified
recently for assessment year 2016-17, filers can do an easy check and
obtain their annual tax liability on a computer-based calculator hosted
by the IT department.
The ‘tax calculator’ is an
online computer-based programme hosted on the official website of the
department and 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.
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 facility can be used by any taxpayer whether individual, corporate or any other entity, to compute their tax liability.
However,
there is 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 official said the calculator has been hosted on the
website of the department — www.incometaxindia.gov.in —, for the ease of
all who either do an e-filing or manual filing of ITR.
The
calculator has been enabled 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.
Also, the 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) is expected to go
online and get enabled this week, the other ITRs will be hosted soon
after, a senior IT department officer said.
The
Central Board of Direct Taxes had notified the new forms on March 30 and
ITRs can be filed till the stipulated deadline of July 31,2016
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.
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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