New income tax calculator released by IT department: Compare old and new regimes to determine tax liability

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The IT department releases an online tax calculator to compare the old and new regimes.

 A new tax calculator has been launched by the Income Tax Department to assist taxpayers in determining whether they would benefit more from the old or new income tax regimes. Online tax calculators can be found on the internet, and they estimate a taxpayer’s liability based on various factors such as income, deductions, and tax credits. However, it’s important to keep in mind that these calculators may not always provide accurate results, and while they offer a general idea of the amount a taxpayer owes or can receive as a refund, they are not always precise.

Calculating income tax is crucial because it helps individuals budget their finances by allowing them to plan their expenses and save money accordingly. Knowing how much tax they need to pay helps them avoid overspending and falling into debt.

To use the Income Tax Department’s tax calculator, taxpayers must log into the IT department portal and provide specific information, such as their taxpayer type, gender, residential status, income other than salary and special rate income, interest on self-occupied house property, deductions allowed under both regimes and deductions or exemptions not eligible in the new tax regime. After entering this information, the portal will present the numbers under both the old and new tax regimes.

It’s important to note that the Income Tax Department has stated a disclaimer that the calculator only provides basic tax calculations and does not claim to give the correct tax calculation in all circumstances. To file returns, the exact calculation must be made following the provisions contained in the relevant Acts, Rules, etc.

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