The Income Tax Department has given a lot of exemptions to taxpayers because of Corona. Form-1 (Sahaj) has been activated for filing income tax returns for the financial year 2019-20. Individual taxpayers with a fixed income of Rs 50 lakhs can file income tax returns. If you also want to collect income tax, then it is important for you to calculate how much tax liability is incurred on you. You do not have to go anywhere else to do this. You can find out your tax liability within minutes of the income tax department website. For this, you have to follow some steps.
Let's know every detail of tax calculation
1. First, open https://www.incometaxindia.gov.in/pages/default.aspx.
2. Now you will see 'Important Links' in the left side at the bottom.
3. Under this section, you have to click on 'Tax Calculators'.
4. Now you will find many types of calculators.
5. Among these are the House Rent Allowance Calculator, Transport Allowance Calculator, Income and Tax Calculator and Tax Calculator.
6. Now click on Income and Tax Calculator.
7. Under this option, you will have to enter the information of assessment year, taxpayer type, and various methods.
8. With entering all the necessary information, you will be told about your tax liability.
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