Income Tax: Update for taxpayers! Now this is how you can calculate this year's Income Tax
Income Tax: This is an important news for taxpayers. If you also want to find out how much tax you will have to pay this year, then let us tell you that the Income Tax Department has provided the facility of a calculator to taxpayers. Under which you can easily find out how much tax you have to pay this year. Let us know its complete details in the news-
Digital Desk- New Delhi: Filing income tax can seem like a boring task to people, especially those who are going to file it for the first time. Meanwhile, the selection of old (Old Tax Regime) and new (New Tax Regime) tax regime can increase the confusion even more.
To solve all these problems and simplify the process of filing taxes, the Income Tax Department has come up with an online tax calculator. The tax calculator was introduced in February 2023, which helps taxpayers decide which tax regime is better for them - new or old.
The online tax calculator is designed to provide an estimated tax liability figure and serves as a tool for taxpayers to assess their tax dues or potential refund amount based on their income, deductions and tax credits.
Why is it important to calculate income tax?
Finding out your income tax is very important for financial planning. It can help you budget effectively, plan expenses and earmark savings accordingly.
How to calculate income tax using tax calculator?
The tax calculator is currently active on the Income Tax Department's website. So first of all you have to log in to the department's official website (https://incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx). After this you have to provide this information -
Taxpayer Type
Male / Female / Senior Citizen / Super Senior Citizen
Residential Status
Income other than salary and special rate income
Interest on property
RBI gave a big update on 2000 rupee note, who are those people who have 8202 crore rupees
Deductions are allowed for both the arrangements under sections 80CCH(2), 80CCD(2), 80JJAA, and family pension deduction under section 5757(iia). Deductions or exemptions other than these are not eligible in the new tax regime
It is worth noting that while the purpose of the tax calculator is to provide the public with easy access to fundamental tax calculations, the Income Tax Department does not claim to provide accurate tax calculations.