The new Income Tax Return forms being recently notified for assessment year 2015-16, filers can do an easy check of their annual tax liability on a new computer-based ‘calculator’ launched by the Central Board of Direct Taxes.
With the new Income Tax Return (ITR) forms being recently notified for assessment year 2015-16, filers can do an easy check of their annual tax liability on a new computer-based ˜calculator™ launched by the CBDT.
The ˜tax calculator™ is an online computer-based programme hosted on the official website of the I-T department and is meant to help the taxpayer assess their due tax, in a general fashion, as notified for an assessment year by the government.
The CBDT had notified the new forms early this week ushering in the ITR filing season which ends on August 31.
The ˜calculator™ has been updated and calibrated by the Central Board of Direct Taxes, the apex policy making body of the department, according to the new announcements made by the Finance Minister in respect to tax rates in his last Budget speech.
The facility can be used by any taxpayer whether individual, corporate or any other entity, to compute the liability. However, it comes with 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 calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc.
The ˜calculator™ has been calibrated 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.
After it faced criticism, the Finance Ministry simplified the ITR forms excluding columns seeking additional details like the filers™ foreign travel history and dormant bank accounts.
