INSUBCONTINENT EXCLUSIVE:
Income Tax efiling for the financial year 2017-18: Deadline to file ITR is July 31
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 you open the
incometaxindiaefiling.gov.in website, there is a widget called Tax Calculator that one sees on the left hand side
On clicking the same, the visitor of the website will be made to leave the e-filing portal and enter the website that is operated by other
"Such links are provided only for the convenience of the client," reads the pop-up message on the income tax e-filing portal.There are 30
different windows to help calculate 30 different tax/exemption components such as medical facility, rent free accommodation, transport
allowance calculator, house rent allowance calculator, TDS calculator, gratuity, income from house property, among other categories
windows, the window's back portion turns frontward and shows you a brief of what the exemption entails
For instance, on checking the section 80U window, the box detail tells you that the deduction is meant for the individuals who are certified
by the medical authority that he is a disabled person
As you open, the respective window opens.You can mention the figures inside the window, the system will tell you to write the figure under
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
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 windowIn case of case of section
