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Government launches ‘tax calculator’, will help taxpayers to choose between tax regimes

Tax Calculator: The Income Tax department has released a ‘tax calculator’ for taxpayers. The calculator would help taxpayers to decide which tax regime (old one or new one) is better for them. “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 […]

Edited By : Aditya Singh | Updated: Feb 24, 2023 10:58 IST
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income tax calculator

Tax Calculator: The Income Tax department has released a ‘tax calculator’ for taxpayers. The calculator would help taxpayers to decide which tax regime (old one or new one) is better for them.

“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 department website,” tweeted the Income Tax Department.

What is an Online tax calculator?

An income tax calculator is nothing but an online tool that helps common taxpayers to calculate their tax liabilities. Citizens who come under the income tax slab have to pay a specific portion of their earnings as income tax.

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How can a tax calculator help you?

Calculating your tax liabilities helps you to plan for investment and other future expenses. If you know how much tax you need to pay then you can easily plan your saving strategy. It will help you to avoid overspending and reduce your chances to take debt.

New tax regime

In her Budget Speech for the financial year 2023-24, Nirmala Sitharaman announced a new tax regime. As per the new tax regime, individuals earning up to 7 lacs will get a gate rebate.

Also Read:- Tax Saving: New tax regime allow taxpayers to claim for these three deduction

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First published on: Feb 23, 2023 03:24 PM IST

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