The significance of Income Tax Calculator of Indian IT (Income Tax) website

Income tax calculator is a boon to taxpayers in India to know the tax to be paid with the income and expenses even on a daily basis.   Technology has made it easily possible to calculate the tax payable at any point of time in the financial year for the next tax assessment year.  This simple tool will help you in knowing the amount of tax to be paid and also the ways to capitalize your expenses for reducing the income tax to be paid.  This reduces the tension of calling the auditor each and every time you make an investment or for any other queries.

  • What Are The Basics To Know To Use The Income Tax Calculator:

To use this simple tool of income tax calculator the following facts are essential to be known for calculating the income tax.

Financial year:

The current year starting from 1st April to the 31st of March is the financial year in the income tax calculations.  All the income accrued and expenditure done for this period will fall under the purview of the financial year 2018-2019.

Assessment year:

All these income and expenditure are included in the final filing of the ITR or the Income tax returns for the net amount payable.  This ITR filing should be done between the 1st April to the date fixed as the last date of ITR filing by the Government.  Hence the income tax assessment year for the financial year 2018-2019 will be 2018-2019.

How to use the income tax calculator:

Just by logging into the official website of the income tax the calculator there in,   can be used to calculate your income tax. Fill in the correct details as per the requirement in the calculator including the deductions and source of incomes and press the button “calculate” to find out the tax to be paid for this financial year in the next assessment year.