This blog aims to guide you about the New Tax Calculator which was recently launched on the income tax portal.
As a taxpayer, it is important for you to calculate your taxes in the right way.
A wrong calculation can lead to pain of Income Tax Return Filing once again.
It may also lead to failure in claiming refunds or paying more taxes.
Thus, the income tax department has come up with the solution.
New Tax Slab Rates Announced in Union Budget 2023
In the Union Budget 2023, FM Nirmala Sitharaman announced the increase in rebate limit to Rs. 7 Lakhs in new tax regime.
This will be effective from April 1st 2023.
As a result of the announcement, taxpayers faced difficulty in understanding which tax regime will be beneficial.
New Tax Calculator Launched
To help out the taxpayers, the Income Tax Department Launched a Income Tax Calculator on its portal.
You can access the calculator at: Income and Tax Calculator
Features of Income & Tax Calculator
- You can easily enter all your details of income, profits etc. before paying any taxes.
- The calculator is online and you will not have to download any software.
- It is similar to a simulation and you can use it for calculation of Section 80C tax deductions.
Disclaimer from Income Tax Department
It is important to note that the Income Department has said the calculation from this new calculator might not be accurate in every case.
“The above calculator is only to enable the public to have quick and easy access to basic income tax calculation and does not purport to give correct tax calculation in all circumstances. It is advised that for filing of returns, the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc.,” read the disclaimer below the tax calculator.
Therefore, it’s the responsibility of the taxpayer to consult an expert or a CA and to be aware of the relevant laws and regulations.
The taxpayers should also know that new ITR Filing forms have been launched by CBDT and all the necessary information about them is available at:
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