The Indian Union Budget brings about some changes in income tax provisions every year. The changes include rates of taxes, tax exemption limit, tax slabs, tax saving instruments etc. This year also, Mr Pranab Mukherji, Finance Minister of India, has proposed some changes, the major one is raising of tax exemption limit.
With so many changes every year, it generally becomes difficult for a common man to keep track of them and make calculations accordingly. To alleviate this problem, the income tax department of India has provided the Income Tax Calculator on its website incometaxindia.gov.in. The Income Tax Calculator helps to compute our income tax liability based on our income in three simple steps.
1. Select the Assessment Year from a dropdown menu.
2. As the income tax exemption limits are different for different category of tax payers like women, senior citizens, etc, you need to select the category of tax payer (type of assessee).
Enter your Net Income.
3. Press compute tax liability button. Your income tax, surcharge, education cess etc will be displayed.
It is very convenient and can be used for any assessment year without having to worry about checking the tax slabs and tax rates. The latest category of very senior citizen is also included. More Information visit incometaxindia.gov.in
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