CBDT launches updated tax calculator for filing I-T returns

The Central Board of Direct Taxes (CBDT) has launched a revised online 'tax calculator' for computing annual I-T liability, which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month.

The 'tax calculator', a computer-based programme hosted on the web-based platform of the I-T department, would help taxpayers file their final Income Tax Return (ITR).

The 'calculator' is updated by the Central Board of Direct Taxes every fiscal after the budget announcement and is calibrated according to the new tax slabs announced by the finance minister.

The 'Systems' directorate of the department has recently launched the new online facility where a taxpayer, individual, corporate or any other entity, can compute the liability and email the filled-up format to a private email or to the email of the tax planner, intermediary or chartered accountant.

Taxpayers can see the tax calculator on the official website of the I-T department-- www.Incometaxindia.Gov.In.

The 'tax calculator' computes 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.  The 'tax calculator' acts like a true copy of the ITR.

The department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on the lines of credit card and bank transactions.