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Tax Calculator Tax information
Note : This is a IT calculator as per the IT law, you can calculate your income tax by inputing data in the given form.
Official information View Sample
(All Taxable income should be Per Annum wise)
Name :
Category(Gender) :
Location Type :
Category (Handicaped) :
Income Tax Calculation
Component Actual Amt Exempt Amt Net Amt
BASIC :
HRA :
Entitlement of exemption among least of the following
i) Actual House Rent Allowance Received :
ii) Rent paid in Excess of one-tenth of Salary
a) Rent Paid :
b) Less : One-tenth of Salary :
iii) Amount equal to one-half of the Salary in case of Metros :
 
CCA :
DEPUTATION ALLOWANCE :
CONVEYANCE :
OTHER TAXABLE INCOME :
 
Yearly/Others Benefit
LTA :
BONUS :
ADDITIONAL INCENTIVE :
Total Earning From Salary :
 
Less : Tax on Employment u/s. 16 (iii) :
 
Income Chargeable under the head Salary :
Income from House Property U/S 24(B) :
Income from Other sources
Bank interest :
 
Gross Total Income :
 
EXEMPTION UNDER CHAPTER VI
EXEMPTION U/S 80( C ) MAXIMUM EXEMPTION Rs.100000/-
PF Contribution :
NSC :
NSC Interest :
VPF :
PPF :
LIC Premium :
Fixed Deposit :
Housing Loan :
Pension plan u/s 80ccc :
Tution Fees :
Bond :
MF :
Total :
 
EXEMPTION U/S 80(D) MAXIMUM EXEMPTION Rs.15000/-
Amount :
 
NET INCOME ROUNDED OFF U/S 288A
Amount :
 
Tax Liability on Net Total Income
Upto Rs. (Nil) :
Rs.- Rs.(@ 10%) :
Rs.500001 - Rs. (@ 20%) :
Rs.1000001 - Rs. (@ 30%) :
Balance Tax Payable :
Add: Surcharge @ 10% :
Add: Edu Cess @ 3% :
Net Tax + Edu Cess Payable :
Less : Tax Already Deducted :
Net Tax Payable :
No of Month(s) :
Tax Payable Per Month :
 
Note : This is indicative income tax liability. To know your accurate income tax liability please consult with an income tax practioner.
History of Taxation PRE – 1922
"It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold" --Kalidas in Raghuvansh eulogizing KING DALIP.
History of Taxation post 1922
1. Preliminary : The rapid changes in administration of direct taxes, during the last decades, reflect the history of socio-economic thinking in India. From 1922 to the present day changes in direct tax laws have been so rapid that except in the bare outlines, the traces of the I.T. Act, 1922 can hardly be seen in the 1961 Act as it stands amended to date. It was but natural, in these circumstances, that the set up of the department should not only expand but undergo structural changes as well.
2. Important events affecting the administrative set up in the Income-tax department
1939
. Appellate functions separated from inspecting functions. . A class of officers known as AACs came into existence. . Jurisdiction of Commissioners of Income tax extended to certain classes of cases and a central charge was created at Bombay.
1940
. Directorate of Inspection (Income-tax) came into being. . Excess Profits Tax introduced w.e.f. 1-9-1939.
1947
. Business Profits Tax enacted (for the period 1-4-1946 to 31-3-1949).
1952
. Directorate of Inspection (Investigation) set up. . Inspector of Income-tax declared as an I.T. authority.
1953
. Estate Duty Act, 1953 came into existence w.e.f. 15-10-1953. . Act XXV of 1953 gave effect to the recommendations of Commission appointed under Taxation of Income (Investigation Commission) Act, 1947.
1964
. Board for Direct Taxes known as Central Board of Direct Taxes (CBDT)constituted under the Central Board of Revenue Act, 1963. . For the first time an officer from the department became Chairman of the CBDT w.e.f. 1-1-1964.The Companies (Profits) Sur -tax Act, 1964 was introduced. . Annuity Deposit Scheme, 1964 introduced.
2000
. The process of implementation of restructuring of the Department commenced to increase efficiency and to deal with increased workload. . Total sanctioned work force reduced from 61,031 to 58,315. . Certain rationalisation measures at structural levels introduced. . Interest-tax Act terminated with effect from 1-4-2000.
2001
. The restructuring of the Department resulted in reducing the stagnation at all levels and large number of personnel were promoted in various grades. . Jurisdiction pattern was revamped. . New posts were created at the level of DGIT/DIT in the areas of Research, International Taxation and Infrastructure.
2002
. Computerised processing of returns all over the country introduced. Kelkar Committee Report, inter alia, recommended :- i. Outsourcing of non-core functions of the department ;
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