Income Tax E-Filing Deadline: Use Tax Calculator To Ascertain I-T Exemptions Accurately

As the July 31 deadline to file income tax (I-T) return by salaried individuals draws closer, you would get unnerved in case you fail to cull out important nuggets of information required to file the income tax (I-T) return accurately, especially when you don’t have a tax expert to fall back upon. Remember that the incorrect return is likely to draw the tax department’s attention, which might even send a notice asking for explanations, an occurrence you would like to evade at any cost. The income tax department, however, has made its e-filing website quite comprehensive so as to help the tax payers not only file the income tax return smoothly by filing ITR forms, but also calculate the income tax and various exemptions accurately.

As the July 31 deadline to file income tax (I-T) return by salaried individuals draws closer, you would get unnerved in case you fail to cull out important nuggets of information required to file the income tax (I-T) return accurately, especially when you don’t have a tax expert to fall back upon. Remember that the incorrect return is likely to draw the tax department’s attention, which might even send a notice asking for explanations, an occurrence you would like to evade at any cost. The income tax department, however, has made its e-filing website quite comprehensive so as to help the tax payers not only file the income tax return smoothly by filing ITR forms, but also calculate the income tax and various exemptions accurately.

You can mention the figures inside the window, the system will tell you to write the figure under various categories. The sum total of all figures will not exceed the total exemption allowed in the Income Tax (I-T) Act, 1961.

Similarly, in the case of Section 80 C, you get something like this. It is worth noting that the total limit will not exceed what is prescribed in the Income Tax Act, 1961 and the rules thereof even if try writing a higher amount. In the window shown below, the section 80C exemption is capped at Rs. 1,50,000, so the window shows only this amount and not Rs.2,00,000, as written by the visitor.

One can calculate exemptions under section 80C of I-T Act in the above-mentioned window

In case of case of section 80D, you get to see the following window.

After calculating various exemptions, one can calculate the total taxable income by clicking the taxable income window. The revised income tax (I-T) returns can be filed by March 31.

source by:-ndtv