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GConnect Instant Income Tax Calculator 2013-14 (Assessment year 2014-15) – No Login required to calculate your Income Tax
GConnect Instant Income Tax Calculator 2013-14 (Assessment year 2014-15) would be useful if you have all the data for calculating Income tax ready and wanted to generate Income Tax Work Sheet and Statement for this year at once.
Unlike GConnnect Income Tax Calculator with save option, this calculator would not save your income, deduction and Income Tax to paid for future use. Except this difference all functionality of both the calculators are one and the same.
Government has brought three important changes this year which are relevant to Salaried Class Employees in the finance bill 2013-14. Those are
1. Income Tax Rebate of Rs.2000 for individuals having total income up to Rs. 5 lakhs (click here for detailed discussion on Total Income)
2. Deduction of interest on housing loan up to Rs.2.5 lakhs in respect of housing loan up to Rs.25 lakhs obtained during the year 2013-14, as against the deduction allowed up to Rs. 1.5 lakh in normal Total Cost of construction shall not exceed Rs. 40 lakhs in this case. (Click here for detailed discussion on additional deduction
3. Deduction of Premium up to 15% of sum assured in respect of Life Insurance Policies covering the life of persons with disabilities defined in Section 80U and Section 80 DDB
Want read more on Changes made in Income Tax for the year 2013-14 (Assessment year 2014-15)? Click here