Now you can compute your tax liability on the official website of Income tax department of India. This income tax calculator helps you calculate your tax liability based on your taxable income. This calculator works for Individuals, Hindu Undivided Families (HUF), AOPs/ BIOs, Firms, Domestic Companies, Foreign Companies, and co-operative societies.
All you need to know is your ‘Net Income’ for the assessment year for which you want to calculate your tax liability. It is a simple three step process:
Visit the official calculator of income tax India http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx
and follow the three step process:-
STEP I – Select the assessment year. i.e 2012-13
Assessment year is the year in which you calculate your taxable income like for FY 2011-12, assessment year is 2012-13.
Here you have option to calculate your taxable income for any assessment year starting from 2002-03 till this AY.
STEP II – Select type of assesse. Select Individual
Here you have option to select from Individual, Hindu Undivided Families (HUF), AOPs/ BIOs, Firms, Domestic Companies, Foreign Companies, and co-operative societies.
In case of Individual assesse, you need to select the type of individual out from 4 options.
- If you are a Female Indian resident : Then select first option.
- If you are a Senior Citizen (60 Years or more – less than 80 Years) : Then select second option.
- If you are a very senior citizen ( 80 years or more) : Then select third option.
- If you are any other than the above three options : Then select fourth option
STEP III : Enter Net Income.
Press ‘Compute tax liability’ button to calculate your tax liability.
Here this automatic tax calculator will calculate your total income tax liability including Surcharge, Education Cess and Secondary and Higher education cess (SHEC).
The total amount of your tax liability as per the data entered by you will reflect in Red color below the ‘Compute tax liability’ button.
So now you can check your income tax liability any time any where on the official income tax website.
ALSO READ : Highlights Of Indian Union Budget 2012