How To Calculate Income Tax for FY 2023-24? Additionally, the calculator suggests the best investment options to save tax further. Furthermore, taxpayers can go back at any step and change the values as required. Also, it determines how much more needs to be invested for effective tax saving. Step 4: Tax Breakdown – In this step, the calculator calculates the total tax as per the new scheme as well as per the old scheme.Your age will help in determining the tax payable. Step 4: Basic Details – Provide your age and taxes paid during the financial year.Step 3: Tax Deductions – Provide the details of deduction available under section 80C investments and expenses, health insurance, NPS, education loan, and donations.Such exemption can be against salary, self-occupied property, and let-out property. Step 2: Enter Exemptions – Provide the details of exemptions available against the income earned during the financial year.Step 1: Enter Annual Income – Provide the details of the income earned under various heads of income such as salary, interest income from deposits, capital gain, rent from house property, and other taxable income.Let us now see the step-by-step process of how one can make use of the Scripbox’s Income Tax calculator online. The online tax calculator requires some data concerning income, investments, and expenses of the taxpayer to calculate taxes online. Scripbox’s Income tax calculator helps anyone in determining their tax outflow for the financial year. How To Use an Income Tax Calculator for FY 2023-24 (AY 2023-24)? It is simple to understand and can be used by anyone to calculate their tax liability. The online income tax calculator is a convenient tool and is free to use. Also, it suggests investment opportunities for the individual based on the tax liability. It gives the total tax payable under the old and new scheme. The calculator uses necessary basic information like annual salary, rent paid, tuition fees, interest on child’s education loan, and any other savings to calculate the tax liability of an individual. Check latest Income Tax Slabs FY 2023-24Īn income tax calculator is a tool that will help calculate taxes one is liable to pay under the old and new tax regimes.The default tax regime will be the new income tax regime and the taxpayers can choose to opt for the old income tax regime. ![]() Tax Rebate under section 87A increased from Rs 5 lakh to Rs 7 lakh.Income tax exemption limit increased from Rs 2.5 lakh to Rs 3 lakh.
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