Income Tax Calculator: The current financial year is nearing its end. In such a situation, all taxpayers including government employees are busy in calculating their tax. If you are also having trouble in calculating tax, then there is no need to worry.
The Income Tax Department has come up with its own tax calculator. Where tax can be calculated easily. Let me tell you, at present there is a two tax system. People filing ITR will have to choose either of these two.
The Income Tax Department tweeted, “Tax calculator is now live! A tax calculator prepared keeping in mind the old tax regime and tax regime where individuals / HUF etc. will be able to calculate their tax by visiting the income tax website.
An instruction has also been pasted with this tweet. In which it has been said that only basic tax calculation is done through this tax calculator. The Income Tax Department has said that to know the correct tax calculation, calculate according to the rules.
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 115BAC can now be accessed on the IT Dept website.
Pl check the link below:https://t.co/dy04iY4oj5 pic.twitter.com/JF4VfmXQw4
— Income Tax India (@IncomeTaxIndia) February 20, 2023
New tax regime
Under the new tax regime, there will be no tax on income up to Rs 3 lakh. On the other hand, 5 percent on income of Rs.3 lakh to Rs.6 lakh, 10 percent on Rs.6 to 9 lakh, 15 percent on Rs.9 lakh to Rs.12 lakh and 20 percent from Rs.12 lakh to Rs.15 lakh and above Rs.15 lakh. will be taxed at 30 per cent on his income. Also, if your income is more than Rs 15.5 lakh, then standard deduction of Rs 52,500 will also be available.
Old tax regime
This time too, the old tax system has not been changed by the government. Hence, no tax up to Rs 2.50 lakh, 5 per cent on income above Rs 2.5 lakh and up to Rs 5 lakh, 20 per cent on income above Rs 5 lakh and up to Rs 10 lakh and 30 per cent on income above Rs 10 lakh. Tax will be levied. But tax payers will have the option to save tax through schemes like NPS, PPF etc.
