The calculation of income tax is one of the complex tasks for the common man. For helping them there is an advanced and unique tax tool that is highly beneficial for easy, accurate, and quick calculation of taxes i.e. income tax calculator. It is a simple excel based calculator specially made for the salaried people, it can also be used for the calculation of tax liability.
The income tax calculator can be easily downloaded for calculating the taxes. The tax liabilities can be easily calculated by providing different inputs like gross income, exemption amount, etc. It is important to provide information about the investment too. It is not a comprehensive calculator and it is designed to give a quick idea about the income tax liabilities for best tax planning.
Limitations of Income Tax Calculator
There are various limitations of income tax calculator like it is designed especially for salary income exclusively. It is an excel based calculator and for using it, there is a need for Microsoft Excel and HRA cannot be calculated through this calculator. This calculator is best for people with a single home. Through this calculator, long term capital gain cannot be calculated.
Tracking of Tax Refund has become Easy Now
The tax refund estimate can be easily tracked free of cost without any charges. Many companies have highly dedicated and experienced professionals offering the best solutions with the best options and make completely stress free. The clients can easily track their status of the refund with complete audit protection. These professionals also offer on-demand tax consulting, tax filing, and much more guidance and assistance needed by the clients.
Through various types of tax tools like sales tax calculator, small business tax calculator, tax bracket calculator, income tax calculator and many more are on the list used for different purposes. There are standard processing procedures for the tracking of a tax refund. The tax return calculator is beneficial and helpful in finding tax returns. It gives an accurate value with precision and accurate figures.
Why it is necessary to calculate Income Tax?
At the end of the financial year, most of the employees have only one thing in their minds i.e. income tax. Income tax is a direct tax that is levied on the income that is earned by individuals. This tax earned is then used by the govt. for different purposes like public welfare projects, building public infrastructure, etc. Whether an individual is running their own business or working as an employee in a company, it is imperative to pay tax on income and file it every year.
The income tax paid by an individual depends on several parameters- like age, income and its sources, exemptions & investments which are eligible for tax deductions. The income is classified into five categories – income from salary, income from capital gains, income from profession or business, income from rent on house property, and income from other sources. Various types of tax slabs include individuals below 6o yrs. age, senior citizens between 60 yrs. & 80 yrs. and super senior citizens who are above 80 yrs. old.