Online tax assessment packages and tools

How to calculate income tax is a question often raised on the different internet and online forums. People try various techniques in this regard, though since last decade or so returns can be filled online and one can furnish complete return of income to the tax authorities while using their online portals. The online resource entails following characteristics in this regard;

One has to register with the website, and input basic detail in to the database. It includes; Name, father’s name, family name, current residential address, permanent residential address, Residential phone number, office phone number, cell phone number, fax number, pager number, etc. Email address, website address, and other related online information, Identification numbers and other critical details, Identification marks and area and state of origin etc. Marital status, religion and other details.

Afterwards a tax number is issued so that the person can be tracked and he or she doesn’t have to fill the above mentioned basic information again.

A spread sheet is available for download; this can be easily downloaded with the help of the download tool.

The spread sheet entails further details which are required to be filled by the tax payer. It includes; source of income, multiple incomes and other sources of revenue.

It also includes the year of tax liability. People can also file tax returns for the previous year; however, prior approval from the tax authorities is required in this regard.

After filling up the source of income, the person is required to fill the important numbers, these include; total earning from a specific source during the year, total expenses in attaining the source of income (not for salaried individuals), exemptions if any, advance tax to be deducted if already paid to the tax authorities, revenue tax adjustments, exemptions on the basis of senior citizen clause, payment to charities and other resources etc.

After filling up the amounts, the tax payer has to signify the return by typing in his name and the date of filling up the return of income.

Afterwards, a print of the duly filled up spread sheet should be taken, it should be affixed with the income tax return online receipt already created by the automated online tax system. The receipt should be signed by the tax payer and it should be couriered to the tax authorities, similarly the duly filled up spread sheet should be uploaded on the official government revenue website, a receipt to this effect is also emailed to the tax payer and it can be used for further reference.

Nobhila Sharma is a freelance writer and blogger, and in this article writes about Income tax return online and how to calculate income tax. For more information, Please visit http://www.makemyreturns.com/

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