How much tax will have to be paid in the new financial year will now be known on the income tax portal. This news can be important for all taxpayers. According to this, on the income tax department's website, you will know which tax system you want to choose and how much tax you have to pay.
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First-time ITR filers may find filing Income Tax returns a tedious task. Meanwhile, there may be confusion between the old tax system and the new tax system; But to solve all these problems and simplify the ITR filing process, Income Tax Department has introduced an online tax calculator. Tax calculator launched in February 2023. Accordingly, a tax calculator is useful to determine which tax regime is better, old or new, and help you save.
Online tax calculator is designed to estimate and calculate the potential tax. It serves as a tool for taxpayers. It helps in understanding the amount of tax or possible refund based on income, deductions, tax credits.
Why is it necessary to do the calculation?
Understanding income tax is very important for financial planning and it helps in effective budgeting, determining expenditure and encouraging savings accordingly.
How is the calculation done?
Tax calculator is currently active on Income Tax Department website. For this first go to the official website of the account. Log on to (https://incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx). After this you have to fill the statement.
Nature of Taxpayer
- Male/Female/Senior Citizen/Super Senior Citizen
- Residential Status
- Salary and Special Rent Income and other sources
Interest on property
80 CCH (2), 80 CCD (2), 80 JJAA and section 5757 (IIA) provide deduction on income tax on account of family pension in both the systems. Apart from this, other deductions or exemptions are not given in the new tax system. The purpose of Tax Calculator is to guide people to fundamental tax calculations; But the Income Tax Department does not claim that the figures revealed by this tool are accurate.
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