The `tax calculator’ is an online computer-based program 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.
Officials said 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,“ a dis claimer by the department says.A senior official said the facility has been hosted on the website of the department–www.incometaxindia.gov.in–for the ease of all taxpayers who either do an efiling or manual filing of ITR.