Income Tax Calculator

Income Tax Calculators for  Business and Personal Needs

Fund Minister Arun Jaitley has influenced a couple of minor changes in individual tax. He diminished the assessment rate to 5 percent from 10 percent for those with the taxable salary of Rs 2.5 lakh to Rs 5 lakh and furthermore slice the discount to Rs 2,500 from Rs 5,000. The expense rate cut will be helpful for all citizens. On the off chance that you are as yet befuddled with reference to how much your expense will be one year from now, here are some tax Calculators given.

Best Income tax Calculators

 1. ClearTax Calculator

Income Tax Calculator ClearTax

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2. Tax Calculator By Money Control

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3. Tax Calculator By Taxmann

Tax Calculator By Taxmann

4. Tax Calculator By Firstpost.com

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5. Tax Calculator By indiatimes.com

Tax Calculator India times

 

6. Tax Calculator By Gov of India

tax Calculator by India Gov

 

Individual IT Returns

DeMo Impact: Individual I-T Returns Up 25%

With the Centre tightening the screws on black-money holders, the number of income-tax returns (ITRs) filed this fiscal year has risen nearly 25 per cent.

According to official data released on Monday, the total number of ITRs filed till August 5 grew 24.7 per cent to 2.82 crores, as against 2.26 crore during the corresponding period of 2016-17.

 


The number of returns filed by individuals rose 25.3 per cent to 2.79 crores, as against 2.22 crore in the previous fiscal year.

 

This clearly shows that a substantial number of new tax payers have been brought into the tax net subsequent to demonetization.

Operation Clean Money

August 5 was the last day for filing income-tax returns after the deadline was extended from July 31.The Income-Tax Department had launched ‘Operation Clean Money’ to look into suspicious cash deposits during the note-ban period.
Taxpayers also had to declare cash deposits of over ?2 lakh made in their bank accounts during the demonetization window. In addition, they were required to link their Permanent Account Numbers with their Aadhaar numbers, and quote the 12-digit biometric identity in their returns.

Direct tax collections up

The Finance Ministry’s statement further said the effect of demonetization was also visible in direct tax collections.
As of August 5, advance tax collections of personal income tax had risen 41.79 per cent. Similarly, personal income tax under self-assessment grew 34.25 per cent from the year-ago figures.

IT returns deadline

IT returns deadline extended

 On Monday The income tax (IT) department extended the deadline for e filing of returns by five days, till August 5, after complaints were received that assessees were not able to submit returns.

 

The department had earlier ruled out extending the deadline for filing returns.

IT Filing Date Extended

The department also eased the time frame for linking permanent account number (PAN) with Aadhaar by August 30. Assessees can for now simply quote their Aadhaar number or enrollment ID. In view of the difficulties faced by taxpayers,

 

In view of the difficulties faced by taxpayers, date for efiling of income tax returns for FY 2016-17 has been extended to August 5, 2017.

 

Last minute inundation and heavy traffic on the website of the E-filing portal led to the extension.

 

Assessees, particularly those with some discrepancies in their name or year of birth, or any other data on their Aadhaar and PAN cards, were not able to submit returns.Besides, it was reported the site was down for awhile.
Some people for whom PAN and Aadhaar data was not matching had problems and could not file returns.
IT Filing Last Date

Complaints From  Tax Payers

The department said there were some complaints that the taxpayers were not being able to log on to the filing website or link their Aadhaar with PAN because their names on the permanent account number and Aadhaar databases were not matching.
While technical snags have been removed, the main reason for the login failure was because of last minute rush and panic.

 

To ease out the panic situation, the department said it would be sufficient as of now to quote the Aadhaar or acknowledgment number for having applied for Aadhaar for the filing of returns.
The actual linking of PAN with Aadhaar can be done subsequently, anytime before August 31, 2017, it said.
However, the returns will not be processed until the linkage of Aadhaar with PAN is done.