IT Department: Calculating income tax will help you in making your budget for the entire financial year. If you already have an idea of tax deduction for the whole year, then you can plan about your expenses.
Income Tax Calculator: If you also pay income tax every year, then this news will make you happy. A new facility has been started by the Income Tax Department for Income Tax Payers. A new Income Tax Calculator has been launched by the IT Department. It helps the tax payers to decide whether the old tax regime or the new tax regime would be better for them? Income tax calculator is available on the internet.
Helpful in budgeting for the entire financial year
With the help of tax calculator, you can know about income, deduction and tax credit. With the help of tax calculator, you can frame a general idea regarding tax return. Calculating income tax will help you to budget for your entire financial year. If you already have an idea of tax deduction for the whole year, then you can plan about your expenses.
How to use Income Tax Calculator
To use the Tax Calculator, the tax payer must first login to the portal of the Income Tax Department. Now here you have to give your related information like type of taxpayer, gender, residence status, sources of income other than salary, home loan interest and investment etc. On this basis, this tax calculator will tell you whether the new tax regime is better for you or the old tax regime?
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