Income Tax Calculator AY 2024-25 AY 2023-24 (Old Tax Regime and New Tax Regime): Especially for A.Y. 2024-25, most people are confused about the old tax regime and the new tax regime after the budget. There is nothing to worry about, we have prepared the income tax calculator for both assessment years. This calculator is up-to-date after the approval of the finance bill 2023. The new tax regime also includes the latest amendment to rebates under section 87A.
Choose Between Old Tax Regime and New Tax Regime
- For the assessment year 2023-24 & 2024-25 (financial year 2022-23 & 2023-24), people can use either the old or new tax system to figure out how much income tax they owe.
- To use the income tax calculator, you must enter details about your income, such as your salary, rental income, interest income and business income and other income.
- The income tax calculator will then tell you how much tax you owe under both the old and new tax systems for both ay 2024-25 and ay 2023-24.
- This lets you compare the options and choose the one that will save you the most money on taxes given your specific financial situation.
- Since income tax categories, income tax rates, and deductions can change from year to year, you need to use the most up-to-date income tax tool to figure out your taxes correctly.
How to Use Income Tax Calculator (AY 2024-25 FY 2023-24)
You can use an income tax calculator online to estimate your income tax liability based on your income, deductions, and other relevant information. To use an income tax calculator, follow these steps:
Step 1: Make sure you gather all your income information in the tax year, including your salary, interest income, rental income, and any other income you received.
Step 2: Before calculating your tax liability, you can deduct certain deductions from your income. There are a variety of deductions, including contributions to retirement accounts, charitable donations, mortgage interest, and insurance premiums e.g. life insurance (80C), medical insurance (80D), etc.
Step 3: Select the Assessment year, and age.
Step 4: Enter your income detail and deduction detail, and that’s it!
You will get the tax calculation under the old regime and the new tax regime for both assessment years 2024-25 and assessment year 2023-24.
The calculator requires you to enter your income and deduction information. Using the calculator, you can estimate your tax liability. Verify the accuracy of the results. It is important to remember that an income tax calculator is just an estimate. For advice on your specific tax situation, you should always consult a tax professional.
Advantages of Income Tax Calculator AY 2024-25
This income tax calculator offer a number of benefits, including:
- Businesses and individuals can use income tax calculator to determine their specific tax liabilities. The calculator can calculate the exact amount of taxes due by entering relevant income information, deductions, and credits.
- For individuals with multiple income sources or businesses, calculating income taxes can be a complicated and time-consuming process. With this income tax calculator, you can quickly calculate taxes and save time.
- By using an income tax calculator AY 2023-24/2024-25, you can plan and manage your finances more effectively. Their tax liability can be anticipated, so they can set aside funds for the unexpected and avoid financial hardship.
- Individuals can also find potential tax deductions by using income tax calculators. A tax calculator can be used to determine the most tax-efficient way to structure income and expenses.
- Individuals can ensure that they are complying with tax laws and regulations by using an income tax calculator. Incorrectly calculating taxes can result in penalties and other legal consequences.
- This income tax calculator (AY 2024-25 / AY 2023-24) can be a useful tool for individuals who wish to accurately determine their tax liability and better organize their finances.