Updated: Jul 13, 2019
Now a days income tax department developed lot of tools and calculators to support the assesses to file the income tax return error free. Use the various income tax calculators developed by the incometaxindiaefiling.gov.in and published in their official website. Get file your income return accurately and error free with free tools available in Incometaxindiefiling.gov.in.
Most of the tools and calculators are listed here.
Medical Facility : This calculator enables valuation of perquisites for medical facility provided to an employee by his employer in India or Outside India.
Rent Free Accommodation : This calculator enables calculations of taxable value of perquisites in case employer provided rent free accommodation to its employees.
Transport Allowance Calculator : This calculator enables calculation of taxable and exempt portion of transport allowance given to an employee by his employer.
Children Education and Hostel allowance : This calculator enables calculation of taxable and exempt portion of children education and hostel allowance given to an employee by his employer.
House Rent allowance calculator : House rent allowance received by an employee is taxable. However exemption is available under section 10 (13A). This calculator enables calculation of taxable and exempt portion of HRA.
Income and Tax Calculator : This calculator allows to calculate the total income and tax thereon along with interest under section 234A, 234B, 234C, 235F
Deferred Tax Calculator : This calculator allow you to calculate the provisions required to be made for deferred tax as per provisions of AS 22.
Tax Calculator : This calculator allows you to compute your tax liability on mere input of your taxable income.
Advance Tax Calculator : This calculator enables estimation of advance tax installments on the basis of taxable income of a tax payer.
TDS Calculator : This calculator enables calculation of TDS to be deducted from specified payments being made to resident / non-resident.
Period of holding of capital asset : Taxability of capital gain depends on the nature of a capital asset which can be either long term or short term. Nature of a capital asset is determined on basis of its period of holding since date of acquisition.
Taxability of Agent commission : Agents earning commission up to rs. 60,000, who are not maintaining detailed accounts, can claim ad-hoc deduction.
Presumptive Income under section 44AE : To give relief to small transporter, Income Tax act allows them to compute their income from business of plying, hiring or leasing of goods carriages on presumptive basis. An assessee opting for presumptive scheme is not required to maintain regular book of accounts and is also exempt from getting the books of accounts audited.
Presumptive Income under section 44AD : To give relief to small assessees, Income tax act allows them to compute their income from business on presumptive basis. An assessee opting for presumptive scheme is not required to maintain regular book of accounts and is also exempt from getting the books of accounts audited.
Depreciation : Tangible and Intangible assets used purpose of business is subject to depreciation at specified rates. An additional depreciation is also allowed to certain entities on certain tangible assets subject to fulfillment of some conditions.
Income from house property : Income earned by a tax payer from letting out his house property is taxable under Income tax act. A house, even if not let out, can be charged to tax if it is deemed to be let out.
Relief under section 89 : This relief is allowed when an employee receives past dues in current year. A amount is taxable in current year. Section 89 aims to provide relief from additional tax paid in the current year on the past years Income.
Motor car facility : Use of own car or employers's car for personal purpose or partial for personal purpose and partial for official purpose is a taxable perquisite is depend on certain factors, i.e, capacity of car, usage of car etc.
Concessional or interest free loan : Employees taking interest free loan or at concessional rates from the employer are taxable on the perquisite value of such benefits. The taxable perquisite is computed at rate of interest charged by SBI for similar Loan.
Gratuity : Gratuity received by an employee from his employer is exempt up to certain limit if some conditions are satisfied. Gratuity received by a Government employee is fully exempt from tax.
Leave Encasement : Leave encashment may be received by an employee during employment or on retirement. Its taxability depends upon various factors like employer type, period of employment. etc.
Deduction under section 80 U : This deduction is available to a resident individual who is certified by the medical authority that he / she is a disable person.
Deduction under section 80 TTA : Almost all taxpayers earned interest from their savings bank deposits. An asseessee can claim deduction up to Rs. 10,000 from such interest income.
Deduction under section 80 DD : This deduction is allowed to a taxpayer if he incurs some expenditures to support his disabled family member who is dependent on him for support and maintenance
Deduction under section 80 D : To promote health insurance plans, a deduction is allowed under section 80D in respect of premiums paid towards health insurance policies.
Deduction under section 80 C : Deduction under section 80C is allowed to an individual for investment made by him in life insurance plans, tuition fees, housing loans repayments etc. Maximum deduction rs. 1,50,000 is allowed to a taxpayer under this provision.
Interest on NSC : National saving certificate are issued with a fixed maturity period. The tenure of an NSC Certificate is 5 and 10 years for the NSC VII issue and NSC IX issue respectively. However, NSC IX has been discontinued with effect from 20-12-2015.
Partners's Remuneration : A partnership firm is allowed to pay remuneration to its partners. Such remuneration can be paid within an overall limit specified under section 40 (b). Any payment above this limit is disallowed.
Indexed cost of acquisition or improvement : Capital gain from sale of long term capital asset is calculated after reducing the indexed cost of acquisition / improvement from the sales considerations. Indexed cost is calculated after adjusting impact of inflation on the cost of acquisition.
Residential Calculators : Levy of income tax is depends on the residential status of a person. Residential status of a tax payer is determined in accordance with section 6 of Income Tax Act can be a NRI, a RNOR or an Ordinary Resident in India.
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