Income Tax Return: In a tweet by the Income Tax Department, it has been said that a dedicated tax calculator is available on the Income Tax website to compare the old and new tax regimes for individuals and all as per Section 115 BAC. People can use this tax calculator to calculate tax.
The Income Tax Department has released a tax calculator to help taxpayers calculate tax and determine which tax regime they are comfortable with. A new tax slab was proposed in Budget 2023 through Finance Minister Nirmala Sitharaman. In such a situation, this time the process of filing income tax return is going to start in a few days. Along with this, people are also wanting to know how much income tax will be deducted this time.
Tax calculator
In a tweet by the Income Tax Department, it has been said that a dedicated tax calculator is available on the Income Tax website to compare the old and new tax regimes for individuals and all as per Section 115 BAC. People can use this tax calculator to calculate tax. Based on the income of a person, tax can be calculated from the income tax calculator.
Benefits of tax calculator
- A financial budget can be made by calculating income tax.
- One can budget one’s expenditure and take appropriate saving decisions when one knows the tax that one will have to pay.
- By doing this a person can avoid going into debt and spending more.
Tax exemption
At the same time, people can file tax according to two tax systems. If people file taxes according to the new tax regime, then they will not get any exemption other than standard deduction. On the other hand, if people file taxes from the old tax regime, then they can take advantage of many types of tax exemptions.
