Quick Summary
The Department of Income Tax has put up a new Income Tax Calculator. The calculator is only meant to provide a basic idea of the estimated impact of the new provisions. All tax calculations (includes cess) are excluding Surcharge & Total Eligible Exemptions / Deductions are assumed to be Zero in New Regime. The calculator is not applicable for any Income with special rates and the Deductions and Exemptions eligible as per Old regime. Enter age, income and total exemptions it will tell you how much to pay in which tax regime, and which regime is better.
FAQ :
The new Income Tax Calculator is designed to provide a basic estimate of the potential impact of new tax provisions on your tax liability.
You will need to enter your age, income, and total exemptions to use the calculator.
The calculator helps you compare how much tax you would pay under the old tax regime versus the new tax regime, and which one is better for you.
No, the calculator assumes that all eligible deductions and exemptions are zero in the new regime and is not applicable for income with special rates or deductions eligible under the old regime.
Yes, all tax calculations performed by the calculator include cess, but exclude surcharge and total eligible exemptions/deductions in the new regime.
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