Tax liability can now be calculated easily as the tax department has launched a new computer-based calculator to simplify tax-related issues for the payers.
The Central Board of Direct Taxes (CBDT), which recently rolled out a new income tax return or ITR forms for the current financial year, has now included 'tax calculator' on the official website of the Income Tax department.
The CBDT is responsible for updating and calibrating the newly-launched feature to calculate the payable tax amount, officials told NDTV Profit.
The 'tax calculator' can be used by any individual, corporate or others to assess their tax liability.
However, the tax department has clarified that the filers "should not solely rely" on the new facility to know the liability, as it may not give the exact results for certain cases of ITR.
"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 disclaimer by the department states.
The new facility comes in the wake of changes proposed by Finance Minister Arun Jaitley during the presentation of FY 16 budget in February.
The feature has been made available on the income tax department's website to all taxpayers, who file their returns electronically or manually, a senior official said.
By using the 'calculator', tax payers can know their liability on income from house property, capital gains, profits and gains of business or profession, agricultural income and others.
