Overview
M-TAX is an Income Tax Calculator for Indian Individual Residents. This Application helps the user to find out his income tax liability based on the inputs given by the user. This application calculates the user’s income tax liability according to both old and new regimes of the Indian Income Tax System.
The user can calculate his income tax liability for the current financial year and the previous financial year at any point of time.
The user can give his multiple income sources details, deductions details in different scenarios and accordingly he can plan his taxation. The user can view the detailed tax report and download the same for future reference.
Key Features & Functionality
Income Sources: The user gives his Income sources details here.He can give his Salary Income, Business Income, Professional Income, Capital Gains Income, Interests, dividends, House property, rental incomes details here. The deductions particularly applicable for the income head can be applied here itself.
Deductions Details: All the chapter VI A Deductions which are commonly applicable to all the individual residents like PF,EPF, Health insurance details etc can be applied here. Wherever any limitations are applicable those limitations are implemented using validations. All the deductions and limitations applicable for those particular deductions for any financial year are managed using admin actions.
Paid Tax Details: If the user has paid any advanced tax, any Tax deducted at source, Any tax collected at source those details are given here.
Tax Summary: This page shows the summary of all the Income sources details , Deductions Details , capital gains details, any paid tax or advanced tax details the user has given, according to both Old and New Regimes. The application itself segregates the Old regime deductions and new regime deductions, so that the user need not to be aware of the information.
Tax Calculation: This Application calculates the tax amount based on the inputs given by the user. The Tax rate structures, surcharge rate structures, cess rate structures, rebate structures are also defined by admin actions for every financial year. The application fetches those details dynamically and calculates the tax amount for both old and new regimes and shows the tax liability according to both old and new regimes.
Report: The Application generates the detailed tax report in PDF format .This report contains All income sources, deductions details, capital gains details, Tax structure, Tax Amount, surcharge Amount, Rebate Amount, Cess Amount and Final Tax details. The user can view and download the report for future reference.