The tax calculator is live on the income tax department’s portal. How To Calculate Income Tax From IT Department’s Tax Calculator? This helps you avoid overspending and falling into debt. Knowing how much tax you need to pay allows you to plan your expenses and save money accordingly. However, it’s important to note that these calculators are not always accurate and should be used as a general guide only.Ĭalculating your income tax helps you budget your finances. Online Tax Calculator is designed to provide an approximate tax liability amount, and it can be used by taxpayers to get a general idea of how much they owe in taxes or how much of a refund they might receive.Īlso Read: Income Tax Return: Know These ITR Basics Before It’s Too Late “Tax Calculator is now live! A dedicated tax calculator to check Old Tax Regime vis-à-vis New Tax Regime for Individual/HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115 BAC can now be accessed on the IT Dept website," the IT department had said.Īn online tax calculator is a tool available on the internet that allows individuals to estimate their tax liability based on various inputs such as income, deductions, and tax credits. In February 2023, the Income Tax department released a ‘tax calculator’ which aims to help a taxpayer decide if the new income tax regime is good for him/her or if the old one is better.
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