Calculating income tax can be hectic with a paper and pen. Large firms and corporate houses outsource the process of calculating income and tax to CA professionals. At times, the income may be calculated by the employees of the company itself. However, medium and small scale business houses may not be in a position to accrue extra cost on auditing and related functions. The owners of these organizations also want to make sure that the return filed by them is correct. Hence, for the rescue of general taxpayers in India, there are many websites which provide ‘Do it Yourself’ tax calculators online.
Some of these are discussed below-
• Income Tax Department – This calculator was started by site like pan-card.org.in as an e-governance initiative . The most reliable and technically the most detailed form submission shall allow you to comply with latest tax laws. The split of Capital gains, Income from other sources and Deductions will allow the taxpayer to calculate the net, as well as gross numbers. If you are looking for deductions in Long Term Capital gains, the calculator has two columns for it, one at the rate of 10% and the other at the rate of 20%. The best part is the mention of dates as well.
Demerit- The attached laws and rules take quite a lot of time to process and relevant sections are hard to figure out.
• NDTV Profit – This calculator is suitable for individual salaried taxpayers. It aims at middle class taxpayers with a concise format of calculation. If you don’t want to get in micro-details of the tax you are willing to pay, this is quite an equipped calculator. However, if you are looking forward to claim deductions, then you have to calculate it elsewhere and fill the net amount in the box of “Section 80C and Section 80CCD”. The interesting part is that it provides a column for “Rajiv Gandhi Equity Saving Scheme” if you are availing its benefits.
Demerit- Only for salaried employees. But if you have had profits out of selling house or plot, it doesn’t consider that factor.
• Clear Tax – This calculator also aims at providing services to individual belonging to the salaried class. It is equipped with latest budget guidelines. However, you can easily switch your assessment year. The calculator shall also facilitate you with TDS deductions, if you have paid. The interesting factor is the “Rental Income Received” column, which is quite unique. It also distinguishes the “Interest paid on home loan” and “Interest paid on loan”. You have to calculate “Basic Deductions” under 80 C yourself and then fill the column. It also emphasizes on Tax slabs as per age. The tables below the calculator are quite informative and shall assist the taxpayer in determining the tax rates applicable to him.
Demerit- One shall need to sign-up with his or her email address in order to avail the facility.
• Income Tax Calculator – Apart from Income Tax Department calculator, it is the second most detailed calculator available online. The website is specially created for the purpose of calculating the tax burden. Not only the relevant information, but it also displays “Tax Saving Tips” along with related sections as you proceed further. The distribution of various steps on separate web pages makes the process quite user friendly. It makes a clear demarcation between salaried class and business class. This makes the calculator acceptable over a large population. Small and Medium Business firms can also make use of it.
Demerit- None that I can think of.
• Taxman – As the name suggests, it is a specialist in the field. Detailed and updated as per Finance Act, 2016. Second, after the IT Department calculator, where one can calculate Tax payable and Income Taxable separately. It has features for calculating tax for both business firms and salaried employees. It also provides options for determining whether the “Tax Payer” is HUF, Co-operative Society, Domestic Company, Foreign Company etc. This calculator is suitable for any type of business.
Demerit – None.
Author: This blog is written by Mr. Amritanshu Tripathi, a passionate blogger & intern at Aapka Consultant.
OUR SERVICES
Company Registration I Trademark I Copyright I Patent I GST I MSME
ISO Certification I Website/App Policy I Legal Documentation
Annual Compliance I Connect Consultant
Visit: Aapka Consultant to get Online Services of CA CS & Lawyers.
