After Budget-12, the Income Tax Department has published Online Tax Calculation Software on their portal. This calculator calculate Tax liablity which is based on your Taxable Income of Fin. Year 2012-13 i.e. Assessment year 2013-14. Simple procedure to calculate tax with this calculator. For Example – If you earn annually Rs. 800000/- (Gross Income), deduct from Gross Income your 10 (i) Deductions then Less/Add your House Property Income under section 24. After these Deductions add your Other source of Income and then Less deduction under chapter VIA. After all you get Taxable Income. This Taxable Income Put on Tax Calculator and follow the procedute. You will get Tax Liability for Assessment Year 2013-14.
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