Monday, 10 November 2014

Have you calculated Tax Liability for A.Y.2016-17

With the announcement of Union Finance Budget, everybody starts calculating his or her Tax Liability for the next Financial Year. For example with the Budget 2013, you might have gone through the tedious process of calculating your Tax Liability for F.Y.2013-14 which in terms of assessment year will be called A.Y. 2014-15. It is prudent to know the tax liability in advance as the IT rules prescribe that the tax payer or tax deducter  need to pay or deduct tax on average basis in such a way that if the projected tax for the whole F.Y comes to say Rs.24000-00 then tax payer or deducter need to pay or deduct tax at the rate of Rs.6000-00 per quarter and can not postpone the whole or larger part of the liability to be extinguished towards the end of the F.Y. as this helps the government to assess the tax collections accurately. Our readers can estimate and calculate their tax liability in advance for 2016-17 or any recalculate their exact tax liability for any past A.Y. 

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