If you are an Indian citizen and earning above Rs. 1,50,000 per year, you need to pay your income tax for the current financial year, 2010-11. According to the laws of Income Tax Department of India, any individual, HUF, AOP, firms, domestic companies, foreign companies (trading in India) or co-operative societies with an annual income of Rs. 150000 or above should pay their taxes within the due date.
Many individuals or firms are not aware of the Indian tax laws and hence can’t determine the taxable income or the amount of tax they need to pay this year. In order to help people in calculating the tax liability based on their taxable income, Income Tax Department, India has developed an online calculator to calculate total income tax for 2010-11 financial year.
Simply select the assessment year in step-1, type of Assessee in step-2, enter total income in step-3 and hit the “Compute Tax Liabilty” button. The income tax calculator will calculate the details and will return the amount that you need to pay as the tax.
Remember to consult a charted accountant to help you in case your have any doubts or to file TDS or for any other support before paying your taxes. Did you know that you can also check your Income tax refund status online?
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