How do I calculate my Tax Return and Refund for 2013 in India?

how do i calculate my tax return

Tax season can be traumatic time of year for thousands of Indians who are looking for a good tax refund to make their financial lives just a little bit easier. As per the income tax, if your total income surpasses the basic exemption limit, you have to file the Income Tax return within the prescribed time. Before filing income tax return, many of us want to know about how much they could get back, and for determining amount they visit tax payers with required documents and also browse internet for accessing sites that offer service to calculate tax return. Just few days away for filing income tax returns, in this situation people are searching online and offline services to calculate Tax Return and Refund for 2013 and make planning about how to use these funds most properly - whether you want to pay-off some bill or open investment account for yourself or your children. At present, you can file and calculate income tax return online at from anywhere, anytime.

Nothing can make person more worried than the stress surrounding the complicated and ever-growing tax system. But this time, you don’t need to worry about tax system and no need to surf any other place to calculate, file tax returns, because Income Tax department of India gives official site to solve tax related matters within minutes. Sometimes, people have to pay interest if they do not file income tax in prescribed time. Besides e-filing service, it enables users to apply for PAN card, download form 16A, pay taxes online, view tax credit, check status of tax refund, calculate tax, etc. To access the service of the site, you don't need to enter PIN number, password or similar access information for credit cards, banks or other financial accounts through e-mail.

To get benefits of income tax refund, taxpayers must estimate their final tax liability in accord-inance with the tax slabs related to them. If the total liability is less than paid taxes then you would

be eligible to get tax refund. You have to checkout the tax exemptions and/or deductions. There is no particular service to calculate your refund so for calculating refund, you have to calculate taxes on income after applying the applicable income tax rates. Once you calculate your total payable tax, subtract all the tax subtracted at source, advance taxes and self assessment tax paid and find clear balance that will be your refund amount.

The income tax refund can be rejected in case of the amount revealed as TDS in the returns does not match with the details in record of income-tax department or mentioned PAN or assessment year wrongly.

For calculating tax at open tax calculator tab from right side of the page that brings you towards calculator page, where you will get tax calculator and income tax calculator. To calculate income tax or tax, select required details like assessment year, category of tax payer, select gender, residential status, etc. You have to also give the complete details of your all income, total tax liability, etc. After providing complete details, hit “send email” tab and enter your email address where you want to receive email. Once you add your email address, it will send email including tax amount that you have to pay in current financial year.

Taxpayers can pay taxes direct to income tax department through e-Payment facilitates. To avail this facility, the taxpayer must have a net-banking account with any of the Authorized Banks. Tax payment is only accepted through applicable challan, so fill up challan carefully.

Total three types of returns - income tax, TDS, and AIR return can be filed though the online network of income tax department. No more difficult steps behind e-filing process, you just need to follow three easy steps, including download form, upload return and check status. As soon as you file it, you can view your tax credit and also check status of tax refund.

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Category: Taxes

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