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
Single cash payments over Rs 2 lakh need to be reported: CBDT
Fri, Dec 23, 2016
The Central Board of Direct Taxes (CBDT) has clarified that reporting requirements as per the rules are applicable when a single transaction involves receipt of cash payment exceeding Rs 2 lakh for sale of goods or services, signifying that no aggregation is required, a Union Finance Ministry release here said.
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Bring certain agricultural activities into income tax net: Experts tell Jaitley
Wed, Dec 21, 2016
In an attempt to curb people from converting black money into white, economists in their pre-budget consultative meeting with Finance Minister Arun Jaitley in New Delhi on Tuesday suggested the minister to bring certain type of agriculture income under tax net.
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Are you an SME? We explain how to take advantage of income tax on digital turnover
Wed, Dec 21, 2016
Earlier this week, finance ministry had rolled out a benefit of lower income tax rate, under section 44AD, for small businesses with turnovers up to Rs 2 crore if it were in digital/banking transactions.
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This is how Govt may discourage you from using cash
Tue, Dec 20, 2016
After demonetisation, Government of India is currently mooting several proposals to push the country towards being less-cash. Apart from giving discounts on using debit or credit cards, there is a possibility that using cash may be taxed, Aseem Manchanda reports.
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GST rollout may be pushed to July, industry needs time: Experts
Sun, Dec 18, 2016
With "turf issue" over tax payer jurisdiction continuing to clog GST Council deliberations, the Goods and Services Tax (GST) rollout could be delayed by a quarter to July 1 as industry would require time to prepare itself, experts said.
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Political parties can't accept old notes in donation; tax exemption rules unchanged: Arun Jaitley
Sun, Dec 18, 2016
In a bid to clear the air on tax exemption to political parties, Finance Minister Arun Jaitley said on Saturday they can not accept donations in old Rs 500 and Rs 1,000 notes since these bills were junked last month and clarified that there is no new exemption granted.
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Income tax exemption given only to registered political parties subject to certain conditions: CBDT
Sat, Dec 17, 2016
After the government announced that political parties depositing old notes post demonetisation will be exempted from income tax, the CBDT issued a clarification on Saturday stating that the exemption from income tax is given to only registered political parties subject to certain conditions which
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Deposit in bank acounts of political parties exempt from tax, says Hasmukh Adhia
Sat, Dec 17, 2016
As it levies stiff penalties on unaccounted cash in banks, the government on Friday said political parties depositing old Rs 500 and Rs 1,000 notes in their accounts will be exempt from income tax.
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Did Arun Jaitley just hint at lower income taxes rates?
Tue, Dec 13, 2016
Jaitley said, "Future transaction would be substantially digital and once they are substantially digital, they would come in the tax net. Therefore, the future taxation level would be much higher than what is currently being collected."
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Rs 13,860 crore declared in IDS ''not mine'': Mahesh Shah
Sat, Dec 03, 2016
Mahesh Shah, a businessman from Gujarat who made a surprising disclosure Rs 13,860 crore in unaccounted wealth under the Income Declaration Scheme (IDS) two months ago, said on Saturday he was used as a front by some businessmen and politicians to declare the money and would name them soon.
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Digital banking may eat into ATM business
Fri, Dec 02, 2016
According to V. Balasubramanian, President, Financial Software and Systems (FSS), the demand for ATMs is unlikely to be affected in the next couple of years, but "it is not possible to make a growth estimate after two years given the changed situation".
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