Income tax calculator: This is how you can use it to compute your tax liability
As a taxpayer, it is recommended to use an income tax (I-T) calculator to ascertain your tax liability. However, before you use income tax calculator, these are the key steps that you need to follow:
At the outset, you need to enter the PAN and your name. Then you enter the assessment year and the taxpayer category i.e., whether you are an individual, HUF or a firm.
Then you must enter the residential status: resident or non-resident. Now the system will ask you to enter the total taxable income as per the new tax regime. Then there is space for allowances/ exemptions that are allowed only under the old tax regime such as 10(5), 10(13A) etc.
Then you need to enter the VIA deductions allowed under the old tax regime such as 80D, 80C, 32(1) and others. Finally, you will arrive at total taxable income as per the old tax regime.
This is also quite similar to a basic calculator. As mentioned above, you have to enter the PAN, name of the taxpayer, updated return under 139(8A), other than updated return.
This is followed by the basic details such as choosing the tax regime, residential status, age, and date of submission.
Now you need to enter your income under different heads such as under the head salaries, house property, capital gains, business or profession, and other sources.
Salaried taxpayers need these documents at the time of filing of income tax return: form 16, form 26AS and AIS (annual information statement). Form 16 is a TDS certificate issued by an employer to an employee. Form 26AS is a consolidated Annual Information Statement for a particular Financial Year and AIS is a comprehensive view of information for a taxpayer displayed in Form 26AS.
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