Income Tax Calculator
This is an income tax calculator to calculate income tax returns filing for the current year. You can use this free income tax calculator to figure out your income tax.
'How to file income tax' is on everyone's mind and we bring you a simple income tax calculator to figure out how much income tax you have to file during your income tax returns filing for the current assessment year.
This income tax calculator also provides latest income tax slabs based on your income and takes into account your various incomes and deductions that are available to you in Income tax Act. Income Tax has to be filed by every individual who earns more than Rs 2.5 lakh in an assessment year. You will need your Form 16 from your company in order to file your Income Tax Returns. One can fill Income Tax online.
Income Tax
Income tax return filing: How this man was slapped with Rs 37,45,000 addl income shock and how he got relief
Tue, Oct 23, 2018
A taxpayer had filed his return of income, which was processed by the tax officer under the ordinary procedure. After some time, the tax officer received some additional information on the taxpayer basis the Annual Information Returns filed by various institutions/companies as required under the Income Tax Ac ('the Act').
More >
Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin
Thu, Oct 18, 2018
Any immovable property received as a gift would be taxed in your hands. The next step would be to determine the value that must be taxed. For this, the law prescribes something called the Stamp Duty Value (commonly referred to SDV) of the asset, which is nothing but the value of the property adopted by stamp valuation authorities for determining the stamp duty.
More >
Is there fine on cash use in business deals?
Tue, Sep 11, 2018
During tax proceedings of a taxpayer who was engaged in the transportation business, the tax officer observed a discrepancy in the gross receipts. The taxpayer had disclosed gross receipts of Rs. 71.61 lakh, but total receipts in his bank account was Rs 89.06 lakh.
More >
Income tax return filing: Warning! Big changes made, here is how it may impact you
Thu, May 31, 2018
The due date for filing your tax returns for the previous financial year, that is, April 1, 2017 to March 31, 2018 is July 31, 2018. This applies to individuals who are not supposed to get their accounts audited. Basically it covers all the salaried class taxpayers. For all other class of taxpayers, the due date is September 30.
More >
What is tax deducted at source? Your income tax returns (ITR) filing explained in brief
Wed, May 16, 2018
What is tax deducted at source? Income tax returns (ITR) filing is expected from every Indian citizen who is earning through self-employment or working in an organisation. TDS steps are to be followed consistently on annual basis.
More >
Income Tax notice: Time to panic over your income tax returns filing?
Mon, May 14, 2018
Citizens pay income tax for various things. Sometimes they fail to divulge the real state of their income. This can happen unknowingly too. If that is the case and an Income Tax Returns notification is received by taxpayers then, is it time to start panicking?
More >
Income tax returns (ITR) filing: What is tax avoidance
Wed, May 09, 2018
In an effort to save tax, do not take the wrong road that meanders into illegalities. The effort may tempt you to follow certain steps that may come under unlawful way of savings taxes, but do not go that way. Taking advantage of loopholes in our income tax laws to reduce tax outgo is not right.
More >
Income tax returns filing: 1 in 4 employees unaware of tax benefits in salary
Tue, Apr 24, 2018
Among the employees that opt out of reimbursements, 56 per cent of them do so for higher in-hand salary, thereby not using the full potential of the tax benefits offered to them, the Zeta employee benefits survey commissioned to Nielsen India said today. Employee tax benefits are tax saving benefits offered by companies to salaried employees as part of their cost to company (CTC)
More >
From April 1, 10 income tax returns filing changes you will have to deal with
Sat, Mar 31, 2018
While the changes are simple, they still have to be correctly assessed and then given adequate explanation when you eventually file your tax returns. Not knowing them is not an option. Ultimately, a taxpayer will have to deal with them. And the sooner they do, the better it is as otherwise they will be left with no option but to try and fix it at the last moment and that is a certain recipe for disaster since mistakes will be made in the rush
More >
