It is that time of the year when there is a frenzy of people rushing to get their tax papers and proofs in place for filing the income tax returns for money earned in the previous financial year. The Income Tax Department has devised various selfhelp online calculators which income tax payers can access and assess their tax liabilities and plan ahead. These calculators can be found on the Income Tax Department website at http:www.incometaxindia.gov.inPagese-services.aspx under the tab "Tax Tools".
Tax calculator
This helps the tax payer derive the income tax payable for a particular assessment year provided he knows the quantum of taxable income. This calculator can be used by tax payers who have a single source of income. The tax payer needs to key in basic details such as assessment year, status of tax payer; whether resident or non resident; whether male or female or senior citizen and the net taxable income.
Income and tax calculator
This tool helps the tax payer calculate his taxable income and the tax payable on it.Those with more than one source of income should use this calculator. The tax payer must key in respective income under the different heads and also the exemptions that he can claim. On keying in the details and clicking on the "Calculate" button, the tax, surcharge and cess payable is displayed.
Advance tax calculator
This tool helps the tax payer estimate how much tax he will be required to pay in advance for the income he estimates to earn from different sources. The tax payer is required to enter the different types of income that he has budgeted to earn in the financial year. On submitting the details, the tool provides the total tax liability and instalments with due dates for payment of income tax.
Though these calculators can be relied upon as far as accuracy is concerned, they are designed for common tax treat ment. They may not address special tax situations of certain assessees.
The calculators are basically used for estimation and it is always a good idea to consult a tax adviser for tax queries.
Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
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