Income Tax Calculator: Know your money outgo from zeebiz.com

Income Tax Calculator: The Financial Year 2019-20 has already ended and Financial Year 2020-21 has begun. Now, it's the time when we all need Income Tax Calculator to know what will be our money outgo amount. We at Zee Business Online give you the facility of Income Tax Calculator on the website - https://www.zeebiz.com/personal-finance/income-tax-calculator. With this tax tool, you can easily calculate your Income Tax money outgo amount. Here is step-by-step guide for this Income Tax Calculator available on https://www.zeebiz.com/personal-finance/income-tax-calculator:-

Step 1 - Enter Basic Details

Step 2 - Enter Income Details

Step 3 - Enter Deduction Details

After entering all the above-mentioned details, you will get summary of income tax outgo

Recently, it was reported that Central Board of Direct Taxes (CBDT) Chairman P C Mody chief said that the government is open to suggestions from stakeholders for better implementation of the direct tax 'Vivad Se Vishwas' scheme, as per a report in PTI.

Addressing a video conference organised by the Income Tax Appellate Tribunal (ITAT) on the Vivad Se Vishwas scheme, Mody said that no scheme could be conceived with all the perfections, the same applies to this scheme, and therefore, he assured that the government and the Board are open to suggestions and comments from every stakeholder for better implementation of the scheme in its letter and spirit.

The government has launched the Vivad Se Vishwas scheme for resolution of pending litigation by paying only the disputed tax amount. As many as 4.83 lakh direct tax cases involving Rs 9.32 lakh crore in disputed taxes are locked in various appellate forums. The amount is equivalent to 82 per cent of the government's direct tax revenue in FY19.

An official statement issued after the meeting said, ITAT President Justice P P Bhatt also encouraged stakeholders to avail the scheme so as to reduce pending tax litigation. "He (Bhatt) urged the stakeholders, more particularly, the tax practitioners to take the task further in a mission mode, so that the system that is choked with the avoidable litigation could be relieved for concentrating on more meritorious issues, which have a bearing on the tax policies affecting the taxpayers on a large scale," the statement said.

In cases where taxpayer's appeals are pending before appellate forums, High Courts and the Supreme Court, the taxpayer will have the option to settle the dispute on payment of 100 per cent tax (125 per cent in search cases) and get complete waiver on interest and penalty if he pays by June 30.