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.
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.